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3:32 a.m. Oct. 6, 2021 - By Tomi Kilgore
Voyager Therapeutics stock rockets after license option deal with Pfizer that could be valued at $630 millionShares of Voyager Therapeutics Inc. rocketed 38.9% in premarket trading Wednesday, after closing at a record low in the previous session, after the gene therapy company announced a license option agreement with Pfizer Inc. that could valued at more than $600 million. Trading volume spiked up to 3.9 million shares ahead of the open, which compares with the full-day average of about 173,000 shares. The agreement allows Pfizer to exercise options to license novel capsids generated from Voyager's RNA-driven screener technology, which would be used by Pfizer to develop, make and commercialize gene therapies. As part of the agreement, Voyager will receive an upfront payment of $30 million, and is entitled to receive up to $20 million in exercise fees. Voyager will also be eligible to receive up to $580 million in milestone payments, and will be eligible to receive "mid- to high-single-digit tiered royalties" based on sales of Pfizer products using the licensed capsids. The stock, which closed at a record low of $2.47 on Tuesday, has tumbled 36.5% over the past three months while the S&P 500 has inched up 0.1%.
3:10 a.m. Oct. 6, 2021 - By Ciara Linnane
Boston Scientific to acquire Baylis Medical Co. for $1.75 billionBoston Scientific Corp. said Wednesday it has entered an agreement to acquire Baylis Medical Co. Inc. for an upfront payment of $1.75 billion. The deal will "expand the Boston Scientific electrophysiology and structural heart product portfolios to include the radiofrequency (RF) NRG(R) and VersaCross(R) Transseptal Platforms as well as a family of guidewires, sheaths and dilators used to support left heart access," Boston Scientific said in a statement. "These platforms have advanced transseptal puncture and are clinically proven to enhance safety, efficacy and efficiency when crossing the atrial septum to deliver therapies in the left side of the heart, such as atrial fibrillation ablation, left atrial appendage closure (LAAC) and mitral valve interventions." Baylis is expected to generate net sales of almost $200 million in 2022, after achieving double-digit sales growth in each of the past five years. The deal is expected to close in the first quarter of 2022 and to boost adjusted per-share earnings by one cent. On a GAAP basis, the deal is expected to be less accretive or dilutive, based on closing charges and amortization costs. Boston Scientific shares were down 1% premarket, but have gained 18% in the year to date, while the S&P 500 has gained 15.7%.
4:18 a.m. Sept. 27, 2021 - By Ciara Linnane
ReWalk Robotics to offer $32.5 million in direct offering, shares slide 21% premarket ReWalk Robotics Ltd. shares slid 21% in premarket trade Monday, after the company said it has entered agreement to offer $32.5 million of shares and warrants in a direct offering. The shares are being purchased for $2.035, a discount over the stock's closing price of $2.01 on Friday. The offering is expected to close on Sept. 29. Proceeds will be used for sales, marketing and costs relating to its medical devices, for product development and R&D for its spinal cord injury device and for general corporation purposes. Shares have gained 52% in the year to date, while the S&P 500 has gained 18.6%.
1:39 p.m. Sept. 17, 2021 - By Claudia Assis
Diabetes-monitor maker Intuity Medical files for IPOGlucose-monitor maker Intuity Medical Inc. has filed for an initial public offering, seeking to sell $70 million worth of shares, according to a filing late Friday. The Fremont, Calif., plans to list its stock on the Nasdaq under the ticker POGO. Underwriters include Goldman Sachs and Jefferies. The company listed a loss of 18 cents a share in the six months ended in June, compared with a loss of 33 cents in the year-ago period. Revenue reached $43,000 in the period. Intuity relies on sales of its POGO automatic blood-glucose monitor to generate nearly all its revenue, it said.
10:30 a.m. Sept. 15, 2021 - By Tomi Kilgore
Exact stock surges as changes to Pfizer's sales agreement a 'positive,' analyst saysShares of Exact Sciences Corp. rallied 8.0% in afternoon trading Wednesday, after the molecular diagnostics company said it taking over the selling of its Cologuard at-home colon cancer screening test from Pfizer Inc. , and said it was discussing with Pfizer "material changes" to their promotion agreement. The company said it learned in late August that Pfizer cut the sales positions supporting its business tasked with selling Cologuard, so Exact offered those displaced sales representatives jobs. Exact said it added about 400 sales reps in September, bringing the total to more than 850 sales reps. The company said it expects those reps to be "more productive" than when they were at Pfizer, since they will be fully focused on selling Cologuard, and because Pfizer was not making in-personal sales calls in 41 states because of its COVID-19 policies, which were different than Exact's policies. Analyst Bruce Jackson at Benchmark reiterated his buy rating and $165 price target on Exact's stock, saying the disclosed changes were, "Overall, positive for Exact." The stock has dropped 14.5% over the past three months, while the S&P 500 has gained 5.4%.
3:40 a.m. Sept. 15, 2021 - By Jaimy Lee
U.S. to pay $2.9 billion for an additional 1.4 million doses of Regeneron's COVID-19 therapyShares of Regeneron Pharmaceuticals Inc. gained 2.1% in premarket trading on Wednesday, the day after the company said the U.S. government had purchased an additional 1.4 million doses of its monoclonal antibody treatment for COVID-19 for $2.9 billion. The treatment, which costs $2,100 per dose, is free to Americans at high risk of hospitalization and death who have tested positive or have been exposed to the virus. Most of the doses are expected to be delivered in the final three months of 2021. "With COVID cases, hospitalizations, and deaths all elevated again in the U.S., demand is likely to remain high through year-end, and most likely through the winter," SVB Leerink analyst Geoffrey Porges told investors. He predicts that the treatment will generate $5.4 billion in total sales in 2021. Regeneron's stock has soared 33.5% so far this year, while the broader S&P 500 is up 18.9%.
2:53 a.m. Sept. 8, 2021 - By Ciara Linnane
Perrigo to acquire consumer self-care company HRA Pharma for about $2.1 billion in cashPerrigo Co. Plc said Wednesday it has signed a binding offer to acquire Héra SAS, or HRA, a global self-care company, from funds affiliated with private-equity firm Astorg and Goldman Sachs Asset Management for about $2.1 billion in cash. HRA is an over-the-counter products company with with three self-care brands in blister care with Compeed, in women's health with ellaOne and in scar care with Mederma. The deal is expected to "complete Perrigo's transformation to a global leader in consumer self-care, bolster its presence in high-potential European markets and meaningfully improve its already strong operational and financial profile," the company said in a statement. Dublin-based Perrigo is expecting the deal to boost adjusted per-share earnings by about $1 in full-year 2023 and to add 400 million euros ($472.6 million) in sales. About 15% of HRA's sales are derived from a rare disease portfolio of three leading prescription products, said the statement. The deal is expected to close by the end of the first half of 2022. Perrigo shares were not yet active premarket, but have fallen 7% in the year to date, while the S&p 500 has gained 20.3%.
3:19 a.m. Sept. 2, 2021 - By Ciara Linnane
Baxter to acquire Hillrom in all-cash deal with enterprise value of about $12.4 billion Baxter International Inc. said Thursday it has entered an agreement to acquire fellow medical technology company Hill-Rom Holdings Inc. for $156 a share, in a deal with an enterprise value of about $12.4 billion. Hillrom, based in Chicago, "brings a highly complementary product portfolio and innovation pipeline that will enable Baxter to provide a broader array of medical products and services to patients and clinicians across the care continuum and around the world, facilitating the delivery of healthcare that is patient- and customer-centered and focused on improving clinical outcomes," Baxter said in a statement. The $156-a-share purchase price is equal to a 26% premium over Hillrom's closing stock price on July 27, the last trading day before media reports speculating on a possible transaction. Deerfield, Illinois-based Baxter will finance the deal using a mix of cash and debt financing, It expects the deal to result in about $250 million of annual cost synergies by the end of year three and to boost adj. EPS by low double-digits in the first full year after close. The deal is expected to close early in 2022. Baxter said it will reschedule an investor day planned for Sept. 20 to update its guidance, but expects sales to grow 4% to 5% compounded annually from 2021 to 2024. Hillrom shares jumped 3.3% premarket, while Baxter was up 0.9%.
3:00 a.m. Aug. 24, 2021 - By Tomi Kilgore
Medtronic stock gains after profit and sales beats, outlook for earnings nudged upShares of Medtronic PLC tacked on 0.6% in premarket trading Tuesday, after the medical device maker reported fiscal first-quarter profit and sales that beat expectations, and nudged up its full-year earnings outlook, citing a strong recovery from the impact of the COVID-19 pandemic on elective procedures. Net income for the quarter to July 30 rose to $763 million, or 56 cents a share, from $487 million, or 36 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.41, above the FactSet consensus of $1.32. Sales grew 22.7% to $7.99 billion, beating the FactSet consensus of $7.87 billion, as cardiovascular, medical surgical and neuroscience segments topped revenue expectations but diabetes came up a bit short. For fiscal 2022, the company lifted its adjusted EPS guidance range to $5.65 to $5.75 from $5.60 to $5.75. The stock has gained 9.7% year to date through Monday, while the S&P 500 has rallied 19.3%.
4:01 a.m. Aug. 10, 2021 - By Ciara Linnane
SmileDirectClub downgraded by JP Morgan after disappointing Q2 earnings; shares heading toward 16-month lowJP Morgan downgraded teledentistry company SmileDirectClub Inc. to underweight from neutral on Tuesday, after the company posted a wider-than-expected second-quarter loss and weighed down by an April cyberattack and the impact of the pandemic. The stock was down 15% premarket and was headed toward a 16-month low. "The quarter was obviously disappointing, especially given that management guided for 2Q almost halfway through," analysts led by Robbie Marcus wrote in a note to clients. "While we can debate extensively how impactful the macroeconomics were to SDC specifically, they are seeing significant headwinds to the business as well as higher customer acquisition costs." Given how much has to go right for the company to reach the middle to upper end of its guidance range for 2021 revenue of $750 million to $800 million -- or a 14% to 22% increase -- JP Morgan expects a number closer to the bottom end should be the midpoint of that range. Analysts are expecting growth to come in closer to 5% in the third quarter ad 12% in the fourth quarter, a growth rate only seen in the third quarte of last year off of depressed pandemic lows. "Given the impaired near-term revenue trajectory, and what could be structurally higher costs, we see better opportunities in our coverage universe and are downgrading to Underweight," said the note. The analysts lowered their stock price target to $5 from $10. Shares have fallen 44% in the year to date, while the S&P 500 has gained 18%.
2:55 a.m. Aug. 5, 2021 - By Ciara Linnane
Regeneron shares jump 3.3% premarket after earnings blow past estimates; COVID antibody sales total $2.59 billionRegeneron Pharmaceuticals Inc. shares jumped 3.3% in premarket trade Thursday, after . Tarrytown, New York-based Regeneron posted net income of $$3.099 billion, or $27.97 a share, for the quarter, up from $897 million, or $7.61 a share, in the year-earlier period. Adjusted per-share earnings came to $25.80, well ahead of the $17.90 FactSet consensus. Revenue rose to $5.139 billion from $1.952 billion a year ago, also well ahead of the $3.963 billion FactSet consensus. Revenue included $2.59 billion in sales of the company's COVID-19 antibody treatment, after it made and delivered 1.25 million doses for the U.S. government. The company said it also achieved record sales of its Eylea and Dupixent franchises, according to Chief Executive Leonard Schleifer. The company is planning to invest $1.8 billion over six years to expand R&D and manufacturing at its Tarrytown campus. Shares have gained 20% in the year to date, while the S&P 500 has gained 17%.
2:19 a.m. Aug. 5, 2021 - By Tomi Kilgore
Cigna beats earnings expectations and raises revenue outlook, but stock fallsCigna Corp. reported Thursday second-quarter profit and revenue that topped forecasts, amid strength in the health insurers pharmacy business, while growth in customer relationships slowed from the previous quarter. The stock fell 2.8% in premarket trading. Net income fell to $1.47 billion, or $4.25 a share, from $1.75 billion, or $4.73 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share declined to $5.24 from $5.81 but beat the FactSet consensus of $4.96. Total revenue rose 9.8% to $43.13 billion, above the FactSet consensus of $41.19 billion, as pharmacy revenue grew 13.1% to $30.05 billion to beat expectations of $28.53 billion. Total customer relationships as of June 30 rose 3.6% to 191.11 million and total pharmacy customers increased 5.0% to 101.93 million, driven by strong ongoing retention and new sales, which compares with growth of 13.7% and 28.2%, respectively, in the second quarter. For 2021, Cigna raised its revenue outlook to at least $170 billion from at least $166 billion, and affirmed its adjusted EPS outlook of at least $20.20.
2:42 a.m. Aug. 4, 2021 - By Tomi Kilgore
AmerisourceBergen's stock set to rally after profit and revenue beats, raised outlookShares of AmerisourceBergen Corp. were indicated up nearly 2% in premarket trading Wednesday, after the drug and health care products delivery company reported fiscal third-quarter profit and revenue that beat expectations and raised its full-year outlook, amid increased sales of specialty product, including COVID-19 treatments. Net income for the quarter to June 30 was $292.1 million, or $1.40 a share, after $289.4 million, or $1.41 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.16 beat the FactSet consensus of $2.04. Revenue rose 17.7% to $53.41 billion, above the FactSet consensus of $52.16 billion, as pharmaceutical distribution services sales increased 13.2% to $49.3 billion and other revenue grew 128.0% to $4.1 billion. For fiscal 2021, the company raised its adjusted EPS guidance range to $9.15 to $9.30 from $8.90 to $9.10. The stock has rallied 26.5% year to date, while the S&P 500 has gained 17.8%.
4:38 a.m. July 30, 2021 - By Jaimy Lee
AbbVie cites growth of immunology business in the second quarterAbbVie Inc. beat expectations for the second quarter of 2021, driven largely by gains in its immunology business. The drug maker had earnings of $766 million, or 42 cents per share, in the second quarter of 2021. It had a loss of $738 million, or 46 cents per share, in the same quarter a year ago. Adjusted earnings per share were $3.11, against a FactSet consensus of $3.08. AbbVie said its revenue jumped to $13.9 billion for the quarter, up from $10.4 billion in the same period a year ago. The FactSet consensus was $13.6 billion. The company said sales of several marquee drugs increased in the second quarter, including arthritis therapy Humira to $5.0 billion and Botox Cosmetic, which the drug maker gained as part of its acquisition of Allergan, to $584 million. The company updated its guidance for the year, saying it now expects EPS of $6.04 to $6.14, compared with past guidance of $7.27 to $7.47. It also updated guidance for adjusted EPS and now expects a range of $12.52 to $12.62, compared with previous guidance of $12.37 to $12.57. AbbVie's stock is up 10.4% so far this year, while the broader S&P 500 is up 17.6%.
2:49 a.m. July 29, 2021 - By Tomi Kilgore
Merck stock slips after adjusted profit matches expectations, while revenue beatsShares of Merck & Co. Inc. fell 0.9% in premarket trading Thursday, after the drug maker reported second-quarter adjusted profit that matched expectations, while sales rose above forecasts even as Keytruda sales came up short. Net income fell to $1.55 billion, or 61 cents a share, from $3.00 billion, or $1.18 a share, in the year-ago period. Excluding nonrecurring items, such as a $1.7 billion charge for the acquisition of Pandion Therapeutics, adjusted earnings per share rose to $1.31 from $1.02 to match the FactSet consensus of $1.31. Sales grew 19% to $11.40 billion, above the FactSet consensus of $11.08 billion. Pharmaceutical sales rose 22% to $9.98 billion, while sales of its key cancer treatment Keytruda increased 23% to $4.18 billion but missed expectations of $4.35 billion. For 2021, the company expects adjusted EPS of $5.47 to $5.57, surrounding the FactSet consensus of $5.52, and expects revenue of $46.4 billion to $47.4 billion, above expectations of $46.2 billion. Merck's stock has edged up 0.4% year to date through Wednesday, while the Dow Jones Industrial Average has gained 14.1%.
3:12 a.m. July 28, 2021 - By Ciara Linnane
Bristol Myers swings to profit to beat second-quarter estimates as Opdivo returns to growthBristol Myers Squibb Co. said Wednesday it swung to a profit of $1.055 billion, or 47 cents a share, in the second quarter, after a loss of $85 million, or 4 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.93, ahead of the $1.89 FactSet consensus. Revenue rose to $11.703 billion from $10.129 billion, also ahead of the $11.269 billion FactSet consensus. "We delivered a strong quarter across each of our four therapeutic areas, including building momentum for our new product portfolio and Opdivo returning to growth," Chief Executive Dr. Giovanni Caforio said in a statement. Opdivo was first approved by the Food and Drug Administration in 2014 as a treatment for melanoma and has since won approval for other indications. Sales of Opdivo rose 16% in the second quarter to $1.910 billion. Bristol Myers updated its full-year EPS guidance to a range of $2.77 to $2.97 from a prior range of $3.18 to $3.38. It still expects full-year adjusted EPS of $7.35 to $7.55. It expects worldwide revenues to grow in the high-single digits. Shares were flat premarket, but have gained 8.8% in the year to date, while the S&P 500 has gained 17%.
12:56 p.m. July 27, 2021 - By Claudia Assis
Teladoc stock drops after telemedicine company reports wider quarterly lossTeladoc Health Inc. shares fell more than 7% in the extended session Tuesday after the telemedicine company reported a wider-than-expected second-quarter loss and guided for a wider per-share loss for the year than analysts forecast. Teladoc said it lost $133.8 million, or 86 cents a share, in the second quarter, compared with a loss of $25.7 million, or 34 cents a share, in the year-ago period. Revenue rose to $503 million from $241 million a year ago. Analysts polled by FactSet had expected a loss of 53 cents a share on sales of $501 million in the quarter. The company said that its telehealth visits topped 3.5 million, 28% higher than the second quarter of 2020, in the first wave of the pandemic. Teladoc also guided for third-quarter revenue between $510 million and $520 million, and a net loss between 78 cents a share and 68 cents a share. For the full year, the company guided for revenue between $2 billion and $2.025 billion, alongside a per-share loss between $3.60 and $3.35. The analysts surveyed by FactSet expect a loss of $2.84 a share for the year. Teladoc shares ended the regular trading day up 0.8%.
10:11 a.m. July 22, 2021 - By Jaimy Lee
Biogen beats on earnings, says it's brought in $2 million in sales of Alzheimer's drugShares of Biogen gained 1.6% in premarket trading on Thursday after the company beat expectations for the second quarter and disclosed that it's already sold $2 million of its new, controversial Alzheimer's disease drug. Biogen had earnings of $448.5 million, or $2.99 per share, in the second quarter of 2021, compared to $1.5 billion, or $9.59 per share, in the same quarter a year ago. Adjusted EPS were $5.68, against a FactSet consensus of $4.55. Revenue was $2.7 billion for the quarter, down from $3.7 billion in the second quarter of 2020. The FactSet consensus was $2.6 billion. Biogen cited a 24% decline of revenue in its multiple sclerosis portfolio for the quarter; Tecfidera sales, for example, tumbled to $578.5 million for the quarter, compared with $1.19 billion in the same quarter a year ago. Biogen said its recently approved Alzheimer's drug Aduhelm brought in $2 million in revenue during the quarter even as questions persist about the . The company updated its guidance for the year, now saying it expects revenue of $10.65 billion to $10.85 billion, instead of $10.45 billion to $10.75 billion. Biogen's stock is up 31.9% so far this year, while the broader S&P 500 is up 15.1%.
3:39 a.m. July 22, 2021 - By Tomi Kilgore
Abbott Labs stock gains after profit more than doubles, sales rise above expectationsShares of Abbott Laboratories edged up 0.2% in premarket trading Thursday, after the medical devices, diagnostics and nutrition company reported second-quarter profit and sales that rose above expectations, with beats in all of its major business segments. Net income more than doubled, to $1.19 billion, or $1.17 a share, from $537 million, or 57 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.17 topped the FactSet consensus of $1.02. Sales grew 39.5% to $10.22 billion, above the FactSet consensus of $9.69 billion, with strongest growth in diagnostics sales (62.8%) and medical devices (51.3%). For 2021, the company expects adjusted EPS of $4.30 to $4.50, compared with the FactSet consensus of $4.36. "We're achieving very strong growth across our portfolio," said Chief Executive Robert Ford. "Perhaps most impressively, excluding COVID testing-related sales, our sales grew more than 11 percent on an organic basis compared to pre-pandemic levels in the second quarter of 2019, which demonstrates the fundamental strength of our performance." The stock has gained 8.7% year to date through Wednesday, while the S&P 500 has advanced 16.0%.
2:45 a.m. July 21, 2021 - By Ciara Linnane
Johnson & Johnson beats earnings estimates for Q2 and raises full-year guidanceJohnson & Johnson shares rose 1.1% in premarket trade Wednesday, after the consumer and health company beat earnings estimates for the second quarter and raised its full-year guidance. The company said it had net income of $6.278 billion, or $2.35 a share, up from $3.626 billion, or $1.36 a share, in the year-earlier period. Adjusted per-share earnings came to $2.48, ahead of the $2.29 FactSet consensus. Sales rose 27.1% to $23.312 billion from $18.336 billion, also ahead of the $22.490 billion FactSet consensus. Chief Executive Alex Gorksy said sales were strong across the company's medical device, consumer health and pharma businesses. Consumer health sales rose 13.5 to $3.735 billion, pharma sales rose 17.2% to $12.599 billion and medical device sales rose 62.7% to $$6.978 billion. The company raised its full-year guidance and now expects adjusted EPS to range from $9.50 to $9.60, up from prior guidance of $9.30 to $9.45. It expects sales of $92.5 billion to $93.3 billion including its COVID-19 vaccine, versus prior guidance of $89.3 billion to $90.3 billion. Shares have gained 7% in the year to date, while the Dow Jones Industrial Average has gained 12.8%.
10:48 a.m. July 15, 2021 - By Tomi Kilgore
Cardiovascular Systems stock drops after CMS proposes payment cuts, but Needham says buy on weaknessShares of Cardiovascular Systems Inc. , a medical device company focused on treatments for vascular and coronary disease, tumbled 10.2% in afternoon trading, and has dropped 18.1% amid a four-day losing streak. Needham analyst Mike Matson noted that the Centers for Medicare & Medicaid Services' (CMS) for 2022 includes cuts of about 22% to office-based lab (OBL) payments for peripheral atherectomy. He expects medical societies to oppose to the fee schedule changes. "We do not expect this to have much, if any, impact on [Cardiovascular Systems] even if the cuts happen," Matson said, because he believes the proposed codes leave plenty of profit for the OBL, OBLs account for only about one-fifth of the company's overall sales and the company continued to see strong growth in its OBL business last year even though there were high single-digit cuts to OBL payments. "We are buyers on weakness," Matson said, as he reiterated his buy rating and $50 stock price target. The stock has plunged 19.6% year to date, while the S&P 500 has advanced 15.7%.
2:37 a.m. July 8, 2021 - By Tomi Kilgore
Sight Sciences sets terms for IPO, to raise up to $160.5 millionSight Sciences Inc. has set terms of its initial public offering, which could value the California-based ophthalmology and optometry company at up to $971.7 million. The company is looking to raise up to $160.54 million, as it is offering 6.98 million shares in the IPO, which is expected to price between $20 and $23 a share. The company plans to use the proceeds from the IPO to fund clinical trials for OMNI and TearCare, for sales and marketing of its products and for research and development. The stock is expected to list on the Nasdaq under the ticker symbol "SGHT." Morgan Stanley and BofA Securities are the lead underwriters. The company reported a first-quarter net loss of $12.2 million on revenue of $8.6 million, after a loss of $9.2 million on revenue of $6.5 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has slipped 0.8% over the past three months while the S&P 500 has gained 6.4%.
4:44 a.m. July 7, 2021 - By Jaimy Lee
Biohaven's stock jumps 12% after saying its migraine drug had $93 million in sales in Q2Shares of Biohaven Pharmaceutical Holding Co. Ltd. were up 12.1% in premarket trading on Wednesday after the company said its new migraine treatment brought in $93 million in sales in the second quarter of 2021. The drug, Nurtec Odt, can be used to treat and prevent migraines. It has generated a total of $200 million in net revenue since launching in the U.S. in March 2020. Biohaven's stock is up 15.3% for the year, while the broader S&P 500 has gained 15.6%.
8:27 a.m. July 2, 2021 - By Jaimy Lee
Mizuho: Merck withdrawing Keytruda as a gastric cancer treatment won't impact the stockShares of Merck & Co. Inc. were up 0.7% in trading on Friday, the day after the company said it will voluntarily withdraw an accelerated approval for Keytruda as a third-line treatment for some patients with gastric cancer in the next six months. Keytruda is Merck's top-selling drug; it brought in $14.4 billion in sales in 2020. The decision to withdraw the drug for this indication is part of to assess whether certain cancer medicines that received a type of approval dependent on confirmatory post-market clinical studies should stay on the market. The withdrawal is not expected to have a material impact on company shares, according to Mizuho Americas analysts. Merck's stock is up 0.7% so far this year, while the broader S&P 500 is up 14.4%.
3:25 a.m. July 1, 2021 - By Tonya Garcia
Walgreens swings to a profit Walgreens Boots Alliance Inc. shares rose 2.8% in Thursday premarket trading after the pharmacy retailer swung to a fiscal third-quarter profit. Net income totaled $1.197 billion, or $1.38 per share, after a loss of $1.708 billion, or $1.95 per share, last year. Adjusted EPS of $1.51 beat the FactSet consensus for $1.16. Sales of $34.03 billion were up from $30.36 billion and also ahead of the FactSet consensus for $33.49 billion. Walgreens raised its fiscal 2021 adjusted EPS guidance to mid-to-high single digit growth to 10% growth, on a constant currency basis. The company also of the Alliance Healthcare pharmacy business to AmerisourceBergen Corp. . Walgreens has administered more than 25 million COVID vaccinations to date. Walgreens stock has gained 32% for the year to date while the S&P 500 index is up 14.4% for the period.
3:55 a.m. June 23, 2021 - By Ciara Linnane
Patterson shares slide 11% premarket as profit and guidance fall short of estimatesPatterson Cos. Inc. shares tumbled 11% in premarket trade Wednesday, after the maker of dental and animal health products missed profit estimates for its fiscal fourth quarter and offered guidance that lagged consensus. St. Paul, Minn.-based Patterson said it had net income of $28.8 million, or 30 cents a share, in the quarter to April 24, after a loss of $608.6 million, or $6.44 a share, in the year-earlier period. Excluding deal amortization, integration and business restructuring expenses, an investment loss and goodwill impairment, adjusted per-share earnings came to 38 cents a share, below the 52 cents FactSet consensus. Sales of $1.56 billion were up 21.4% from a year ago and ahead of the $1.52 billion FactSet consensus. Dental sales came to $616 million, up from $409.6 million a year ago, and accounted for about 40% of total sales. Animal health sales came to $939.3 million, up from $853.2 million, and accounted for about 60% of total sales. The company is now expecting fiscal 2022 adjusted EPS of $1.90 to $2.05, below the current FactSet consensus of $2.10. Shares have gained 18.5% in the year to date, while the S&P 500 has gained 13%.
7:59 a.m. June 7, 2021 - By Joseph Walker
FDA approves Biogen’s Alzheimer’s drug, the first to slow the disease Biogen drug approved after facing doubts over whether it slows progression of memory-robbing diseaseThe first drug promising to slow the memory-robbing march of Alzheimer’s disease was approved by U.S. health regulators, a watershed after years of research and billions of dollars in investment.
3:12 a.m. May 27, 2021 - By Tomi Kilgore
Medtronic beats profit and revenue expectations, boosts dividendShares of Medtronic PLC slipped 0.1% in premarket trading Thursday, after the medical technology and services company reported fiscal fourth-quarter profit and sales that rose above expectations, citing a "strong recovery" in elective procedures, and boosted its dividend by 8.6%, but provided a less than upbeat full-year outlook. Net income for the quarter to April 30 rose to $1.36 billion, or $1.00 a share, from $646 million, or 48 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to $1.50 from 58 cents, and beat the FactSet consensus of $1.42. Sales increased 36.5% to $8.19 billion, topping the FactSet consensus of $8.14 billion. Looking ahead, the company expects fiscal 2022 adjusted EPS of $5.60 to $5.75, compared with the FactSet consensus of $5.75. Separately, the company said it raised its quarterly dividend to 63 cents a share from 58 cents, with the new dividend payable July 16 to shareholders of record on June 25. The new annual dividend rate would lift the implied dividend yield to 2.00%, based on Wednesday's stock closing price, while the implied yield for the S&P 500 is 1.40%. The stock has gained 7.8% year to date, while the S&P 500 has advanced 11.7%.
1:26 p.m. May 14, 2021 - By Claudia Assis
Medical-device maker Femasys files for IPOMedical-device maker Femasys Inc. has filed for an initial public offering. The Georgia-based company, which focuses on women's health care, filed to sell $40.25 million worth of shares. The company plans to list its shares on the Nasdaq under the symbol FEMY, according to a filing with U.S. securities regulators on Friday. Femasys said its sales rose 12% to $1.04 million in 2020, and its net loss narrowed to $6.9 million in 2020 from an $11.3 million net loss in 2019. One of its devices, FemVue, used in artificial inseminations, has marketing clearances or authorization in the U.S., Europe, Canada, and Japan, but currently its sale is "a very limited direct effort," the company said.
12:49 p.m. May 13, 2021 - By Claudia Assis
GoodRx stock heads lower after mixed Q1 resultsShares of GoodRX Holdings Inc. fell more than 5% in the extended session Thursday after the health-care company reported first-quarter sales slightly below Wall Street expectations and met the forecast for adjusted profit. GoodRx said it earned $1.7 million, breaking even on a per-share basis, in the quarter, compared with $27.3 million, or 8 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned 7 cents a share. Sales rose 20% to $160.4 million, the company said. Analysts polled by FactSet expected GoodRX to earn an adjusted 7 cents a share on sales of $160.6 million. Monthly active consumers rose 17% to 5.7 million people, it said. GoodRX guided for second-quarter revenue between $172 million and $176 million, and full-year 2021 revenue between $740 million and $760 million. The stock ended the regular trading day down 4%.
8:18 a.m. May 8, 2021 - By Alessandra Malito
We have $190,000 in retirement savings and want to use the COVID-related distribution rules to pay off $40,000 in debt — should we? The CARES Act allows some savers Americans to take money out of their retirement accounts — but advisers say they should proceed with cautionThe CARES Act allows some savers to take money out of their retirement accounts — but advisers say they should proceed with caution.
2:15 a.m. May 6, 2021 - By Tomi Kilgore
Becton Dickinson beats profit expectations, plans to spin off Diabetes Care businessBecton Dickinson & Co. reported Thursday fiscal second-quarter profit and sales that rose above expectations, boosted by $480 million in COVID-19 testing sales, and announced plans to separate its Diabetes Care business into an independent publicly traded company. The medical technology company's stock was still inactive in premarket trading. Net income for the quarter to March 31 rose to $277 million, or 95 cents a share, from $145 million, or 53 cents a share, in the year-ago period. Excluding nonrecurring items, such as purchase accounting adjustments and European regulatory initiative related costs, adjusted earnings per share came to $3.19, above the FactSet consensus of $3.04. Revenue grew 15.4% to $4.91 billion, topping the FactSet consensus of $4.89 billion, as medical revenue rose 1.7% and life sciences revenue increased 10.4% while interventional revenue fell 3.9%. For 2021, the company expects adjusted EPS growth of 24% to 25%, while the FactSet consensus of $12.86 implies 26.1% growth. Separately, the company said it expects the spinoff to occur through a distribution of stock in the new company to its shareholders, with the deal expected to be completed in the first half of 2022. The stock has lost 1.9% over the past three months, while the S&P 500 has gained 7.2%.
9:58 p.m. May 5, 2021 - MarketWatch
Fresenius sales fall, backs 2021 guidanceFresenius SE said sales and adjusted profit in the first quarter declined, and the German healthcare company backed its full-year 2021 guidance. Quarterly net profit before special items was 435 million euros ($522.2 million), down from EUR465 million a year earlier. Sales declined to EUR9.0 billion from EUR9.1 billion, the company said.
2:42 a.m. May 5, 2021 - By Tomi Kilgore
AmerisourceBergen stock falls after profit beats forecasts but revenue was a bit lightShares of AmerisourceBergen Corp. fell 0.7% in premarket trading Wednesday, after the pharmaceuticals and health care products company reported a first-quarter profit that beat expectations but revenue that came up a bit light. Net income fell to $435.3 million, or $2.10 a share, from $960.3 million, or $4.64 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $2.53 from $2.40, to top the FactSet consensus of $2.48. Revenue increased 3.7% to $49.15 billion, below the FactSet consensus of $49.98 billion. Pharmaceutical distribution services revenue grew 3.4% to $47.1 billion, as specialty product sales, including COVID-19 treatments, increased, but missed expectations of $47.4 billion. Cost of goods sold rose 3.5% to $47.62 billion. For 2021, the company revised its adjusted EPS guidance range up to $8.45 to $8.60 from $8.40 to $8.60. The stock has rallied 28.7% year to date through Tuesday, while the S&P 500 gained 10.9%.
3:52 a.m. May 4, 2021 - By Jaimy Lee
Bausch reports a $610 million loss in the first quarter of the yearShares of Bausch Health Cos. Inc. were down 2.3% in premarket trading on Tuesday after the company said it faced continued pressure on sales from the COVID-19 pandemic into the first quarter of this year. Bausch had a loss of $610 million, or $1.71 per share, in the first quarter of 2021, compared with a loss of $152 million, or 43 cents per share, in the same quarter a year ago. Bausch did not provide adjusted earnings per share for the quarter. The company reported $2.02 billion in sales for the first quarter of the year, up from $2.01 billion in the like quarter a year ago. The FactSet consensus was $2.05 billion. Much of Bausch's business continues to be affected by the pandemic, it said, citing declining sales of irritable bowel syndrome drug Xifaxin and lower sales of eye-care products for the quarter. Bausch said it still plans to move forward with spinning off the Bausch + Lomb eye-care business, which had $881 million in sales for the quarter, up from $875 million in the first quarter of 2020. Bausch's other business focuses on pharmaceuticals; it had $1.14 billion in sales, compared with $1.13 billion in the same quarter a year ago. Bausch's stock has gained 51.0% since the start of the year, while the S&P 500 is up 11.6%.
2:43 a.m. May 4, 2021 - By Tomi Kilgore
CVS stock surges to multiyear high after profit and revenue beats, raised outlookShares of CVS Health Corp. rallied 3.6% toward a 2 1/2-year high in premarket trading Tuesday, after the drugstore chain and health care services company reported first-quarter profit and sales that rose above expectations, with growth in all segments, and raised its full-year outlook. Net income rose to $2.22 billion, or $1.68 a share, from $2.01 billion, or $1.53 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to $2.04 from $1.91, beating the FactSet consensus of $1.73. Revenue increased 3.5% to $69.10 billion, above the FactSet consensus of $68.36 billion. Pharmacy services revenue rose 3.8% to $36.32 billion to beat the FactSet consensus of $35.41 billion, retail and long-term care revenue grew 2.3% to $23.27 billion to top expectations of $23.11 billion and health care benefits revenue increased 6.7% to $20.48 billion to beat expectations of $20.06 billion. For 2021, the company raised its guidance range for adjusted EPS to $7.56 to $7.68 from $7.39 to $7.55, and affirmed it cash flow outlook of $12.0 billion to $12.5 billion. The stock, on track to open at the highest price seen since November 2018, has climbed 13.8% year to date, while the S&P 500 has gained 11.6%.
4:45 a.m. April 30, 2021 - By Jaimy Lee
AbbVie's stock is up 2.0% as Humira sales top $4.8 billion in sales in the first quarterShares of AbbVie Inc. gained 2.0% in premarket trading on Friday after it beat earnings expectations and saw a noticeable jump in pharmaceutical revenue for the first quarter of 2021. The diagnostics company had earnings of $3.5 billion, or $1.99 earnings per share, in the first quarter of 2021, compared with $3.0 billion, or $2.02 earnings per share, in the same quarter a year ago. AbbVie's adjusted earnings per share for the quarter were $2.95, against a FactSet consensus of $2.81. The company generated $13.0 billion in revenue for the quarter in 2021, up from $8.6 billion in the same quarter in 2020. The FactSet consensus was $12.7 billion. Rheumatoid arthritis drug Humira remains AbbVie's top-selling drug with $4.8 billion in sales, up from $4.7 billion in the same quarter a year ago. Botox, the cosmetic filler, had sales of $477 million. AbbVie closed its acquisition of Allergan, which marketed Botox, in May of last year. The company raised its guidance for the year, with adjusted EPS projected to be $12.37 to $12.57 for 2021, from $12.32 to $12.52. AbbVie's stock is up 3.5% for the year, while the S&P 500 has gained 12.1%.
3:11 a.m. April 29, 2021 - By Tomi Kilgore
Bristol Myers Squibb stock falls, as profit and revenue rise but miss expectationsShares of Bristol Myers Squibb Co. shed 2.1% in premarket trading Thursday, after the drug maker reported a first-quarter profit that came up short of expectations, as the COVID-19 pandemic reduced revenue growth by 5 percentage points. The company swung to net income of $2.02 billion, or 89 cents a share, from a loss of $775 million, or 34 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to $1.74 from $1.72, but missed the FactSet consensus of $1.81. Revenue grew 3% to $11.07 billion, but was shy of the FactSet consensus of $1.13 billion. Among the company's top selling drugs, Revlimid sales rose 1% to $2.94 billion and Eliquis sales grew 9% to $2.89 billion. The company estimates that excluding COVID-19-related buying patterns from the prior year period, revenue would have grown 8%. For 2021, the company affirmed its adjusted EPS guidance range of $7.35 to $7.55. The stock has gained 6.5% year to date through Wednesday, while the S&P 500 has advanced 11.4%.
2:48 a.m. April 29, 2021 - By Tomi Kilgore
Merck stock drops after adjusted profit surprisingly falls, revenue comes up shortShares of Merck & Co. Inc. dropped 3.4% in premarket trading Thursday, after the drug giant reported first-quarter profit and revenue that missed expectations, as the COVID-19 pandemic and loss of market exclusivity weighed on pharmaceutical sales. Net income slipped to $3.18 billion, or $1.25 a share, from $3.22 billion, or $1.26 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to $1.40 from $1.51, missing the FactSet consensus of a rise to $1.61. Revenue inched up to $12.08 billion from $12.06 billion, but was below the FactSet consensus of $12.61 billion, as pharmaceutical sales ticked up 0.2% to $10.68 billion. Among Merck's biggest drugs, Keytruda sales rose 19% to $3.90 billion but missed the FactSet consensus of $3.97 billion and Januvia/Janumet sales rose 1% to $1.30 billion but missed expectations of $1.34 billion. Animal health sales rose 17% to $1.4 billion. For 2021, Merck expects adjusted EPS of $6.48 to $6.68 and revenue of $51.8 billion to $53.8 billion, surrounding expectations of EPS for $6.49 and for revenue of $52.0 billion. The stock has dropped 5.8% year to date through Wednesday, while the Dow Jones Industrial Average has gained 10.5%.
3:40 a.m. April 28, 2021 - By Jaimy Lee
Teva's stock gains after it beats earnings expectationsShares of Teva Pharmaceutical Industries Ltd. gained 0.6% in premarket trading after the drug maker beat earnings expectations for the first quarter, even though sales of its multiple-sclerosis drug continue to dwindle. Teva had earnings of $77.0 million, or 7 cents per share, in the first quarter of 2021, compared to $66.0 million, or 6 cents per share, in the same quarter a year ago. Adjusted earnings per share were 63 cents, beating the FactSet consensus of 59 cents. Teva's revenue for the quarter was $3.9 billion, down from $4.3 billion in the first quarter of 2020. The FactSet consensus was $4.0 billion. The company attributed the decline in revenue to a number of factors, including a 5% drop in sales in North America and falling sales of Copaxone in North America, down 17% to $164 million, and in Europe, down 8% to $100 million. Copaxone was once the company's top-selling drug. Teva reaffirmed its guidance for 2021, saying it still expects revenue of $16.4 billion to $16.8 billion and EPS of $2.50 to $2.70. Teva's stock is up 10.4% for the year, while the S&P 500 has gained 11.4%.
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