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Fly News Breaks for March 20, 2017
Mar 20, 2017 | 08:14 EDT
UBS analyst Marc Goodman raised his price target on Eli Lilly to $85 from $70 as he updated his model to account for two months of IMS prescription data. Overall his 2017 revenues are largely unchanged but he raised his estimates slightly for 2018. Goodman also noted the positive upcoming data readouts are likely priced into the stock already. Goodman maintained a Neutral rating on Eli Lilly shares.
News For LLY From the Last 2 Days
Mar 24, 2017 | 14:21 EDT
The "American Health Care Act," which is intended to dismantle and replace the Affordable Care Act, was in the spotlight this week, with a House vote expected late on Friday after it was postponed the day before. Meanwhile, President Donald Trump announced that his administration has approved the Keystone XL pipeline. BWX TECHNOLOGIES: On Tuesday, Bank of America Merrill Lynch analyst Ronald Epstein upgraded BWX Technologies (BWXT) to Buy from Neutral arguing that as the sole sourced provider of nuclear reactors for U.S. Navy ships, the company may become a "significant beneficiary" of the country's investment to support a 355-ship Navy. Last week, the White House released the president's government spending proposal for 2018 to Congress. The budget blueprint included a $54M increase on defense spending, which represents an increase of about 10% over the sequestered levels. DRUG INDUSTRY: Earlier this week, shares of several biopharmaceutical names were under pressure after President Donald Trump reiterated a seemingly hardline stance against the sector's drug pricing strategies. Speaking at a March 20 rally in Kentucky, Trump stated: "The cost of medicine in this country is outrageous. Many times higher than in some countries in Europe and elsewhere - why? Same pill, same manufacturer, identical, and it's many times higher in the United States. You know why? Campaign contributions, who knows, but somebody's getting very rich. We're gonna bring it down, we're gonna have a great, competitive bidding process. Medicine prices will be coming way down - way, way, way down - and that's gonna happen fast." Publicly traded companies in the sector include Mylan (MYL), Celgene (CELG), Bristol-Myers (BMY), Eli Lilly (LLY), Pfizer (PFE), AbbVie (ABBV), Amgen (AMGN), Valeant (VRX) and Allergan (AGN). TRANSCANADA: On Friday, President Donald Trump announced that his administration has approved the Keystone XL pipeline, reversing the previous administration's decision to block the oil project. Trump said that the U.S. Department has signed and issued TransCanada's (TRP) permit, making good on his campaign promise. CHARTER COMMUNICATIONS: Speaking from the Oval Office, President Trump also announced on Friday that Charter Communications (CHTR) will invest $25B in the U.S. and hire over 20,000 workers over the next four years. Further, the cable and broadband service company will move all its call centers into the U.S. HEALTH CARE: The House Rules Committee cleared Friday morning the Republican's "American Health Care Act" to repeal and replace Obamacare out of committee by a vote of 9-3, setting up for a final floor vote expected later in the day. This comes after it was postponed on Thursday as it appeared to be insufficient votes to pass the bill. This morning Donald Trump made an ultimatum, demanding a make-or-break vote on Friday. All eyes will be on the House Freedom Caucus, the conservative group of lawmakers who oppose the bill unless amendments are made. The GOP needs 215 votes for a simple majority to pass the bill in the House - down from 216 as one Democrat will be absent for the vote -, which means it can afford to lose only 22 Republican votes to move the legislation. Several media reports have said throughout the day that the "American Health Care Act" will not gather enough voices of support. Publicly traded companies in the space include Aetna (AET), Anthem (ANTM), Centene (CNC), Cigna (CI), Health Net (HNT), Humana (HUM), Molina Healthcare (MOH), UnitedHealth (UNH), WellCare (WCG), Community Health (CYH), HCA Holdings (HCA), LifePoint (LPNT), Tenet (THC) and Universal Health (UHS). "Trump Effect: Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories that highlight stocks that are being impacted, or are predicted to be impacted, by the comments, actions and policies of President Trump and his administration.
Mar 24, 2017 | 08:03 EDT
Eli Lilly and Company announced plans to invest $850M in its U.S. operations in 2017. The company's investments span facilities across its U.S. enterprise, including research laboratories, manufacturing sites, and general and administrative areas. The investments are being driven by demand for Lilly products, as well as its robust pipeline of potential medicines in development targeting cancer, pain, diabetes and other unmet medical needs. Company leaders were joined by federal, state and local government officials at Lilly Technology Center, where the details of the investments were unveiled, including plans for a new $85M expansion of its Trulicity device assembly operations in the U.S. This expansion is part of a massive five-year investment by the company to expand its diabetes products manufacturing operations in the U.S., which also includes a $140M insulin cartridge production facility that was officially dedicated at the announcement.
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