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JNJ

Johnson & Johnson

$132.26

-0.34 (-0.26%)

14:23
07/17/17
07/17
14:23
07/17/17
14:23

On The Fly: What to watch in Johnson & Johnson earnings report

Johnson & Johnson (JNJ) is scheduled to report results of its fourth fiscal quarter before the market open on July 18, with a conference call scheduled for 8:30 am EDT. What to watch for: 1. UPBEAT GUIDANCE: Along with its last report, J&J raised its fiscal year 2017 earnings per share view to $7.00-$7.15 from S $6.93-$7.08, versus a consensus at the time of $7.05. Analysts currently see the company reporting EPS of $7.10 this fiscal year. On April 19, the day after J&J's Q1 earnings release, research firm UBS said that the company's quarterly EPS results were a "solid" beat. The firm raised its estimates to reflect the Actelion (ALIOF), deal which is expected to close in Q2. UBS reiterated its Buy rating and $136 price target on Johnson & Johnson shares. Another research firm, Leerink, weighed in on J&J earnings after its last report. Leerink analyst Danielle Antalffy lowered her price target for Johnson & Johnson to $140 from $150 on valuation. The analyst noted that the shares sold off as investors seemed taken aback by weakness in both non-REMICADE Pharma and Consumer, but she pointed out that there were a number of potential drivers for an improving outlook going forward, including Medical Devices growth reacceleration, continued strong double-digit growth of key new drugs, and likely consumer growth reacceleration as the macroeconomic environment improves. The analyst reiterated an Outperform rating on the shares. 2. TOUGH PHARMA ENVIRONMENT: According to a research paper from University of Pennsylvania, out in May, the pharmaceutical industry faces some critical challenges, including the decline in the discovery, approval and marketing of new chemical entities with fewer and fewer blockbuster drugs making it to the market, competition from generics drugs, regulatory pressures and the weak growth in the U.S. market and therefore the need to explore other markets, to name a few. Recently, JPMorgan analyst Michael Weinstein noted the difficult conditions for pharma and their potential impact on J&J's Q2 results." J&J is coming off a disappointing Q1, and Q2 is going to be just as challenging, owing to $340M in Q2 of 2016 gross-to-net adjustments that make for a particularly tough comp. As a result, Q2 is likely to look a lot like the first," wrote Weinstein in a note out in early May. JP Morgan analyst Weinstein and his team called attention to the fact that J&J shares underperformed due to "the prospect of decelerating top-line growth in 2017, owing to increased competition for the Pharmaceutical business. According to JP Morgan's Weinstein deceleration should abate after the current quarter, which him to raise his rating to Overweight and price target to $140 on J&J shares. ACTELION ACQUISITION: In late January, J&J announced it was acquiring Switzerland-based Actelion. Actelion has a "strong" history of innovation to discover and develop new and differentiated products in multiple therapeutic areas, J&J said in a press release on January 26. Actelion has developed oral, inhaled and intravenous formulations of compounds to treat patients at various stages of pulmonary arterial hypertension. It is also developing therapies for multiple sclerosis, digital ulcers, Niemann-Pick type C disease, Gaucher disease, a lymphoma known as mycosis fungoides, and infectious diseases such as Clostridium difficile-associated diarrhea. The transaction closed on June 16 and will now become part of the Janssen Pharmaceutical Companies of Johnson & Johnson. Johnson & Johnson expects the transaction to add approximately $1.3B in sales for 2017 and be accretive to 2017 adjusted EPS by approximately 7c. This impact was already included in the company's full-year sales and adjusted EPS guidance provided in April. Also, as previously disclosed, in the first full year after close, Johnson & Johnson expects the transaction to be accretive to adjusted EPS by 35c-40c.

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JNJ Johnson & Johnson
$132.26

-0.34 (-0.26%)

07/14/17
WELS
07/14/17
NO CHANGE
WELS
Underperform
J&J approval another negative for Valeant, says Wells Fargo
Wells Fargo analyst David Maris says Valeant Pharmaceuticals (VRX) has a new competitor in the psoriasis space after the FDA yesterday approved Tremfya from Johnson & Johnson (JNJ). The news is another negative for Valeant, which is about to launch its own psoriasis treatment, Siliq, in the second half of 2017, Maris tells investors in a research note. With Talz from Eli Lilly (LLY), Humira from AbbVie (ABBV), Cosentyx from Novartis (NVS) and now J&J as a new competitor, Valeant is unlikely to be competitive in the psoriasis market, Maris contends. He believes his peak sales estimate of $250M for Siliq may prove optimistic given the competition. Maris an Underperform rating on Valeant with a $9 price target. The drugmaker closed yesterday at $17.29.
06/27/17
06/27/17
NO CHANGE

Large cap pharma could benefit from upcoming executive order, says Wells Fargo
Wells Fargo says that, based on press reports, large cap pharma could benefit from President Trump's upcoming executive order on drug pricing. The firm says the articles indicate that the order will not create major reforms or do anything to lower consumers' costs or solve current pricing issues. Publicly traded companies in the space include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY).
06/20/17
ADAM
06/20/17
NO CHANGE
Target $10
ADAM
Buy
Novadaq competing bids possible if not probable, says Canaccord
Canaccord analyst Jason Mills noted Novadaq (NVDQ) received an acquisition offer from Stryker (SYK) at a much greater equity value than what the company was trading at prior to the bid. Although he thinks Stryker is the most logical buyer of the franchise, he thinks there are several other potential acquirers, including Medtronic (MDT), Johnson & Johnson (JNJ) and Intuitive Surgical (ISRG), in that order. Mills believes this is a good exit for the company and that Stryker is getting a good asset. Mills maintains his Buy rating and $10 price target on Novadaq shares.
06/14/17
RHCO
06/14/17
NO CHANGE
RHCO
Eli Lilly has positive read through from J&J data, says SunTrust
SunTrust analyst John Boris says that data for Johnson & Johnson's (JNJ) Invokana for diabetes represented a best-case scenario for Eli Lilly (LLY). J&J's drug "significantly reduced the combined risk of cardiovascular death, myocardial infarction and nonfatal stroke in diabetes patients at risk for or with a history of CV diseases," and its efficacy on CV death is positive for the SGLT-2 class, to which Eli Lilly's Jardiance also belongs, according to the analyst. But the data leaves Jardiance, which reduced CV death by a statistically significant 38% versus Invokana's non-significant 13%, as the best in the class, wrote the analyst, who reiterates a $101 price target and a Buy rating on Eli Lilly.

TODAY'S FREE FLY STORIES

AIV

Aimco

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-0.09 (-0.20%)

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VIAB

Viacom

$26.57

0.31 (1.18%)

, CHTR

Charter

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-4.76 (-1.31%)

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Charter

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CMG

Chipotle

$321.62

-7.68 (-2.33%)

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DYN

Dynegy

$9.53

0.085 (0.90%)

12:35
10/18/17
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Options
Dynegy put volume heavy and directionally bearish »

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BMRN

BioMarin

$93.54

-1.12 (-1.18%)

12:34
10/18/17
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BioMarin says Pegvaliase application remains on track »

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BMRN

BioMarin

$93.54

-1.12 (-1.18%)

12:32
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BioMarin provides update on development portfolio »

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IBM

IBM

$160.45

13.905 (9.49%)

, ABT

Abbott

$56.00

0.9449 (1.72%)

12:30
10/18/17
10/18
12:30
10/18/17
12:30
General news
On The Fly: Top stock stories at midday »

Stocks opened sharply…

IBM

IBM

$160.45

13.905 (9.49%)

ABT

Abbott

$56.00

0.9449 (1.72%)

ANTM

Anthem

$193.45

6.19 (3.31%)

CVS

CVS Health

$74.11

1.475 (2.03%)

CREE

Cree

$29.34

0.06 (0.20%)

RXDX

Ignyta

$14.35

0.95 (7.09%)

AGN

Allergan

$188.67

-9.11 (-4.61%)

SVU

Supervalu

$17.73

-1.65 (-8.51%)

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BMRN

BioMarin

$93.54

-1.12 (-1.18%)

12:29
10/18/17
10/18
12:29
10/18/17
12:29
Earnings
BioMarin sees 2017 product revenue at mid-point of guidance »

BioMarin said that at…

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EQT

EQT Corporation

$62.94

-0.3799 (-0.60%)

12:25
10/18/17
10/18
12:25
10/18/17
12:25
Options
EQT Corporation call volume above normal and directionally bullish »

Bullish option flow…

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NLSN

Nielsen

$41.06

1.06 (2.65%)

, LGF

Use LGF.A, LGF.B

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NLSN

Nielsen

$41.06

1.06 (2.65%)

LGF

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DIS

Disney

$97.64

-0.7161 (-0.73%)

TWX

Time Warner

$101.12

-0.34 (-0.34%)

NFLX

Netflix

$199.48

-3.2 (-1.58%)

03/08/13
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$NSD

NASDAQ Market Internals

12:17
10/18/17
10/18
12:17
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12:17
Technical Analysis
NASDAQ market internals summary »

Volume is average for…

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$NYE

NYSE Market Internals

12:16
10/18/17
10/18
12:16
10/18/17
12:16
Technical Analysis
NYSE market internals summary »

Volume is below average…

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MOBL

MobileIron

$3.80

-0.1 (-2.56%)

12:10
10/18/17
10/18
12:10
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12:10
Downgrade
MobileIron rating change  »

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MBI

MBIA

$7.08

0.07 (1.00%)

12:10
10/18/17
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12:10
Options
Far downside put buyer in MBIA opens a notable new position »

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MOBL

MobileIron

$3.80

-0.1 (-2.56%)

12:07
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Downgrade
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STLD

Steel Dynamics

12:06
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Technical Analysis
Technical Earnings Preview: Steel Dynamics has a potential bullish pattern »

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DANOY

Danone

$16.67

0.3 (1.83%)

12:05
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Hot Stocks
Danone names Emmanuel Faber as both Chairman and CEO »

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NFLX

Netflix

$199.48

-3.2 (-1.58%)

12:00
10/18/17
10/18
12:00
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12:00
Options
Large four-way option spread in Netflix as shares slump for a second day »

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Treasury Action: TIPS are weaker »

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ADBE

Adobe

$150.38

-0.08 (-0.05%)

11:55
10/18/17
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11:55
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Adobe announces acquisition of KyleBrush.com; terms not disclosed »

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GMLP

Golar LNG Partners

$22.98

-0.08 (-0.35%)

11:50
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Options
Notable call write in Golar LNG Partners »

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11:50
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General news
FX Action: USD-JPY »

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IPXL

Impax

$19.30

-0.65 (-3.26%)

11:45
10/18/17
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11:45
Conference/Events
Impax management to meet with Deutsche Bank »

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BITCOIN

Bitcoin

11:44
10/18/17
10/18
11:44
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11:44
Hot Stocks
Bitcoin falls after release of CFTC report on virtual currencies »

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EBAY

eBay

$37.49

-0.28 (-0.74%)

, SHOP

Shopify

$98.14

1.93 (2.01%)

11:41
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Earnings
On The Fly: What to watch in eBay earnings report »

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EBAY

eBay

$37.49

-0.28 (-0.74%)

SHOP

Shopify

$98.14

1.93 (2.01%)

AMZN

Amazon.com

$1,009.13

2.79 (0.28%)

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