Drug Information Association to hold a conference » 06:5501/2901/29/20
ABBV, ALLO, ALXN, BMY, CELG, CRBP, ESALY, EXPO, GSK, HALO, IQV, LLY, PFE
Pharmacovigilance & Risk Management Strategies Conference will be held in Washington, D.C. on January 27-29.
Pfizer growth prospect concerns overblown, says Cantor Fitzgerald » 06:4701/2901/29/20
Cantor Fitzgerald analyst…
Cantor Fitzgerald analyst Louise Chen maintains an Overweight rating on Pfizer with a $53 price target despite the company's Q4 earnings miss. Concerns about Pfizer's growth prospects in 2020 and beyond are overdone, Chen tells investors in a research note. Post the spinout of Upjohn, the analyst is confident the company can meet its five-year annual revenue growth target of ~6%, which she notes is above the industry average of ~4%. Upward earnings revisions and multiple expansion should move Pfizer shares higher, contends Chen.
Fly Intel: Wall Street's top stories for Tuesday » 16:2901/2801/28/20
PFE, MMM, UTX, DLPH, BWA, UAL, CCL, XLRN, XRX, LOPE, I
Stocks rebounded to end a…
Fly Intel: Wall Street's top stories at midday » 12:2801/2801/28/20
PFE, MMM, UTX, DLPH, BWA, XLRN, LAUR, LOPE, MKC
Stocks are rebounding a…
Nektar call volume above normal and directionally bullish » 10:4501/2801/28/20
Bullish option flow…
Bullish option flow detected in Nektar with 4,298 calls trading, 5x expected, and implied vol increasing almost 9 points to 74.77%. 2/7 weekly 21 calls and Jan-21 13 puts are the most active options, with total volume in those strikes near 4,300 contracts. The Put/Call Ratio is 0.21. Earnings are expected on February 27th.
Unusually active option classes on open January 28th » 09:4001/2801/28/20
FNV, BKR, MMM, PFE, EEM, ABBV, CGC, LVS, WMT, UBER
Unusual total active…
Unusual total active option classes on open include: Franco-Nevada (FNV), Baker Hughes (BKR), 3M (MMM), Pfizer (PFE), iShares Emerging Markets ETF (EEM), AbbVie (ABBV), Canopy Growth (CGC), Las Vegas Sands (LVS), Wal-Mart (WMT), and Uber (UBER).
Fly Intel: Pre-market Movers » 09:0401/2801/28/20
DLPH, BWA, XLRN, LMT, PHM, ALV, PFE, UTX, MMM, MKC, HOG, BYND
HIGHER: Delphi Technologies (DLPH), up 62% after announcing a deal under which BorgWarner (BWA) will acquire the company in an all-stock transaction that values Delphi's enterprise value at approximately $3.3B. BorgWarner shares are down 7% in pre-market trading following the announcement... Acceleron (XLRN), up 50% after announcing its sotatercept trial met its primary and secondary endpoints. UP AFTER EARNINGS: Lockheed Martin (LMT), up 1%... PulteGroup (PHM), up 2%... Autoliv (ALV), up 4%. DOWN AFTER EARNINGS: Pfizer (PFE), down 2%... United Technologies (UTX), down 1%... 3M (MMM), down 2%... McCormick (MKC), down 6%.... Harley-Davidson (HOG), down 6%. ALSO LOWER: Beyond Meat (BYND), down 1% after a judge has ruled Don Lee Farms proved the probable validity of its claim that the company breached a manufacturing agreement. In a separate motion before a different Judge, the court granted Don Lee Farms' request to name Beyond Meat CFO Mark Nelson, senior quality assurance manager Jessica Quetsch and director of operations Anthony Miller in its fraud claims which allege they intentionally doctored and omitted material information from a food safety consultant's report. Additionally, JPMorgan analyst Ken Goldman downgraded Beyond Meat to Neutral from Overweight with a price target of $134, down from $138.
Pfizer CFO says 'pleased with our 2019 financial results' » 07:1201/2801/28/20
Frank D'Amelio, CFO…
Frank D'Amelio, CFO and Executive Vice President, Business Operations and Global Supply, stated, "I am pleased with our 2019 financial results, which met or exceeded all components of our financial guidance. Our Biopharma business generated 8% operational revenue growth, driven by strong growth from Ibrance, Eliquis, Xeljanz and Vyndaqel/Vyndamax. As expected, the Upjohn business declined 16% operationally, primarily reflecting the U.S. loss of exclusivity of Lyrica in July 2019. Excluding Lyrica in the U.S. and the impact of other recent product losses of exclusivity, Upjohn revenues declined 3% operationally in 2019. We also returned $16.9 billion directly to shareholders through share repurchases and dividends, demonstrating our continued commitment to returning capital to our shareholders. Today we also provided 2020 financial guidance for Total Company, New Pfizer and Upjohn. The midpoint of the revenue guidance range for New Pfizer implies 8% operational growth and reflects anticipated continued strong growth from certain in-line brands such as Ibrance, Eliquis, Xeljanz, Xtandi and Inlyta, from recent and expected product launches such as Vyndaqel/Vyndamax, Braftovi, Mektovi and oncology biosimilars as well as from emerging markets. Since July 2019, several of the aforementioned products have performed better than we had anticipated and have generated strong momentum that we expect to continue in 2020. The midpoint of the revenue guidance range for Upjohn implies a 23% operational decline, primarily reflecting expected declines for products that have recently lost marketing exclusivity and lower revenues from China due to the geographic expansion of the volume-based procurement program to all Chinese provinces in 2020. Importantly, the financial guidance for Upjohn remains unchanged on an operational basis from the preliminary financial targets that were provided in July 2019."
Pfizer CEO sees Upjohn-Mylan transaction closing 'mid-year' » 07:0901/2801/28/20
PFE, MYL, GSK
Dr. Albert Bourla,…
Dr. Albert Bourla, Pfizer's (PFE) Chairman and CEO, stated, "2019 was a busy year, highlighted by solid financial performance, shareholder-friendly capital allocation, the strengthening of our pipeline as well as the formation of the Consumer Healthcare JV with GSK (GSK). We also announced a definitive agreement to combine Upjohn and Mylan (MYL) to create a new global pharmaceutical company, Viatris, marking an important milestone in Pfizer's evolution toward becoming a more focused, global leader in innovative medicines. 2020 is expected to be an exciting year for Pfizer with the close of the Upjohn-Mylan transaction anticipated by mid-year, leaving New Pfizer positioned to deliver revenue and Adjusted diluted EPS growth that is expected to be among the industry leaders. New Pfizer will be a smaller, science-based company with a singular focus on innovation while also continuing to allocate significant capital directly to shareholders, primarily through dividends. For New Pfizer, we expect important clinical data readouts across our early-, mid- and late-stage pipeline. In the first half of 2020, we expect to report pivotal top-line results for the JADE Compare study for abrocitinib, our Janus kinase-1 inhibitor for moderate-to-severe atopic dermatitis, for three Phase 3 trials of PF-06482077, our 20-valent pneumococcal conjugate vaccine candidate in adults aged 18 and older, and for Xeljanz in ankylosing spondylitis, in addition to the potentially registration-enabling Phase 2 ANCHOR study evaluating the combination of Braftovi, Mektovi and cetuximab for the first-line treatment of BRAFV600E-mutant metastatic colorectal cancer. We also expect data in the first half of 2020 for promising earlier-stage opportunities, including proof-of-concept readouts for PF-06939926, our mini-dystrophin gene therapy candidate for Duchenne muscular dystrophy, for PF-06928316, our prophylactic vaccine candidate for the prevention of respiratory syncytial virus infection, and for PF-06700841, an investigational topical TYK2/ JAK1 dual inhibitor for psoriasis and AD. In the second half of 2020, we look forward to top-line results for the Phase 3 PENELOPE-B study of Ibrance in early-stage breast cancer as well as for proof-of-concept readouts for PF-06651600, our dual JAK3/ TEC inhibitor as a potential treatment for vitiligo, for PF-06700841 for potential treatment of psoriatic arthritis, and for PF-06826647, our investigational TYK2 inhibitor for psoriasis. In addition, we now expect the Phase 3 PALLAS study of Ibrance in early-stage breast cancer to complete in early 2021. In 2020, we are focused on accelerating the pipeline and building on the business momentum that we generated in 2019."
Pfizer says no share repurchases currently planned in 2020 » 06:5501/2801/28/20
As of January 28, 2020,…
As of January 28, 2020, Pfizer's remaining share repurchase authorization was $5.3B. No share repurchases are currently planned in 2020.