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News Breaks
February 6, 2013
11:44 EDTAGN, BMYBristol-Myers to stop development of EHT/AGN 0001
Diaxonhit, the new leading French provider of specialty diagnostic solutions, was notified of the decision by Bristol-Myers Squibb (BMY) not to continue further development of EHT/AGN 0001, a compound for the treatment of neuropathic pain, and to return to Allergan (AGN) this program derived from its collaboration with Diaxonhit. The reasons for this decision were not communicated to Diaxonhit. Diaxonhit would like to emphasize that this peripheral event has no impact on the group's fundamentals; in particular it will not impact its recurring revenues and its main activities in diagnostics. This outcome, inherent in the development of therapeutics, has no effect on Diaxonhit's long lasting scientific collaboration with Allergan, including current development projects underway.
News For BMY;AGN From The Last 14 Days
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February 11, 2016
07:42 EDTAGNTeva sees maintaining current trend in U.S. generic pricing in 2016
Teva (TEVA) says antitrust review ongoing for Actavis (AGN) generics deal. Says potential buyers for divested assets have been identified, integration plans in place. Says U.S. generic prices "continue slightly downward trend," but company does not see the inflationary pricing discussed in the media or the sharp drop in prices other competitors have seen recently. Sees 2016 to maintain current trend in U.S. generic prices. Comments from slides that will be presented on the Q4 earnings conference call.
07:05 EDTAGNTeva says working to close Actavis Generics acquisition by end of Q1
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February 9, 2016
10:50 EDTAGNBofA names Pfizer a top pick with limited downside, significant upside
Bank of America Merrill Lynch named Pfizer (PFE) as a top pick for 2016 and added the stock to its US 1 list, saying the pharmaceutical giant's stock is "defensive," yet also has the potential to rise significantly. BULLISH VIEW: There's a very good chance that Pfizer will "vastly" exceed earnings per share expectations going forward, due to the large share buybacks that the company can carry out, Bank of America analyst Colin Bristow believes. The pharmaceutical giant's $36B in cash and equivalents, along with its strong cash flow, can facilitate huge share repurchases, he contends. Moreover, Pfizer's acquisition of Allergan (AGN) increases the value of Pfizer's shares by $4 and should increase its EPS by about 17% in 2019, Bristow stated. After Pfizer's stock fell 25% in the wake of its Allergan deal, the shares have reached a "floor value," and can rise about 51%, assuming the Allergan deal closes, Bristow believes. If the Allergan deal falls through, Pfizer's stock will get "some downside protection" in the short-term, while the shares can still rise 37% over the longer term, the analyst stated. Additionally, Pfizer's 4% dividend yield, high quality earnings and high liquidity levels should be appealing to investors, given the market's current turbulence, according to Bristow, who kept a $39 price target and Buy rating on the shares. PRICE ACTION: In morning trading, Pfizer shares slipped fractionally to $28.52.
February 8, 2016
09:34 EDTAGNPfizer sees decision about potential separation by no later than end 2018
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09:32 EDTAGNPfizer names executive leadership team for combined organization
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07:37 EDTAGNSupernus prevails in Oxtellar XR ANDA litigation
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07:25 EDTBMYBiotech Industry Organization to hold a conference
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06:28 EDTBMYPharma trade group rolls out ad campaign aimed at lawmakers, WSJ says
The pharmaceutical industry is launching a new ad campaign with the intention of improving its reputation with lawmakers in an effort to lobby against drug price restrictions, the Wall Street Journal reports. The industry's biggest trade group the Pharmaceutical Research and Manufacturers of America, or PhRMA, says it plans to spend several million dollars this year, and 10% more than it spent last year, on digital, radio, and print advertisements that highlight the sector's role in developing new drugs and advancing medical science, the report says. 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). Reference Link
February 5, 2016
15:03 EDTAGNCourt rules in favor of Supernus on two patents in suit with Actavis
The U.S. District Court for the District of New Jersey entered judgment against Actavis, now known as Allergan (AGN), and in favor of Supernus (SUPN) as to the '898 and '131 patents disputed in a lawsuit between the two companies. The court found against Supernus and in favor of Actavis as to the '600 patent, according to a court filing. The Patents-in-Suit relate to Supernus' Oxtellar XR drug indicated for the treatment of seizures. Shares of Supernus are up 29% in afternoon trading following the court ruling.
12:48 EDTBMYBristol-Myers announces expanded use of Daklinza approved by FDA
Bristol-Myers Squibb announced today that Daklinza, an NS5A replication complex inhibitor, has been approved by the U.S. Food and Drug Administration in combination with sofosbuvir (with or without ribavirin) in genotypes 1 and 3. The expanded label includes data in three additional challenging-to-treat patient populations: chronic hepatitis C virus patients with HIV-1 coinfection, advanced cirrhosis, or post-liver transplant recurrence of HCV. The Daklinza plus sofosbuvir regimen is already available for the treatment of chronic HCV genotype 3, and is currently the only 12-week, once-daily all-oral treatment option for these patients. Sustained virologic response rates are reduced in genotype 3 patients with cirrhosis receiving Daklinza and sofosbuvir for 12 weeks without ribavirin. The recommended dosage of Daklinza is 60 mg in combination with sofosbuvir with or without ribavirin for 12 weeks.
07:37 EDTBMYBristol-Myers pullback brings buying opportunity, says JPMorgan
JPMorgan analyst Chris Schott sees an attractive opportunity for shares of Bristol-Myers following the recent pullback. He reiterates an Overweight rating on the name with an $80 price target. The analyst sees a number of Immuno-Oncology catalysts for shares of Bristol over the next 12-18 months.
February 3, 2016
06:13 EDTAGNPfizer insists Allergan deal won't be thwarted by U.S. politicians, FT says
Pfizer (PFE) has insisted that its $160B acquisition of Allergan (AGN) will not be stifled by political opposition, amid criticism that the deal will cost the U.S. Treasury billions of dollars in future tax revenues, the Financial Times reports. Pfizer CEO Ian Read also reiterated his intention to postpone until 2018 a decision on whether to break of the combined entity into two or three smaller companies, but has said that he would be open to offers for its generics unit, the report says. Mylan (MYL) has been connected to a potential acquisition of Pfizer's generic drugs business after it failed in its attempt to buy Perrigo (PRGO) last year, the report says. Reference Link
February 2, 2016
13:35 EDTBMYEarnings Watch: Merck down over 5% since last earnings report
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10:59 EDTAGNPfizer CEO confident Allergan deal can close in second half
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09:46 EDTBMYIntercept rumored to draw interest from many suitors, Daily Mail says
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08:53 EDTBMYPiper Jaffray biopharma analyst holds an analyst/industry conference call
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06:54 EDTAGNPfizer expects combination with Allergan to occur in 2H16
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February 1, 2016
13:25 EDTAGNEarnings Watch: Pfizer shares down approximately 12% since last earnings report
Pfizer (PFE) is scheduled to report fourth quarter earnings before the market open on Tuesday, February 2, with a conference call scheduled for 10:00 am ET. Pfizer, a biopharmaceutical company, discovers, develops, manufactures, and sells healthcare products worldwide. Its product portfolio includes medicines and vaccines, as well as various consumer healthcare products. EXPECTATIONS: Analysts are looking for earnings per share of 52c on revenue of $13.57B, according to First Call. The consensus range for EPS is 49c-54c on revenue of $13.08B-$13.99B. LAST QUARTER: After completing its Hospira acquisition in early September, Pfizer reported third quarter EPS of 60c, which beat consensus estimates of 51c, on revenue of $12.1B, which was also higher than consensus estimates of $11.56B. In Q3 Operational revenue growth in in developed markets was driven primarily by the performance of several key products, including Prevnar 13 in adults, Ibrance and Eliquis -- all products that are early in their life cycles as well as from Lyrica primarily in the U.S., and the inclusion of one month of legacy Hospira U.S. operations. In emerging markets, revenues increased 5% operationally, reflecting continued strong operational growth, primarily from the Innovative Products business. Operational revenue growth was partially offset primarily by the loss of exclusivity and associated generic competition for Celebrex in the U.S., Zyvox in the U.S. and Lyrica in certain developed Europe markets. With its Q3 earnings announcement the company raised its fiscal year 2015 earnings per share view to $2.16-$2.20 from $2.04-$2.10 against a raised revenue view of $47.5B-$48.5B from $46.5B-$47.5B. Commenting on the improved yearly view, the company CFO said "We raised our 2015 financial guidance for reported revenues and adjusted diluted EPS to reflect the strong performance to date of Pfizer-standalone, excluding legacy Hospira operations coupled with an improved business outlook for Pfizer-standalone for the remainder of the year.PFIZER-ALLERGAN DEAL. On November 23, Pfizer and Allergan (AGN) announced that their boards of directors have unanimously approved, and the companies have entered into, a definitive merger agreement under which Pfizer will combine with Allergan. Pfizer at the time said it anticipates the Allergan transaction will deliver more than $2B in operational synergies over the first three years after closing. Pfizer anticipates that the combined company will have a pro forma Adjusted Effective Tax Rate of approximately 17%-18% by the first full year after the closing of the transaction. The transaction is expected to be neutral to Pfizer's Adjusted Diluted EPS in 2017, modestly accretive beginning in calendar year 2018, more than 10% accretive in 2019 with high-teens percentage accretion in 2020. STREET RESEARCH: On December 1, Barclays analyst Geoff Meacham kept an Equal Weight rating on Pfizer after assuming coverage of the name. The analyst maintained a $34 price target for shares.On November 25, SunTrust upgraded Pfizer to Neutral and increased its price target to $37 from $34 on shares. Analyst John Boris said the Allergan deal makes strategic sense, providing much needed growth from earlier life cycle assets with limited therapeutic overlap. PRICE ACTION: Shares of Pfizer are lower by approximately 12% since its last earnings report on October 27. Pfizer shares are trading over 1% lower to $29.97 in afternoon trading ahead of Tuesday morning's earnings.
06:58 EDTBMYPortola Pharma licensed right to andexanet alfa to Bristol-Myers and Pfizer
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06:57 EDTBMYBristol-Myers and Pfizer sign collaboration with Portola Pharmaceuticals
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