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Stock Market & Financial Investment News

News Breaks
April 22, 2014
05:38 EDTLLY, NVSEli Lilly acquires Novartis Animal Health for $5.4B in all-cash transaction
Eli Lilly (LLY) announced an agreement to acquire Novartis (NVS) Animal Health for approximately $5.4B in an all-cash transaction that will strengthen and diversify Lilly's own animal health business, Elanco. Upon completion of the acquisition, Elanco will be the second-largest animal health company in terms of global revenue, will solidify its number two ranking in the U.S., and improve its position in Europe and the rest of the world. Lilly will acquire Novartis Animal Health's nine manufacturing sites, six dedicated research and development facilities, a global commercial infrastructure with a portfolio of approximately 600 products, a robust pipeline with more than 40 projects in development, and an experienced team of more than 3,000 employees. Under the terms of the agreement, Lilly will acquire all assets of Novartis Animal Health for a total purchase price of approximately $5.4B, including anticipated tax benefits. Lilly plans to fund this acquisition with approximately $3.4B of cash-on-hand and $2B in debt to be issued. No other financial terms of the transaction are being disclosed. The transaction is expected to close by the end of 1Q15, subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, similar requirements outside the U.S., and other customary closing conditions. The transaction is not subject to any financing conditions.
News For LLY;NVS From The Last 14 Days
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May 1, 2015
15:14 EDTNVSExpress Scripts in settlement pact related to alleged Novartis kickbacks
Accredo Health, a wholly-owned subsidiary of Express Scripts (ESRX), entered a settlement and dismissal agreement with United States Attorney for the Southern District of New York, Preet Bharara, related to Accredo's alleged involvement in Novartis's (NVS) alleged participation in a kickback scheme involving Exjade, according to a court filing. In settlement of the United States' claims against Accredo in this action, Accredo shall pay to the United States a sum just over $45M, according to the court filing. A recent filing with the SEC noted that a total of $60M was set aside by Express Scripts to resolve the allegations with the federal government and all 50 states and a company spokesman confirmed the settlement involves $60M, according to The Wall Street Journal. Reference Link
10:25 EDTLLYEli Lilly call activity attributed to takeover speculation
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10:14 EDTLLYRumor: Eli Lilly strength attributed to takeover speculation
07:43 EDTNVS, LLYExpensive drugs drove over 25% of 2013 Medicare drug spending, WSJ says
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April 29, 2015
10:39 EDTLLYCiti analyst says outlook still strong for big pharma
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10:00 EDTLLYOn The Fly: Analyst Upgrade Summary
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06:16 EDTLLYPfizer downgraded to Neutral from Buy at Citigroup
Citigroup analyst Andrew Baum downgraded Pfizer (PFE) to Neutral citing the stock's "strong" relative outperformance this year. Buam prefers prefer Eli Lilly (LLY), which he upgraded this morning to Buy, and Bristol-Myers (BMY) among large-cap U.S. Pharmaceuticals. He keeps a $37 price target for Pfizer shares.
06:13 EDTLLYEli Lilly upgraded to Buy with $100 target at Citigroup
Citigroup analyst Andrew Baum upgraded Eli Lilly to Buy from Neutral and raised his price target for shares to $100 from $66. The changes come after Baum increased his risk-adjusted peak sales estimate for Lilly's heart disease drug evacetrapib to $3.8B from $1.0B. The analyst also believes the company's oncology molecules abemaciclib and galunisertib are "high quality" and "under-appreciated." Shares of Lilly closed yesterday up 29c to $71.18.
April 27, 2015
10:30 EDTNVSNovartis says Phase III Arzerra study met primary endpoint
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06:19 EDTLLY, NVSPharmceutical companies buy drugs and raises prices, WSJ reports
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April 24, 2015
16:29 EDTLLYEli Lilly receives fourth FDA approval for CYRAMZA
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April 23, 2015
09:52 EDTLLY, NVSEli Lilly sees at least $200M in savings from Novartis Animal Health acquisition
09:33 EDTLLYEli Lilly sees stronger doller hurting FY15 revenue by 7.5%
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06:27 EDTLLYEli Lilly backs FY15 adjusted EPS view of $3.10-$3.20, consensus $3.15
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06:26 EDTLLYEli Lilly reports Q1 EPS 87c, consensus 77c
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05:25 EDTNVSNovartis backs FY15 revenue guidance of growth in mid-single digits
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05:22 EDTNVSNovartis reports Q1 Core EPS $1.33, consensus $1.10
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April 22, 2015
15:50 EDTLLYNotable companies reporting before tomorrow's open
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14:35 EDTLLYEarnings Watch: Lilly to report Q1 results amid patent expirations
Eli Lilly and Company (LLY) is scheduled to report first quarter earnings before the market open on Thursday, April 23 with a conference call scheduled for 9:00 am ET. Lilly is a global pharmaceutical manufacturer that also has an animal health business segment. EXPECTATIONS: Analysts are looking for earnings per share of 77c on revenue of $4.62B, according to First Call. The consensus range for EPS is 64c-99c on revenue of $4.54B-$4.7B. LAST QUARTER: Eli Lilly reported fourth quarter EPS of 75c, compared to consensus estimates of 74c, on revenue of $5.12B against estimates of $5.2B. The company said it sees fiscal year 2015 EPS of $3.10-$3.20 on revenue of $19.5B-$20B. Lilly's CEO John Lechleiter commented on the quarter, "While Lilly's fourth quarter 2014 results continue to reflect the impact of patent expirations, we are moving to a period of growth led by diabetes, oncology and animal health. Despite the loss of significant revenue for Cymbalta and Evista following the expiration of our U.S. patents, we saw strong performance from many other products. At the same time, we made excellent progress with our innovation-based strategy, and we continue to advance our pipeline." STREET RESEARCH: On March 25, Suntrust raised its price target on Lilly shares to $95 from $80. After meeting with Eli Lilly's management, SunTrust said it expects the company's oncology and diabetes sales to double over the next five years. The firm is upbeat about the short-term outlook of the company's diabetes treatment, and says that its late stage autoimmune, Alzheimer's and cardiovascular treatments are advancing, while its Alzheimer's programs remain underappreciated. SunTrust said it expects the company's earnings CAGR to be in the mid teens between 2015-2020. It kept a Buy rating on Lilly shares. PRICE ACTION: Lilly shares are relatively flat since the company's last earnings report on January 30, and are trading up fractionally to $72.40 in midday trading ahead of Thursday's earnings release.
April 21, 2015
05:26 EDTNVSNovartis says data shows Gilenya high efficacy
Novartis announced new analysis from the Phase III FREEDOMS and FREEDOMS II. The data showed that previously-treated patients with highly-active relapsing multiple sclerosis, or RMS, who were treated with Gilenya had a six-times greater likelihood of achieving 'no evidence of disease activity' across four key measures of disease activity compared to placebo over two years. This is referred to as NEDA4 and is achieved when a patient with RMS has no relapses, no new MRI lesions, no MS-related brain shrinkage and no disability progression. This analysis was the first time patients with highly-active RMS who had been treated in the previous year with an injectable therapy were assessed using the NEDA4 definition that includes brain shrinkage. Brain shrinkage is a marker of the widespread inflammatory damage in the central nervous system and is associated with accumulated loss of function. By using this updated NEDA4 definition, physicians are able to get a more complete picture of a patient's disease and response to treatment, which is crucial to identify the optimal therapy to slow short- and long-term disease progression. This is especially important for people with highly-active RMS, who are at a greater risk of relapses and future loss of function, and may therefore require a different treatment approach.
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