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Stock Market & Financial Investment News

News Breaks
July 15, 2014
07:35 EDTLLY, BMY, MRK, PRGOPerrigo potential buyers list could be limited, says Jefferies
After Globes reported that Perrigo retained an investment bank to assist with a potential merger, Jefferies says the list of potential buyers could be limited since the store brand business is fundamentally a high volume, lower margin model. The firm notes U.S. companies that currently do not have large over-the-counter divisions include Bristol-Myers (BMY), Eli Lilly (LLY) and Merck (MRK). Jefferies views the merger speculation surrounding Perrigo as not surprising given the company's strong long-term fundamentals and attractive Irish domicile. It has a Buy rating on the stock with a $160 price target.
News For PRGO;BMY;LLY;MRK From The Last 14 Days
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April 23, 2015
09:52 EDTLLYEli 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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07:16 EDTPRGOMylan the safest bet in generic drug company takeover battle, says Bernstein
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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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05:40 EDTMRKMerck announces results from C-SURFER Phase 2/3 study
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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.
12:04 EDTPRGOTeva may need to raise Mylan bid above $90 per share, analysts say
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09:56 EDTPRGOMylan planning firmer offer for Perrigo, CNBC's Faber reports
Mylan (MYL) is planning to announce a firmer takeover offer for Perrigo (PRGO) that will include financing commitments and ticking fees, CNBC's David Faber reports, citing people familiar with the matter. It is unclear if the offer will include a higher buyout price of $205 per share, Faber added.
09:44 EDTPRGOSources: Mylan planning new offer for Perrigo, CNBC's Faber says
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08:43 EDTPRGOHostile bids carry low success rates, says Leerink
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08:42 EDTPRGOMylan likely to seek higher offer from Teva, says Bernstein
after Teva (TEVA) offered to buy Mylan (MYL) for $82 per share, Bernstein expects Mylan to seek an offer closer to $90. The firm also expects Mylan to seek shared management and perhaps some protection for its employees. Bernstein expects Teva to attempt to convince Mylan shareholders of the merits of its offer and Mylan to attempt to convince Perrigo (PRGO) shareholders of the merits of its offer and its own shareholders of the risks associated with the Teva deal. Bernstein keeps Outperform ratings on Teva and Mylan.
08:31 EDTPRGOTeva files for Hart Scott Rodino notification regarding proposed Mylan purchase
Teva Pharmaceutical Industries (TEVA) announced that it has filed for premerger notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with the U.S. Department of Justice Antitrust Division and the Federal Trade Commission regarding its proposed acquisition of Mylan N.V. (MYL). As announced on April 21, 2015, Teva proposed to acquire Mylan for $82.00 per Mylan share, with the consideration to be comprised of approximately 50% cash and 50% stock. Teva’s proposal for Mylan implies a total equity value of approximately $43 billion and an enterprise value of approximately $50 billion. The Teva Board and management team are committed to consummating a transaction as soon as possible. The acquisition proposal would provide Teva stockholders with very attractive strategic and financial benefits and Mylan stockholders with a substantial premium and immediate value for their shares, as well as the opportunity to participate in the significant upside potential of the combined company – one that would transform the global generics space and leverage it to hold a unique leadership position in the pharmaceutical industry. Teva has carefully studied the regulatory aspects of a combination of Teva and Mylan, in conjunction with its advisors. Teva is confident that it would be able to structure a transaction that would not contain material impediments to closing and that it can determine and promptly implement divestitures, as necessary, to gain regulatory clearances. Teva intends to work cooperatively with antitrust authorities and expects that the proposed transaction can be completed by year-end 2015. Teva’s proposal provides Mylan stockholders with a more attractive alternative to Mylan’s proposed acquisition of Perrigo Company plc (PRGO), as announced on April 8, 2015, as well as to Mylan on a standalone basis. Teva’s proposal would provide Mylan stockholders with consideration representing a 37.7% premium to the stock price of Mylan on April 7, 2015, which is the last day of trading prior to Mylan’s press release regarding its unsolicited proposal for Perrigo, and a 48.3% premium to the unaffected stock price of Mylan on March 10, 2015, which is the last day of trading prior to widespread speculation of a transaction between Teva and Mylan. Barclays and Greenhill & Co. are serving as financial advisors to Teva. Kirkland & Ellis LLP and Tulchinsky Stern Marciano Cohen Levitski & Co are serving as legal counsel to Teva, with De Brauw Blackstone Westbroek N.V. and Loyens & Loeff N.V. acting as legal advisors in the Netherlands.
08:18 EDTMRKOrganovo enters into a collaboration agreement with Merck Sharp and Dohme
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07:27 EDTPRGOPiper sees more sense in Teva buying Perrigo than Mylan
Piper Jaffray says that while a potential acquisition of Mylan (MYL) by Teva (TEVA) would bring major cost synergies and meaningful earnings accretion, it would not significantly improve the limited visibility on long-term top-line and earnings growth for Teva. Piper sees more strategic sense in Teva acquiring Perrigo (PRGO). Such a deal would drive multiple expansion for Teva since Perrigo's Consumer Health and Nutritionals businesses can offer a "much higher level of visibility on robust long-term earnings growth" than what Mylan can offer Teva, Piper tells investors today. The firm reiterates a Neutral rating on shares of Teva.
07:14 EDTPRGOTeva Mylan deal more likely to get done than Mylan Perrigo deal,says Wells Fargo
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07:07 EDTBMYEuropean Association for the Study of the Liver to hold annual meeting
50th Annual Meeting of EASL will be held in Vienna, Austria on April 22-26.
07:00 EDTPRGOPerrigo price target raised to $203 from $187 at Jefferies
Jefferies raised its price target for Perrigo (PRGO) to $203 after the company rejected Mylan's (MYL) takeover bid of $205 per share. The firm believes Perrigo "left the door wide open" for a higher, more definitive bid. It sees a 40% chance of either Mylan or another suitor acquiring Perrigo. The firm keeps a Buy rating on the stock.
06:31 EDTPRGOMylan likely to improve offer for Perrigo, says Citigroup
Citigroup believes Mylan's (MYL) board will likely reject Teva's (TEVA) initial takeover offer of $82 per share and present an improved proposal to acquire Perrigo (PRGO). Citi continues see a potential Teva-Mylan combination as more value accretive for Mylan shareholders than a potential Mylan-Perrigo combination. It keeps a Neutral rating on Mylan.
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