Link/Page Citation
Reuters - US FDA pushes decision on Moderna's RSV vaccine to end of this month - 10/5/2024
The U.S. drug regulator has pushed back its decision on Moderna's, opens new tab respiratory syncytial virus (RSV) vaccine due to "administrative constraints" and will complete the review by the end of this month.
For complete story see:
https://www.reuters.com/business/healthcare-pharmaceuticals/us-fda-pushes-decision-modernas-rsv-vaccine-end-this-month-2024-05-10/
Pharmaceutical Technology - Sanofi signs $1.2bn licensing agreement for Novavax's Covid-19 vaccine - 10/5/2024
Sanofi has signed a $1.2bn licensing agreement with Novavax to co-commercialise its stand-alone adjuvanted Covid-19 vaccine.
For complete story see:
https://www.pharmaceutical-technology.com/news/sanofi-signs-1bn-licensing-agreement-for-novavax-covid19-vaccine/
Pharmaceutical Technology - Novo Nordisk enters deal to develop obesity therapy - 10/5/2024
Novo Nordisk has entered a research partnership with Flagship Pioneering and Metaphore Biotechnologies to jointly develop up to two next-generation therapeutics for the management of obesity.
For complete story see:
https://www.pharmaceutical-technology.com/news/novo-nordisk-therapies-obesity/
Other Stories
Pharmaceutical Technology - WestGene wins FDA nod to study mRNA vaccine to treat certain cancers - 10/5/2024
The Pharma Letter - Setback for Merck & Co in battle to treat endometrial cancer - 10/5/2024
Fierce Pharma - Pfizer puts 74 Swiss jobs on chopping block as it folds Seagen into its cancer operations - 9/5/2024
Pharmaceutical Times - Oregon and Lantern collaborate to develop drug candidate for various cancer indications - 9/5/2024
CNBC - Amgen, newer rivals could threaten Novo Nordisk and Eli Lilly's weight loss drug dominance - 7/5/2024
Media Releases
Merck & Company, Inc. (NYSE: MRK) - Merck Expands Access to High-Quality Maternal Care for More Than 30 Million Women Worldwide Through Merck for Mothers - 8/5/2024
Danaher Corporation (NYSE: DHR) - Danaher Announces Quarterly Dividend - 7/5/2024
Eli Lilly & Company (NYSE: LLY) - Lilly Declares Second-Quarter 2024 Dividend - 6/5/2024
Pfizer Inc. (NYSE: PFE) - Pfizer Announces New Chief Strategy and Innovation Officer - 6/5/2024
Bristol-Myers Squibb (NYSE: BMY) - European Medicines Agency Validates Bristol Myers Squibb's Application for Opdivo (nivolumab) Plus Yervoy (ipilimumab) for the First-Line Treatment of Adult Patients with Microsatellite - 6/5/2024
Latest Research
A Systematic Review of APPE Readiness Assessments Utilized by US Schools of Pharmacy - By Macy Richards, Autumn Stewart-Lynch, Jamie McConaha, Michael R. Gionfriddo
Industry Overview
United States Pharmaceuticals
Overviews of Leading Companies
Abbot Laboratories (NYSE: ABT)
Abbvie (NYSE: ABBV)
Amgen (NASDAQ: AMGN)
AstraZeneca (NYSE: AZN)
Bausch Health Companies Inc. (NYSE: BHC)
Baxter International (NYSE: BAX)
Bristol-Myers Squibb (NYSE: BMY)
Cencora Incorporated (COR: NYSE)
Danaher Corporation (NYSE: DHR)
Eli Lilly & Company (NYSE: LLY)
Genentech (SIX: RO, ROG; OTCQX: RHHBY)
GlaxoSmithKline (LSE: GSK)
Johnson & Johnson (NYSE: JNJ)
McKesson Corporation (NYSE: MCK)
Merck & Company, Inc. (NYSE: MRK)
Novartis (NYSE: NVS)
Novavax Inc. (NASDAQ: NVAX)
Novo Nordisk (NYSE: NVO)
Perrigo Company Plc (NYSE: PRGO)
Pfizer Inc. (NYSE: PFE)
Regeneron (NASDAQ: REGN)
Sanofi (NYSE: SNY)
Teva (NYSE: TEVA)
Thermo Fisher Scientific (NYSE: TMO)
Associate: Danny Cliffson Crispin Benos
News and Commentary
Reuters - US FDA pushes decision on Moderna's RSV vaccine to end of this month - 10/5/2024
The U.S. drug regulator has pushed back its decision on Moderna's, opens new tab respiratory syncytial virus (RSV) vaccine due to "administrative constraints" and will complete the review by the end of this month.
For complete story see:
https://www.reuters.com/business/healthcare-pharmaceuticals/us-fda-pushes-decision-modernas-rsv-vaccine-end-this-month-2024-05-10/
Pharmaceutical Technology - Sanofi signs $1.2bn licensing agreement for Novavax's Covid-19 vaccine - 10/5/2024
Sanofi has signed a $1.2bn licensing agreement with Novavax to co-commercialise its stand-alone adjuvanted Covid-19 vaccine.
For complete story see:
https://www.pharmaceutical-technology.com/news/sanofi-signs-1bn-licensing-agreement-for-novavax-covid19-vaccine/
Pharmaceutical Technology - Novo Nordisk enters deal to develop obesity therapy - 10/5/2024
Novo Nordisk has entered a research partnership with Flagship Pioneering and Metaphore Biotechnologies to jointly develop up to two next-generation therapeutics for the management of obesity.
For complete story see:
https://www.pharmaceutical-technology.com/news/novo-nordisk-therapies-obesity/
Pharmaceutical Technology - WestGene wins FDA nod to study mRNA vaccine to treat certain cancers - 10/5/2024
The US Food and Drug Administration (FDA) has approved an IND to conduct a clinical trial that evaluates an mRNA therapeutic cancer vaccine developed by China-based biotech WestGene.
For complete story see:
https://www.pharmaceutical-technology.com/news/westgene-wins-fda-approval-for-mrna-vaccine-to-treat-certain-cancers/
The Pharma Letter - Setback for Merck & Co in battle to treat endometrial cancer - 10/5/2024
Merck & Co has announced that the Phase III KEYNOTE-B21 trial of its leading checkpoint blocker, Keytruda (pembrolizumab), has failed.
For complete story see:
https://www.thepharmaletter.com/article/setback-for-merck-in-battle-to-treat-endometrial-cancer
Fierce Pharma - Pfizer puts 74 Swiss jobs on chopping block as it folds Seagen into its cancer operations - 9/5/2024
After telegraphing more than a hundred potential layoffs in March in connection with plans to stop construction of a massive Seagen facility, Pfizer is plowing ahead with efforts to streamline its newly combined cancer business.
For complete story see:
https://www.fiercepharma.com/pharma/pfizer-puts-74-seagen-jobs-chop-it-continues-consolidate-newly-combined-cancer-organization
Pharmaceutical Times - Oregon and Lantern collaborate to develop drug candidate for various cancer indications - 9/5/2024
Oregon Therapeutics and Lantern Pharma have entered into a strategic artificial intelligence (AI)-driven collaboration to optimise the development of a protein disulfide isomerase (PDI) inhibitor drug candidate for a variety of novel and targeted cancer indications.
For complete story see:
https://pharmatimes.com/news/oregon-and-lantern-collaborate-to-develop-drug-candidate-for-various-cancer-indications/
CNBC - Amgen, newer rivals could threaten Novo Nordisk and Eli Lilly's weight loss drug dominance - 7/5/2024
Novo Nordisk and Eli Lilly have long dominated the rapidly growing weight loss drug market, but their duopoly is closer than ever to facing a threat from a new rival.
For complete story see:
https://www.cnbc.com/2024/05/07/amgen-could-threaten-novo-nordisk-eli-lilly-weight-loss-drug-dominance.html
Media Releases
Merck & Company, Inc. (NYSE: MRK) - Merck Expands Access to High-Quality Maternal Care for More Than 30 Million Women Worldwide Through Merck for Mothers - 8/5/2024
RAHWAY, N.J.-(3BL MEDIA)-Merck (NYSE: MRK), known as MSD outside of the United States and Canada, announced today that Merck for Mothers, the company's global maternal health initiative, has reached more than 30 million women through programs promoting safe, high-quality, respectful care, surpassing its goal of reaching 25 million women by 2025.
Merck for Mothers supports the company's work in expanding access to health and accelerating progress toward the United Nations' Sustainable Development Goal 3 (SDG 3), which aims to ensure healthy lives and promote well-being for all. More specifically, the initiative is focused on creating a world where no woman has to die while giving life by helping to address the first target under SDG 3, reducing the global maternal mortality ratio to less than 70 per 100,000 live births by 2030.
"I am so proud of our company's long-standing commitment to our Merck for Mothers initiative, which is dedicated to improving maternal health outcomes around the world," said Allison Goldberg, president, Merck Foundation. "Through Merck for Mothers, we have now helped more than 30 million women access high-quality, life-saving care around pregnancy and childbirth - surpassing our goal of reaching 25 million women by 2025. This milestone serves as a reminder that much work is left to be done, and we remain committed to helping create a world where no woman has to die while giving life."
Through wide-ranging approaches, Merck for Mothers harnesses the power of public-private collaboration to strengthen health systems and mobilize solutions to address the diverse and unique needs of moms, babies and families worldwide. The initiative's milestone of 30 million women reached reflects the combined total impact of the programs and partnerships it supports in more than 70 countries, including:
India, where Merck for Mothers collaborated with the Federation of Obstetric and Gynecological Societies of India (FOGSI) and a consortium of stakeholders across the country to launch Manyata, a quality improvement and certification initiative specifically designed for private maternity providers. This initiative has supported quality improvements in 25 states and Union Territories across India and trained more than 23,000 providers in 2,800 maternity hospitals, delivering quality care to more than 1 million women.
Brazil, where Merck for Mothers worked with the Sociedade Beneficente Israelita Brasileira Albert Einstein, a leading hospital network, and the Ministry of Health, to implement a new curriculum to train health providers on maternity care protocols. This effort trained 250 health providers and resulted in a 54% decline in the maternal mortality rate in two years in the Pernambuco State.
Kenya, where, in response to a high unmet need for post-pregnancy family planning (PPFP), Merck for Mothers partnered with Jhpiego, a nonprofit organization affiliated with Johns Hopkins University, to fund a research study - PPFP Choices - facilitating greater access to evidence-based PPFP services throughout Kenya. PPFP Choices led to a 24% increase in PPFP uptake at participating sites.
Nigeria - the country with the most maternal deaths worldwide - where with Pathfinder Nigeria, PharmAccess Foundation and the Kaduna State Ministry of Health, Merck for Mothers created the Saving Mothers, Giving Life project (SMGL 2.0). This project improved the quality of maternal health care in 25 private health facilities and led to a decrease in maternal and perinatal deaths by 60% and 16%, respectively.
United States - the only high-income country in which maternal mortality is on the rise - where Merck for Mothers supports a variety of programs to address racial inequities in maternal health outcomes. For example, with the Centers for Disease Control and Prevention (CDC) Foundation, Merck for Mothers created the Hear Her campaign to disseminate critical information on pregnancy and childbirth-related complications, reaching more than 1.5 million people to date across the campaign's website and social media channels.
To learn more about Merck for Mothers and stay informed on how the initiative is continuing to expand access to high-quality maternal care, please visit MerckforMothers.com.
https://www.merck.com/news/merck-expands-access-to-high-quality-maternal-care-for-more-than-30-million-women-worldwide-through-merck-for-mothers/
Danaher Corporation (NYSE: DHR) - Danaher Announces Quarterly Dividend - 7/5/2024
WASHINGTON, May 7, 2024 /PRNewswire/ -- Danaher Corporation (NYSE: DHR) announced today that its Board of Directors has approved a regular quarterly cash dividend of $0.27 per share of its common stock, payable on July 26, 2024 to holders of record on June 28, 2024.
https://investors.danaher.com/2024-05-07-Danaher-Announces-Quarterly-Dividend
Eli Lilly & Company (NYSE: LLY) - Lilly Declares Second-Quarter 2024 Dividend - 6/5/2024
INDIANAPOLIS, May 6, 2024 /PRNewswire/ -- The board of directors of Eli Lilly and Company (NYSE: LLY) has declared a dividend for the second quarter of 2024 of $1.30 per share on outstanding common stock.
The dividend is payable on June 10, 2024, to shareholders of record at the close of business on May 16, 2024.
https://investor.lilly.com/news-releases/news-release-details/lilly-declares-second-quarter-2024-dividend
Pfizer Inc. (NYSE: PFE) - Pfizer Announces New Chief Strategy and Innovation Officer - 6/5/2024
NEW YORK--(BUSINESS WIRE)-- Pfizer Inc. (NYSE: PFE) today announced that Andrew Baum, M.D., will join the company as Chief Strategy and Innovation Officer, Executive Vice President. Dr. Baum will be a member of Pfizer's Executive Leadership Team reporting to Chairman and Chief Executive Officer, Dr. Albert Bourla. He joins Pfizer from Citi, where he served as Head of Global Healthcare, Managing Director Equity Research. Prior to joining Citi in 2011, Dr. Baum covered European Pharmaceuticals at Morgan Stanley for 14 years and earlier in his career was a practicing physician at the Royal National Orthopaedic Radcliffe Hospital in Oxford where he completed his residency.
At Pfizer, Dr. Baum will play a vital role in advancing Pfizer's long-term corporate strategic plan to maximize value for patients and shareholders. He will also be responsible for our portfolio analysis and prioritization functions, business development activities, strengthening our partnerships with the biotech ecosystem, and the commercial evaluation of our research pipeline. In his role, he will also Chair Pfizer's Portfolio Management Team, the company's most senior governing body responsible for portfolio management and capital deployment across the company's research and development pipeline, ensuring that the company brings forward vaccines and medicines that have the greatest potential of addressing unmet patient needs while achieving robust reimbursem*nt and access. Dr. Baum will begin his role at Pfizer on June 3, 2024, succeeding Aamir Malik, who recently moved into a new role at Pfizer as Chief U.S. Commercial Officer, Executive Vice President.
"Dr. Baum has a rare profile that combines deep clinical and scientific knowledge with strong financial expertise in fields such as equity research, hedge funds, investment banking and shareholder value creation strategies. As a former experienced analyst who followed Pfizer for over a decade, he will bring fresh strategic insights into the company's business and portfolio," said Dr. Albert Bourla, Chairman and Chief Executive Officer, Pfizer. "Dr. Baum has more than 30 years of experience and a proven track record in leading high-impact research projects and teams, developing robust strategies and forging global partnerships that have expanded markets and increased investor returns. I am delighted to welcome Andrew to Pfizer where he will be an important thought partner for me and my leadership team as we continue to advance impactful vaccines and therapies that deliver value for patients, health systems and shareholders."
Dr. Baum holds a Master of Arts degree in Physiological Sciences and a Bachelor of Medicine, Bachelor of Surgery (BM ChB) degree from Oxford University and is a Fellow of the Royal Society of Medicine. Dr. Baum also has a strong background in oncology and was the first analyst to report on the transformative opportunity of cancer immunotherapy in 2011. He is the former co-chair of Immuno-Oncology 360° (IO360°).
"I am thrilled to be joining Pfizer as Chief Strategy and Innovation Officer. I look forward to leveraging my prior experience to help Pfizer identify, accelerate and deliver more breakthrough therapies with the power to transform patients' lives," said Andrew Baum, M.D. "Pfizer is well placed to accelerate its growth given its deep current expertise in small molecules, antibody engineering and innovative vaccines."
https://www.pfizer.com/news/press-release/press-release-detail/pfizer-announces-new-chief-strategy-and-innovation-officer
Bristol-Myers Squibb (NYSE: BMY) - European Medicines Agency Validates Bristol Myers Squibb's Application for Opdivo (nivolumab) Plus Yervoy (ipilimumab) for the First-Line Treatment of Adult Patients with Microsatellite - 6/5/2024
Bristol Myers Squibb (NYSE: BMY) today announced that the European Medicines Agency (EMA) has validated its Type II variation application for Opdivo® (nivolumab) plus Yervoy ® (ipilimumab) for the first-line treatment of adult patients with microsatellite instability-high (MSI-H) or mismatch repair deficient (dMMR) metastatic colorectal cancer (mCRC). The EMA's validation of the application confirms the submission is complete and begins the EMA's centralized review process.
"Colorectal cancer is the third most commonly diagnosed cancer in the world, and more options are needed specifically for patients with MSI-H/dMMR mCRC, who are less likely to benefit from treatment with chemotherapy," said Dana Walker, M.D., M.S.C.E., vice president, global program lead, gastrointestinal and genitourinary cancers, Bristol Myers Squibb. "We look forward to working with the European Medicines Agency to discuss bringing the dual immunotherapy combination of Opdivo and Yervoy to patients with MSI-H/dMMR mCRC across Europe."
The submission is based on results from the CheckMate -8HW study, in which Opdivo plus Yervoy demonstrated a statistically significant and clinically meaningful improvement in the dual primary endpoint of progression-free survival (PFS) compared to investigator's choice of chemotherapy as assessed by Blinded Independent Clinical Review (BICR) for the first-line treatment of patients with MSI-H/dMMR mCRC. These data from CheckMate -8HW were presented at the 2024 American Society of Clinical Oncology (ASCO) Gastrointestinal Cancers Symposium. The study is ongoing to assess the other dual primary endpoint of PFS in patients receiving Opdivo plus Yervoy compared to Opdivo alone, as well as secondary endpoints. The safety profile for the dual immunotherapy combination remained consistent with previously reported data and was manageable with established protocols, with no new safety signals identified.
Bristol Myers Squibb thanks the patients and investigators involved in the CheckMate -8HW clinical trial.
https://news.bms.com/news/corporate-financial/2024/European-Medicines-Agency-Validates-Bristol-Myers-Squibbs-Application-for-Opdivo-nivolumab-Plus-Yervoy-ipilimumab-for-the-First-Line-Treatment-of-Adult-Patients-with-Microsatellite/default.aspx
Latest Research
A Systematic Review of APPE Readiness Assessments Utilized by US Schools of Pharmacy
Macy Richards, Autumn Stewart-Lynch, Jamie McConaha, Michael R. Gionfriddo
Abstract
Objective
The 2016 Accreditation Council for Pharmacy Education standard 25.8 requires schools of pharmacy to assess student readiness for Advanced Pharmacy Practice Experiences (APPEs). We performed a systematic review to identify how schools of pharmacy in the United States assess student readiness for APPE rotations in accordance with Accreditation Council for Pharmacy Education accreditation guidelines.
Findings
From a search of 6 databases, we identified 1053 unique studies, of which 11 were eligible for inclusion in our review. The most commonly reported assessment method was the use of a capstone course; however, these courses varied significantly from school to school in duration, resources used, and content. Regardless of the specific approach used, first-time and overall pass rates were high.
Summary
We found that while most studies reported using some type of capstone course for APPE readiness assessment, there was variability in how these courses were structured and the assessment methods used within the courses. The future 2025 standards may dictate a more uniform structure for readiness assessments; however, further research is needed to identify best practices regarding the assessment of APPE readiness.
https://www.sciencedirect.com/science/article/abs/pii/S0002945924000172
The Industry
Pharmaceuticals - United States
HIGHLIGHT
The projected revenue for the pharmaceuticals market in the United States is expected to reach US$636.90bn in 2024.
Among the various market segments, Oncology Drugs is anticipated to be the largest, with a projected market volume of US$114.60bn in the same year.
Looking ahead, the market is expected to experience a steady annual growth rate of 5.96% from 2024 to 2028, resulting in a market volume of US$802.80bn by 2028.
It is worth noting that in global comparison, United States is expected to generate the highest revenue in the pharmaceuticals market, with US$636.90bn in 2024.
The pharmaceutical market in the United States is experiencing a surge in demand for personalized medicine and targeted therapies.
MARKET DEFINITION
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.
The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).
Source: Statista
https://www.statista.com/outlook/hmo/pharmaceuticals/united-states
Leading Companies
Abbot Laboratories (NYSE: ABT)
Abbott is a globally diversified healthcare company with a central purpose to help people live their healthiest possible lives. We offer a broad portfolio of market-leading products that align with favorable long-term healthcare trends in both developed and developing markets. Building on a strong foundation of more than 130 years of success, Abbott is poised to deliver top-tier growth, expanding margins, strong cash flow and increasing returns to shareholders.
BALANCE
Well-balanced diversity is the foundation of Abbott's strategy and success. Our four major businesses are of roughly equal size, and that balance extends across geographies and payers. We constantly shape our portfolio to ensure that we're in the right markets and that our success isn't over reliant on any single therapy, technology, country or payer. And approximately 50 percent of our sales are direct to consumers and patients, making Abbott one of the most consumer-facing healthcare companies in the world.
GLOBAL PRESENCE
Abbott is one of the most global healthcare companies in the world with 70 percent of revenue generated in markets outside of the United States and 50 percent of revenue generated in faster-growing geographies where healthcare s'/
\pending is outpacing the growth of gross domestic product (GDP).
RELEVANCE
Abbott is well positioned to grow with the major trends underlying our businesses and the broader global environment. In addition to the growth of developing economies and the global middle class, which has vastly expanded our markets and ability to help more people around the world, a related and equally powerful trend driving our business is the aging of the global population. All of Abbott's major businesses are well- aligned to be relevant leaders and to serve these trends across multiple markets.
LEADING
Abbott intends to lead - both scientifically and commercially - in the markets in which we compete. Abbott holds various leadership positions across many of its business segments and across multiple geographies. This requires presence in these markets to meet the local healthcare needs and preferences by many key stakeholders, including hospitals, physicians, pharmacies and consumers.
CONSISTENT AND RELIABLE PERFORMANCE
These strengths add up to the fundamental advantage that we offer investors: consistent and reliable performance. On a more than 125-year foundation, Abbott is built strong and built to last. We have succeeded in delivering superior innovation, productivity, and growth with consistency and reliability.
https://www.abbott.com/investors/overview.html
24 January 2024
ABBOTT REPORTS FOURTH-QUARTER AND FULL-YEAR 2023 RESULTS; ISSUES 2024 FINANCIAL OUTLOOK
Fourth-quarter reported sales increased 1.5 percent; organic sales growth for the underlying base business increased 11.0 percent
Full-year 2023 reported sales decreased 8.1 percent due to anticipated decline in COVID-19 testing-related sales; organic sales growth for the underlying base business increased 11.6 percent
Full-year 2023 GAAP diluted EPS of $3.26; adjusted diluted EPS of $4.44
R&D pipeline continues to deliver steady cadence of new products
ABBOTT PARK, Ill., Jan. 24, 2024 /PRNewswire/ -- Abbott today announced financial results for the fourth quarter ended Dec. 31, 2023.
Fourth-quarter sales increased 1.5 percent on a reported basis, 2.1 percent on an organic basis, and 11.0 percent on an organic basis, excluding COVID-19 testing-related sales1.
Fourth-quarter GAAP diluted EPS of $0.91 and adjusted diluted EPS of $1.19, which excludes specified items.
Abbott issues full-year 2024 guidance for diluted EPS on a GAAP basis of $3.20 to $3.40 and full-year adjusted diluted EPS of $4.50 to $4.70.
Abbott projects full-year 2024 organic sales growth, excluding COVID-19 testing-related sales, to be in the range of 8.0% to 10.0%2.
In 2023, Abbott continued to recapture market share in the U.S. infant formula market. The company has now reclaimed its previous market-leading position, as measured on a volume basis.
In December, Abbott announced U.S. Food and Drug Administration (FDA) approval of its new laboratory automation system, GLP systems Track[TM], to help laboratories optimize performance and safety to better meet the growing demand for diagnostic testing.
In January, Abbott announced that the first-in-human procedures were conducted using the company's new Volt[TM] Pulsed Field Ablation (PFA) System to treat patients with heart rhythm disorders such as atrial fibrillation (AFib). These procedures were part of Abbott's Volt CE Mark clinical study. Abbott anticipates approval for its U.S. clinical trial (IDE) for the Volt PFA System in the first half of 2024.
In January, Abbott announced that Tandem Diabetes Care's t:slim X2[TM]3 insulin pump is the first automated insulin delivery system in the U.S. to integrate with Abbott's new FreeStyle Libre® 2 Plus sensor.
"The strength and diversity of the Abbott portfolio drove our success in 2023," said Robert B. Ford, chairman and chief executive officer, Abbott. "We're entering 2024 with a lot of positive momentum, and with our highly productive pipeline, we're well-positioned for growth in 2024 and beyond."
FOURTH-QUARTER BUSINESS OVERVIEW
Management believes that measuring sales growth rates on an organic basis, which excludes the impact of foreign exchange, the impact of exiting the pediatric nutrition business in China, and the impact of the acquisition of Cardiovascular Systems, Inc. (CSI), is an appropriate way for investors to best understand the core underlying performance of the business. Management further believes that measuring sales growth rates on an organic basis excluding COVID-19 tests is an appropriate way for investors to best understand underlying base business performance as the COVID-19 pandemic has shifted to an endemic state, resulting in significantly lower demand for COVID-19 tests.
For full release see:
https://abbott.mediaroom.com/2024-01-24-Abbott-Reports-Fourth-Quarter-and-Full-Year-2023-Results-Issues-2024-Financial-Outlook
Abbvie (NYSE: ABBV)
Allergan Is Now Part Of Abbvie
Together, we are bringing over 30 brands and leadership positions to better serve patients today and invest in the medicines of the future.
With the Allergan acquisition, we are bringing together over 30 brands and leadership positions to expand and diversify our product portfolio. This allows us to have immediate scale and profitability to advance our innovative science pipeline that brings patients groundbreaking medicines across a wide spectrum of therapeutic need/critical therapeutic areas.
We continue to build a sustainable company for the long term that provides profitable growth for shareholders, financial flexibility to invest and expand our reach to help address the needs of people and communities around the world.
https://www.abbvie.com/abbvie-allergan-overview.html
We're a company that takes on the toughest health challenges. But we do more than treat diseases-we aim to make a remarkable impact on people's lives. We are AbbVie, a highly focused research-driven biopharmaceutical company.
What we do
Our 30,000 employees are scientists, researchers, communicators, manufacturing specialists and regulatory experts located around the globe. We come up with new approaches to addressing today's health issues-from life-threatening illness to chronic conditions.
We target specific difficult-to-cure diseases where we can leverage our core R&D expertise to advance science. We're constantly working to create solutions that go beyond treating the illness to have a positive impact on patients' lives, on societies-and on science itself.
At AbbVie, we see a future full of possibility, where health is in reach and patient lives are improved.
Our principles are foundational
Our purpose is profound, and our path is clear. We embrace the responsibility of making a remarkable impact on people's lives through the innovative medicines and solutions we create together. This is driven by our compassion for people, commitment to innovation and inclusion, service to the community, and uncompromising integrity at the heart of everything we do.
Operating as one AbbVie team, we care deeply for our patients, their families, our employees, and our communities. We strive to always do the right thing, pursuing the highest standards in quality, compliance, safety, and performance. In everything we do, we invest and innovate relentlessly to tackle unmet needs, creating new medicines and healthcare approaches for a healthier world.
Globally, our employees embrace diverse backgrounds and perspectives and treat everyone equally, with dignity and respect, allowing us all to achieve our best. We proudly do our part to serve and support our communities and protect the environment, making a lasting impact that's felt within healthcare and beyond.
What we do isn't easy, but we persevere because what we achieve inspires hope and transforms lives-every single day.
Our principles:
Transforming lives
We inspire hope and transform lives every day. We make decisions based on our deep caring and compassion for people, delivering a lasting impact to our patients, their families, our employees and the community.
Acting with integrity
We strive to always do the right thing. With uncompromising integrity at the heart of everything we do, we pursue the highest standards in quality, compliance, safety and performance.
Driving innovation
We innovate relentlessly in everything we do to tackle unmet needs. We invest in the discovery and development of new medicines and healthcare approaches for a healthier world.
Embracing diversity & inclusion
We treat everyone equally, with dignity and respect. Around the world, our employees embrace diverse backgrounds and perspectives which allows us all to achieve our best.
Serving the community
We are proud to serve and support the community and do our part to protect the environment. We make a remarkable impact that's felt within healthcare and beyond.
Our history
AbbVie may have been founded in 2013, but our roots run deep. In 2013, we became a separate company from Abbott, though we share a common legacy and strong prospects for future success.
Our name represents our connection to the past and the future. When we became our own company, AbbVie formed a new kind of enterprise-a biopharmaceutical company. We blend the stability, global scale, resources and commercial capabilities of a pharmaceutical company with the focus and culture of a biotech.
Today, our 30,000 employees around the world focus on delivering transformational medicines and therapies that offer significant patient benefits.
https://www.abbvie.com/our-company/about-abbvie.html
26 April 2024
AbbVie Reports First-Quarter 2024 Financial Results
Reports First-Quarter Diluted EPS of $0.77 on a GAAP Basis, an Increase of 492.3 Percent; Adjusted Diluted EPS of $2.31, a Decrease of 6.1 Percent; These Results Include an Unfavorable Impact of $0.08 Per Share Related to Acquired IPR&D and Milestones Expense
Delivers First-Quarter Net Revenues of $12.310 Billion, an Increase of 0.7 Percent on a Reported Basis and 1.6 Percent on an Operational Basis
First-Quarter Global Net Revenues from the Immunology Portfolio Were $5.371 Billion, a Decrease of 3.9 Percent on a Reported Basis, or 3.1 Percent on an Operational Basis, Due to Humira Biosimilar Competition; Global Humira Net Revenues Were $2.270 Billion; Global Skyrizi Net Revenues Were $2.008 Billion; Global Rinvoq Net Revenues Were $1.093 Billion
First-Quarter Global Net Revenues from the Oncology Portfolio Were $1.543 Billion, an Increase of 9.0 Percent on a Reported Basis, or 9.8 Percent on an Operational Basis; Global Imbruvica Net Revenues Were $838 Million; Global Venclexta Net Revenues Were $614 Million
First-Quarter Global Net Revenues from the Neuroscience Portfolio Were $1.965 Billion, an Increase of 15.9 Percent on a Reported Basis, or 16.0 Percent on an Operational Basis; Global Botox Therapeutic Net Revenues Were $748 Million; Global Vraylar Net Revenues Were $694 Million; Combined Global Ubrelvy and Qulipta Net Revenues Were $334 Million
First-Quarter Global Net Revenues from the Aesthetics Portfolio Were $1.249 Billion, a Decrease of 4.0 Percent on a Reported Basis, or 2.5 Percent on an Operational Basis; Global Botox Cosmetic Net Revenues Were $633 Million; Global Juvederm Net Revenues Were $297 Million
Successfully Completed Acquisition of ImmunoGen and its Flagship Cancer Therapy, Elahere
Raises 2024 Adjusted Diluted EPS Guidance Range from $10.97 - $11.17 to $11.13 - $11.33, which Includes an Unfavorable Impact of $0.08 Per Share Related to Acquired IPR&D and Milestones Expense Incurred During the First Quarter 2024
NORTH CHICAGO, Ill., April 26, 2024 /PRNewswire/ -- AbbVie (NYSE:ABBV) announced financial results for the first quarter ended March 31, 2024.
"We continue to demonstrate outstanding operational execution and delivered another quarter of strong results," said Richard A. Gonzalez, chairman and chief executive officer, AbbVie. "I couldn't be more proud of the organization we have built over the past 11 years. We've established an exemplary company culture, developed a productive R&D engine, delivered top-tier financial performance and made a remarkable impact on patients and the communities we serve."
"I want to thank Rick for his exceptional leadership since AbbVie's inception and I am deeply honored to serve as the company's next CEO," said Robert A. Michael, president and chief operating officer, AbbVie. "First quarter results were well ahead of our expectations, driven by excellent performance from our ex-Humira growth platform. Based on our strong results and significant momentum, we are raising our full-year outlook."
For full release see:
https://news.abbvie.com/2024-04-26-AbbVie-Reports-First-Quarter-2024-Financial-Results?_gl=1*1r5yedr*_ga*MTc5Nzk3NTk4My4xNjEzODkyMTEw*_ga_5LEXD56YGK*MTcxNDUyNjI5NS4xNTYuMS4xNzE0NTI2MzA1LjAuMC4w&_ga=2.190087087.589951753.1714526296-1797975983.1613892110
Amgen (NASDAQ: AMGN)
Amgen is committed to unlocking the potential of biology for patients suffering from serious illnesses by discovering, developing, manufacturing and delivering innovative human therapeutics. This approach begins by using tools like advanced human genetics to unravel the complexities of disease and understand the fundamentals of human biology.
Our belief and the core of our strategy is that innovative, highly differentiated medicines that provide large clinical benefits in addressing serious diseases are medicines that will not only help patients, but also will help reduce the social and economic burden of disease in society today. Amgen focuses on areas of high unmet medical need and leverages its expertise to strive for solutions that improve health outcomes and dramatically improve people's lives. A biotechnology innovator since 1980, Amgen has grown to be one of the world's leading independent biotechnology companies, has reached millions of patients around the world and is developing a pipeline of medicines with breakaway potential.
INNOVATIVE MEDICINES
We have a presence in approximately 100 countries and regions worldwide and our innovative medicines have reached millions of people in the fight against serious illnesses. We focus on six therapeutic areas: cardiovascular disease, oncology, bone health, neuroscience, nephrology and inflammation. Our medicines typically address diseases for which there are limited treatment options, or they are medicines that provide a viable option to what is otherwise available.
TRANSFORMATIVE RESEARCH
Understanding the fundamental biological mechanisms of disease is a defining feature of Amgen's discovery research efforts-and a major contributor to the development of Amgen's deep and broad pipeline of potential new medicines. Amgen's "biology first" approach permits its scientists to first explore the complex molecular pathways of disease before determining what type of medicine, or modality, is most likely to deliver optimal efficacy and safety. With the advances in human genetics, Amgen continues to shed new light on the molecular roots of disease. Amgen subsidiary deCODE Genetics, a global leader in human genetics, is a powerful differentiator, greatly improving how we identify and validate human disease targets.
WORLD-CLASS BIOMANUFACTURING
The treatment of millions of seriously ill patients worldwide depends on the safe and reliable production of biologic medicines, which are administered by injection or intravenously. A worldwide leader in biologics manufacturing, Amgen has an outstanding track record of reliably delivering high-quality medicines to patients who need them. Significant skill, experience, vigilance and commitment are critical to help ensure the quality of a biologic medicine each time a new batch is made. At Amgen, robust quality control and a reliable supply of medicines for patients are every bit as important as scientific innovation.
OUR HERITAGE
Building on advances in recombinant DNA and molecular biology, Amgen is counted among the early pioneers of biotechnology. Since 1980, Amgen scientists have been at work developing novel therapies for patients with serious illnesses. Our scientists have characterized key biologic processes that have led to the development of innovative, first-in-class therapies. We have helped shape the scientific world's understanding of certain disease processes, and we have engineered new types of therapeutic platforms. As a company, we could not have accomplished what we have were it not for our deep commitment to building a culture that embraces science and innovation-a culture that continues to shape who we are today.
THE AMGEN FOUNDATION
The Amgen Foundation seeks to advance excellence in science education to inspire the next generation of innovators, and invest in strengthening communities where Amgen staff members live and work. To date, the Foundation has donated nearly $300 million in grants to local, regional and international nonprofit organizations that impact society in inspiring and innovative ways. The Amgen Foundation brings the excitement of discovery to the scientists of tomorrow through several signature programs, including Amgen Scholars, Amgen Biotech Experience and Amgen Teach. For more information, visit www.AmgenInspires.com.
https://www.amgen.com/~/media/amgen/full/www-amgen-com/downloads/fact-sheets/fact_sheet_amgen.ashx
2 May 2024
Amgen Reports First Quarter 2024 Financial Results
THOUSAND OAKS, Calif., May 2, 2024 /PRNewswire/ -- Amgen (NASDAQ:AMGN) today announced financial results for the first quarter 2024.
"With many of our innovative products delivering strong growth and promising new medicines advancing through our pipeline, we are excited about delivering attractive long-term growth," said Robert A. Bradway, chairman and chief executive officer.
Key results include:
For the first quarter, total revenues increased 22% to $7.4 billion in comparison to the first quarter of 2023. Product sales grew 22%, driven by 25% volume growth.
Ten products delivered at least double-digit volume growth in the first quarter, including Repatha® (evolocumab), TEZSPIRE® (tezepelumab-ekko), EVENITY® (romosozumab-aqqg), BLINCYTO® (blinatumomab), and TAVNEOS® (avacopan).
U.S. volume grew 29% and ex-U.S. volume grew 17%.
Our performance included $914 million of sales from our Horizon Therapeutics (Horizon) acquisition, driven by several first-in-class, early-in-lifecycle medicines, including TEPEZZA® (teprotumumab-trbw), KRYSTEXXA® (pegloticase) and UPLIZNA® (inebilizumab-cdon).
Excluding sales from Horizon, our product sales grew 6%, driven by volume growth of 9%.
loss per share was $0.21 for the first quarter of 2024 compared with GAAP earnings per share (EPS) of $5.28 for the first quarter of 2023, driven by a mark-to-market loss on our BeiGene, Ltd. equity investment and higher operating expenses, including higher amortization expense from Horizon-acquired assets and incremental expenses from Horizon, partially offset by higher revenues.
GAAP operating income decreased from $1.9 billion to $1.0 billion, and GAAP operating margin decreased 19.0 percentage points to 13.9%.
Non-GAAP EPS decreased 1% from $3.98 to $3.96, due to higher operating and interest expenses driven by the Horizon acquisition, partially offset by higher revenues.
Non-GAAP operating income increased from $2.8 billion to $3.1 billion, and non-GAAP operating margin decreased 5.1 percentage points to 43.2%.
The Company generated $0.5 billion of free cash flow for the first quarter of 2024 versus $0.7 billion in the first quarter of 2023. This decrease was driven by an $800 million tax deposit, partially offset by timing of working capital items.
For full release see:
https://www.amgen.com/newsroom/press-releases/2024/05/amgen-reports-first-quarter-2024-financial-results
AstraZeneca (NYSE: AZN)
We are a global, science-led biopharmaceutical business and our innovative medicines are used by millions of patients worldwide.
Our purpose and values
Our purpose and values help explain why we exist, what we hope to accomplish, the behaviours we value, how we will achieve our goals, and the promise of our brand to our stakeholders.
Our business strategy
We have transformed our pipeline and returned to growth and, as a result of continued pipeline delivery and commercial execution, we are now entering a new stage of our journey. This is focused on enhanced innovation and the delivery of life-changing medicines that that contribute value to patients and society.
The fundamentals of our strategy are clear. We focus on innovative science and leadership in our three main therapy areas: Oncology; Cardiovascular, Renal and Metabolism; and Respiratory diseases. Backed by a global presence, with strength in Emerging Markets, particularly China, we have a portfolio of specialty and primary care medicines.
At the same time, the world around us is changing and the burden of disease is increasing. We are responding by increasing our focus on growth through innovation - being more patient-centric, doing more with technology, digital and data, and advancing more cutting-edge science.
All this is reflected in our three strategic priorities.
https://www.astrazeneca.com/our-company.html/
https://www.astrazeneca.com/our-company/our-strategy.html
25 April 2024
Q1 2024 results
Pascal Soriot, Chief Executive Officer, AstraZeneca, commenting on the results said:
"AstraZeneca had a very strong start in 2024 with substantial Total Revenue growth of 19% in the first quarter.
Our strong pipeline momentum continued and already this year we announced positive trial results for Imfinzi and Tagrisso that were unprecedented in lung cancer, the data from both of these studies will be presented during the ASCO plenary in June. We are also looking forward to seeing the results of several other important trials throughout the year.
At our Annual General Meeting we were pleased to announce a 7% increase in the annual dividend, and at our Investor Day on 21 May 2024 we will outline the evolution of our company, underscoring our confidence in sustaining industry-leading growth."
For full release see:
https://www.astrazeneca.com/media-centre/press-releases/2024/q1-2024-results.html
Bausch Health Companies Inc. (formerly Valeant Pharmaceuticals) (NYSE: BHC)
Bausch Health Companies Inc. (formerly Valeant Pharmaceuticals) is a multinational specialty pharmaceutical company based in Laval, Canada. Bausch Health is focused on improving people's lives with our health care products. We are delivering on our commitments to patients, health care providers, other stakeholders and society, as we build an innovative company dedicated to advancing global health.
We manufacture and market a broad range of branded and generic pharmaceuticals, over-the-counter (OTC) products and medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment and aesthetic devices) directly or indirectly in more than 90 countries and regions, including the United States, Canada, Europe, the Middle East, Africa, Asia Pacific and Latin America. Each day, our products are used by up to 150 million people around the world.
We have a diversified portfolio of products, with a core focus in the following areas:
Eye Health (Bausch + Lomb)»
Gastrointestinal Diseases (Salix Pharmaceuticals)»
Dermatology (Ortho Dermatologics)»
Our global corporate headquarters are located in Laval, Quebec, Canada, and our U.S. headquarters are in Bridgewater, N.J.
Bausch Health serves the following geographic regions:
North America, Asia Pacific, Latin America, Europe, the Middle East and Africa. Each of these regions offers a different focus for their distinct markets and each market has a unique mix of prescription brands, over-the-counter (OTC) products and medical devices.
https://www.bauschhealth.com/about-us/who-we-are
3 August 2023
Bausch Health to Announce Second-Quarter 2023 Results
LAVAL, Quebec, April 13, 2023 - Bausch Health Companies Inc. (NYSE/TSX: BHC) will release its second-quarter financial results on Thursday, Aug. 3, 2023. Bausch Health will host a conference call and live webcast at 8:00 a.m. U.S. EDT to discuss the results and provide a business update. All materials will be made available on the Investor Relations section of the Bausch Health website prior to the start of the call.
For full release see:
https://ir.bauschhealth.com/news-releases/2023/07-13-2023
Baxter International (NYSE: BAX)
Baxter was founded in 1931, however our history doesn't have one starting point. Our commitment to addressing unmet needs was built on the shoulders of healthcare pioneers whose work resulted in first-of-its-kind innovations in IVs, renal care, nutrition, respiratory, hospital beds and today's connected care.
Innovative Beginnings
In the beginning, Drs. Ralph Falk and Don Baxter launched the Don Baxter Intravenous Products Corporation, the first commercial manufacturer of prepared IV solutions.
Dr. Francis Welch and William Noah Allyn developed the world's first handheld, direct illuminating ophthalmoscope and established Welch Allyn. William (Bill) A. Hillenbrand revolutionized the industry with the idea to "bring the home into the hospital" with warmer, more comfortable wooden furniture. More than a century later, Hillrom and Welch Allyn became a part of Baxter.
These innovations strengthened our storied history of driving healthcare advancements, and by the end of the 1930s, we changed our name to Baxter Laboratories, Inc. and opened our first manufacturing facility in a renovated automobile showroom in Glenview, Illinois.
https://www.baxter.com/our-story/our-history
27 April 2023
Baxter Reports First-Quarter 2023 Results
First-quarter revenue of $3.65 billion decreased 2% on a reported basis and increased 2% on a constant currency basis1
First-quarter U.S. GAAP earnings per share (EPS) totaled $0.09; Adjusted EPS totaled $0.59
Baxter expects full-year 2023 sales growth of 1% to 2% on a reported basis and ~1% on a constant currency basis
Baxter expects full-year U.S. GAAP EPS of $1.16 to $1.31 and adjusted EPS of $2.85 to $3.00
DEERFIELD, Ill. - 2023-04-27 - Baxter International Inc. (NYSE: BAX), a global medtech leader, today reported results for the first quarter of 2023.
"Baxter's performance in the first quarter reflects sustained demand for our medically essential products amid a stabilizing macroeconomic climate and healthcare marketplace," said José (Joe) E. Almeida, chairman, president and chief executive officer. "I am confident that the transformational actions announced earlier this year, and currently underway, will help us advance our performance, fueling enhanced agility, efficiency, and resilience as we navigate an evolving landscape. Our goal, as always, is to drive increasing impact and value for the patients, clinicians, investors and numerous other stakeholder communities that depend on us."
First-Quarter Financial Results
Worldwide sales in the first quarter totaled approximately $3.65 billion, a decrease of 2% on a reported basis and an increase of 2% on a constant currency basis, exceeding the company's previously issued guidance.
Sales in the U.S. totaled $1.73 billion, decreasing 1% on a reported basis. International sales of $1.92 billion decreased 2% on a reported basis and increased 4% at constant currency rates.
Sales performance at constant currency rates reflects overall positive demand across the portfolio, supported by a continued recovery in patient and procedure volumes following the height of the COVID-19 pandemic, in combination with generally stabilizing macroeconomic conditions and an improvement in recent supply chain challenges. Sales growth in the quarter was primarily driven by strength in Advanced Surgery, Front Line Care, Pharmaceuticals and Renal Care. First-quarter performance was partially offset by expected declines in Acute Therapies and BioPharma Solutions as well as in Patient Support Systems, which reflected a slowdown in capital spending for certain healthcare products.
Please see the attached schedules accompanying this press release for additional details on sales performance in the quarter, including breakouts by Baxter's product categories and segments.
For the first quarter, net income attributable to Baxter was $44 million, or $0.09 per diluted share, a decline of 36% on a U.S. GAAP (Generally Accepted Accounting Principles) basis. These results include special items totaling $253 million after tax, which were primarily related to intangible asset amortization, business optimization and separation costs. On an adjusted basis, net income attributable to Baxter totaled $297 million, or $0.59 per diluted share, a 37% decrease. Results in the quarter exceeded the company's previously issued guidance, driven primarily by better-than-expected sales performance.
Advancing Strategic Transformation Initiatives
Baxter continues to execute against a range of strategic objectives announced in early 2023, focused on enhancing patient outcomes, innovation, efficiency and long-term shareholder value:
The company is implementing a new operating model to realign its 10 businesses, region-based commercial geographies, and centralized manufacturing and supply chain operations into four vertically integrated global business segments: Medical Products and Therapies; Healthcare Systems and Technologies; Pharmaceuticals and BioPharma Solutions; and Kidney Care (through completion of the proposed spinoff). The company believes this new model will help fuel greater performance through enhanced strategic clarity, accountability, speed and innovation across the new segments. Baxter expects to report quarterly performance in line with the new operating model beginning in the second half of 2023.
Progress is advancing on the proposed spinoff of Baxter's Kidney Care segment (comprised of the company's Renal Care and Acute Therapies product categories) into an independent, publicly traded company, with a preliminary operating model and organizational design now identified. The spinoff is currently expected to occur by July 2024 or earlier, subject to customary conditions.
For full release see:
https://www.baxter.com/baxter-newsroom/baxter-reports-first-quarter-2023-results
Bristol-Myers Squibb (NYSE: BMY)
Bristol-Myers Squibb is a differentiated company, led by our unique BioPharma strategy that leverages the reach and resources of a major pharma company paired with the entrepreneurial spirit and agility of a biotech firm. We work every day to deliver innovative medicines for patients with serious and life-threatening diseases.
Each day, our employees around the world work together for patients-it drives everything we do. We are focused on helping millions of patients around the world in disease areas such as oncology, cardiovascular, immunoscience, and fibrosis. Through our Research & Development organisation, we have built a sustainable pipeline of potential therapies, and actively partner to access external innovation to broaden and accelerate our work.
As global citizens, we work sustainably and responsibly and seek to give back. Through the Bristol-Myers Squibb Foundation, we promote health equity and strive to improve health outcomes of populations disproportionately affected by serious diseases and conditions, giving new hope to some of the world's most vulnerable people.
https://www.bms.com/gb/about-us.html
25 April 2024
Bristol Myers Squibb Reports First Quarter Financial Results for 2024
First Quarter Revenues were $11.9 Billion, increasing 5% (+6% Adjusting for Foreign Exchange)
Growth Portfolio Revenues were $4.8 Billion, increasing 8% (+11% Adjusting for Foreign Exchange)
Strengthened Long-Term Growth Profile Through Completion of Karuna Therapeutics, RayzeBio, Mirati Therapeutics, and SystImmune Transactions
Including the One-Time Net Impact of Acquired IPRD Charges and Licensing Income of $(6.30) From Recently Closed Transactions, GAAP Loss Per Share was $(5.89); Non-GAAP Loss Per Share was $(4.40)
Achieved U.S. Approval of Abecma in Earlier-Line Multiple Myeloma and Breyanzi in Chronic Lymphocytic Leukemia and Small Lymphocytic Lymphoma and Positive Proof of Concept for Opdualag in Non-Small Cell Lung Cancer
Executing a Strategic Productivity Initiative to Deliver ~$1.5 Billion in Cost Savings, the Majority of Which Will be Reinvested to Fund Innovation and Drive Growth
Updating 2024 Non-GAAP EPS and Line-Item Guidance to Reflect Impact of Recently Completed Transactions
PRINCETON, N.J.--(BUSINESS WIRE)-- Bristol Myers Squibb (NYSE: BMY) today reports results for the first quarter of 2024, which reflect meaningful progress in the company's growth portfolio and pipeline.
"We had a good start to 2024, with revenue growth, important advances in our pipeline and the closure of several strategically important transactions," said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. "Our focus remains on strengthening the company's long-term growth profile. As a part of our continued evolution, we're executing a strategic productivity initiative that will allow us to be more agile, drive efficiency across the company, and prioritize investing in opportunities where we see the greatest potential to get the most promising medicines to patients as quickly as possible."
For full release see:
https://news.bms.com/news/corporate-financial/2024/Bristol-Myers-Squibb-Reports-First-Quarter-Financial-Results-for-2024/default.aspx
Cencora Incorporated (COR: NYSE)
Cencora, formerly AmerisourceBergen, is a global healthcare solutions leader driving innovative partnerships with global manufacturers, providers, and pharmacies to improve product access and efficiency throughout the healthcare supply chain.
https://investor.amerisourcebergen.com/overview/default.aspx
3 November 2022
AmerisourceBergen Reports Fiscal 2022 Fourth Quarter and Year End Results
Revenue of $61.2 Billion for the Fourth Quarter, a 3.8 Percent Year-Over-Year Increase
Fourth Quarter GAAP Diluted EPS of $1.40 and Adjusted Diluted EPS of $2.60
Revenue of $238.6 Billion for Fiscal Year 2022, an 11.5 Percent Year-Over-Year Increase
Fiscal Year 2022 GAAP Diluted EPS of $8.04 and Adjusted Diluted EPS of $11.03
CONSHOHOCKEN, Pa.--(BUSINESS WIRE) -- AmerisourceBergen Corporation (NYSE: ABC) today reported that in its fiscal year 2022 fourth quarter ended September 30, 2022, revenue increased 3.8 percent to $61.2 billion. Revenue increased 11.5 percent to $238.6 billion for the fiscal year. On the basis of U.S. generally accepted accounting principles (GAAP), diluted earnings per share (EPS) was $1.40 for the September quarter of fiscal 2022, compared to $2.08 in the prior year quarter. Adjusted diluted EPS, which is a nonGAAP measure that excludes items described below, increased 8.8 percent to $2.60 in the fiscal fourth quarter. For fiscal year 2022, diluted EPS increased 8.8 percent to $8.04. For fiscal year 2022, adjusted diluted EPS increased 19.1 percent to $11.03.
"AmerisourceBergen delivered strong performance in our 2022 fiscal year as our team's execution excellence allowed us to deliver on our strategic priorities. Our leading capabilities in pharmaceutical distribution and manufacturer solutions enable us to play our core role in advancing pharmaceutical innovation and access," said Steven H. Collis, Chairman, President & Chief Executive Officer of AmerisourceBergen.
"United by our purpose, our team members have positioned us well to execute on our long-term strategic vision of expanding our leadership in distribution while continuing to grow our higher-margin and higher-growth businesses," Mr. Collis continued. "As we enter a new fiscal year, we are uniquely positioned to deliver long-term value creation to our stakeholders as we advance our foundation, enhance our capabilities, and invest in innovation to further drive our differentiation.
For full release see:
https://s27.q4cdn.com/189772748/files/doc_financials/2022/q4/AmerisourceBergen-Reports-Fiscal-2022-Fourth-Quarter-and-Year-End-Results.pdf
Danaher Corporation (NYSE: DHR)
Danaher takes it name from a tributary of the South Fork Flat Head River in western Montana. In the early 1980s, this was the setting for the fishing trip where Steven and Mitchell Rales envisioned a new kind of manufacturing company-one dedicated to continuous improvement and customer satisfaction. The root "Dana" is an ancient Celtic word meaning "swift flowing," an apt descriptor for the nimble mindset and rapid flow of innovation that have defined Danaher for decades.
The company had its origins as a real estate investment trust (DMG, Inc., founded in 1969 and renamed Diversified Mortgage Investors, Inc. in 1978). But after adopting a new name in 1984, refocusing on manufacturing and being exposed to kaizen, the Japanese business philosophy of continuous improvement, Danaher began to take shape.
Danaher was one of the first companies in North America to adopt kaizen. The practice led to the development of the Danaher Business System and continues to guide the culture, at the heart of the company's five core values.
EVOLUTION
In its early days, Danaher consisted of a group of discrete, manufacturing businesses. In the mid-1990s, this fragmented structure was transformed into one built around strategic platforms, each with sustainable competitive advantages in sizeable global markets. Over the next decade the company established leadership in the markets that define it today, beginning with water in 1998 and followed by product identification (2001), diagnostics (2006) and life sciences (2009).
In 2015, Danaher announced that many of its industrial businesses would be spun out to form an independent, publicly traded company, Fortive. The separation supports clear focus on driving meaningful innovation in science and technology, and on continuing to build an unmatched portfolio strategically positioned for growth and impact.
LOOKING AHEAD
Today, Danaher is a global science and technology innovator committed to helping customers solve complex challenges and improving quality of life around the world. Our trusted brands hold unparalleled leadership positions in diagnostics, life sciences, and environmental and applied solutions. With more than 20 operating companies, our globally diverse team of 59,000 associates is united by a shared purpose: to help realize life's potential.
https://www.danaher.com/who-we-are/danaher-story
23 April 2024
Danaher Reports First Quarter 2024 Results
WASHINGTON, April 23, 2024 /PRNewswire/ -- Danaher Corporation (NYSE: DHR) (the "Company") today announced results for the quarter ended March 29, 2024. All results in this release reflect only continuing operations unless otherwise noted.
Key First Quarter 2024 Results
Net earnings were $1.1 billion, or $1.45 per diluted common share and non-GAAP adjusted diluted net earnings per common share were $1.92.
Revenues decreased 2.5% year-over-year to $5.8 billion and non-GAAP core revenue decreased 4.0%.
Operating cash flow was $1.7 billion and non-GAAP free cash flow was $1.4 billion.
Rainer M. Blair, President and Chief Executive Officer, stated, "We had a good start to 2024, with our team delivering better-than-expected revenue, earnings and cash flow. We were especially pleased to see improving order trends in our bioprocessing business and believe we continued to gain market share in our molecular diagnostics business at Cepheid."
Blair continued, "Looking ahead, the powerful combination of our leading portfolio and our team's commitment to executing with the Danaher Business System provides a strong foundation for differentiated long-term performance while helping to meaningfully improve human health."
Second Quarter and Full Year 2024 Outlook
The Company provides forecasted sales only on a non-GAAP basis because of the difficulty in estimating the other components of GAAP revenue, such as currency translation, acquisitions and divested product lines.
For the second quarter 2024, the Company anticipates that non-GAAP core revenue will be down mid-single digits year-over-year. For full year 2024, the Company continues to expect that non-GAAP core revenue will be down low-single digits year-over-year.
For full release see:
https://investors.danaher.com/2024-04-23-Danaher-Reports-First-Quarter-2024-Results
Eli Lilly & Company (NYSE: LLY)
Lilly was founded in 1876 by Colonel Eli Lilly, a man committed to creating high-quality medicines that met real needs in an era of unreliable elixirs peddled by questionable characters. His charge to the generations of employees who have followed was this: "Take what you find here and make it better and better."
More than 145 years later, we remain committed to his vision through every aspect of our business and the people we serve starting with those who take our medicines, and extending to health care professionals, employees and the communities in which we live.
https://www.lilly.com/who-we-are/about-lilly
30 April 2024
Lilly Reports First-Quarter 2024 Financial Results and Raises Full-Year Revenue Guidance by $2 Billion, Highlights Pipeline Momentum
Revenue in Q1 2024 increased 26%, driven by Mounjaro, Zepbound, Verzenio and Jardiance.
Pipeline progress included positive results from two Phase 3 trials of tirzepatide for obstructive sleep apnea; submission of mirikizumab for Crohn's disease in the U.S. and EU; resubmission of lebrikizumab for atopic dermatitis in the U.S.; and initiation of lepodisiran in a Phase 3 study for atherosclerotic cardiovascular disease.
Q1 2024 EPS increased 66% to $2.48 on a reported basis and increased 59% to $2.58 on a non-GAAP basis, both inclusive of $0.10 of acquired IPR&D charges.
2024 full-year revenue guidance raised by $2.0 billion; reported EPS guidance raised $1.25 to be in the range of $13.05 to $13.55 and non-GAAP EPS guidance raised $1.30 to be in the range of $13.50 to $14.00.
INDIANAPOLIS, April 30, 2024 /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) today announced its financial results for the first quarter of 2024.
"Lilly's first quarter performance reflects solid year-over-year revenue growth with strong sales of Mounjaro and Zepbound," said David A. Ricks, Lilly's chair and CEO. "Our progress in addressing some of the world's most significant health care challenges has resulted in increased demand for our medicines. As we continue to make pipeline investments that position us for future growth, we are rapidly expanding manufacturing capacity to make our incretin medicines available to more patients."
Lilly shared numerous updates recently on key regulatory, clinical, business development and other events, including:
The announcement of positive topline results of the SURMOUNT-OSA Phase 3 clinical trials that showed tirzepatide significantly reduced the apnea-hypopnea index compared to placebo in adults with moderate-to-severe obstructive sleep apnea and obesity;
Submission of mirikizumab for the treatment of adults with moderately to severely active Crohn's disease in the U.S. and EU;
Resubmission of lebrikizumab for adult and adolescent patients with moderate-to-severe atopic dermatitis in the U.S. with expected regulatory action in the second half of 2024;
Initiation of lepodisiran in a Phase 3 study evaluating the efficacy in reducing cardiovascular risk in participants with high lipoprotein(a) who have cardiovascular disease or are at risk of a heart attack or stroke;
The U.S. Food and Drug Administration's plan to convene an Advisory Committee meeting to discuss the Phase 3 TRAILBLAZER-ALZ 2 trial, which evaluated the efficacy and safety of donanemab in early symptomatic Alzheimer's disease;
The announcement that the multi-dose Kwikpen delivery device for Mounjaro® was approved in the EU, adding to the UK approval earlier in 2024, for both the type 2 diabetes and chronic weight management indications;
Results from a Phase 3 study of lebrikizumab, specifically designed for people with skin of color and moderate-to-severe atopic dermatitis, showed improvement in skin clearance and itch relief;
The announcement that the EMPACT-MI Phase 3 clinical trial showed a 10% relative risk reduction in time to first hospitalization due to heart failure or all-cause mortality for Jardiance® versus placebo, which did not reach statistical significance;
The decision to terminate the Phase 3 CYCLONE-3 trial evaluating Verzenio® in metastatic hormone-sensitive prostate cancer for futility following an interim analysis;
The announcement of an agreement for Lilly to acquire a new injectable medicine manufacturing facility from Nexus Pharmaceuticals, LLC, which, upon completion of the transaction, will expand Lilly's growing U.S. capacity to produce medicines; and
The company broke ground at the previously announced $2.5 billion parenteral manufacturing site in Germany.
For information on important public announcements, visit the news section of Lilly's website.
For full release see:
https://investor.lilly.com/news-releases/news-release-details/lilly-reports-first-quarter-2024-financial-results-and-raises
Genentech (SIX: RO, ROG; OTCQX: RHHBY)
Considered the founder of the industry, Genentech, now a member of the Roche Group, has been delivering on the promise of biotechnology for more than 40 years.
Genentech is a biotechnology company dedicated to pursuing groundbreaking science to discover and develop medicines for people with serious and life-threatening diseases. Our transformational discoveries include the first targeted antibody for cancer and the first medicine for primary progressive multiple sclerosis.
A Member of the Roche Group
Genentech became a member of the Roche Group in March of 2009. As part of their merger agreement, Roche and Genentech combined their pharmaceutical operations in the United States. Genentech's South San Francisco campus now serves as the headquarters for Roche pharmaceutical operations in the United States. Genentech Research and Early Development operates as an independent center within Roche.
https://www.gene.com/about-us
2 February 2023
Roche reports good results for 2022 despite decline in demand for COVID-19 products
Basel, 2 February 2023
Group sales grow by 2%1 at constant exchange rates (CER) and 1% in Swiss francs, despite lower COVID-19-related sales in both divisions
Pharmaceuticals Division sales increase by 2%; continued strong growth of newer medicines more than compensating for the impact of biosimilars and lower sales of Actemra/RoActemra (severe COVID-19)
Diagnostics Division sales grow by 3%; ongoing strong momentum in base business (+7%) more than compensating for the continuing decline in the demand for COVID-19 tests in the second half of the year
Highlights in the fourth quarter of 2022 (incl. January 2023):
US approvals of Lunsumio (follicular lymphoma), Tecentriq (advanced rare sarcoma) and Actemra/RoActemra (COVID-19)
US priority review of glofitamab (aggressive form of blood cancer)
Positive phase III data for Vabysmo (serious retinal vascular condition) and for Tecentriq plus Avastin (early-stage liver cancer)
Priority review for crovalimab (rare blood disease) in China
New study proves high medical value of Elecsys NT-proBNP heart test
US approval for Alzheimer's tests; US Emergency Use Authorization for mpox virus test
Core earnings per share rise by 5% (+2% in CHF)
IFRS net income amounts to CHF 13.5 billion (-6%; -9% in CHF)
Board proposes dividend increase to CHF 9.50. If approved by shareholders, this would be the 36th consecutive dividend increase.
Outlook for 2023
Due to the sharp decline in sales of COVID-19 products of roughly CHF 5 billion, Roche expects a decrease in Group sales in the low single digit range (at constant exchange rates). Excluding this COVID-19 sales decline, Roche anticipates solid underlying sales growth in both divisions.
Core earnings per share are targeted to develop broadly in line with sales decline (at constant exchange rates). Roche expects to further increase its dividend in Swiss francs.
Key figures
CHF millions
% change
January-December 2022
2022
2021
At CER 1
In CHF
Group sales
63,281
62,801
2
1
Pharmaceuticals Division
45,551
45,041
2
1
Diagnostics Division
17,730
17,760
3
Core operating profit
22,173
21,897
3
1
Core EPS - diluted (CHF)
20.30
19.81
5
2
IFRS net income
13,531
14,935
-6
-9
Roche CEO Severin Schwan: "We achieved good results in 2022, even though the demand for COVID-19 products declined, as expected. The diagnostics base business and our newer medicines continued their strong growth. While we had pipeline setbacks in 2022, I am particularly pleased that we brought two new medicines to patients: Vabysmo for certain severe eye diseases and Lunsumio for a currently incurable form of blood cancer. For the current year we expect solid underlying growth in both divisions, which will largely compensate for the further significant drop in sales of roughly CHF 5 billion in COVID-19 products."
Group results
In 2022, Roche achieved sales growth of 2% (+1% in CHF) to CHF 63.3 billion.
Core operating profit increased by 3% (+1% in CHF), reflecting the good underlying business performance.
IFRS net income was CHF 13.5 billion, a decrease of 6% compared to the previous year. This was due to higher impairment of intangible assets and higher interest costs and income taxes.
Core earnings per share increased by 5% (+2% in CHF). This includes the positive impact of the repurchase of Roche shares held by Novartis.
For full release see:
https://www.roche.com/media/releases/med-cor-2023-02-02
GlaxoSmithKline (LSE: GSK)
We are one of the largest global healthcare companies researching, developing and supplying innovative medicines, vaccines and healthcare products with our global headquarters in the UK.
Currently, we invest around £1bn in research and development (R&D) in the UK annually with our global R&D hub at Stevenage continuing to be at the heart of the development of our pipeline of vital medicines, with a focus on the immune system, genetics, and advanced technologies.
We focus on what matters most to our people, this means managers helping employees to be themselves, feel good and keep growing, in ways that work for them. We are recognised in the Stonewall LGBT+ rights group as a top global employer and ranked in the Times Top 50 employers for women in the UK. We also support our global and local communities. £1.7m has been raised by UK employees for Save the Children so far, with 100% of these funds being used to help provide UK families living on low incomes with essential household items, learning resources, and support that gives parents the skills, confidence and tools to help their children thrive, especially during the coronavirus pandemic.
https://www.gsk.com/en-gb/locations/united-kingdom/
1 May 2024
GSK makes a strong start to 2024 with improving outlook for the year
Broad-based performance drives sales, profits and earnings growth:
Total Q1 2024 sales £7.4 billion +10% and +13% ex COVID
Vaccines sales +16%, +22% ex COVID. Shingrix £0.9 billion +18%, Arexvy £0.2 billion
Specialty Medicines sales +17%, +19% ex COVID with HIV +14%
General Medicines sales +1%. Trelegy £0.6 billion +33%
Total operating profit and Total EPS for Q1 2024 reflected higher charges for CCL remeasurement, partly offset by strong Core growth
Core operating profit +27% (with further positive impact of +8% ex COVID) and Core EPS +28% (with further positive impact of +9% ex COVID). This reflected strong sales and SG&A leverage, partly offset by increased investment in R&D and lower royalty income
Cash generated from operations exceeded £1 billion with free cash flow of £0.3 billion
Q1 2024
£m
%AER
%CER
Turnover
7,363
6
10
Turnover ex COVID
7,362
8
13
Total operating profit
1,490
(28)
(18)
Total operating margin %
20.2%
(9.7ppts)
(7.8ppts)
Total EPS
25.7p
(30)
(19)
Core operating profit
2,443
17
27
Core operating margin %
33.2%
3.1ppts
4.6ppts
Core EPS
43.1p
16
28
Cash generated from operations
1,126
>100
R&D delivery and targeted business development supports future growth:
Strong pipeline progress with positive phase III read outs for gepotidacin in uncomplicated urogenital gonorrhoea, Cabenuva in HIV treatment, Jemperli in endometrial cancer, and Blenrep in multiple myeloma
Innovative Vaccine portfolio further strengthened with regulatory submission acceptances for Arexvy for prevention of RSV in adults 50-59 (US), new meningococcal ABCWY vaccine candidate (US), and Shingrix for prevention of shingles in at-risk adults >18 (China)
US FDA Fast Track designation received for bepirovirsen in chronic hepatitis B
New positive data for CAB-ULA as ultra long-acting treatment for HIV supports progression and transition of HIV portfolio for long-term growth
US FDA regulatory submission accepted for priority review for Jemperli to treat endometrial cancer in broader patient populations
Acquisition of Aiolos Bio completed, expanding respiratory biologics pipeline with AIO-001, a potentially best-in-class long-acting TSLP monoclonal antibody for treatment of asthma
2024 guidance updated and dividends:
Now expect 2024 turnover growth towards the upper part of 5% to 7% range; Core operating profit growth of 9% to 11% (previously 7% to 10%); Core EPS growth of 8% to 10% (previously 6% to 9%)
Dividend declared of 15p for Q1 2024; 60p expected for Full Year 2024
For full release see:
https://www.gsk.com/en-gb/media/press-releases/gsk-makes-a-strong-start-to-2024-with-improving-outlook-for-the-year/
1 February 2023
GSK delivers strong 2022 performance with full year sales of £29.3 billion +19% AER, +13% CER; Total EPS 371.4p >100% Adjusted EPS of 139.7p +27% AER, +15% CER from continuing operations
Highlights
Step change in commercial execution drives strong sales growth across Specialty Medicines and Vaccines
Sales of £29.3 billion +19% AER, +13% CER. Sales +15% AER, +10% CER excluding COVID-19 solutions
Specialty Medicines £11.3 billion +37% AER, +29% CER; HIV +20% AER, +12% CER; Oncology +23% AER, +17% CER; Immuno-inflammation and other specialty +29% AER +20% CER; COVID-19 solutions (Xevudy) sales £2.3 billion
Vaccines £7.9 billion +17% AER, +11% CER; Shingrix £3 billion +72% AER, +60% CER
General Medicines £10.1 billion +5% AER, +1% CER
Prioritised investment and cost discipline support strong growth in operating profit and EPS
Total continuing operating margin 21.9%. Total EPS 371.4p > 100% primarily reflecting the gain from discontinued operations arising on the demerger of the Consumer Healthcare business. Total continuing EPS 110.8p +34% AER, +18% CER
Adjusted operating margin 27.8%. Adjusted operating profit growth +26% AER, +14% CER. This included a decline in growth from COVID-19 solutions of approximately 3% AER and CER
Adjusted EPS 139.7p +27% AER, +15% CER. This included a decline in growth from COVID-19 solutions of approximately 4% AER, 3% CER
Full-year 2022 cash generated from operations attributable to continuing operations £7.9 billion. Full-year free cash flow £3.3 billion
R&D delivery and business development supports future growth
Innovative pipeline of 69 vaccines and specialty medicines based on science of the immune system, with 18 in phase III/registration
Potential best in class RSV older adults candidate vaccine filed in US, EU, Japan; Shingrix interim 10-year data presented at ID Week 2022; acquisition of Affinivax completed, including phase II next-generation vaccine for pneumococcal disease and use of innovative MAPs technology
Continued progress in development of long-acting HIV treatments; positive phase II data on N6LS broadly-neutralising antibody presented at HIV Glasgow
Pivotal phase III trials for gepotidacin antibiotic for uncomplicated UTIs stopped early for efficacy; positive phase IIb data for bepirovirsen, potential functional cure for chronic hepatitis B; exclusive licence agreement with Spero Therapeutics for tebipenem Hbr, late-stage antibiotic for complicated UTIs
Expansion of depemokimab phase III programme with trials for long-acting IL-5 inhibitor in three additional eosinophil-driven diseases
4 approvals anticipated in 2023: RSV OA vaccine (US, EU, JP); Jemperli in 1L endometrial cancer (US); momelotinib in myelofibrosis (US) and daprodustat in chronic kidney disease (US, EU)
Confident in outlooks for turnover and Adjusted operating profit growth
2023 Turnover expected to increase between 6% to 8%; Adjusted operating profit expected to increase between 10% to 12%; EPS expected to increase between 12% to 15%
2023 Guidance at CER and excludes any contribution from COVID-19 solutions
13.75p dividend declared for the Q4 2022. No change to expected dividend from GSK of 56.5p/share for 2023
Emma Walmsley, Chief Executive Officer, GSK said:
"2022 was a landmark year for GSK delivering the step change in performance we committed to, driven by strong growth in specialty medicines and vaccines, including record sales for Shingrix. We enter 2023 with good momentum, underpinning confidence in our ambitious sales and profit outlooks for 2026. At the same time, we continue to build a stronger portfolio and pipeline based on infectious diseases and the science of the immune system, including our potential new RSV vaccine. This momentum, together with further targeted business development, means GSK will also be in a strong position to deliver growth from 2026 onwards."
Assumptions and cautionary statement regarding forward-looking statements
The Group's management believes that the assumptions outlined above are reasonable, and that the guidance, outlooks, ambitions and expectations described in this report are achievable based on those assumptions. However, given the forward-looking nature of these guidance, outlooks, ambitions and expectations, they are subject to greater uncertainty, including potential material impacts if the above assumptions are not realised, and other material impacts related to foreign exchange fluctuations, macro-economic activity, the impact of outbreaks, epidemics or pandemics, such as the COVID-19 pandemic and ongoing challenges and uncertainties posed by the COVID-19 pandemic for businesses and governments around the world, changes in legislation, regulation, government actions or intellectual property protection, product development and approvals, actions by our competitors, and other risks inherent to the industries in which we operate.
For full release see:
https://www.gsk.com/en-gb/media/press-releases/gsk-delivers-strong-2022-performance-with-full-year-sales-of-293-billion/
Johnson & Johnson (NYSE: JNJ)
At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That's why for more than 130 years, we have aimed to keep people well at every age and every stage of life. Today, as the world's largest and most broadly based healthcare company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere.
Every day, our more than 130,000 employees across the world are blending heart, science and ingenuity to profoundly change the trajectory of health for humanity.
Johnson & Johnson was incorporated in the State of New Jersey in 1887.
https://www.jnj.com/about-jnj
24 January 2023
Johnson & Johnson Reports Q4 and Full-Year 2022 Results
2022 Fourth-Quarter reported sales decline of 4.4% to $23.7 Billion primarily driven by unfavorable foreign exchange and reduced COVID-19 Vaccine sales vs. prior year. Operational growth excluding COVID-19 Vaccine of 4.6%
2022 Fourth-Quarter earnings per share (EPS) of $1.33 decreasing 24.9% and adjusted EPS of $2.35 increasing by 10.3%
2022 Full-Year reported sales growth of 1.3% to $94.9 Billion primarily driven by strong commercial execution partially offset by unfavorable foreign exchange. Operational growth of 6.1%
2022 Full-Year earnings per share (EPS) of $6.73 decreasing 13.8% and adjusted EPS of $10.15 increasing by 3.6%
Company guides 2023 adjusted operational sales growth excluding COVID-19 Vaccine of 4.0%* and adjusted operational EPS of $10.50, reflecting growth of 3.5%
New Brunswick, N.J. (January 24, 2023) - Johnson & Johnson (NYSE: JNJ) today announced results for fourthquarter and full year 2022. "Our full year 2022 results reflect the continued strength and stability of our three business segments, despite macroeconomic challenges," said Joaquin Duato, Chairman of the Board and Chief Executive Officer. "I am inspired by our employees who make a difference in the health and lives of people around the world every day. As we look ahead to 2023, Johnson & Johnson is well-positioned to drive near-term growth, while also investing strategically to deliver long-term value."
FULL YEAR 2022 SEGMENT COMMENTARY:
Adjusted operational sales* reflected below excludes the net impact of acquisitions and divestitures and translational currency.
Consumer Health
Consumer Health worldwide adjusted operational sales increased 3.9%* predominately driven by over-thecounter (OTC) products. Major contributors to growth in OTC were TYLENOL and MOTRIN analgesics, as well as upper respiratory products and digestive health products in the international markets. Additionally, Skin Health/Beauty adjusted operational growth was primarily driven by NEUTROGENA outside the U.S. Growth was partially offset by Oral Care in the international markets.
For full release see:
https://johnsonandjohnson.gcs-web.com/static-files/435f993a-fb4d-4afb-920f-82184d4374ea
McKesson Corporation (NYSE: MCK)
We're in an era of unprecedented complexity in healthcare. Patient care is not where it should be. While many of the organizations delivering the care need to get much healthier, too.
This is why our vision is to improve care in every setting - one product, one partner, one patient at a time. And we're making this happen every day by touching virtually every aspect of healthcare.
We partner with biopharma companies, care providers, pharmacies, manufacturers, governments and others to deliver the right medicines, medical products and healthcare services to the patients who need them, when they need them - safely and cost-effectively.
United by our ICARE values, our 78,000 employees work together every day to make better care possible for patients around the globe.
https://www.mckesson.com/About-McKesson/
2 August 2023
McKESSON CORPORATION REPORTS FISCAL 2024 FIRST QUARTER RESULTS
First Quarter Highlights:
Total revenues of $74.5 billion increased 11%.
Earnings per diluted share from continuing operations of $7.02 increased $1.77.
Adjusted Earnings per Diluted Share of $7.27 increased 25%.
Adjusted Earnings per Diluted Share Excluding Certain Items increased 33%.
Board of Directors approved a $6.0 billion increase to the share repurchase program, bringing the total remaining share repurchase authorization to $8.9 billion as of July 2023.
Board of Directors increased the quarterly dividend for the seventh consecutive year to $0.62 per share.
The US Oncology Network expanded its footprint with the addition of the Cancer Center of Kansas.
Fiscal 2024 Outlook:
Increasing fiscal 2024 Adjusted Earnings per Diluted Share guidance range to $26.55 to $27.35, from the previous range of $26.10 to $26.90.
Fiscal 2024 Adjusted Earnings per Diluted Share Excluding Certain Items guidance indicates 13% to 16% forecasted growth compared to prior year.
The Company does not forecast GAAP earnings per diluted share from continuing operations or segment operating profit1
IRVING, Texas, August 2, 2023 - McKesson Corporation (NYSE:MCK) today reported results for the first quarter ended June 30, 2023.
For full release see:
https://s24.q4cdn.com/128197368/files/doc_financials/2024/q1/MCK-Q1-FY24-Earnings-Release_FINAL.pdf
Merck & Co (NYSE: MRK)
We aspire to be the premier research-intensive biopharmaceutical company
Our purpose: We use the power of leading-edge science to save and improve lives around the world
For more than 130 years, we have brought hope to humanity through the development of important medicines and vaccines. We aspire to be the premier research-intensive biopharmaceutical company in the world - and today, we are at the forefront of research to deliver innovative health solutions that advance the prevention and treatment of diseases in people and animals. We foster a diverse and inclusive global workforce and operate responsibly every day to enable a safe, sustainable and healthy future for all people and communities.
https://www.merck.com/company-overview/
1 April 2023
Merck Announces Second-Quarter 2023 Financial Results
Sales Reflect Sustained Underlying Growth, Particularly in Oncology and Vaccines
Total Worldwide Sales Were $15.0 Billion, an Increase of 3% From Second Quarter 2022; Excluding LAGEVRIO, Growth Was 11%; Excluding LAGEVRIO and the Impact of Foreign Exchange, Growth Was 14%
KEYTRUDA Sales Grew 19% to $6.3 Billion; Excluding the Impact of Foreign Exchange, Sales Grew 21%
GARDASIL/GARDASIL 9 Sales Grew 47% to $2.5 Billion; Excluding the Impact of Foreign Exchange, Sales Grew 53%
LAGEVRIO Sales Declined 83% to $203 Million; Excluding the Impact of Foreign Exchange, Sales Declined 82%
GAAP Loss per Share Was $2.35; Non-GAAP Loss per Share Was $2.06; GAAP and Non-GAAP Loss per Share Include a Charge of $4.02 per Share for the Acquisition of Prometheus
Presented Compelling Data in Earlier Stages of Cancer at 2023 ASCO Annual Meeting, Including:
Positive Phase 3 Results From KEYNOTE-671 Trial
Promising New Data From Phase 2b KEYNOTE-942/mRNA-4157-P201 Trial in Collaboration With Moderna
Announced Positive Results From Two Phase 3 Trials Evaluating V116
Submitted Biologics License Application to the U.S. FDA for Sotatercept
Full-Year 2023 Financial Outlook
Raises and Narrows Expected Worldwide Sales Range To Be Between $58.6 Billion and $59.6 Billion, Including Negative Impact of Foreign Exchange of Approximately 2 Percentage Points; Outlook Includes Approximately $1.0 Billion of LAGEVRIO Sales
Now Expects Non-GAAP EPS To Be Between $2.95 and $3.05, Including the Negative Impact of Foreign Exchange of Approximately 5 Percentage Points; Outlook Reflects Negative Impact From One-Time Charge of $10.2 Billion, or $4.02 per Share, for the Acquisition of Prometheu
RAHWAY, N.J.--(BUSINESS WIRE)-- Merck (NYSE: MRK), known as MSD outside the United States and Canada, today announced financial results for the second quarter of 2023.
"We continue to make great progress as we advance our broad and deep pipeline, raise the bar of innovation, and bring forward leading-edge science to save and improve lives around the world," said Robert M. Davis, chairman and chief executive officer, Merck. "We delivered robust underlying growth during the second quarter and are well positioned to achieve strong full-year results. I am proud of our talented, diverse and dedicated global team that continues to focus on creating value for patients and all our stakeholders now and well into the future."
For full release see:
https://www.merck.com/news/merck-announces-second-quarter-2023-financial-results/
Novartis (NYSE: NVS)
Novartis was created in 1996 through a merger of Ciba-Geigy and Sandoz. Novartis and its predecessor companies trace roots back more than 250 years, with a rich history of developing innovative products.
Our purpose is to reimagine medicine to improve and extend people's lives. We use innovative science and technology to address some of society's most challenging healthcare issues. We discover and develop breakthrough treatments and find new ways to deliver them to as many people as possible. We also aim to reward those who invest their money, time and ideas in our company.
Our Strategy
Our strategy is to build a leading, focused medicines company powered by advanced therapy platforms and data science.
Strategic priorities
As we implement our strategy, we have five priorities to shape our future and help us continue to create value for our company, our shareholders and society.
Unleash the power of our people
We are transforming our culture to ensure people can fully apply their talent and energy. We're creating an organization where people are inspired, curious and unbossed.
Deliver transformative innovation
In our pursuit of transformative treatments, we challenge medical paradigms and explore possibilities to cure disease, intervene earlier in chronic illnesses, and find ways to dramatically improve quality of life.
Embrace operational excellence
We are rethinking how we work, embracing agile teams and building better productivity into our company to free resources that we can invest in innovation and help boost returns.
Go big on data and digital
We aim to spark a digital revolution at Novartis, embracing digital technologies, advanced analytics and artificial intelligence to help drive innovation and improve efficiency.
Build trust with society
We strive to build trust with society through our efforts to operate with high values and integrity, and to find new ways to expand patients' access to our treatments.
https://www.novartis.com/our-company
Novartis delivers strong full year performance, 10% net sales and 18% core operating income growth (cc¹), with margin expansion. Continuing innovation momentum with multiple positive Ph3 readouts
Jan 31, 2024
Ad hoc announcement pursuant to Art. 53 LR
Full year (continuing operations2)
Net sales grew +10% (cc, +8% USD) with core operating income growing +18% (cc, +11% USD)
Sales growth was mainly driven by continued strong performance from Entresto (+31% cc), Kesimpta (+99% cc), Kisqali (+75% cc), Pluvicto (+261% cc) and Scemblix (+179% cc)
Operating income increased +39% (cc, +23% USD). Net income increased +62% (cc, +42% USD). Free cash flow from continuing operations was USD 13.2 billion (+9% USD)
EPS grew +70% (cc, +49% USD) to USD 4.13. Core EPS was USD 6.47 growing +25% (cc, +18% USD)
Fourth quarter (continuing operations)
Net sales grew +10% (cc, +8% USD) with core operating income growing +13% (cc, +5% USD),
Sales growth was mainly driven by continued strong performance from Entresto (+26% cc), Kisqali (+76% cc), Kesimpta (+73% cc), Cosentyx (+21% cc) and Pluvicto (+53% cc)
Q4 selected innovation milestones:
Fabhalta FDA approval for treatment of adults with PNH (both previously treated and treatment-naïve)
Cosentyx FDA approval for the treatment of moderate to severe HS in adults
Cosentyx FDA approval for intravenous formulation in three indications (PsA, AS, nr-axSpA)
Iptacopan Ph3 APPLAUSE-IgAN met its primary endpoint in IgAN patients
Atrasentan Ph3 ALIGN study met its primary endpoint in IgAN patients
Iptacopan Ph3 APPEAR-C3G met its primary endpoint in C3G patients
Scemblix Ph3 ASC4FIRST study met its primary endpoints in 1L Ph+ CML-CP patients (January)
Dividend, 2024 guidance; updated mid-term guidance
Dividend of CHF 3.30 per share, an increase of 3.1%, proposed for 2023
2024 guidance3 - Net sales expected to grow mid single digit and core operating income expected to grow high single digit
Updated mid-term guidance - Net sales expected to grow 5% cc CAGR 2023-2028 with core operating income margin expanding to ~40%+ by 2027
Strategy Update
Our focus
During 2023, Novartis completed our transformation into a "pure-play" innovative medicines business. We have a clear focus on four core therapeutic areas (cardiovascular-renal-metabolic, immunology, neuroscience and oncology), with multiple significant in-market and pipeline assets in each of these areas, that address high disease burden and have substantial growth potential. In addition to two established technology platforms (chemistry and biotherapeutics), three emerging platforms (gene & cell therapy, radioligand therapy and xRNA) are being prioritized for continued investment into new R&D capabilities and manufacturing scale. Geographically, we are focused on growing in our priority geographies - the US, China, Germany and Japan.
Our priorities
Accelerate growth: Renewed attention to deliver high-value medicines (NMEs) and focus on launch excellence, with a rich pipeline across our core therapeutic areas.
Deliver returns: Continuing to embed operational excellence and deliver improved financials. Novartis remains disciplined and shareholder-focused in our approach to capital allocation, with substantial cash generation and a strong capital structure supporting continued flexibility.
Strengthening foundations: Unleashing the power of our people, scaling data science and technology and continuing to build trust with society.
Financials
Following the September 15, 2023, shareholders' approval of the spin-off of the Sandoz business the Company reported its consolidated financial statements for the current and prior years as "continuing operations" and "discontinued operations."
Continuing operations include the retained business activities of Novartis, comprising the innovative medicines business and the continuing corporate activities. Discontinued operations include the Sandoz Division and selected portions of corporate activities attributable to Sandoz's business, as well as certain expenses related to the spin-off.
Following the spin-off of the Sandoz business, Novartis operates as a single global operating segment focused innovative medicines company.
The commentary below focuses on continuing operations. We also provide information on discontinued operations, which mainly includes Sandoz and allocated corporate activities.
Continuing operations
Fourth quarter
Net sales were USD 11.4 billion (+8%, +10% cc) in the fourth quarter driven by volume growth of 13 percentage points. Generic competition had a negative impact of 3 percentage points and pricing had no impact.
Operating income was USD 2.6 billion (+47%, +68% cc), mainly driven by higher net sales and lower restructuring charges, partly offset by higher SG&A and R&D investments.
Net income was USD 2.6 billion (+101%, +130% cc), mainly driven by higher operating income and non-recurring favorable tax impacts. EPS was USD 1.29 (+108%, +140% cc), benefiting from lower weighted average number of shares outstanding.
Core operating income was USD 3.8 billion (+5%, +13% cc), mainly driven by higher net sales, partly offset by higher SG&A and R&D investments. Core operating income growth in USD was impacted by negative 2 percentage points from the effect of mid-December currency devaluation in Argentina1. Core operating income margin was 33.5% of net sales, decreasing 1.0 percentage point (+1.0 percentage point cc).
Core net income was USD 3.1 billion (+6%, +11% cc), mainly due to higher core operating income. Core EPS was USD 1.53 (+10%, +16% cc), benefiting from lower weighted average number of shares outstanding.
Free cash flow from continuing operations amounted to USD 2.1 billion (-38% USD), compared with USD 3.5 billion in the prior year quarter driven by lower net cash flows from operating activities.
1 IFRS® Accounting Standards requires for our Argentina subsidiary, as it operates in a hyperinflation economy, to translate for consolidation purposes their full year income statement to our USD presentation currency using the ARS closing rate, and not using the average exchange rate for the period. This results in the 9-months and the Q4 devaluation impact being recognized in Q4.
Full year
Net sales were USD 45.4 billion (+8%, +10% cc) in the full year, driven by volume growth of 16 percentage points, partly offset by price erosion of 2 percentage points and the negative impact from generic competition of 4 percentage points.
Operating income was USD 9.8 billion (+23%, +39% cc), mainly driven by higher net sales, lower restructuring charges, and income from legal matters, partly offset by higher impairments and higher SG&A and R&D investments.
Net income was USD 8.6 billion (+42%, +62% cc), mainly driven by higher operating income and non-recurring favorable tax impacts. EPS was USD 4.13 (+49%, +70% cc).
Core operating income was USD 16.4 billion (11%, +18% cc), mainly driven by higher net sales, partly offset by higher SG&A and R&D investments. Core operating income margin was 36.0% of net sales, increasing 0.9 percentage points (+2.4 percentage points cc).
Core net income was USD 13.4 billion (+13%, +19% cc), mainly due to higher core operating income. Core EPS was USD 6.47 (+18%, +25% cc), benefiting from lower weighted average number of shares outstanding.
Free cash flow from continuing operations amounted to USD 13.2 billion (+9% USD), compared with USD 12.1 billion in 2022 driven by higher net cash flows from operating activities.
For the complete story, see:
https://www.novartis.com/news/media-releases/novartis-delivers-strong-full-year-performance-10-net-sales-and-18-core-operating-income-growth-cc1-margin-expansion-continuing-innovation-momentum-multiple-positive-ph3-readouts
Novavax Inc. (NASDAQ: NVAX)
Novavax, Inc. is a clinical-stage vaccine company committed to delivering novel products to prevent a broad range of infectious diseases. Our recombinant nanoparticles and adjuvant technology are the foundation for groundbreaking innovation that improves global health through safe and effective vaccines.
https://ir.novavax.com/
8 August 2023
Novavax Reports Second Quarter 2023 Financial Results and Operational Highlights
Second quarter total revenue of $424 million and net income of $58 million
Executed new strategic partnering agreement with SK bioscience, including an equity investment of $85 million in Novavax at $13.00 per share, a 59% premium to the 90-day VWAP
Negotiated up to $350 million in 2023 payments under amended Canada APA
Initiated FDA submission for approval of our updated XBB COVID vaccine for the 2023 fall vaccination season and reiterated plan to be in market by September; submissions to EMA and Health Canada in the coming weeks
Company to host conference call today at 8:30 a.m. ET
GAITHERSBURG, Md., Aug. 8, 2023 /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX), a global company advancing protein-based vaccines with its novel Matrix-M[TM] adjuvant, today announced its financial results and operational highlights for the second quarter ended June 30, 2023.
"During the first half of 2023, Novavax has been focused on execution, making significant progress on all three of our key priorities. We have initiated the filing for authorization of our updated XBB COVID vaccine in the U.S., with submissions in the European Union and Canada to follow and we are manufacturing at commercial scale in support of our plan to deliver our vaccine on time for the fall season," said John C. Jacobs, President and Chief Executive Officer, Novavax. "I am also pleased to report that we have now reduced our current liabilities by over $1 billion this year and we recorded $424 million in total revenue for the second quarter. We continue to work towards deriving additional value from our pipeline and technology and will be advancing our COVID-Influenza Combination vaccine candidate through the next stage gates and towards late-stage development."
Second Quarter 2023 and Recent Highlights
During the second quarter, the company continued to make progress on our three key priorities for 2023.
For full release see:
https://ir.novavax.com/press-releases/2023-08-08-Novavax-Reports-Second-Quarter-2023-Financial-Results-and-Operational-Highlights
Novo Nordisk (NYSE: NVO)
At Novo Nordisk, we are driving change to defeat diabetes and other serious chronic conditions.
Novo Nordisk is a global healthcare company with 95 years of innovation and leadership in diabetes care. This heritage has given us experience and capabilities that also enable us to help people defeat other serious chronic conditions: rare bleeding disorders, growth hormone related disorders and obesity.
Headquartered in Denmark, Novo Nordisk employs approximately 42,700 people in 79 countries and markets its products in more than 170 countries.
Changing the world of diabetes for 90 years
Behind the Novo Nordisk we know today lies an exciting story that goes back 90 years. It began with the two small Danish companies Nordisk Insulinlaboratorium and Novo Terapeutisk Laboratorium founded in 1923 and 1925, respectively. The two companies started the production of the revolutionary new drug insulin that had just been discovered by two Canadian scientists.
Building on the past - looking to the future
Since the earliest days, both Nordisk and Novo had focus on the development of products to benefit people with diabetes. Competing intensely with one another, the companies developed into two of the best in their field. When at last they decided to merge in 1989, they created Novo Nordisk. A company that has been expanding rapidly ever since with leading positions within diabetes care, rare bleeding disorders, growth hormone-related disorders and obesity.
Today the Novo Nordisk Way shows responsibility to patients, employees, communities and investors.
We will in the future continue to build on the legacy left by the founders of Novo Nordisk and do whatever it takes to change diabetes. Our history tells us it can be done.
https://www.novonordisk-us.com/whoweare/about-novo-nordisk.html/
https://www.novonordisk-us.com/whoweare/about-novo-nordisk/novo-nordisk-history.html
Novo Nordisk's sales increased by 31% in Danish kroner and by 36% at constant exchange rates to DKK 232.3 billion in 2023
31 January 2024
Financial report for the period 1 January 2023 to 31 December 2023
Novo Nordisk's sales increased by 31% in Danish kroner and by 36% at constant exchange rates to DKK 232.3 billion in 2023
Operating profit increased by 37% in Danish kroner and by 44% at constant exchange rates (CER) to DKK 102.6 billion.
Sales in North America Operations increased by 50% in Danish kroner (54% at CER). Sales in International Operations increased by 11% in Danish kroner (16% at CER).
Sales within Diabetes and Obesity care increased by 38% in Danish kroner to DKK 215.1 billion (42% at CER), mainly driven by GLP-1 diabetes sales growth of 48% in Danish kroner (52% at CER) and Obesity care growing by 147% in Danish Kroner to DKK 41.6 billion (154% at CER). Rare disease sales decreased by 16% measured in Danish kroner (15% at CER) reflecting a reduction in manufacturing output.
In January 2024, Novo Nordisk successfully completed the first phase 3a trial with IcoSema, a fixed-ratio once-weekly combination of basal insulin icodec and semaglutide and a phase 1 trial with oral amycretin within Obesity care.
For the 2024 outlook, sales growth is expected to be 18-26% at CER, and operating profit growth is expected to be 21-29% at CER. Sales and operating profit growth reported in Danish kroner is expected to be 1 and 2 percentage points lower than at CER, respectively.
At the Annual General Meeting on 21 March 2024, the Board of Directors will propose a final dividend of DKK 6.40 for 2023 per share. The expected total dividend for 2023 is DKK 9.40 per share, of which DKK 3.00 was paid as interim dividend in August 2023. The Board of Directors has decided to initiate a new share repurchase programme of up to DKK 20 billion.
Lars Fruergaard Jørgensen, president and CEO: "We are very pleased with the strong performance in 2023 reflecting that more than 40 million people are now benefiting from our innovative diabetes and obesity treatments. We continue to make progress on our strategic aspirations. Our focus in 2024 will be on reaching more patients, progressing and expanding our pipeline as well as the continued significant expansion of our production capacity."
On 31 January 2024 at 13.00 CET, corresponding to 07.00 am EST, an earnings call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under 'Investors'.
About Novo Nordisk
Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases, built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 63,400 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, X, LinkedIn and YouTube.
https://www.novonordisk.com/news-and-media/news-and-ir-materials/news-details.html?id=167013#
Perrigo Company Plc (NYSE: PRGO)
Perrigo started from humble beginnings more than 130 years ago in rural Michigan. Today, it is one of the largest over-the-counter (OTC) self-care companies selling products globally.
The Early Years
In 1887, Luther Perrigo, the owner of a general store and apple-drying business, had the idea to package and distribute patented medicines and household items for country stores. Luther launched the "private label" concept as a way to enhance customer loyalty. For no additional cost, Perrigo offered to imprint the store's name on the labels of epsom salts, sweet oil, bay rum and dozens of other wet and dry goods stocked in general stores.
Deep Roots in Manufacturing Excellence
Perrigo opened its first manufacturing facility in Allegan, Michigan in 1921 and signed its first, large private-label customer in the mid-1930s, paving the way for its conversion from a re-packager of home remedies to a manufacturer of affordable healthcare products.
This shift in strategic direction drove Perrigo's growth over the next several decades and serves as the heritage that guides the Company's mission today.
https://www.perrigo.com/history-convenient-healthy-solutions
27 February 2023
Perrigo Reports Fourth Quarter & Fiscal Year 2022 Financial Results From Continuing Operations
DUBLIN, Feb. 27, 2023 /PRNewswire/ --
Highlights:
Perrigo fiscal year net sales grew 7.6% versus the prior year to $4.5 billion. Constant currency net sales(1) increased 12.8% and organic(2) net sales grew a robust 8.8% compared to the prior year.
Fourth quarter net sales grew 4.6% to $1.2 billion versus the prior year quarter, or 9.6% on a constant currency basis. Both the Consumer Self-Care Americas ("CSCA") and Consumer Self-Care International ("CSCI") segments delivered record quarter net sales, increasing 4.0% and 5.7%, respectively. CSCI constant currency net sales increased 20.5% compared to the prior year quarter.
Fourth quarter GAAP ("reported") gross margin was 33.1%, a 170 basis points improvement compared to the first quarter of 2022 and an increase of 30 basis points compared to the prior year quarter. Perrigo achieved fourth quarter non-GAAP ("adjusted") gross margin of 38.4%, a 500 basis points improvement compared to the first quarter of 2022 and an increase of 350 basis points compared to the prior year quarter.
Fiscal year 2022 reported net earnings (loss) per diluted share ("EPS") was a loss of ($0.97), as compared to a loss of ($0.98) in the prior year period. Adjusted diluted EPS was $2.07, as compared to $2.06 in the prior year. Constant currency adjusted diluted EPS increased 12.1% to $2.31.
Fourth quarter reported EPS was a loss of ($0.09), as compared to net earnings of $0.24 in the prior year quarter, due primarily to higher amortization expenses and acquisition related costs. Adjusted diluted EPS was $0.75, an increase of 25.0% compared to the prior year quarter. Constant currency adjusted diluted EPS was $0.80, an increase of 33.3% compared to the prior year quarter.
Cash and cash equivalents totaled $601 million as of year-end, reflecting a strong cash conversion ratio(3) of approximately 110% for the full year.
In the fourth quarter, Perrigo purchased the Gateway infant formula facility and U.S. & Canadian GoodStart® brand from Nestle as the Company continues to play a major role in helping to solve the on-going U.S. infant formula shortage.
Company to hold a virtual Investor Day event tomorrow, February 28, 2023, where management will share the Company's 2023-2025 strategic plan to 'Optimize and Accelerate' performance as well as provide fiscal 2023 guidance (webcast details below).
Perrigo Company plc (NYSE: PRGO) ("Perrigo" or the "Company"), a leading global provider of Consumer Self-Care Products, today announced financial results for the fourth quarter and fiscal year ended December 31, 2022. All comparisons are against the prior year fiscal fourth quarter and fiscal year, unless otherwise noted.
President and CEO, Murray S. Kessler commented, "Perrigo completed its transformation from a healthcare company to a pure play consumer self-care company early in 2022 with the closing of the HRA Pharma acquisition. And it was from the momentum that was created through this transformation that the Company was able to deliver constant currency double-digit top-line and adjusted bottom-line growth in 2022, including all-time net sales records for both our Americas and International businesses, a 500 basis point recovery in adjusted gross margin from the first quarter to the fourth, continued market share gains across the portfolio, and cash conversion of over 100%."
Kessler continued, "Perrigo's strong year came behind an exceptionally strong fourth quarter that achieved 10% constant currency net sales growth and 33% constant currency adjusted diluted EPS growth along with adjusted gross margin up over 350 basis points versus year ago! I am so proud of how my Perrigo colleagues delivered these results, while at the same time navigating through unprecedented global supply chain disruptions, labor shortages, broad-based inflation, the Russia-Ukraine war, the infant formula shortage, and the continuing impact of the Covid-19 pandemic. It's a testament to the resiliency and nimbleness of the new Perrigo Consumer Self-Care Company."
Kessler concluded, "Equally impressive is the work our team did to advance the Company to the next phase of its long-term strategic plan, which we will share at our investor day tomorrow. At that virtual meeting, we will share our plan to Optimize and Accelerate the performance of the newly transformed Perrigo in order to deliver outsized profitable growth over the next 3 years."
Refer to Tables I - VI at the end of this press release for a reconciliation of non-GAAP adjustments to the current year and prior year periods and additional non-GAAP information. The Company's reported results are included in the attached Consolidated Statements of Operations, Balance Sheets and Statements of Cash Flows.
For full release see:
https://investor.perrigo.com/2023-02-27-Perrigo-Reports-Fourth-Quarter-Fiscal-Year-2022-Financial-Results-From-Continuing-Operations
Pfizer Inc (NYSE: PFE)
Pfizer Inc. is a research-based, global biopharmaceutical company. We apply science and our global resources to bring therapies to people that extend and significantly improve their lives through the discovery, development and manufacture of healthcare products. Our global portfolio includes medicines and vaccines, as well as many of the world's best-known consumer healthcare products.
Our strategy is rooted in four strategic imperatives that have remained constant since we began to transform Pfizer in 2011.
OUR STRATEGIC IMPERATIVES
INNOVATE & LEAD
Improve Pfizer's ability to innovate in biomedical R&D and develop a new generation of high value, highly differentiated medicines and vaccines.
MAXIMIZE VALUE
Invest and allocate our resources in ways that create the greatest long-term returns for our shareholders.
EARN GREATER RESPECT
Earn society's respect by generating breakthrough therapies, improving access, expanding the dialogue on health care and acting as a responsible corporate citizen.
OWN OUR CULTURE
Build and sustain a culture where colleagues view themselves as owners, generating new ideas, dealing with problems in a straightforward way, investing in open and candid conversations and working as teammates on challenges and opportunities.
https://investors.pfizer.com/why-invest-our-story/default.aspx
1 May 2024
Pfizer Reports First-Quarter 2024 Results
NEW YORK, Wednesday, May 1, 2024 - Pfizer Inc. (NYSE: PFE) reported financial results for the first quarter of 2024 and raised its Adjusted(3) diluted EPS guidance while maintaining all other components of its 2024 financial guidance(6).
The first-quarter 2024 earnings presentation and accompanying prepared remarks from management as well as the quarterly update to Pfizer's R&D pipeline can be found at www.pfizer.com
EXECUTIVE COMMENTARY
Dr. Albert Bourla, Chairman and Chief Executive Officer, stated: "We delivered strong performance in our nonCOVID product portfolio in the first quarter of 2024, including increased revenue from several of our recent commercial launches and acquired products, as well as robust year-over-year growth for several key in-line brands, namely the Vyndaqel family, Eliquis, and the Prevnar family. In addition, we had strong oncology revenue contributions from Ibrance, Xtandi, Padcev and Adcetris. Our Paxlovid revenues in the quarter indicate a successful transition into the commercial marketplace in the U.S. and a demonstrated trust in the brand.
"Overall, I am encouraged by a well-executed quarter, setting the tone for the year. Pfizer's commercial leadership is focused on data-driven opportunities across several key growth brands, both in the U.S. and internationally, and we intend to build on this positive momentum in the quarters ahead."
David Denton, Chief Financial Officer and Executive Vice President, stated: "I am very pleased by the strong 11% operational revenue growth of our non-COVID products in the first quarter, demonstrating our focus on commercial execution. In addition, we continue to progress our cost realignment program and remain on track to deliver on our targeted cost savings goal by the end of the year.
OVERALL RESULTS
In the first quarter of 2024, we reclassified royalty income (substantially all of which is related to Biopharma) from Other (income)/deductions--net to revenues and began presenting Royalty revenues as a separate line item within Total revenues in our consolidated statements of income. Prior-period amounts have been recast to conform to the current presentation.
At the beginning of 2024, we made changes in our commercial organization that went into effect on January 1, 2024 to incorporate Seagen Inc. (Seagen) and improve focus, speed and execution. Specifically, within our Biopharma reportable segment we created the Pfizer Oncology Division, the Pfizer U.S. Commercial Division, and the Pfizer International Commercial Division. See the Item 1. Business--Commercial Operations section of Pfizer's 2023 Annual Report on Form 10-K (available at
www.pfizer.com
).
Some amounts in this press release may not add due to rounding. All percentages have been calculated using unrounded amounts. References to operational variances pertain to period-over-period changes that exclude the impact of foreign exchange rates.
For full release see:
https://s28.q4cdn.com/781576035/files/doc_financials/2024/q1/Q1-2024-PFE-Earnings-Release.pdf
Regeneron Pharmaceuticals Inc (NASDAQ: REGN)
Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) is a leading science and technology company delivering life-transforming medicines for serious diseases. Regeneron Pharmaceuticals, Inc. company headquartered in Eastview, near Tarrytown, New York.Founded by physician-scientists 30 years ago, our science-driven approach has resulted in six FDA-approved medicines and numerous product candidates in a range of diseases, including asthma, pain, cancer and infectious diseases.
Regeneron is accelerating and improving the traditional drug development process through our proprietary VelociSuite® technologies, such as VelocImmune® which produces optimized fully-human antibodies, and ambitious research initiatives such as the Regeneron Genetics Center, which is conducting one of the largest genetics sequencing efforts in the world.
https://www.regeneron.com/about
2 May 2024
Regeneron Reports First Quarter 2024 Financial And Operating Results
First quarter 2024 revenues decreased 1% to $3.15 billion versus first quarter 2023; excluding RonapreveTM(a)(b), revenues increased 7%
First quarter 2024 Dupixent® global net sales (recorded by Sanofi) increased 24% to $3.08 billion versus first quarter 2023
First quarter 2024 U.S. net sales for EYLEA® HD and EYLEA® were $1.40 billion, including $200 million from EYLEA HD
First quarter 2024 Libtayo® global net sales increased 45% to $264 million versus first quarter 2023
First quarter 2024 GAAP diluted EPS of $6.27 and non-GAAP diluted EPS(a) of $9.55
New $3.0 billion share repurchase program authorized in April 2024
TARRYTOWN, N.Y., May 02, 2024 (GLOBE NEWSWIRE) -- Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) today announced financial results for the first quarter of 2024 and provided a business update.
"The Regeneron team has already made substantial progress this year, delivering our approved medicines to more patients around the globe, advancing our pipeline consisting of dozens of clinical-stage programs, and relentlessly pursuing cutting-edge science," said Leonard S. Schleifer, M.D., Ph.D., Board co-Chair, President and Chief Executive Officer of Regeneron. "We had a strong quarter of EYLEA HD uptake, and we are well positioned to continue our leadership in retinal diseases. Dupixent continues to grow at a remarkable pace seven years into its launch and is currently treating over 850,000 patients across a variety of diseases characterized by type 2 inflammation. Our promising oncology franchise is strengthening, driven by strong global growth in Libtayo sales and potential regulatory approvals later this year for linvoseltamab in relapsed/refractory multiple myeloma."
Financial Highlights
($ in millions, except per share data)
Q1 2024
Q1 2023
% Change
Total revenues
$
3,145
$
3,162
(1%
)
Total revenues excluding Ronapreve (a)(b)
$
3,145
$
2,940
7%
GAAP net income
$
722
$
818
(12%
)
GAAP net income per share - diluted
$
6.27
$
7.17
(13%
)
Non-GAAP net income (a)
$
1,116
$
1,168
(4%
)
Non-GAAP net income per share - diluted (a)
$
9.55
$
10.09
(5%
)
"We are off to a strong start in 2024 as reflected in our solid first quarter financial results and the progress we have made across our growing pipeline," said Christopher Fenimore, Senior Vice President, Finance and Chief Financial Officer of Regeneron. "While investing in innovation remains our top capital allocation priority, the recent authorization by Regeneron's board of directors of a new $3.0 billion share repurchase program provides us with additional flexibility to continue returning capital to shareholders over time."
For full release see:
https://investor.regeneron.com/news-releases/news-release-details/regeneron-reports-first-quarter-2024-financial-and-operating
Sanofi (NYSE: SNY)
Sanofi, Synthélabo, Hoechst, Rhône-Poulenc Rorer led to the creation of Sanofi. These companies have accumulated over a century of experience in health, with a core concern of innovation to meet the evolution of society and the needs of patients.
Today, the Sanofi Company and its 100,000 employees are dedicated to make a difference on patients' daily life, wherever they live and enable them to enjoy a healthier life.
https://www.sanofi.com/en/about-us/through-time
3 February 2023
Strong sales performance and double-digit EPS growth marking the achievement of the 2022 profitability milestone
Paris, February 3, 2023
Q4 2022 sales growth of 2.6% at CER and business EPS(1) growth of 17.4% at CER
Specialty Care grew 18.1% driven by Dupixent® ([euro]2,402 million, +42.1%) and new product launches
Vaccines sales (-16.3%) reflecting influenza and PPH sales phasing (Q3 influenza sales: up 32.4%) as well as ramp up of non-consolidated Vaxelis® sales
General Medicines core assets up 8.0% while GBU sales were lower (-3.7%) mainly due to Lantus® and spin-off of EUROAPI
CHC sales increased 6.6% driven by double-digit growth of Digestive Wellness, Cough & Cold and Allergy categories
Full-year 2022 delivered 7.0% sales growth and 17.1% business EPS growth at CER
Sales grew to [euro]42,997 million driven by Dupixent® ([euro]8,293 million, +43.8%), adding [euro]3 billion of incremental sales, Vaccines up 6.3% in line with the mid-term growth objective as well as CHC strategy execution (+8.6%)
Mid-term BOI margin target of 30% and cost savings objective of [euro]2.5 billion achieved
Business EPS(1) of [euro]8.26 up 25.9% on a reported basis and 17.1% at CER
IFRS EPS of [euro]5.37 (up 8.0%)
Board held on February 2, proposes annual dividend of [euro]3.56, an increase of 6.9%
Progress on Corporate Social Responsibility strategy in Q4
Positive phase 2/3 results of acoziborole with the potential to further transform the treatment of sleeping sickness
Accelerating our ambition towards net zero emissions by 5 years, now targeting 2045
Key R&D milestones and regulatory achievements in Q4
Dupixent® approved in Europe for prurigo nodularis and CHMP positive opinion for eosinophilic esophagitis
Beyfortus® (nirsevimab) approved in Europe for the prevention of RSV disease in all infants
VidPrevtyn® Beta approved in Europe as a booster for the prevention of COVID-19 in adults
Enjaymo® approved in Europe in adult patients with cold agglutinin disease (CAD)
Full-year 2023 business EPS guidance
Sanofi expects 2023 business EPS(1) to grow low single digit(2) at CER, barring unforeseen major adverse events. Applying average January 2023 exchange rates, the currency impact on 2023 business EPS is estimated between -3.5% to -4.5%
Sanofi Chief Executive Officer, Paul Hudson, commented:
"We closed 2022, marking the successful execution of the first chapter of our 6-year 'Play to Win' strategy. Specialty Care delivered the highest sales among our businesses. Dupixent® and Vaccines continue to be our leading growth drivers. We are particularly proud of the progress we made in R&D transformation with multiple approvals of transformative medicines and new product launches across Specialty Care. At the same time, we keep delivering strong proof points of our improved financial performance underpinned by the achievement of the 30% BOI margin. Moving to the next chapter of our strategy, we are looking forward to the planned launches of Altuviiio® and Beyfortus® as well as key pivotal readouts, including the COPD indication for Dupixent®. With the view on the expected entrants of generic competition for Aubagio® in the coming months, we remain confident in our outstanding commercial capabilities, including the ambition to reach sales of 10 billion euros for Dupixent® in 2023, enabling us to guide to low single-digit EPS growth for the year."
For full release see:
https://www.sanofi.com/en/media-room/press-releases/2023/2023-02-03-06-30-00-2601072
Teva (NYSE: TEVA)
Since Teva's establishment in Jerusalem in 1901, our aim has been to help patients live longer, healthier lives. As we work to find solutions to tomorrow's biggest healthcare challenges, we look back with pride at our humble beginnings and past accomplishments.
When, over a century ago, Chaim Salomon, Moshe Levin, and Yitschak Elstein came together in Jerusalem to form a small pharmaceutical business, they could not have imagined that their company would go on to be a world leader in the industry.
https://www.tevapharm.com/our-company/teva-history/
Our mission is to be a global leader in generics and biopharmaceuticals, improving the lives of patients across the world.
In a complex world, Teva's mission is simple: to improve the lives of patients across the globe. We believe that everyone should have access to quality medicines whether it be for managing disease, fighting infections, or simply improving overall health.
We are proud that since Teva's establishment in 1901, healthcare providers together with patients and caregivers have been using our accessible generic and innovative products. Today, our portfolio of around 3,500 products is among the largest of any pharmaceutical company in the world. Nearly 200 million people in 60 countries benefit from one of Teva's quality medicines every day. We invest in research and development of generic medicines and biopharmaceuticals, carrying on the legacy of more than a century of finding new ways to help patients improve their lives. This defines our values as a company and characterizes how we do business and approach medicine.
https://www.tevapharm.com/our-company/who-we-are/
8 February 2023
Teva Reports Fourth Quarter and Full Year 2022 Financial Results
TEL AVIV, Israel--(BUSINESS WIRE)-- Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today reported results for the year and the quarter ended December 31, 2022.
Q4 and FY 2022 highlights:
Q4 2022
FY 2022
Revenues
$3.9 billion
$14.9 billion
GAAP diluted loss per share
$(1.10)
$(2.12)
Non-GAAP diluted EPS
$0.71
$2.52
Cash flow generated from operating activities
$973 million
$1,590 million
Free cash flow
$1,140 million
$2,243 million
2023 business outlook:
Revenues are expected to be $14.8 - $15.4 billion
Adjusted EBITDA of $4.5 - $4.9 billion
Non-GAAP diluted EPS is expected to be $2.25 - $2.55
Free cash flow is expected to be $1.7 - $2.1 billion
"It is a huge pleasure to be leading the Company through my first reporting period as CEO of Teva. The tremendous work that has been done to get the business back to a solid foundation serves as excellent grounds to transition into a new path for growth.
In 2022, Teva delivered solid results. Our key innovative brands, AUSTEDO® and AJOVY®, continued to drive growth, with AUSTEDO increasing 20% in the U.S. We expect continued expansion as this medicine addresses a still large unmet need for tardive dyskinesia patients.
Our generics business performed strongly in Europe and International Markets, growing 9% and 5% respectively, in local currency terms. We also continued to optimize our supply chain and manufacturing capabilities and reduced our net debt.
Looking ahead to 2023, I am especially enthusiastic about the progress of our innovative, biosimilars and generic pipelines, which include interesting and differentiated assets. As we work on an updated strategy, we are looking for opportunities to best position Teva for long-term growth and generate value to all stakeholders."
2022 Annual Consolidated Results
Revenues in 2022 were $14,925 million, a decrease of 6%, in U.S. dollars or 1% in local currency terms, compared to 2021, mainly due to lower revenues from COPAXONE® and certain respiratory products in our North America and Europe segments, generic products as well as BENDEKA® and TREANDA® in our North America segment, partially offset by higher revenues from generic products in our Europe and International Markets segments, and from our innovative products - AUSTEDO and AJOVY, and Anda.
Exchange rate movements during 2022, including hedging effects, negatively impacted revenues by $780 million, operating income by $247 million and non-GAAP operating income by $263 million, each as compared to 2021.
Gross profit was $6,973 million in 2022, a decrease of 8% compared to 2021. Gross profit margin was 46.7% in 2022, compared to 47.8% in 2021. Non-GAAPgross profit was $8,056 million in 2022, a decrease of 6% compared to 2021. Non-GAAPgross profit margin was 54.0% in 2022, compared to 54.2% in 2021. This decrease in both GAAP and non-GAAP gross profit margin was mainly due to lower revenues from COPAXONE and certain respiratory products in our North America and Europe segments, partially offset by higher revenues from AUSTEDO in North America and a favorable mix of generic products in our Europe segment.
Research and Development (R&D) expenses in 2022 were $838 million, a decrease of 13% compared to 2021. The decrease in R&D expenses in 2022 was mainly due to a decrease in several neuroscience projects (in the pain and migraine and headache therapeutic areas) and immunology (in the respiratory therapeutic area) as well as a decline in various generics projects, and an adjustment in payments pursuant to a contract with one of our R&D partners in 2022, partially offset by higher R&D expenses related to our biosimilar products pipeline.
Selling and Marketing (S&M) expenses in 2022 were $2,265 million, a decrease of 7% compared to 2021.
General and Administrative (G&A) expenses in 2022 were $1,180 million, an increase of 7% compared to 2021. This increase was related to proceeds received from Teva's insurance carriers pursuant to a settlement reached on a derivative proceeding in the second quarter of 2021 related to the acquisition of Actavis Generics, as well as higher litigation fees in the second quarter of 2022.
Other income in 2022 was $107 million, compared to $98 million in 2021.
Operating loss was $2,099 million in 2022, compared to operating income of $1,716 million in 2021. Operating loss as a percentage of revenues was 14.1% in 2022, compared to operating income as a percentage of revenues of 10.8% in 2021. Operating loss in 2022 was mainly affected by goodwill impairment charges, and legal settlements and loss contingencies. Non-GAAPoperating income was $4,139 million in 2022, or 27.7% of revenues compared to $4,401 million, or 27.7% of revenues in 2021. Non-GAAP operating margin in 2022 was mainly affected by lower gross profit margin, as discussed above, offset by lower operating expenses as a percentage of revenues.
Adjusted EBITDA was $4,598 million in 2022, compared to $4,911 million in 2021.
In 2022, financial expenses, net were $966 million, compared to $1,058 million in 2021. Financial expenses in 2022 were mainly comprised of interest expenses and other bank charges of $930 million. Financial expenses in 2021 were mainly comprised of interest expenses and other bank charges of $891 million and loss on revaluations of marketable securities of $90 million.
In 2022, we recognized a tax benefit of $638 million, or 21%, on a pre-tax loss of $3,065 million. In 2021, we recognized a tax expense of $211 million, or 32%, on a pre-tax income of $658 million. Our tax rate for 2022 was lower than in 2021 mainly due to the realization of losses related to an investment in one of our U.S. subsidiaries, partially offset by a goodwill impairment charge that did not have a corresponding tax effect.
Non-GAAP tax rate for 2022 was 12%, compared to 16% in 2021. Our non-GAAP tax rate in 2022 was mainly affected by the realization of losses related to an investment in one of our U.S. subsidiaries, the mix of products we sold, interest expense disallowances and adjustments to valuation allowances on deferred tax assets.
Net loss attributable to Teva and diluted loss per share in 2022 were $2,353 million and $2.12, respectively, compared to net income attributable to Teva of $417 million and diluted income per share of $0.38 in 2021. Net loss in 2022 was mainly affected by goodwill impairment charges and legal settlements and loss contingencies, partially offset by a tax benefit. Non-GAAP net income attributable to Teva and non-GAAP diluted earnings per share in 2022 were $2,812 million and $2.52, respectively, compared to $2,855 million and $2.58 in 2021.
As of December 31, 2022 and 2021, the fully diluted sharecount for purposes of calculating our market capitalization was approximately 1,143 million and 1,128 million shares, respectively.
For full release see:
https://www.tevapharm.com/news-and-media/latest-news/teva-reports-fourth-quarter-and-full-year-2022-financial-results/
Thermo Fisher Scientific (NYSE: TMO)
Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue of approximately $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD.
https://ir.thermofisher.com/investors/overview/default.aspx
26 April 2023
Thermo Fisher Scientific Reports First Quarter 2023 Results
WALTHAM, Mass.--(BUSINESS WIRE) -- Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the first quarter ended April 1, 2023.
First Quarter 2023 Highlights
Delivered very strong financial results during the first quarter.
First quarter revenue was $10.71 billion, 9% lower versus the same quarter last year. Core organic revenue growth was 6%.
First quarter GAAP diluted earnings per share (EPS) was $3.32.
First quarter adjusted EPS was $5.03.
Launched a range of high-impact, innovative new products, including the Thermo Scientific iCAP RQ Plus ICP-MS Analyzer to simplify analysis of trace elements, including identification of heavy metals in water and soil as well as toxic elements in food and beverages; the Applied Biosystems QuantStudio Absolute Q AutoRun dPCR, an automated digital PCR solution to increase productivity for molecular research, including cell and gene therapy and cancer research; and the Invitrogen DynaGreen, microplastic-free magnetic beads for protein purification, helping our customers to reduce the environmental impact of life science research.
Continued to strengthen our unique customer value proposition by advancing our strategic partnership with the University of California, San Francisco (UCSF), with the opening of a new cell therapy cGMP manufacturing and collaboration center to accelerate development of breakthrough therapies.
Secured agreements to power all current U.S. sites with 100 percent renewable energy by 2026, contributing significantly to our commitment of a 50% reduction in Scope 1 and 2 greenhouse gas emissions by 2030.
Active quarter of capital deployment, repurchasing $3.0 billion of stock, increasing our dividend by 17 percent, and completing the acquisition of The Binding Site.
"We delivered another quarter of very strong financial performance, driven by our proven growth strategy and powered by our PPI business system," said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. "The team executed very well to navigate a dynamic macroenvironment, enable our customers' success, and drive share gain."
Casper added, "We are incredibly well positioned to deliver differentiated performance, as we continue to create value for all of our stakeholders and build an even brighter future for our company."
First Quarter 2023
Revenue for the quarter declined 9% to $10.71 billion in 2023, versus $11.82 billion in 2022. Organic revenue was 8% lower, Core organic revenue growth was 6%, and COVID-19 testing revenue was $0.14 billion.
GAAP Earnings Results
GAAP diluted EPS in the first quarter of 2023 was $3.32, versus $5.61 in the same quarter last year. GAAP operating income for the first quarter of 2023 was $1.56 billion, compared with $2.82 billion in the year-ago quarter. GAAP operating margin was 14.6%, compared with 23.9% in the first quarter of 2022.
Non-GAAP Earnings Results
Adjusted EPS in the first quarter of 2023 was $5.03, versus $7.25 in the first quarter of 2022. Adjusted operating income for the first quarter of 2023 was $2.33 billion, compared with $3.45 billion in the year-ago quarter. Adjusted operating margin was 21.8%, compared with 29.2% in the first quarter of 2022.
Annual Guidance for 2023
The company will provide updates on its 2023 financial guidance during its earnings conference call this morning at 8:30 a.m. Eastern time.
Use of Non-GAAP Financial Measures
Adjusted EPS, adjusted net income, adjusted operating income, adjusted operating margin, free cash flow, organic revenue growth and Core organic revenue growth are non-GAAP measures that exclude certain items detailed after the tables that accompany this press release, under the heading "Supplemental Information Regarding Non-GAAP Financial Measures." The reconciliations of GAAP to non-GAAP financial measures are provided in the tables that accompany this press release.
For full release see:
https://newsroom.thermofisher.com/newsroom/press-releases/press-release-details/2023/Thermo-Fisher-Scientific-Reports-First-Quarter-2023-Results/default.aspx
ACQ_REF: IS/43375/20240513/USA/14/11
ACQ_AUTHOR: Associate/Danny Cliffson Crispin Benos
COPYRIGHT 2024 Acquisdata, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2024 Gale, Cengage Learning. All rights reserved.
