Risk/Reward archive
Pfizer (PFE) reported 25Q3 revenues of $16.7 billion, down 5.9% from 24Q3 and 6.3% below my estimate. All of the decline was due to declines in COMIRNATY and PAXLOVID, the COVID-19 medicines, compared with both prior year levels…
Continue reading →25Q3 sales rose 3.7% to $17.3 billion, exceeding my estimate by 3.9%. The revenue beat was due mostly to higher than anticipated sales of GARDASIL. Although GARDASIL sales were down 24% YOY, they were up 55% sequentially, breaking…
Continue reading →25Q3 net revenue rose 2.8% to $12.2 billion, as an 18.0% rise in the growth portfolio more than offset an 11.8% decline in the legacy portfolio. Dollar sales gains in Eliquis, Opdivo, Reblozyl, Camzyos and Breyanzi were partially…
Continue reading →GEHC reported 25Q3 revenues of $5.14 billion, up 5.7% YOY and 2.9% above my estimate. Revenues rose 20.0% in Pharmaceutical Diagnostics (PDx), 7.0% in Advanced Visual Solutions, 5.4% in Imaging, but fell 6.2% in Patient Care Solutions (PCS). …
Continue reading →Pfizer (PFE) reported 25Q2 revenues of $14.7 billion, up 10.3% from 24Q2 and 6.1% above my estimate. The sales gains were broad based across the company’s commercial portfolio, with the greatest dollar contributions coming from the Vyndaqel family,…
Continue reading →25Q2 sales decreased 1.9% to $15.8 billion and were 0.8% below my estimate. GARDASIL sales declined by $1.3 billion or 55%, hurt by a lack of pull through in China. (Thus, the company’s suspension of shipments to China…
Continue reading →25Q2 net revenue rose 0.6% to $12.3 billion, as a 17.9% gain in the growth portfolio more than offset a 14.1% decline in the legacy portfolio. Among the individual medicines, sales gains in Eliquis, Breyanzi, Opdivo, Reblozyl and…
Continue reading →GEHC reported 25Q2 revenues of $5.00 billion, up 3.5% YOY and in line with my estimate. Revenues rose 14.1% in Pharmaceutical Diagnostics (PDx), 3.2% in Advanced Visual Solutions, 1.5% in Imaging and 0.8% in Patient Care Solutions (PCS). …
Continue reading →Pfizer (PFE) reported 25Q1 revenues of $13.7 billion, down 7.8% from 24Q1 and 6.5% below my estimate. The shortfalls from the prior year and my estimate were due to much lower than anticipated sales of Paxlovid. Sales of…
Continue reading →25Q1 sales decreased 1.6% to $15.5 billion and were 2.0% below my estimate. Excluding currency, sales rose 1%. Sales gains in KEYTRUDA, WINREVAIR and Animal Health offset a 41% drop in GARDASIL sales, as a sharp drop in…
Continue reading →GEHC reported 25Q1 revenues of $4.78 billion, up 2.7% YOY and in line with my estimate. Revenues rose 5.5% in Pharmaceutical Diagnostics (PDx), 3.8% in Imaging, 1.0% in Advanced Visual Solutions and 0.8% in Patient Care Solutions (PCS). …
Continue reading →Organon (OGN) reported 25Q1 GAAP diluted EPS of $0.33, down from $0.78 a year ago. Non-GAAP EPS was $1.02, down from $1.22. I had anticipated GAAP EPS of $0.61 and non-GAAP EPS of $0.92. Revenues of $1.51 billion…
Continue reading →25Q1 net revenue decreased 5.6% to $11.2 billion, as declines in Eliquis and Revlimid were only partially offset by an increase in Opdivo. BMY’s growth portfolio posted a 16.1% YOY revenue increase, the slowest in a year; while…
Continue reading →Citius Pharmaceuticals (CTXR) posted a 25Q1 loss of $9.8 million or $1.30 per share. I had projected a loss of $7.0 million or $0.93 per share. Operating expenses, including R&D, G&A and (non-cash stock-based compensation, were greater than…
Continue reading →24Q4 revenues were $1.59 billion, up 3% at constant currency but down 0.4% YOY and 2.8% below my estimate. GAAP diluted EPS was $0.42, compared with 23Q4’s $2.13 and my estimate of $0.60. Non-GAAP EPS of $0.90 was…
Continue reading →Pfizer (PFE) reported 24Q4 revenues of $17.8 billion, up 24.7% from 23Q4 and 3.4% above my estimate. Sales of Comirnaty were much stronger than expected, but that was mostly offset by lower than projected sales of Paxlovid. GAAP…
Continue reading →GEHC reported 24Q4 revenues of $5.32 billion, up 2.2% YOY and slightly below my estimate of $5.39 billion. Revenues were flat in the Imaging and Patient Care Solutions (PCS) segments, but rose 4.1% in Advanced Visual Solutions (AVS)…
Continue reading →24Q4 sales rose 6.8% to $15.6 billion. Excluding currency, sales rose 9%. Once again, a high teens percentage gain in KEYTRUDA sales more than offset declining sales in most of the rest of the portfolio. GAAP diluted EPS…
Continue reading →24Q4 net revenue rose 7.5% to $12.3 billion, with gains in Eliquis and the growth portfolio more than offsetting LOE-related declines in Revlimid, Pomalyst, Sprycel and Abraxane. Growth portfolio net revenues rose 9.5% sequentially and 29% YOY. Gross…
Continue reading →Citius Pharmaceuticals (CTXR) posted a 24Q4 loss of $11.8 million or $1.64 per share. Excluding an estimated $6 million milestone payment, which I had incorrectly expensed rather than capitalized, I had projected a $12.5 million or $1.73 per…
Continue reading →24Q3 sales rose 4.3% to $16.7 billion. Excluding currency, sales rose 7%. Once again, a double-digit gain in KEYTRUDA sales more than offset declining sales in the rest of the portfolio. GAAP diluted EPS was $1.24, below 23Q3’s…
Continue reading →Pfizer (PFE) reported 24Q3 revenues of $17.7 billion, up 33.8% from 23Q3, and 13% above my estimate. The key driver of the revenue beat came from Paxlovid, which posted sales of $2.7 billion, beating my estimate of $400…
Continue reading →24Q3 net revenue rose 8.4% to $11.9 billion, with gains in Eliquis, Reblozyl, Breyanzi and Opdivo as well as other medicines from BMY’s growth portfolio more than offsetting an LOE-related decline in Sprycel. Growth portfolio net revenues rose…
Continue reading →24Q3 revenues were $1.58 billion, up 4.1% year-over-year and up 5% at constant currency. GAAP diluted EPS was $1.38, compared with 23Q3’s $0.23, but above my estimate of $0.63. Non-GAAP EPS of $0.87 was even with last year,…
Continue reading →GEHC reported 24Q3 revenues of $4.86 billion, up 0.9% YOY and matching my estimate of $4.90 billion. Revenues were flat, except Life Support Solutions (within the PCS segment), where sales rose 16.8%, and the PDx segment, up 12.5%. …
Continue reading →