AbbVie Inc. (ABBV) reported a profit, compared with a loss a year
earlier, as its research and development costs fell by billions.
The company’s profit was $2.8 billion, compared with a loss of $1.83
billion a year earlier. Earnings were $1.88 a share, compared with a
loss of $1.23 a share.
Adjusted earnings were $2.21 a share, up from $1.90 a share. According to FactSet, analysts were expecting $2.19 a share.
Net revenue was $8.7 billion, up 4.8%. Analysts were expecting $8.69 billion.
The company’s research and development costs sank to $1.54 billion.
In the fourth quarter of 2018, they were $6.5 billion. AbbVie also
reported $890 million in other operating income.
At the same time, the company reported $416 million in net other
expense, compared with net other income of $393 million a year earlier.
AbbVie also had $273 million in income tax expense compared with an
income tax benefit of $547 million a year earlier.
https://www.marketscreener.com/ABBVIE-INC-12136589/news/AbbVie-Reports-4Q-Profit-Bump-in-Net-Revenue-29958596/?countview=0
Friday, February 7, 2020
VTv Therapeutics up 21% after hours ahead of key data readout
Thinly traded micro cap vTv Therapeutics (NASDAQ:VTVT) is up 21% after hours in response to its announcement that it will release topline data from Part 2 of a Phase 2 clinical trial, Simplici-T1,
evaluating TTP399 as oral adjunctive therapy to insulin in adults with
type 1 diabetes (T1D) at 7:00 am ET on Monday, February 10.
A conference call will follow at 8:30 am.
In June 2019, it announced positive
results from Part 1 of the study that showed treatment with TTP399
lowered HbA1c levels by an average of 8.2% at week 12 compared to a 1.4%
increase in the placebo group.
The company says TTP399 activates
an enzyme called glucokinase (GK) which is a key regulator of glucose
levels, adding that it only activates GK in the liver thereby avoiding
disruption in the interaction between GK and glucokinase regulatory
protein which can lead to hypoglycemia, limited durability of response
and other side effects, problems that have troubled other GK activators.
https://seekingalpha.com/news/3539835-vtv-therapeutics-up-21-after-hours-ahead-of-key-data-readoutGilead an acquisition target? Deep pockets required
Jefferies’ Michael Yee says investors believe that Gilead Sciences (GILD +0.6%)
is an acquisition target considering its near-term share performance
(at the same level as three years ago with some volatility thrown in)
and tepid growth prospects (little or no topline increase expected this
year).
He equates its current situation with Allergan (AGN +2%), acquired by AbbVie (ABBV +5.2%) for $63B and Celgene (CELG), acquired by Bristol-Myers Squibb (BMY -1.6%) for $74B, albeit it is not an “obvious” takeover target.
Any potential suitor will need deep pockets. For
comparison purposes, AbbVie paid a 2.8x multiple of Allergan’s trailing
12-month revenues while BMY paid 4.4x for Celgene. GILD’s current market
cap is ~$90B or 4.0x times its most recent 12-month revenues. Since
management is unlikely to embrace a no-premium bid, an offer would
probably need to be $100B – 125B, an amount very few companies could
digest.
https://seekingalpha.com/news/3539763-gilead-acquisition-target-deep-pockets-requiredBenitec Biopharma up 87% on potential U.S. domicile
Ultra-thinly traded nano cap Benitec Biopharma Ltd. (BNTC +87%) rockets up on a healthy 40x surge in volume, albeit on turnover of only 884K shares, in apparent reaction to its disclosure that it may re-domicile from Australia to the U.S.
The Supreme Court of Queensland has ordered the
company to convene a meeting of shareholders on Thursday, March 26, to
approve an arrangement whereby a newly formed U.S. corporation will
become the parent company of the Benitec group. If implemented, Benitec
shareholders will receive 1 common share of the U.S. parent company for
every 300 Bentic shares owned.
https://seekingalpha.com/news/3539741-benitec-biopharma-up-87-on-potential-u-s-domicileMeridian Bioscience EPS beats by $0.04, misses on revenue
Meridian Bioscience (NASDAQ:VIVO): Q1 Non-GAAP EPS of $0.10 beats by $0.04; GAAP EPS of $0.07 beats by $0.01.
Revenue of $47.42M (-7.9% Y/Y) misses by $1.29M.
https://seekingalpha.com/news/3539650-meridian-bioscience-eps-beats-0_04-misses-on-revenueMyriad Genetics slips after weak FQ2 and guidance cut
Myriad Genetics (MYGN) fiscal Q2 results:
Revenues: $195.1M (-10.0%); Molecular diagnostic testing: $181.1M (-10.8%); Pharmaceutical and clinical services: $14M (+1.4%).
Revenue in Q2 fell short of expectations largely due to the prenatal business.
Net loss: ($8.3M); loss/share: ($0.11); non-GAAP Net Income: $17.6M (-39.7%); non-GAAP EPS: $0.23 (-39.5%).
CF Ops: $13.9M (-69.5%).
Fiscal Q3 guidance: Revenue:
$172M vs. $201.44 mln S&P Capital IQ Consensus; EPS: ($0.30);
non-GAAP EPS: $0.02 vs. $0.29 S&P Capital IQ Consensus.
Fiscal 2020 guidance: Revenue:
$735M from $800M – 810M, ($807.66M S&P Capital IQ Consensus); EPS:
($0.80) from ($0.25 – 0.15); non-GAAP EPS: $0.45 from $1.00 – 1.10,
( $1.02 S&P Capital IQ Consensus).
Shares are down 27% premarket.
Previously: Myriad Genetics EPS misses by $0.06, misses on revenue (Feb. 6)
https://seekingalpha.com/news/3539659-myriad-genetics-slips-27-premarket-after-weak-fq2-and-guidance-cutOcular Therapeutix up on encouraging OTX-TIC data
Ocular Therapeutix (NASDAQ:OCUL) announces positive
results from a Phase 1 clinical trial evaluating a single insertion of
OTX-TIC in patients with primary open-angle glaucoma or ocular
hypertension. The data are being presented at the Glaucoma 360
conference in San Francisco.
Results from the first two fully enrolled cohorts
(n=5 and n=4, respectively) showed decreased average intraocular
pressure (IOP) values that were sustained through the study period and
beyond (18 months in one participant).
No serious adverse events were reported.
OTX-TIC is a bioresorbable implant containing
micronized travoprost that is injected into the anterior chamber of the
eye, releasing the drug over a four-to-six-month timeframe.
https://seekingalpha.com/news/3539669-ocular-therapeutix-up-11-premarket-on-encouraging-otx-tic-data
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