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$PFE Pfizer today announced that the U.S. Federal Trade Commission has given clearance for Pfizer’s pending acquisition of Hospira. The FTC’s clearance is contingent upon Pfizer’s divestment of four U.S. injectable assets. Additionally, Brazil’s Superintendency-General of CADE has published its unconditional clearance decision.
$PFE anticipates its fiscal 2018 revenue will be in the range of $53.5Bil to $55.5Bil, with the midpoint implying a 4% annual growth. Non-GAAP earnings per share are forecasted between $2.90 and $3.00. This year, the company expects repatriation tax liability of about $15Bil, payable to the US Treasury.
Pharmaceutical giant $PFE said its profit surged in fourth quarter, owing to a huge tax gain. Earnings jumped to $2.02 per share from $0.13 per share last year. Revenues remained broadly unchanged at $13.7Bil, with a rise in Innovative Health revenue offsetting a decline in Essential Health. Non-GAAP earnings were $0.61 per share, up 32% from 4Q16.
Arvinas LLC collaborates with $PFE for the discovery and development of drug candidates using Arvinas' PROTAC Platform, a novel technology used to create small molecule therapeutics aimed at degrading disease-causing cellular proteins. Arvinas may receive up to $830MM in upfront and potential development and commercialization milestone payments.
$PFE announced that the US FDA has granted Breakthrough Therapy Designation for avelumab in combination with INLYTA for treatment-naive patients with advanced renal cell carcinoma (RCC). This is the second Breakthrough Therapy Designation granted to avelumab.
The BoD of $PFE has increased the quarterly dividend by 6% to $0.34 per share. The first quarter 2018 cash dividend will be payable on March 1, 2018, to shareholders of record on Feb. 2, 2018. The board also authorized a new $10Bil share repurchase program, in addition to the $6.4Bil remaining under the current authorization.
FDA accepts to review $LLY's Galcanezumab, an injectionable drug for the treatment of migraine. Rivals $NVS and $AMGN already filed their migraine drug with FDA in July 2017, while $TEVA is also expected to join the race. Lilly's pain portfolio also includes Tanezumab, developed in partnership with $PFE, for the treatment of osteoarthritis.
$JCI's BoD appointed John Young to serve as a director. Young is currently group president of $PFE Essential Health. Effective Jan. 1, 2018, he will become group president of Pfizer Innovative Health, which comprises six business groups focused on improving health through innovative products covering every stage of life.
$PFE enters into agreement with Basilea Pharmaceutica Ltd to develop and commercialize CRESEMBA in China and Asia Pacific region. CRESEMBA is a novel antifungal medicine for the treatment of adult patients with diagnosed invasive aspergillosis and mucormycosis.
$PFE has named Albert Bourla as COO effective Jan. 1, 2018. Also effective Jan. 1, John Young, Group President, Pfizer Essential Health will become Group President, Pfizer Innovative Health. Angela Hwang, Global President and General Manager for Pfizer Inflammation & Immunology will succeed John Young as Group President, Pfizer Essential Health.
$PFE welcomes the potential changes in drug distribution models. With $AMZN considering an entry into the pharmacy space, CEO Ian Read on the company's 3Q17 earnings call said, “Any system of distribution that can cut costs and get a wide availability of products to patients is something that the whole industry would be interested.”
$PFE’s Innovative Health business had strong 3Q17, driven by continued growth of key brands, including Ibrance and Eliquis globally and Xtandi, Lyrica, Xeljanz and Chantix in the US. On the other hand, Essential Health business saw revenue declining in the quarter, but had strong operational growth in emerging markets and in biosimilars portfolio.
$PFE's Innovative Health division, which sells newer, patent-protected medicines, posted an 11% increase in revenue for 3Q17, while Essential Health, that sells older drugs, fell 12%. The company lifted its FY17 EPS forecast to $2.58-2.62 from the previous range of $2.54-2.60, with revenue ranging between $52.4Bil and $53.1Bil.
With slightly higher sales and lower one-time charges, $PFE saw its profit double for 3Q17 to $2.8Bil, or $0.47 per share, from $1.35Bil, or $0.22 per share, a year ago. Revenue edged up nearly 1% to $13.2Bil, driven by higher sales from most of its key new drugs, including cancer medicine Ibrance that grew 60% YoY.