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☆ Forget Nvidia: Here are four stocks one investor is betting on instead
▼ + stars: | 2024-03-26 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +6 min

Instead, the veteran wealth manager is now looking for stocks in growth sectors that look "reasonably valued." He said the pharmaceutical, real estate, energy and financial sectors were on his radar, and named four stocks that stand out. Pfizer Pharmaceutical company Pfizer — well known for its Covid-19 vaccine — is betting on cancer drugs , following its $43 billion acquisition of Seagen last year . Over the last 12 months, shares of Comerica are up around 28%, although they are down 7.5% year-to-date. According to Factset data, analysts' average price target on the stock is $59.45, giving it around 15% potential upside.

Persons: David Dietze, Dietze, —, Schlumberger —, Dietze's, SLB Organizations: Nvidia, Wealth Management, Pfizer Pharmaceutical, Pfizer, CNBC Pro, Schlumberger, Comerica Locations: Seagen, U.S, SLB, Canada

☆ Drugmakers opt in to Medicare drug price negotiations – here's what happens next
▼ + stars: | 2023-10-02 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

A pharmacist holds a bottle of the drug Eliquis, made by Pfizer Pharmaceuticals, at a pharmacy in Provo, Utah, January 9, 2020. All drugmakers of the first 10 medicines selected for Medicare drug price negotiations have agreed to participate in the talks, even after many of them sued to halt the process last month. The Centers for Medicare & Medicaid Services did not immediately respond to a request to confirm that all drugmakers agreed to the talks. President Joe Biden's Inflation Reduction Act, which passed last year, empowered Medicare to negotiate drug prices for the first time in the program's six-decade history. The pharmaceutical industry also argues that the process will threaten revenue growth, profits and drug innovation.

Persons: Joe Biden's, Boehringer Ingelheim, Johnson Januvia, Merck Farxiga, Novartis Enbrel, Amgen Imbruvica, AbbVie Stelara, Janssen, Bristol Myers, Biden Organizations: Pfizer Pharmaceuticals, CNBC, Medicare, Services, Sunday, Bristol Myers Squibb Jardiance, Johnson, Merck, AstraZeneca Entresto, Novartis, Novo Nordisk, U.S, CMS, Bristol, Bristol Myers Squibb Locations: Provo , Utah

☆ Federal judge declines to block Medicare drug price negotiations
▼ + stars: | 2023-09-29 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

A pharmacist holds a bottle of the drug Eliquis, made by Pfizer Pharmaceuticals, at a pharmacy in Provo, Utah, January 9, 2020. A federal judge on Friday declined to block the Biden administration from implementing Medicare drug price negotiations, upholding for now a controversial process that aims to make costly medications more affordable for older Americans. That date is the deadline for manufacturers of the first 10 drugs selected for negotiations to agree to participate in the talks. Newman also gave the Biden administration until Oct. 27 to renew its motion to dismiss the case. The ruling from Newman is a blow to the pharmaceutical industry, which views the process as a threat to its revenue growth, profits and drug innovation.

Persons: Biden, Judge Michael Newman, Newman, Donald Trump, Joe Biden's, Johnson Organizations: Pfizer Pharmaceuticals, Southern, Southern District of Ohio, Chamber of Commerce, Chamber, Merck, Johnson Locations: Provo , Utah, Southern District

ROCKY MOUNT, N.C. (AP) — A major Pfizer pharmaceutical plant in North Carolina that makes critical supplies for U.S. hospitals has restarted production about 10 weeks after it was heavily damaged by a tornado, the company announced Monday. Getting a majority of manufacturing lines at the Rocky Mount facility back up and running is a “proud achievement,” Pfizer said in a statement. But most of the damage was to a storage facility for raw materials, packaging supplies and finished medicines, rather than its medicine production areas, Pfizer said. The plant produces anesthesia and other drugs as well as nearly one-fourth of the sterile injectable medications Pfizer supplies to U.S. hospitals, the company said. Thirteen medicines were prioritized based on patient need and inventory levels, and are now back in production on the lines that have restarted, Pfizer said.

Persons: ROCKY, ” Pfizer Organizations: Pfizer, Rocky Locations: N.C, North Carolina, U.S

☆ Pfizer restarts production at tornado-hit North Carolina plant, but drug supply will still be affected
▼ + stars: | 2023-09-25 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

In this aerial image, damage is seen at a Pfizer pharmaceutical factory after a tornado hit the facility two days earlier, in Rocky Mount, North Carolina, July 21, 2023. In a statement, Pfizer stressed that it has only made the "first step toward full recovery" of its plant in Rocky Mount, North Carolina. The Rocky Mount plant supplies nearly 8% of all sterile injectable medicines used in U.S. hospitals, including anesthesia, analgesia, therapeutics, anti-infectives and neuromuscular blockers. Pfizer on Monday said it has restarted production of about 13 medicines, which were prioritized based on "patient need and inventory levels." Pfizer said it is also continuing to monitor emergency request orders for certain medicines manufactured at the Rocky Mount plant.

Organizations: Pfizer, American Society of Health Locations: Rocky Mount, North Carolina, U.S

☆ White House inflicts Big Pharma ills
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

If just one or two big medications were going to be renegotiated, the industry could shoulder the change. The IRA, signed into law last year, allows Medicare to negotiate prices for some of its most costly drugs. Though specificities are unclear, a quick look at one of the biggest sellers under the program, blood thinner Eliquis, suggests Big Pharma could shoulder a discount. At 11 times earnings over the next 12 months, that’s less than 10% of the firm’s $205 billion market capitalization. Put this on the same multiple of 11 times, and it would be a $275 billion hit to the industry.

Persons: George Frey, Biden, Robert Cyran, Xpeng’s Didi, Lauren Silva Laughlin, Sharon Lam Organizations: Pfizer Pharmaceuticals, REUTERS, Reuters, Big, Medicare, Pfizer, Bristol, Myers Squibb, Congressional, Office, X, Thomson Locations: Provo , Utah, U.S

☆ Pfizer says no major tornado damage to drug manufacturing areas of North Carolina facility
▼ + stars: | 2023-07-21 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

In this aerial image, damage is seen to a Pfizer pharmaceutical factory after a tornado hit the facility two days earlier, on July 21, 2023 in Rocky Mount, North Carolina. Pfize r on Friday said there does not appear to be major damage to the drug manufacturing areas of its plant in Rocky Mount, North Carolina, after a tornado hit the facility two days earlier. The North Carolina plant is closed while Pfizer and both local and federal authorities further evaluate the damage. It's one of 10 Pfizer manufacturing sites in the country. Pfizer also noted that it is working closely with Food and Drug Administration Commissioner Robert Califf, North Carolina Gov.

Persons: it's, Robert Califf, Roy Cooper, Califf Organizations: Pfizer, Food and Drug, North Carolina Gov, FDA Locations: Rocky Mount, North Carolina, U.S, North

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