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Futures got a lift after data showed initial claims for state unemployment benefits rose 13,000 to a seasonally adjusted 196,000 for the week ended Feb. 4. The data comes on the heels of a strong January employment report that rattled markets last week. "There are so many companies that are laying off people and that eventually is going to weaken the job market. ET, Dow e-minis were up 213 points, or 0.63%, S&P 500 e-minis were up 33 points, or 0.8%, and Nasdaq 100 e-minis were up 160.5 points, or 1.28%. Ralph Lauren Corp (RL.N) gained 2.4% after beating quarterly revenue expectations on resilient demand for its high-end clothing and accessories.

☆ AbbVie's 2023 profit forecast misses as Humira faces heat from rivals
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

Most analysts are expecting the stock to be driven by management's comments on Humira sales this year during the investor conference call. AbbVie's weak forecast suggests that Humira rivals could nibble away at the blockbuster drug's market share at a faster pace this year than analysts' projections. In the fourth quarter, Humira sales dropped 26.5% to $573 million in international markets such as Europe, where it already faces competition from multiple cheaper versions. Overall, Humira sales rose 4.6% to $5.58 billion, in line with estimates, lifted by growth in the U.S. market. Excluding items, AbbVie earned $3.60 per share in the fourth quarter, beating analysts' average estimates of $3.56 per share.

☆ Futures rise on earnings optimism, Disney climbs on revamp plan
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +3 min

Casino stocks Wynn Resorts (WYNN.O) and MGM Resorts International (MGM.N) gained about 5% each after reporting fourth-quarter results, with Wynn indicating a meaningful return of visitation and demand in Macau during the recent Chinese New Year holiday period. PepsiCo Inc (PEP.O) rose 1.4% as the soda maker reported better-than-expected results for its fourth quarter. Of more than half of the S&P 500 companies that have reported fourth-quarter results so far, 69% have topped analysts' earnings estimates, as per Refinitiv IBES data. ET, Dow e-minis were up 254 points, or 0.75%, S&P 500 e-minis were up 37.25 points, or 0.9%, and Nasdaq 100 e-minis were up 162.5 points, or 1.3%. Reporting by Sruthi Shankar, Medha Singh and Johann M Cherian in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Investor sentiment was further boosted after data showed initial claims for state unemployment benefits rose 13,000 to a seasonally adjusted 196,000 last week, above a forecast of 190,000 claims. The data comes on the heels of a strong January employment report that rattled markets last week. Of more than half of the S&P 500 companies that have reported fourth-quarter earnings so far, 69% have topped estimates, as per Refinitiv data. Advancing issues outnumbered decliners by a 3.03-to-1 ratio on the NYSE and by a 2.17-to-1 ratio on the Nasdaq. The S&P index recorded 14 new 52-week highs and one new low, while the Nasdaq recorded 49 new highs and 20 new lows.

☆ AbbVie Aims for New Drugs to Boost Sales as Competitors Target Humira
▼ + stars: | 2023-02-06 | by ( Jared S. Hopkins | ) www.wsj.com time to read: 1 min

Drugmaker AbbVie Inc. is looking for its next hit. Now that its blockbuster immune-disease therapy Humira is facing lower priced competition, AbbVie is turning to a pair of next-generation successors to replenish the billions of dollars in sales that will be lost, Chief Executive Richard Gonzalez said. It is also betting on four drug approvals by the end of next year.

[1/2] A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. Money market participants see the Fed's terminal rate to settle above 5% by May followed by rate cuts in September. More than 69% of the S&P 500 firms have reported results above expectations, according to Refinitiv. Overall, analysts still expect quarterly earnings of S&P 500 firms declining 2.8%. All of the 11 major S&P 500 indexes were in the red with the real-estate sector (.SPLRCR) slumping 1.5%.

☆ Disney, Pepsi, Uber Set to Report During Lackluster Earnings Season
▼ + stars: | 2023-02-04 | by ( Dia Gill | ) www.wsj.com time to read: 1 min

PepsiCo Inc., Uber Technologies Inc. and Walt Disney Co. are among the companies slated to report earnings in the coming week, during an earnings season marked by cooling demand and throttled profits. Investors will also hear from the food makers Kellogg Co. and Tyson Foods Inc., the healthcare companies CVS Health Corp. and AbbVie Inc., as well as the private-equity firms KKR & Co. and Apollo Global Management Inc. Other companies reporting earnings include PayPal Holdings Inc., S&P Global Inc. and Chipotle Mexican Grill Inc.

☆ Blockbuster Arthritis Drug Humira Faces Competition From First Lower-Price Copycat in U.S.
▼ + stars: | 2023-01-31 | by ( Jared S. Hopkins | ) www.wsj.com time to read: 1 min

Humira, which treats rheumatoid arthritis, psoriasis and other autoimmune diseases, accounts for about a third of AbbVie’s sales. AbbVie Inc.’s arthritis therapy Humira is set to face its first competition in the U.S. from a near-identical copycat, the end of the exclusive run of what was for years the country’s biggest-selling drug. After two decades of patent protection and more than $135 billion in U.S. sales, Humira will contend with the near-identical version from Amgen Inc. starting Tuesday, Amgen said. Other Humira copycats are due to become available later this year.

☆ Abbvie raises sales outlook of two new drugs to more than $17.5 bln in 2025
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: 1 min

Companies Abbvie Inc FollowJan 10 (Reuters) - AbbVie Inc (ABBV.N) on Tuesday raised its sales forecast of new drugs Skyrizi and Rinvoq for 2025 to more than $17.5 billion, compared with its previous outlook of more than $15 billion. The revised forecast comes at a time when the company is facing revenue erosion of its biggest product Humira due to loss of exclusivity and entry of cheaper versions of the drug this year. AbbVie also expects peak sales of Skyrizi and Rinvoq to exceed $21 billion in 2027. The two immunology drugs are part of the company's long-term growth strategy following Humira's loss of exclusivity. Reporting by Leroy Leo in Bengaluru; Editing by Shinjini Ganguli and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Companies Spend Record Amounts on Dividends, Despite Looming Downturn
▼ + stars: | 2022-12-30 | by ( Mark Maurer | ) www.wsj.com time to read: +7 min

They usually review their cash flow expectations for at least the next 18 months when determining whether or how much to pay in dividends, Mr. Silverblatt said. Of the S&P 500, 373 companies raised dividends in 2022 through Dec. 15, compared with 353 in 2021, according to S&P Dow Jones Indices. Five S&P 500 companies decreased their dividend in 2022 through Dec. 15, compared with four in 2021. It paid $7 billion in cash dividends for the year ended Oct. 30, up 13.2% from the prior-year period. Cash and cash equivalents totaled $505.5 million as of Sept. 30, down from $673 million a year earlier, filings showed.

☆ The CIO of a top-performing fund says 2023's stock market will be a tale of 2 halves. He shares the sectors he expects to outperform.
▼ + stars: | 2022-12-27 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

Mike Morey believe the stock market may retest its 2022 lows during the first half of the year. Despite the market chaos, there were two clear standouts that outperformed the broad market: the energy sector and defensive sectors, both of which fall under his area of expertise. The second fund, the Integrity Mid-North American Resources Fund (ICPAX), focuses on the energy sector. He favors defensive sectors such as healthcare, utilities, staples, and traditional telecommunications sectors, which are found in the IDIVX fund. ICPAX's top 10 holdings are Cheniere Energy, Diamondback Energy, OvintivInc., ExxonMobil Corp., Cactu, Nextier Oilfield., Halliburton, Enbridge, Champion, and Marathon Oil.

☆ AbbVie to leave leading U.S. drug industry trade group
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - AbbVie Inc (ABBV.N) is leaving Pharmaceutical Research and Manufacturers of America (PhRMA), the leading U.S. drug industry group said on Thursday. Politico, which first reported on AbbVie's exit, said the drugmaker was also leaving the industry group Biotechnology Innovation Organization as well as Business Roundtable, citing a person with knowledge of the matter. Reuters reported in August the pharmaceutical industry spent at least $142.6 million on lobbying Congress and federal agencies in the first half of 2022, more than any industry. AbbVie said it regularly evaluated its memberships with industry trade associations and decided not to renew with select trade associations, without naming the groups. "AbbVie has decided not to renew their membership with PhRMA in 2023.

Nov 22 (Reuters) - Teva Pharmaceutical Industries Ltd (TEVA.TA) and AbbVie Inc (ABBV.N) have finalized the terms of settlements worth more than $6.6 billion to resolve thousands of lawsuits by U.S. state and local governments over the marketing of opioid painkillers, the companies and lawyers for the governments said Tuesday. Under the deals, first announced in July, Israel-based Teva will pay up to $4.25 billion, including a supply of the overdose drug naloxone. AbbVie will pay up to $2.37 billion. The final amounts of the settlements will depend on how many state and local governments opt into them. The sprawling litigation over opioids, which began in 2017, has yielded more than $40 billion in settlements with drugmakers, distributors and pharmacy chains.

The following are major companies that were accused of contributing to the crisis, and settlements or judgments involving those companies. Teva Pharmaceutical Industries Ltd (TEVA.TA)-In November, finalized claims nationwide for $4.25 billion, some of which is to be paid as a supply of the overdose-reversing drug naloxone. AbbVie Inc (ABBV.N)-In November, finalized a $2.37 billion nationwide settlement resolving claims against Allergan, a company it acquired in 2020. Endo International Plc (ENDPQ.PK)-Reached a $450 million settlement with more than 30 states as part of a bankruptcy filing in August. Mallinckrodt Plc (MNK.A)-Reached a $1.7 billion nationwide settlement as part of its bankruptcy reorganization plan, approved in February.

One of the biggest makers of generic drugs, Israeli-based Teva said it aims eventually to secure a 10% global market share of biosimilars. A division of Novartis (NOVN.S), Sandoz is currently the second biggest player after Pfizer Inc (PFE.N) in the biosimilar market by gross sales globally, per IQVIA data, cited by Sandoz. Sandoz launched eight biosimilar drugs between 2017 and 2021, including a version of Bristol-Myers’ multiple myeloma drug Revlimid. The analysis projected the value of the global biosimilar market could more than triple to an estimated $74 billion by 2030. Sandoz and Teva are both working on biosimilars for Humira.

AbbVie and lawyers for the plaintiffs did not immediately respond to requests for comment. The lawsuit claims the settlements were so-called "pay for delay" deals that violated competition laws in 30 states and resulted in higher prices. The generic companies previously settled with the health plans for a combined $2 million. Allergan previously reached a $750 million settlement of antitrust allegations brought by direct purchasers of Namenda, such as drug distributors. The case is In re Namenda Indirect Purchaser Antitrust Litigation, U.S. District Court, Southern District of New York, No.

Walmart has agreed to pay $3.1 billion, mostly up front, according to two people familiar with the matter. The proposed settlement, which would be the first nationwide deal with retail pharmacy companies, follows nationwide opioid settlements with drugmakers and distributors totaling more than $33 billion. CVS, Walgreens and Walmart are the three largest retail pharmacies in the country by market share. The agency has attributed much of the recent rise in overdose cases to illegally manufactured fentanyl, a powerful synthetic opioid. A congressional report last month put the economic toll of the opioid crisis in 2020 alone at $1.5 trillion.

The proposed settlement calls for CVS to pay $5 billion over 10 years, Walgreens to pay $5.7 billion over 15 years and Walmart to pay $3.1 billion, mostly up front, according to the people. Walgreens and CVS declined to comment. Walmart and a spokesperson for the plaintiffs' attorneys in the litigation did not immediately respond to requests for comment. The proposed settlement, which would be the first nationwide deal with retail pharmacy companies, follows nationwide opioid settlements with drugmakers and distributors totaling more than $33 billion. CVS, Walgreens and Walmart are the three largest retail pharmacies in the country by market share.

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