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Reverse discrimination lawsuits are common, but there is little court precedent on the legality of whole diversity programs. The Supreme Court in a 1979 ruling upheld a chemical company's policy that at least half of its trainees for skilled craft positions be Black. By calling out specific admissions policies, such as giving "pluses" to minority students, the court's decision is likely to embolden critics who claim workforce diversity programs similarly give unfair advantages to certain groups. The Pfizer case was brought by Do No Harm, a conservative activist group that has challenged several diversity programs in healthcare. Those broad policies are likely insulated from legal challenges, according to Doug Brayley, a Boston-based partner at law firm Ropes & Gray.

Persons: Evelyn Hockstein, Gray, Thursday’s, John Roberts, Neil Gorsuch, “, ”, Dan Morenoff, George Floyd, Andrea Lucas, Lucas, Donald Trump, Roberts, Edward Blum, Blum, Doug Brayley, ” Brayley, Daniel Wiessner, Alexia Garamfalvi, Alistair Bell Organizations: U.S, Supreme, Harvard University, University of North, REUTERS, American Civil Rights, Opportunity Commission, Republican, Democratic, Pfizer Inc, Pfizer, Conservative, Gray, Thomson Locations: University of North Carolina, Washington , U.S, Boston, Albany , New York

Adding to uncertainty was the start of the second quarter's final week on Monday, weeks ahead of the financial reporting season. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 15, 2022. But Carnival (CCL.N) slumped 7.6% after the cruise operator forecast third-quarter earnings below Wall Street expectations. The S&P 500 posted 18 new 52-week highs and two new lows; the Nasdaq Composite recorded 53 new highs and 154 new lows. On U.S. exchanges 9.28 billion shares changed hands compared with the 11.62 billion average for the last 20 sessions.

Persons: Tesla, Aston Martin, Vladimir Putin's, Putin, Jerome Powell, Carol Schleif, they've, Schleif, Chris Zaccarelli, Zaccarelli, Brendan McDermid, Powell, Goldman Sachs, UK's Aston Martin, decliners, Sinéad Carew, Sruthi Shankar, Johann M, Shinjini Ganguli, Richard Chang Organizations: Pfizer, Aston, Dow, Nasdaq, Monday, U.S . State Department, Meta Platforms Inc, Inc, Tesla Inc, BMO, Investors, Independent, Alliance, Dow Jones, New York Stock Exchange, REUTERS, University of, Pfizer Inc, UBS, Ares Management, NYSE, Thomson Locations: Russia, Minneapolis, Charlotte, North Carolina, New York City, U.S, New York, Bengaluru

June 26 (Reuters) - U.S. stocks closed lower on Monday, as investors were wary of making riskier bets after Russia's aborted weekend mutiny. Investors were uncertain about the implications of the rebellion by Russian mercenaries that raised questions about President Vladimir Putin's future. Growth stocks weighed the most on the main indexes, with Meta Platforms Inc (META.O), Alphabet Inc (GOOGL.O) and Tesla Inc (TSLA.O) falling sharply. With this uncertainty in mind Schleif noted that investors were taking some profits in growth stocks that had advanced sharply this year. But Carnival (CCL.N) slumped after the cruise operator forecast third-quarter earnings below Wall Street expectations.

Persons: Vladimir Putin's, Putin, Jerome Powell, Carol Schleif, they've, Schleif, Chris Zaccarelli, Zaccarelli, Goldman Sachs, UK's Aston Martin, Sinéad Carew, Sruthi Shankar, Johann M, Shinjini Ganguli, Richard Chang Organizations: Monday, U.S . State Department, Meta Platforms Inc, Inc, Tesla Inc, Nasdaq, BMO, Independent, Alliance, Dow Jones, University of, Pfizer Inc, UBS, Ares Management, Thomson Locations: Russia, Minneapolis, Charlotte, North Carolina, U.S, New York, Bengaluru

Pfizer CEO Albert Bourla has said an obesity pill could eventually be a $10-billion-a-year product for Pfizer. Truist Securities analyst Robyn Karnauskas said Lilly is now ahead in the race for a once-a-day obesity pill. Pfizer said last month that danuglipron helped patients lose weight on par with Novo Nordisk's (NOVOb.CO) Ozempic in a mid-stage study that tested it in patients with Type 2 diabetes. None of the patients in the lotiglipron trials reported liver-related symptoms or side effects, there was no evidence of liver failure and none required treatment, Pfizer said. Liver enzyme elevations observed in lotiglipron trials have not been seen in patients enrolled in danuglipron trials, the company added.

Persons: Albert Bourla, Eli Lilly, LLY.N, Robyn Karnauskas, Lilly, Pfizer, danuglipron, Manas Mishra, Leroy Leo, Michael Erman, Pooja Desai, Jason Neely, Deepa Babington Organizations: Pfizer Inc, Pfizer, NYSE Arca Pharmaceutical, Truist Securities, Novo Nordisk's, Thomson Locations: United States, Bengaluru, New Jersey

Technology (.SPLRCT) and real estate sectors (.SPLRCR) were the other top gainers among the 11 major S&P 500 sectors. ET, the Dow Jones Industrial Average (.DJI) was down 19.60 points, or 0.06%, at 33,707.83, the S&P 500 (.SPX) was up 6.90 points, or 0.16%, at 4,355.23, and the Nasdaq Composite (.IXIC) was up 51.68 points, or 0.38%, at 13,544.20. Advancing issues outnumbered decliners by a 2.97-to-1 ratio on the NYSE and 1.37-to-1 ratio on the Nasdaq. The S&P index recorded 17 new 52-week highs and one new low, while the Nasdaq recorded 37 new highs and 67 new lows. Reporting by Sruthi Shankar and Johann M Cherian in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Aston Martin, Jerome Powell, Randy Frederick, Charles Schwab, Goldman Sachs, UK's Aston Martin, Lockheed Martin, Sruthi Shankar, Johann M, Shinjini Organizations: Pfizer, Aston, Dow, Nasdaq, Technology, University of, Dow Jones, Pfizer Inc, Inc, UBS, Tesla, Ares Management, Lockheed, Northrop Grumman Corp, Raytheon Technologies, NYSE, Thomson Locations: Russian, U.S, Russia, Bengaluru

CompaniesCompanies Law Firms Pfizer Inc FollowSanofi SA FollowJune 23 (Reuters) - GSK (GSK.L) reached a settlement with a U.S. citizen who alleged its discontinued heartburn drug Zantac caused cancer, the British pharmaceutical giant said on Friday, preventing the first such lawsuit from going to trial. The case, brought by California resident James Goetz in Alameda County Superior Court, was to go to trial on July 24 and would have been the first test of how Zantac cancer claims fared before a jury. The parties reached a confidential settlement and the trial will be dismissed, GSK said. Originally marketed by a forerunner of GSK Plc, Zantac was later sold successively to Pfizer (PFE.N), Boehringer Ingelheim and finally Sanofi (SASY.PA). Last month, a Canadian court dismissed a proposed class action against Zantac over increased cancer risk.

Persons: James Goetz, Zantac, Boehringer Ingelheim, GSK's, Eva Mathews, Dhanya Ann Thoppil, Barbara Lewis Organizations: Law, Pfizer, Sanofi, GSK, Alameda County Superior Court, GSK Plc, U.S . Food, Drug Administration, Thomson Locations: California, Alameda County, U.S, Zantac, Bengaluru

☆ Pfizer says its experimental antibiotic combo can treat some superbug infections
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Johanna Geron/File PhotoJune 1 (Reuters) - Pfizer Inc (PFE.N) said on Thursday data from late-stage trials showed its experimental combination of antibiotics was effective in treating deadly infections caused by drug-resistant bacteria. Deaths from antibiotic-resistant bacteria, also known as superbugs, have been on the rise globally, and health regulators have called for the development of newer treatments as resistance to older antibiotics grows. The late-stage studies compared the experimental combination of the antibiotics aztreonam-avibactam (ATM-AVI) and existing generic drug metronidazole with a combination of two older antibiotics - meropenem and colistin - to treat complicated intra-abdominal infections and types of hospital-acquired pneumonia. Pfizer said the data from the studies shows the antibiotic combination of ATM-AVI is effective and well-tolerated in treating infections caused by gram-negative bacteria. For patients with types of hospital-acquired pneumonia and ventilator‐associated pneumonia, the cure rate was 45.9% for Pfizer's antibiotic combination with metronidazole, versus 41.7% for other, older treatments.

Persons: Johanna Geron, Leroy Leo, Sriparna Roy, Pooja Desai Organizations: Pfizer, REUTERS, Pfizer Inc, Disease Control, Thomson Locations: Puurs, Belgium, United States, Bengaluru

[1/3] A vial labelled "CureVac COVID-19 Vaccine" is seen in this illustration taken January 16, 2022. REUTERS/Dado Ruvic/IllustrationMay 19 (Reuters) - CureVac NV said on Friday it had filed an expanded patent infringement claim against Pfizer Inc (PFE.N) and BioNTech over the use of mRNA technology and that a U.S. court had granted its request to transfer the trial. In July 2022, CureVac had filed a patent lawsuit against BioNTech over the use of mRNA technology in the companies' COVID-19 vaccine. Pfizer and BioNTech in response had filed a complaint with the U.S. District Court in Massachusetts, seeking a judgment that they did not infringe U.S. patents held by CureVac. The companies have previously told the court that their COVID vaccine Comirnaty does not work in the same way as CureVac's patented technology.

☆ Brokerage Charles Schwab joins corporate debt rush with $2.5 billion offering
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - Charles Schwab Corp (SCHW.N) is looking to raise up to $2.5 billion through a debt offering, the brokerage said on Thursday as more companies aim to benefit from investors trying to capitalize on a spike in yields. The Texas-based company will raise the debt in two parts, via notes due in 2029 and 2034 and will use it for its corporate needs. If held to maturity, the 2029 notes would yield 205 basis points more than the benchmark, risk-free U.S. 5-year Treasury , while the yield on 2034 notes would be 227 bps above the U.S. 10-year Treasury yield. On Wednesday, Pfizer Inc (PFE.N) announced its largest debt offering of $31 billion to fund its proposed acquisition of Seagen Inc (SGEN.O). BofA Securities, Citigroup, Credit Suisse Securities, Goldman Sachs, J.P. Morgan Securities and Wells Fargo Securities are the joint book-running managers for the offering.

☆ Pfizer to raise $31 bln for Seagen takeover in largest debt offering
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Pfizer Inc (PFE.N) is planning to raise $31 billion through its largest debt offering to finance its proposed acquisition of Seagen Inc (SGEN.O), the drugmaker said late on Tuesday. Rival Abbvie Inc (ABBV.N) had in 2019 made a $30 billion debt offering, which was used to finance its $63 billion buyout of Botox maker Allergan. The amount is more than double that of Pfizer's 2009 debt raise of $13.5 billion. The debt offering, which would be in eight tranches, is expected to close on May 19. Yield to maturity on Pfizer's 10-year bonds would be 125 basis points higher than the benchmark risk-free U.S. 10-year Treasury .

☆ Analysis: Amgen's antitrust woes spur wider pharmaceutical deal fears
▼ + stars: | 2023-05-17 | by ( David Carnevali | ) www.reuters.com time to read: +4 min

Even shares of drug companies that do not have pending deals but are seen by analysts and investors as potential acquisition targets were hit. FTC officials did not respond to a request for comment on whether they planned to challenge any other pharmaceutical acquisitions. "We could see similar challenges to the Pfizer/Seagen deal" BMO analysts wrote in a note, arguing that the FTC could target other major drug companies with the resources to engage in bundling. UNDER THE RADARConversely, investors and analysts are hoping that smaller pharmaceutical acquisitions will continue to fly under the radar of regulators. Reporting by David Carnevali in New York; Editing by Greg Roumeliotis and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Pfizer plans $31 bln debt offering to fund Seagen takeover
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Pfizer Inc (PFE.N) said on Tuesday it plans to raise $31 billion from a debt offering to finance its proposed acquisition of Seagen Inc (SGEN.O). Pfizer struck a $43 billion deal in March to acquire Seagen and its targeted cancer therapies as it prepares for a steep fall in COVID-19 sales and generic competition for some top-selling drugs. The company has been pumping billions of dollars into research and acquisitions to mitigate an anticipated $17 billion hit to revenue by 2030 from patent expirations for top drugs, and a decline in demand for COVID products. The debt offering, which would be in eight tranches, is expected to close on May 19, the company said, adding that BofA Securities, Citigroup (C.N), Goldman Sachs (GS.N) and J.P. Morgan (JPM.N) are acting as the joint lead managers and joint book-running managers. Reporting by Kanjyik Ghosh in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Novo Nordisk's weight-loss drug cuts heart disease risk in study
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +3 min

[1/2] A selection of injector pens for the Wegovy weight loss drug are shown in this photo illustration in Chicago, Illinois, U.S., March 31, 2023. AMGENAmgen's (AMGN.O) experimental obesity drug, AMG133, showed a mean weight loss of 14.5% after 12 weeks of treatment at the highest monthly dose. The company plans to test higher doses of the drug over a longer treatment window in a mid-stage trial. ZEALAND PHARMADenmark's Zealand Pharma (ZELA.CO) and Boehringer Ingelheim's experimental obesity treatment achieved up to 14.9% weight loss in a mid-stage trial on Wednesday. OPKO HEALTH Opko Health (OPK.O) has completed a mid-stage trial of its obesity drug, pegapamodutide, which it expects will have fewer side effects.

Persons: Jim Vondruska, Wegovy, Eli Lilly, ELI LILLY Lilly, Mounjaro, LLY.N, danuglipron, AMGEN, ALTIMMUNE, Mariam Sunny, Pratik Jain, Sriparna Roy, Sriraj Kalluvila, Anil D'Silva Organizations: REUTERS, Novo Nordisk, Pfizer, NOVO NORDISK Novo Nordisk, Novo, PFIZER Pfizer Inc, danuglipron, THERAPEUTICS, Therapeutics, ZEALAND PHARMA Denmark's Zealand Pharma, Thomson Locations: Chicago , Illinois, U.S, Bengaluru

☆ Novo Nordisk rivals see room to compete in $100 billion weight-loss drug market
▼ + stars: | 2023-05-04 | by ( Michael Erman | ) www.reuters.com time to read: +6 min

The company has two oral GLP-1 drugs in mid-stage trials, and aims to choose one for a late-stage trial this year. He forecasts GLP-1s or similar drugs topping $100 billion in annual sales early in the 2030s, with Lilly's product accounting for more than $50 billion in sales. Smaller biotechs are also vying for a piece of the obesity market and hope large pharmaceutical companies will pay up for partnerships. "I don't know if it's $90 billion or $80 billion or $50 billion. The current GLP-1 drugs can cause nausea and vomiting.

However, with inflation running well over the central bank's 2% target and a still-strong labor market, chances of rate cuts seem less likely. With Monday's manufacturing data giving the Fed enough room for more near-term tightening, all eyes will be on jobs and factory orders data after the opening bell. ET, Dow e-minis were down 79 points, or 0.23%, S&P 500 e-minis were down 7.5 points, or 0.18%, and Nasdaq 100 e-minis were down 6 points, or 0.05%. Educational services company Chegg (CHGG.N) tanked 45.6% on a downbeat second-quarter revenue forecast on increasing competition from ChatGPT. Icahn Enterprises LP (IEP.O) dropped 11% after U.S. short seller Hindenburg Research said it has a short position in activist investor Carl Icahn-controlled energy-to-pharma conglomerate.

☆ Pfizer beats profit estimates on demand for new drugs, COVID products
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

Companies Pfizer Inc FollowMay 2 (Reuters) - Pfizer Inc (PFE.N) on Tuesday beat analysts' estimates for first-quarter profit on strong demand for its newly acquired drugs and steady demand for its COVID products, sending its shares up nearly 3% before the bell. The company has said it expects 2023 to be a "transition year" for its COVID products, before potential returning to growth in 2024. The company said it expects significantly lower sales contributions from COVID products in the second quarter from the first quarter. Excluding COVID products, Pfizer said first-quarter revenue was mostly driven by recently acquired products, including migraine drug Nurtec ODT and sickle cell disease treatment Oxbryta. Pfizer also maintained its annual COVID products revenue forecast of about $21.5 billion from both the vaccine and the pill.

☆ Futures slip ahead of Fed meet; U.S. debt ceiling jitters dent mood
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +3 min

The U.S. central bank is expected to deliver a 25 basis-point interest rate increase on Wednesday and then hold rates steady for the rest of 2023, according to economists in a Reuters poll. However, with inflation running well over the central bank's 2% target and a still-strong labor market mean chances of rate cuts seem less likely. Denting sentiment, Australia's central bank raised its cash rate by 25 basis points when traders were expecting an extended pause, citing too high inflation and warning of even higher rates. ET, Dow e-minis were down 72 points, or 0.21%, S&P 500 e-minis were down 7 points, or 0.17%, and Nasdaq 100 e-minis were down 1 points, or 0.01%. Educational services company Chegg (CHGG.N) slumped 44.7% on a downbeat second-quarter revenue forecast on increasing competition from ChatGPT.

☆ Pfizer earnings and revenue top expectations despite Covid vaccine sales decline
▼ + stars: | 2023-05-02 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Pfizer on Tuesday reported first-quarter revenue and adjusted earnings that topped Wall Street's expectations, despite a decline in sales driven by the lower demand for the company's Covid vaccine. Sales of the company's Covid vaccine declined $10 billion, or 75% compared with the same quarter last year. Pfizer also reiterated its full-year adjusted earnings outlook of $3.25 to $3.45 per share. The company reaffirmed its forecast of $13.5 billion in Covid vaccine sales in 2023 and $8 billion in revenue for Paxlovid. Excluding Covid products, Pfizer said it expects 7% to 9% revenue growth this year.

Its peak sales forecast is of more than $2 billion annually together from the maternal vaccine and an RSV shot for older adults. The case highlights how equitable global access will require better advance planning by drugmakers, governments and health organizations, health officials say. "They could have tried sooner," said Erin Sparrow, WHO's technical officer for the RSV vaccine, referring to Pfizer. Pfizer has yet to take a number of steps needed to make the vaccine available in developing countries, according to global health officials and the company. She still expects it to be several years before the RSV vaccine is launched in lower-income countries.

☆ US FDA approves Pfizer's next-generation pneumococcal vaccine
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +1 min

April 28 (Reuters) - The U.S. Food and Drug Administration (FDA) has approved Pfizer Inc's (PFE.N) next-generation vaccine to prevent pneumococcal disease in children aged six weeks to 17 years, the company said late on Thursday. The vaccine, Prevnar 20, offers more protection against the disease versus the company's widely-used Prevnar 13 vaccine, by targeting seven more serotypes of the streptococcus pneumoniae bacteria that causes those infections. The pneumococcal disease can lead to infections in several parts of the body including the lungs, where they can cause pneumonia. The approval is based on results from mid-stage and late-stage studies that showed the vaccine's safety and tolerability was similar to Prevnar 13. Reporting by Sriparna Roy in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Bristol Myers posts lower Q1 sales as Revlimid falls
▼ + stars: | 2023-04-27 | by ( Michael Erman | ) www.reuters.com time to read: +2 min

April 27 (Reuters) - Drugmaker Bristol Myers Squibb (BMY.N) on Thursday said its first-quarter sales fell from last year, hurt by generic competition for its cancer drug Revlimid. The drugmaker also announced on Wednesday evening that its Chief Executive Officer Giovanni Caforio plans to step down from the role in November, to be replaced by the company's current Chief Commercialization Officer Chris Boerner. Analysts, on average, expected sales of $11.49 billion in the quarter, according to Refinitiv data. Bristol Myers said it earned around $2.05 a share in the quarter, excluding one-time items. Sales of Revlimid, which began facing generic competition last year, fell to $1.75 billion in the quarter, down 37% from $2.8 billion last year.

Chief Judge Colm Connolly's ruling for Alnylam Pharmaceuticals Inc (ALNY.O) came just over a month after a different judge in Delaware rejected Moderna's similar motion in another vaccine patent lawsuit. Representatives for Moderna and Alnylam did not immediately respond to requests for comment. Moderna made the same argument in a motion to dismiss part of another patent lawsuit brought by Arbutus Biopharma Corp (ABUS.O) and Genevant Sciences GmbH. U.S. District Judge Mitchell Goldberg rejected Moderna's motion in that case last year and said it had not yet proven the government was more than an "incidental beneficiary" of the shots. Goldberg denied the motion for a second time last month after the federal government backed Moderna's position.

☆ Climate-Disclosure Rules Are Coming. Here’s How Companies Are Adapting.
▼ + stars: | 2023-04-25 | by ( Dieter Holger | ) www.wsj.com time to read: +5 min

International jurisdictions and the U.S. Securities and Exchange Commission are expected to finalize rules by this summer that will require public companies to report their greenhouse-gas emissions. Direct suppliers are known as tier 1 with that number increasing the deeper you go down the supply chain. Partnerships with suppliers: Large companies are working with small suppliers to overcome hurdles to accessing renewable power supplies, a relatively straightforward way to cut emissions. In October, it said its first group was five companies, including Amy’s Kitchen Inc., Levi Strauss & Co. and J.M. Targets for lower-emission alternatives: Nestlé SA is paying a premium to farmers in its supply chain that cut emissions by following regenerative farming practices.

☆ Guggenheim lures Greenhill's dealmakers to expand into Europe, sources say
▼ + stars: | 2023-04-20 | by ( Andres Gonzalez | ) www.reuters.com time to read: +1 min

LONDON, April 20 (Reuters) - U.S. investment bank Guggenheim Securities will begin its European expansion by hiring four senior bankers from Greenhill, three sources familiar with the matter told Reuters. Guggenheim already had a small group of bankers covering European deals, one of the sources said. The Wall Street bank has snapped up Greenhill & Co.'s telecoms and digital infrastructure team, led by Jonathan Dann and Pieter-Jan Bouten, the sources said on condition of anonymity. Investment bankers Charlie Evans and Achille Del Pizzo will also move to Guggenheim, where the team will begin in May. Guggenheim, which according to Refinitiv ranked 39th among global M&A advisers in 2022, in the first quarter advised on Pfizer Inc.'s $43 billion deal to acquire Seagen Inc.

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