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☆ Beware these stocks that rely on government spending if Musk’s DOGE threatens budgets
▼ + stars: | 2024-11-19 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Given this overhang, Morgan Stanley's sales team created a whole basket of stocks that have a large exposure to government spending. gov Relatively high revenue from government, as estimated by Morgan Stanley Notably, the list mostly excludes defense contractors, as Morgan Stanley expects them to be more insulated from budget cuts. Stocks in the basket include these 10: Moderna and Pfizer are two companies that made the basket. While the average analyst polled by LSEG has a hold rating, the average price target implies the stock will nearly double over the next year. MRNA PFE YTD mountain Moderna and Pfizer, year to date Research and consulting firm Gartner was also included in the Morgan Stanley basket.

Persons: Donald Trump's, Trump, Elon, Vivek Ramaswamy, it's, Morgan, Morgan Stanley, Trump's, Robert F, Kennedy Jr, LSEG, Gartner Organizations: Tesla, Roivant Sciences, Department of Government Efficiency, Intuit, Washington Post, Internal Revenue, gov, Moderna, Pfizer, Human Services, Research, Gartner Locations: Stamford , Connecticut

☆ Jim Cramer names hot sectors that could use a pullback
▼ + stars: | 2024-11-14 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Thursday suggested the post-election market has been extreme, with big wins and big losses. "We have a lot of overly loved stocks in this market right now," he said. Cramer pointed out the sharp rise of enterprise software stocks, saying that it seems these companies with in-demand products for big corporations can do no wrong. Cramer also highlighted two sectors he said are "too hated," but could bounce back, including pharmaceuticals and semiconductors. For semiconductors, Cramer concluded that those companies have suffered in part because some feel that new artificial intelligence-powered PCs haven't taken off.

Persons: CNBC's Jim Cramer, Cramer, Salesforce, Donald Trump's, Trump, Robert F, Kennedy Jr Organizations: Costco, Netflix, Spotify, Merck, Pfizer, Human Services Department Locations: China

☆ Stocks making the biggest moves premarket: VF Corp, McDonald's, Pfizer, PayPal and more
▼ + stars: | 2024-10-29 | by ( Sean Conlon | ) www.cnbc.com time to read: +6 min

For the fiscal second quarter, the company posted adjusted earnings of 60 cents per share on $2.76 billion in revenue. Cadence Design Systems – The stock jumped more than 5% after the electronic design company's third-quarter earnings beat Wall Street estimates. JetBlue's third quarter results did beat analyst estimates on the top and bottom lines. PayPal – Shares fell 3% after PayPal posted third-quarter revenue that missed expectations. Crocs – Shares tumbled around 12% despite the company's third-quarter earnings beating estimates.

Persons: Ford, Trex, FactSet, Jim Conroy, John Hazen, Conroy, Crypto, Stocks, Horton, PayPal –, StreetAccount, Crocs, Lisa Kailai Han, Samantha Subin, Jesse Pound, Sarah Min, Pia Singh, Tanaya Macheel, Michelle Fox Theobald Organizations: Corporation, Ford Motors, Cadence, Systems, BP –, Pfizer, Revenue, Ross Stores, JetBlue –, JetBlue, LSEG, Mizuho, PayPal, FactSet, Xerox

☆ Stocks making the biggest moves midday: VF Corporation, Pfizer, F5, JetBlue and more
▼ + stars: | 2024-10-29 | by ( Brian Evans | ) www.cnbc.com time to read: +5 min

Check out the companies making headlines in midday trading: VF Corporation — Shares jumped more than 22%. VF Corporation posted adjusted earnings of 60 cents per share on revenue of $2.76 billion. That is above the 37 cents per share in earnings and $2.71 billion in revenue that analysts surveyed by LSEG were expecting. The firm also upped the midpoint of its non-GAAP earnings per share forecast for the full year. F5 posted adjusted earnings of $3.67 per share and revenue of $747 million in the fiscal fourth quarter.

Persons: LSEG, Jim Conroy, Trex, FactSet, Xerox, Horton, Corning, — CNBC's Pia Singh, Michelle Fox, Samantha Subin, Sean Conlon, Alex Harring Organizations: —, Cadence, BP — U.S, BP, Pfizer, JetBlue Airways —, JetBlue, LSEG, Xerox, FactSet, PayPal, Caribbean, Ford Locations: Corning

☆ Oil sell-off fuels stock gains — plus, AMD earnings loom and CrowdStrike counters Delta lawsuit
▼ + stars: | 2024-10-28 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. We would be surprised if CEO Lisa Su provided 2025 AI chip sales guidance. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Lisa Su, Raymond James, George Kurtz, Delta, Stanley Black, Decker, Hubbell, Jim Cramer's, Jim Organizations: CNBC, ., West Texas, AMD, Intel, Air Lines, Microsoft, Atlanta, Ford Motor, Cadence Design Systems, Corp, PayPal, Pfizer, Royal Caribbean Cruises, Jim Cramer's Charitable Locations: Israel, Corning

☆ Stock futures are little changed as Wall Street awaits labor data and more earnings: Live updates
▼ + stars: | 2024-10-28 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange during morning trading in New York City. Stock futures are muted Monday night as investors readied for employment data and closely followed corporate earnings releases. S&P 500 futures and Nasdaq 100 futures were also both little changed. Those moves come after a winning session on Wall Street for the three major indexes. Traders will keep an eye on earnings reports from major companies due on Tuesday as the busiest week of this earnings season continues.

Persons: Dow, Adam Crisafulli, McDonald's Organizations: New York Stock Exchange, Stock, Dow Jones Industrial, Nasdaq, Ford Motor, Corp, Traders, Pfizer Locations: New York City, Israel, Iran

☆ Stocks making the biggest moves premarket: Apple, Amazon, Pfizer, Hershey and more
▼ + stars: | 2024-10-07 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +2 min

NXP Semiconductor — Shares added 0.8% after UBS upgraded the chipmaker to buy from neutral. Amazon — Shares slumped nearly 2% after Wells Fargo downgraded the e-commerce company to equal weight from overweight, citing slowing growth and competition from Walmart. Pfizer — Activist investor Starboard Value took a roughly $1 billion stake , seeking a turnaround at the struggling company, sources told CNBC. American Express — The financial services stock fell more than 1% after JPMorgan downgraded shares to neutral from overweight. Ally Financial — The financial services stock added 1.4% on the back of a JPMorgan upgrade to overweight from neutral.

Persons: Jefferies, Wells, Coty, Ashley Helgans, Bernstein, headwinds, Ally, Yun Li, Samantha Subin, Alex Harring, Pia Singh, Michelle Fox Organizations: —, Semiconductor, UBS, Walmart, Pfizer —, CNBC, Jefferies, Hershey, American Express, JPMorgan, Wynn Resorts, United Locations: Wells Fargo, underperform, GLP, United Arab Emirates

☆ Stocks making the biggest moves midday: Generac, Amazon, Pfizer and more
▼ + stars: | 2024-10-07 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Generac Holdings — Shares of the maker of power generators surged 8% as Hurricane Milton intensified into a Category 5 storm . Amazon — The e-commerce stock lost 2.9% after Wells Fargo downgraded shares to equal weight from overweight and cut its price target, citing slowing growth and competition from Walmart. Hershey – Shares fell 2% after the chocolate maker was downgraded to neutral at UBS and to market perform at Bernstein. JPMorgan downgraded shares to underweight from neutral, citing dwindling confidence in the Israel-based company grapples with share loss concerns and volume challenge. JPMorgan downgraded shares to neutral, citing limited EPS upside from here.

Persons: Milton, Wells, Chubb, Morgan Stanley, Coty, Ashley Helgans, Arcadium, Bernstein, GLP, Ciena, —, Yun Li, Hakyung Kim, Alex Harring, Jesse Pound, Michelle Fox, Sean Conlon, Pia Singh Organizations: Generac Holdings, Walmart, Pfizer —, CNBC, Insurance, —, Allstate, Travelers, Progressive, Hurricane, Universal Insurance, Air Products, Chemicals, Garmin —, Garmin, Jefferies, Rio Tinto, Hershey –, UBS, Butterfly Equity, JPMorgan, Apple Locations: Florida, Hurricane Milton, Fort Lauderdale , Florida, Wells Fargo, California, Israel

☆ Meet Jeff Smith, the hedge-fund investor taking on Pfizer
▼ + stars: | 2024-10-07 | by ( Alex Morrell | ) www.businessinsider.com time to read: +7 min

Starboard Value has taken a $1 billion stake in drugmaker Pfizer. The hedge fund, headed by Jeff Smith, has become one of the most feared activist investors. AdvertisementPharmaceuticals giant Pfizer got a wake up call Sunday evening when one of Wall Street's most feared activist investors revealed a stake in the company. AdvertisementPfizer, with a market cap north of $160 billion, is among the largest companies Starboard's Smith has ever targeted. With less than a 10% stake Smith replaced the entire 12-person board and assumed the role of chairman.

Persons: Jeff Smith, —, Smith, Starboard's Smith, Ian Read, Frank D'Amelio, Ken Squire, Paul Singer, Elliott, Carl Icahn, Dan Loeb, Peter Feld, Olive Garden's, Marc Benioff, Brontë Wittpenn, Brontë, Squire, they're, Albert Bourla, Bourla, wagered Organizations: Pfizer, Service, Pharmaceuticals, 13D, Investor, Lazard, Elliott Management, Icahn Enterprises, Cowen Group, AOL, Darden Restaurants, Olive Garden, Longhorn, Darden, Wall, San Francisco, Getty, Smithfield Foods, Bristol, Myers Squibb, Celgene, Autodesk, Starbucks Locations: Olive Garden, Fortune, America, Olive, Washington

☆ Activist Starboard Value has $1 billion Pfizer stake, taps former executives for help, sources say
▼ + stars: | 2024-10-07 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Activist investor Starboard Value has a roughly $1 billion stake in pharmaceutical giant Pfizer and is seeking to mount a turnaround at the struggling company, according to people familiar with the matter. Starboard believes that Pfizer's current leadership, under CEO Albert Bourla, has stepped away from historically disciplined cost structure and investment in novel drugs. One particularly concerning example to Starboard was Pfizer's acquisition of Global Blood Therapeutics. Pfizer pulled a drug for sickle cell disease it got just two years ago via the roughly $5 billion acquisition. Still, more than $100 billion in shareholder value has evaporated since the Covid-19 pandemic faded largely into the rearview mirror.

Persons: Ian Read, Frank D'Amelio, Albert Bourla, Oxbryta, Read, Jeff Smith, Angelica Peebles Organizations: Pfizer, Blood Therapeutics, Autodesk, Street

☆ Some steady names with income to ride out what's often a tumultuous October
▼ + stars: | 2024-10-01 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

The month is normally the most inconsistent for stocks going back to 1950, with an average S & P 500 daily move of 1.3% in either direction, per FactSet data. The S & P 500 and Nasdaq Composite are up more than 20% in 2024 through Monday's close, while the Dow Jones Industrial Average has popped 12%. The major averages also ended September with solid gains that brought the Dow and S & P 500 to record levels. Against this backdrop, CNBC Pro screened for stocks that can ride out any volatility in the month ahead, with a history of producing steady income. PFE YTD mountain Pfizer stock.

Persons: Stocks, Goldman Sachs, James Schneider Organizations: Nasdaq, Dow Jones, Dow, CNBC Pro, DirecTV, Pfizer, Drug Administration Locations: Monday's

☆ Pfizer is a bottoming stock that will pay you to wait for the comeback, says Carter Worth
▼ + stars: | 2024-09-20 | by ( Carter Braxton Worth | ) www.cnbc.com time to read: +2 min

Former pharmaceutical champion Pfizer (PFE) , down 52% from its December 2021 all-time high, is judged to be in the throes of a "bearish-to-bullish" Reversal. Pfizer, the laggard the past year: Is now... Pfizer, the leader the past month: By our work, PFE represents a compelling "value play". And with a 5.73% dividend yield, one "gets paid" to wait as the stock continues to bottom. THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.

Persons: Carter Braxton Worth Organizations: Pfizer, pharma, Pharmaceuticals Industry Group, CNBC, NBC UNIVERSAL

☆ Pfizer says its experimental drug for deadly condition that causes appetite and weight loss in cancer patients shows positive trial results
▼ + stars: | 2024-09-14 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

Pfizer 's experimental drug for a common, life-threatening condition that causes cancer patients to lose their appetite and weight showed positive results in a midstage trial, the drugmaker said Saturday. Patients with the condition, called cancer cachexia, who took Pfizer's treatment saw improvements in body weight, muscle mass, quality of life and physical function, according to the drugmaker. The condition affects about 9 million people worldwide, and 80% of cancer patients suffering from it are expected to die within one year of diagnosis, according to the company. Cancer cachexia is currently defined as a loss of 5% or more body weight over the past six months in cancer patients, along with symptoms such as fatigue, according to the National Cancer Institute. Allerton said a work group of experts defines a weight gain of greater than 5% as a "clinically meaningful difference in cancer patients with cachexia."

Persons: cachexia, Charlotte Allerton, Pfizer's, Allerton Organizations: Pfizer, National Cancer Institute, CNBC, European Society for Medical Oncology, The New England, of Medicine Locations: U.S, cachexia, Barcelona, Spain, The, Allerton

☆ These high-dividend-yielding stocks could see a rebound as rates decline, BMO says
▼ + stars: | 2024-08-07 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Now could be a good time to start buying stocks with high dividend yields, according to BMO Capital Markets. The highest-paying S & P 500 stocks have significantly underperformed the index over the last year and a half, even with the rebound they've enjoyed in recent months, said chief investment strategist Brian Belski. They are rated outperform by the firm's analysts and fall within the top 25% of S & P 500 stocks by dividend yield. Digital Realty Trust, which pays a 3.28% dividend yield, owns, develops and operates data centers — which are expected to see surging demand thanks to AI . Host Hotel & Resorts, which owns luxury and upper-upscale hotels, has a 4.92% dividend yield and is down 16% so far this year.

Persons: they've, Brian Belski, Belski, AbbVie Organizations: BMO Capital Markets, Federal, Fed, BMO, Pfizer, pharma, AbbVie, Cerevel Therapeutics, American Electric Power, Southern Company, Utilities, Digital Realty Trust, Host Hotels, Resorts Locations: Southern

☆ Stocks making the biggest moves premarket: CrowdStrike, Merck, PayPal, JetBlue and more
▼ + stars: | 2024-07-30 | by ( Brian Evans | ) www.cnbc.com time to read: +6 min

Revenue of $695 million was also higher than the $686 million expected. Adjusted earnings of 5 cents per share topped the loss of 2 cents per share forecasted by analysts polled by FactSet. Additionally, Howmet increased its quarterly dividend to 8 cents per share from 5 cents per share, to be payable Aug. 26. JetBlue — Shares jumped 4% after the airline said adjusted earnings per share was 8 cents for the second quarter. Analysts expected a profit of $2.80 per share on revenue of $1.18 billion, according to StreetAccount.

Persons: Woodward, FactSet, LSEG, Archer, Gamble —, Leidos, StreetAccount, — CNBC's Michelle Fox, Hakyung Kim, Lisa Kailai Han, Alex Harring, Jesse Pound, Fred Imbert, John Melloy Organizations: CNBC, Delta Airlines, Microsoft, FactSet, Inc, —, Technology, Merck —, pharma, Semiconductor, Bank of America, Pfizer —, Pfizer, Varonis Systems, Howmet Aerospace, Corning, LSEG, Daniels, Midland, JetBlue —, Revenue, PayPal —, PayPal, Procter, Gamble, U.S . Pentagon Locations: FactSet .

☆ Jim Cramer: Merck is a buy after the drugmaker's post-earnings dip — here's why
▼ + stars: | 2024-07-30 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +1 min

Merck : The drugmaker reported a better-than-expected quarter. It raised its full-year sales outlook but was still a little short of estimates. Jim Cramer said Tuesday he would take advantage of the dip and buy Merck ahead of the benefit from this drug. Pfizer : Better-than-expected sales and adjusted earnings, as well as a full-year outlook raise, were not enough to keep the stock higher. PayPal : The digital payments company reported a better-than-expected quarter.

Persons: Jim Cramer's, Jim Cramer, Cramer, Alex Chriss, Anthony Noto Organizations: CNBC, Club, Merck, FDA, Pfizer, PayPal, Aerospace

☆ Pfizer's gene therapy for rare genetic bleeding disorder succeeds in late-stage trial
▼ + stars: | 2024-07-24 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Pfizer on Wednesday said its experimental gene therapy for a rare genetic blood-clotting disorder succeeded in a large late-stage trial, paving the way for a potential approval. Without enough of that protein, the blood cannot clot properly, increasing the risk of spontaneous bleeding and severe bleeding after surgery. Pfizer said its one-time treatment significantly cut the number of annual bleeding episodes in patients with moderately severe to severe hemophilia A after 15 months. If approved, Pfizer's therapy will compete with BioMarin Pharmaceutical 's one-time treatment Roctavian. BioMarin is reportedly considering whether to divest its hemophilia A therapy, which costs $2.9 million.

Persons: Andrew Leavitt, Pfizer Organizations: Pfizer, Sangamo Therapeutics, BioMarin Locations: U.S

☆ Stocks making the biggest moves premarket: Delta Air Lines, Costco Wholesale, Pfizer and more
▼ + stars: | 2024-07-11 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Delta Air Lines — Shares tumbled 9% after the airline issued a lower-than-expected sales growth forecast in the current quarter. Net income also fell 30% in the second quarter despite revenue reaching record highs. Costco Wholesale — Costco shares added nearly 3% after the wholesale club raised its membership fee for the first time since 2017 . Alcoa — The aluminum producer's shares rose 2.7% after releasing preliminary second-quarter results that came in stronger than expectations. MicroStrategy – MicroStrategy shares rose more than 4% after the bitcoin development company announced a 10-for-1 stock split .

Persons: Morgan Stanley, Jefferies, MicroStrategy, —, Jesse Pound, Tanaya Macheel, Michelle Fox, Alex Harring, Hakyung Kim, Sarah Min Organizations: Delta Air Lines, Costco Wholesale, Costco, Pfizer, PepsiCo —, Pepsi, Semiconductor, Darden, Jefferies, Alcoa, FactSet, FactSet . Revenue, Spotify Locations: U.S, Canada, FactSet .

☆ Pfizer struggles to claw back faith with Wall Street and its employees as it recovers from the Covid decline
▼ + stars: | 2024-06-28 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +19 min

But other current employees are dissatisfied with where the strategy shift has left them. In January 2023, Pfizer forecast a steep drop in annual revenue, to between $67 billion and $71 billion. Pfizer's 2023 revenue ultimately came in at $58.5 billion, including $11.22 billion from its Covid vaccine and $1.28 billion from Paxlovid. Faith in executive leadership also plunged among some workers, according to most of the current and former employees who spoke with CNBC. Some current workers said that hasn't appeared to change after the town hall on May 2.

Persons: Albert Bourla, Wall, they're, Bourla, I'm, drugmaker Seagen, Irfan Khan, hasn't, Pfizer, renegotiating, John Thys, Payal Sahni Becher, Becher, Kena, Mike McDermott, Bourla's Organizations: Corbis, Getty, Pfizer, Wall, CNBC, Los Angeles Times, Moderna, Centers for Disease Control, U.S ., GSK, Bristol Myers Squibb, Pfizer wasn't, . Biotech, Companies, Biotech, BioNtech, Reuters, Human, View Press, Global, APEC, Summit, Tech, Google Locations: U.S, Covid, Eagle Rock , California, Durham , North Carolina, Puurs, Belgium, New York City, Peapack , New Jersey, Kena

☆ FDA approves Moderna's RSV vaccine for seniors, the company's second-ever product
▼ + stars: | 2024-05-31 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

The Food and Drug Administration on Friday approved Moderna's vaccine for respiratory syncytial virus for adults ages 60 and above, the company's second-ever product to enter the U.S. market. The approval of Moderna's shot is based on a late-stage trial on older adults, who are more vulnerable to severe cases of RSV. The company's shot is also the only RSV vaccine to be available in a pre-filled syringe, which is designed to make it easier to administer to patients. An advisory panel to the CDC will vote in June on recommendations for the use and intended population of Moderna's shot. Moderna's full-year 2024 sales guidance of roughly $4 billion includes revenue from its RSV vaccine.

Persons: Moderna's, Stéphane Bancel Organizations: Drug Administration, Moderna, Centers for Disease Control, CDC, GSK, Pfizer Locations: U.S

☆ Pfizer's drug for advanced lung cancer shows promising long-term trial results
▼ + stars: | 2024-05-31 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +6 min

CHICAGO — Pfizer on Friday said its drug for an advanced form of lung cancer showed promising long-term results in a late-stage trial, which may help establish it as the new standard treatment for the condition. The drug, called Lorbrena, also cut the risk of the cancer progressing in patients' brains. Only about 5% of all non-small cell lung cancer patients have the mutation, which causes cancer cells to grow and spread abnormally. But Pfizer's drug isn't currently considered the standard – or the most appropriate and widely used – treatment for the condition. Nearly 300 people in the trial either received Lorbrena or Pfizer's older lung cancer drug Xalkori.

Persons: isn't, Chris Boshoff, Lorbrena, David Spigel, Sarah Cannon, Spigel, Andrew Berens, Pfizer's Boshoff Organizations: CHICAGO, Pfizer, CNBC, Lorbrena's, American Society of Clinical Oncology, Clinical Oncology, Sarah, Sarah Cannon Research Institute, Lorbrena, Leerink Locations: U.S, Chicago

☆ Here's how U.S. health officials are responding to bird flu in humans after second case
▼ + stars: | 2024-05-24 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +7 min

Brandon Bell | Getty ImagesU.S. health officials are monitoring and preparing to combat bird flu in humans, even as they stress that the risk to the general public remains low. An Australian child was also recently infected with bird flu, the country announced on Tuesday. In rare cases, bird flu viruses spread to humans and can cause mild to severe symptoms that can require hospitalization. The Food and Drug Administration would need to approve bird flu vaccines before they roll out. Potential mRNA shotsU.S. health officials are also in talks with messenger RNA vaccine makers about potential bird flu shots for humans.

Persons: Brandon Bell, Andrew Pekosz, Pekosz, Peter Chin, That's, Hong Organizations: Getty, Disease Control, U.S ., Human Services Department, CNBC, Johns Hopkins Bloomberg School of Public Health, CDC, HHS, NBC News, UCSF Health, Drug Administration, FDA, Pfizer, Moderna Locations: Quemado , Texas, Michigan, Australian, U.S

☆ Pfizer aims to save $1.5 billion by 2027 in first wave of new cost cuts
▼ + stars: | 2024-05-22 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

The announcement is in addition to another $4 billion cost-cutting effort, which Pfizer announced last year as demand for its Covid vaccine and oral drug Paxlovid slumped. One-time costs related to the initial stage of cuts are expected to be about $1.7 billion, including severance for an unspecified number of laid-off employees. Pfizer also expects the program to involve "product portfolio enhancements" and changes to the company's manufacturing and supply network, a spokesperson told CNBC. "The program will focus on streamlining our ways of working, reducing complexity and increasing productivity in Pfizer Global Supply," the spokesperson said in a statement. Pfizer is trying to shore up investor sentiment after its shares fell nearly 50% in 2023, making it the worst-performing pharmaceutical stock last year.

Persons: Paxlovid, Wall, Albert Bourla Organizations: Pfizer, CNBC, Pfizer Global Supply Locations: New York City

☆ Amgen, newer rivals could threaten Novo Nordisk and Eli Lilly's weight loss drug dominance
▼ + stars: | 2024-05-07 | by ( Scott Olson | Getty Images | ) www.cnbc.com time to read: +10 min

Amgen is among the leaders of a pack of drugmakers racing to join the market with their own weight loss treatments. Amgen's drug, MariTide, is taken less frequently than Novo Nordisk's Wegovy and Eli Lilly's Zepbound, and may cause longer-lasting weight loss than the market leaders' injections. Novo Nordisk and Eli Lilly are also working on new weight loss drugs. The competition for a slice of the weight loss market has only grown more fierce in recent months. An injection pen of Zepbound, Eli Lilly’s weight loss drug, is displayed in New York City, U.S., December 11, 2023.

Persons: NOVO.B, Scott Olson, Eli Lilly, Nordisk's Wegovy, Eli Lilly's Zepbound, Amgen, William Blair, Matt Phipps, Bob Bradley, Boehringer Ingelheim, Phipps, Zepbound, Chris Schott, MariTide, Mario Tama, he's, Eli Lilly drugs, CagriSema, Eli Lilly’s, Brendan McDermid, Boehringer, Ingelheim, survodutide, Pascal Soriot, Christopher Furlong, dealmaking, David Denton Organizations: New, Halstead Pharmacy, Getty, Novo Nordisk, Nordisk's, William Blair & Company, CNBC, Therapeutics, AstraZeneca, Zealand Pharma, MariTide, Reuters, GLP, Pfizer, Eccogene Locations: Chicago , Illinois, Novo, Amgen, Thousand Oaks , California, New York City, U.S, Zealand, Macclesfield

☆ Pfizer beats revenue estimates, raises profit outlook on cost cuts and strong non-Covid sales
▼ + stars: | 2024-05-01 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Pfizer on Wednesday reported first-quarter revenue that beat expectations and hiked its full-year profit outlook, benefiting from its broad cost-cutting program and strong sales of its non-Covid products. Pfizer reiterated its previous revenue forecast of $58.5 billion and $61.5 billion, which it first outlined in mid-December. For the first quarter, Pfizer booked net income of $3.12 billion, or 55 cents per share. That compares with net income of $5.54 billion, or 97 cents per share, during the same period a year ago. Paxlovid booked $2 billion in revenue for the quarter, down 50% from the same period a year ago.

Persons: Pfizer's, Paxlovid Organizations: Pfizer, Wednesday, LSEG, Revenue, U.S, Paxlovid Locations: U.S, Seagen, China

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