Philip Morris International Inc. PM backed its full-year profit guidance on Tuesday, and said it expects organic top-line growth and double-digit, currency-neutral adjusted EPS growth. “This is underpinned by the continued strength of our smoke-free portfolio led by our two blockbuster premium brands: IQOS and ZYN,” said Chief Financial Officer Emmanuel Babeau in a statement released ahead of an investor conference. The tobacco company expects full-year EPS to range from $4.95 to $4.98, which includes a $1.10 adjusted and a currency impact of 53 cents a share. The FactSet consensus is for $6.11 in EPS. The stock was down 0.8% premarket, and has fallen 8% in the year to date, while the S&P 500 SPX has gained 19%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Tue, 05 Dec 2023 13:31:00 GMT
Replimune Group Inc. shares REPL dropped more than 40% premarket on Tuesday after the biotech company said an investigational cancer therapy had failed to meet its primary goals in a clinical trial in skin cancer. The therapy, RP1, was studied in combination with cemiplimab, a Regeneron Pharmaceuticals Inc. REGN monoclonal antibody branded as Libtayo. The combination therapy showed a clinically meaningful improvement in response rate and duration in patients with cutaneous squamous cell carcinoma, compared with Libtayo alone, but the complete response rate fell short of the study’s statistical significance threshold, Replimune said in a release. The trial will continue as planned to assess overall survival and other factors, the company said. Replimune also said it would halt development of its investigational RP2 and RP3 therapies in squamous cell carcinoma of the head and neck and colorectal cancer. As of Sept. 30, the company said it had cash and investments totaling $496.8 million, and the reshuffling of portfolio priorities is expected to extend its cash runway to early 2026. Replimune shares have dropped 55% in the year to date, while the S&P 500 SPX has gained 19%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Tue, 05 Dec 2023 13:28:00 GMT
Designer Brands Inc.’s stock DBI slid 34% premarket Tuesday, after the parent to footwear brands, including Keds, Lucky Brand and Vince Camuto, posted weaker-than-expected third-quarter earnings and cut its guidance. Columbus, Ohio-based Designer Brands said it was hurt by a footwear market that contracted for the first time since the pandemic amid unseasonably warm weather. “We saw improved performance in casual and clearance categories this quarter, but this was not enough to offset the broader lack of demand,” CEO Doug Howe said in a statement. “While macro pressures notably impacted our business, we clearly recognize the need to operate with even greater speed and increase the level of innovation, newness, and fashion into our assortments, returning to our roots as a merchant organization and a fashion footwear retailer.” The company had net income of $10.1 million, or 17 cents a share, down from $45.2 million, or 65 cents a share, in the year-earlier period. Adjusted per-share earnings came to 24 cents, well below the 46 cent FactSet consensus. Sales fell to $786.3 million from $865.0 million a year ago, also below the $824.0 million FactSet consensus. The company expects the pressure to continue and lowered its full-year guidance for EPS to a range of 40 cents to 70 cents from $1.20 to $1.50 previously. It expects sales to be down in the high single digits, compared with prior guidance of down mid-to-high single digits. The stock has gained 31% in the year to date, while the S&P 500 SPX has gained 19%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Tue, 05 Dec 2023 13:09:00 GMT
Eli Lilly & Co. LLY said Tuesday its new obesity drug Zepbound has been added to a major pharmacy benefit manager’s preferred formulary, or list of covered drugs, as it hits U.S. pharmacy shelves. Zepbound, which was approved by the U.S. Food and Drug Administration last month, as of Dec. 1 was added to the preferred formulary of Express Scripts, the giant PBM owned by Cigna Group CI, and will be added to Cigna Healthcare commercial formularies as of Dec. 15, Lilly said. A Lilly commercial savings card program is also now available at U.S. pharmacies to help patients access Zepbound, the company said. People who are commercially insured with coverage for Zepbound may get the drug for as little as $25 a month, the company said, while those who have commercial insurance that does not cover Zepbound may pay $550 a month, about 50% off the list price. “The availability of Zepbound in U.S. pharmacies is the first step, but we have to work hand-in-hand with employers, government and healthcare industry partners to remove barriers and make Zepbound available to those who need it,” Rhonda Pacheco, Lilly’s group vice president for diabetes and obesity, said in a statement. Lilly shares gained 0.1% premarket Tuesday and are up 60% in the year to date, while the S&P 500 SPX has gained 19%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Tue, 05 Dec 2023 13:05:00 GMT
AutoZone Inc.’s stock AZO was up by 1% in premarket trading on Tuesday after the auto parts retailer said its profit rose 10%m as its same-store sales growth of 2.1% matched the FactSet consensus estimate. AutoZone’s first-quarter net income rose to $593.46 million, or $32.55 a share, from $539.32 million, or $27.45 a share, in the year-ago quarter. The company beat the FactSet consensus estimate of $26.75 a share. Sales rose 5.1% to $4.19 billion, in line with the analyst estimate. AutoZone’s total store count rose by 25 net new stores for a total of 7,165 in the U.S., Mexico and Brazil. “Domestic sales results were solid despite tough comparisons from a year ago, while our international business continues to deliver exceptionally strong sales growth,” said Chief Executive Bill Rhodes.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Tue, 05 Dec 2023 13:01:00 GMT