Pfizer Financial News

By Michael Erman

Investing.com -- U.S. stock futures point higher, with investors preparing for a busy week of central bank decisions, economic data, and company earnings. Meanwhile, HSBC rolls out fresh share buybacks despite missing third-quarter profit expectations and a Hong Kong court gives embattled developer China Evergrande (HK:3333) one last opportunity to present a new restructuring plan or face liquidation.

Investing.com — Here is your Pro Recap of 5 head-turning deal dispatches you may have missed last week: Chevron to buy Hess for $53 billion, Vista Equity Partners to pick up EngageSmart, Roche to buy Telavant Holdings from Roivant and Pfizer , Western Digital drops on 'scrapped' merger, and Forward Air seeks to terminate disastrous Omni merger.

Pfizer on October 28 reported a net profit of ₹149 crore in the second quarter of fiscal year 2023-24 (Q2FY24), which was 52.1 percent lower as against ₹311.1 crore reported in the year-ago period. Sequentially, the net profit in the September 2023 quarter was up by 60 percent as it stood at ₹93.5 crore in the April-June period. The company's revenue from operations during Q2FY24 came in at ₹575.2 crore, down 9.8 percent from ₹637.5 crore reported in the corresponding period of the last fiscal.

₹1,144.90, against previous close of ₹1,168. Check our Markets LIVE coverage here On October 23, Lupin said it has received approval from the United States Food and Drug Adminstration (US FDA) to market its generic Fluconazole tablets used in the treatment of fungal infections, the company told the exchanges.

You can’t completely blame Pfizer’s executives, yet Roche’s $7 billion acquisition of a bowel-disease treatment that it owned until last year isn’t a great look. In a deal that now feels like a biotech version of “Moneyball," Roivant announced it was selling an asset that only 11 months ago it got for free from Pfizer. (The Wall Street Journal had reported the talks back in July).

Investing.com — U.S. futures fell Monday, pressured by rising bond yields ahead of quarterly earnings from a number of tech giants this week.

Lupin Ltd on Monday said it has received approval from the US health regulator to market its generic Fluconazole tablets used in the treatment of fungal infections. The approval granted by the US Food and Drug Administration (USFDA) for the abbreviated new drug application of Fluconazole tablets in strengths of 50 mg, 100 mg, 150 mg and 200 mg, Lupin said in a regulatory filing.

Roche on Monday said it will buy Telavant, a developer of a new treatment for inflamatory bowel diseases, for an initial $7.1 billion from American biopharma company Roivant Holdings and Pfizer Inc. Under the deal, Roche will gain the right to develop, manufacture and commercialize RVT-3101, an experimental antibody, in the U.S.

Rajiv Malik, president of the world's largest generics drugmaker Viatris, will retire in April next year, the Nasdaq-listed company has informed stock exchanges. Malik was instrumental in the $12 billion merger of Mylan with Pfizer's generic drug unit that resulted in the creation of Viatris in 2019. The combined entity's sales are more than that of Israel's Teva, which was previously the largest generic drug company in the world. «There are not enough words to express how much Rajiv Malik as both a partner and a leader has meant to me, first at Mylan and now Vitara's.

Brigade Enterprises has concluded the acquisition of a 9.72-acre land parcel in Hyderabad, with the transaction valued at about '660 crore. The acquisition came in the backdrop of an agreement made in August, when the company agreed to purchase the land in Neopolis area at a rate of '68 crore per acre through an e-auction conducted by the Hyderabad Metropolitan Development Authority.

Investing.com — The Dow closed higher Monday, as investors ramped up bullish bets on big tech, shrugging off an ongoing climb in Treasury yields as attention shifts to a step up in pace of quarterly earnings expected this week.   

Investing.com — U.S. stocks rose Monday to start a week that sees the quarterly earnings season ramp up.

Investing.com — The S&P 500 rallied Monday, as big tech shrugged off an ongoing climb in yields as investors looked ahead to ongoing quarterly earnings.  

Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed today: several Buy initiations at Instacart, and upgrades at Pfizer , Wayfair, Nice, and Nucor.

Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed today: downgrades at Cummins, JD.com, BioNTech, Crown Castle, and KB Home.

Check out the companies making headlines before the bell.

Shares of Pfizer are falling before the opening bell as the company cut its full-year outlook, citing declining sales of its COVID-19-related products

By Ludwig Burger

European shares climbed on Monday, with miners in the lead on optimism around demand from top consumer China, although trading was cautious as investors weighed prospects of an escalation in the Middle East conflict. The STOXX 600 was up 0.4% by 0707 GMT. The mining index rose 1.3% as prices of base metals were lifted by hopes of stronger demand from China after data last week signalled some signs of stabilisation in the world's second-largest economy. Also boosting the index was a nearly 4% gain in shares of SSAB after JP Morgan upgraded the Swedish steel company to «overweight» from «neutral». Global risk sentiment was still on shaky grounds over concerns that the Israel-Hamas conflict would spill over to the broader region, gaining steam after Iran warned Israel of escalation. Among other single stocks, Frankfurt-listed shares of BioNTech fell nearly 5% after partner Pfizer on Friday slashed its full-year revenue forecast on lower sales of its COVID-19 vaccine and treatment.

Stocks on Wall Street ended mostly lower on Friday to wrap up a volatile week, as a spike in oil prices and rising inflation expectations soured investors on riskier bets.