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  31. <title>Walgreens launches cell, gene therapies in service expansion</title>
  32. <link>https://paypii.com/walgreens-launches-cell-gene-therapies-in-service-expansion/</link>
  33. <comments>https://paypii.com/walgreens-launches-cell-gene-therapies-in-service-expansion/#respond</comments>
  35. <dc:creator><![CDATA[Paypii]]></dc:creator>
  36. <pubDate>Mon, 29 Apr 2024 05:14:48 +0000</pubDate>
  37. <category><![CDATA[Business]]></category>
  38. <guid isPermaLink="false">https://paypii.com/walgreens-launches-cell-gene-therapies-in-service-expansion/</guid>
  39.  
  40. <description><![CDATA[[ad_1] A person rides past a Walgreens truck, owned by the Walgreens Boots Alliance, in]]></description>
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  47. <p>A person rides past a Walgreens truck, owned by the Walgreens Boots Alliance, in Manhattan, New York City, on Nov. 26, 2021.</p>
  48. <p>Andrew Kelly | Reuters</p>
  49. </div>
  50. </div>
  51. </div>
  52. <div class="group">
  53. <p><span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">Walgreens<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span><strong> </strong>on Thursday said it will start to work directly with drugmakers to bring cell and gene therapies to U.S. patients as part of a broader expansion of its <a href="https://www.walgreens.com/topic/pharmacy/specialty-pharmacy.jsp#how_it_works" target="_blank" rel="noopener">specialty pharmacy services</a>.</p>
  54. <p>The company said it is launching a new business unit dedicated to its specialty pharmacy segment, which will include specialty pharmacy subsidiary <a href="https://www.alliancerxwp.com/" target="_blank" rel="noopener">AllianceRx</a>.<strong> </strong>The unit will fall under its core U.S. retail pharmacy division. Meanwhile, <a href="https://shieldshealthsolutions.com/shields-health-solutions-and-sharp-healthcare-partner-to-enhance-specialty-pharmacy-services/" target="_blank" rel="noopener">Shields Health Solutions</a>, a subsidiary that supports health system-owned specialty pharmacies, will remain under Walgreens&#8217;s U.S. health-care division. </p>
  55. <p>Specialty pharmacies have become a significant player in the U.S. health system, especially as chronic diseases <a href="https://news.un.org/en/story/2023/05/1136832" target="_blank" rel="noopener">become more prevalent</a>.</p>
  56. <p>Specialty pharmacies provide medications that require extreme care in handling, storage and distribution. The treatments are often for patients with chronic, rare or complex conditions such as cancer, Crohn&#8217;s disease and HIV. Specialty pharmacies also offer counseling or financial assistance designed to support patients taking those costly treatments.</p>
  57. <p>Among the company&#8217;s new investments to &#8220;transform&#8221; its specialty pharmacy services, it will open a newly licensed facility in Pittsburgh dedicated to services for cell and gene therapies. The 18,000-square-foot center will help drugmakers and health-care providers navigate the complex supply chain for those treatments and manage patient needs, among other issues.</p>
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  62. <p>Andrew Brookes | Image Source | Getty Images</p>
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  66. <div class="group">
  67. <p>Walgreens&#8217; decision to launch cell and gene therapy services comes after a surge in approvals of those drugs in the U.S. in the European Union over the last year. They are <a href="https://phrma.org/policy-issues/Research-and-Development/Cell-and-Gene-Therapies#:~:text=Cell%20and%20gene%20therapies%20have,two%20FDA%2Dapproved%20gene%20therapies." target="_blank" rel="noopener">one-time, high-cost treatments</a> that target a patient&#8217;s genetic source or cell to cure or significantly alter the course of a disease. Some health experts expect cell and gene therapies to replace traditional lifelong treatments that people take to manage chronic diseases. </p>
  68. <p>The U.S. Food and Drug Administration approved seven cell and gene therapies last year, including the first gene therapies to treat sickle cell disease. That market is only expected to grow: The FDA has <a href="https://www.fda.gov/news-events/press-announcements/statement-fda-commissioner-scott-gottlieb-md-and-peter-marks-md-phd-director-center-biologics" target="_blank" rel="noopener">predicted</a> that it will be reviewing and approving between 10 and 20 cell and gene therapies each year by 2025. </p>
  69. <p>Walgreens said its newly launched business unit is the largest independent provider of specialty pharmacy services, with approximately $24 billion in revenue from the segment. Walgreens Specialty Pharmacy business is not partnered with a pharmacy benefit manager,<strong> </strong>the company noted. </p>
  70. <p>That gives the company &#8220;the flexibility to contract dynamically with any payer,&#8221; Walgreens Chief Pharmacy Officer Rick Gates said in the release. &#8220;We can partner directly with pharmaceutical manufacturers to facilitate products to market, including limited distribution drugs, and coordinate closely with providers to ensure patients experience a smooth start to treatment.&#8221; </p>
  71. <p>Under the new unit, patients of AllianceRx and the company&#8217;s nearly 300 community-based pharmacies now have access to resources that will &#8220;build upon the expert care they already receive from their specialty pharmacist,&#8221; Walgreens said in the release. That includes clinicians with key disease expertise, nutritionists and nurses.</p>
  72. <p>The company said its community-based specialty pharmacies<strong> </strong>are located near medical office buildings and health systems, offering specialty drugs &#8220;faster than industry average&#8221; along with services such as injection training and side-effect management. </p>
  73. <p>Walgreens said it has<strong> </strong>more than 1,500 specialty pharmacists, 5,000 patient-advocacy support team members and an unspecified number of dedicated specialty pharmacy teams.</p>
  74. <p>The company also offers more than 1,300 specialty drugs, including 240 &#8220;limited distribution&#8221; drugs that few specialty pharmacies have access to.</p>
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  95. <title>Red Lobster seeks a buyer as it looks to avoid bankruptcy filing</title>
  96. <link>https://paypii.com/red-lobster-seeks-a-buyer-as-it-looks-to-avoid-bankruptcy-filing/</link>
  97. <comments>https://paypii.com/red-lobster-seeks-a-buyer-as-it-looks-to-avoid-bankruptcy-filing/#respond</comments>
  99. <dc:creator><![CDATA[Paypii]]></dc:creator>
  100. <pubDate>Mon, 29 Apr 2024 04:53:57 +0000</pubDate>
  101. <category><![CDATA[Business]]></category>
  102. <guid isPermaLink="false">https://paypii.com/red-lobster-seeks-a-buyer-as-it-looks-to-avoid-bankruptcy-filing/</guid>
  103.  
  104. <description><![CDATA[[ad_1] Beleaguered seafood chain Red Lobster is seeking a buyer as it looks to avoid]]></description>
  105. <content:encoded><![CDATA[<p> [ad_1]<br />
  106. </p>
  107. <div>
  108. <p>Beleaguered seafood chain Red Lobster is seeking a buyer as it looks to avoid filing for bankruptcy, CNBC has learned. </p>
  109. <p>The company has considered filing for bankruptcy to help it restructure its debt and get out of a number of costly and lengthy leases, but it&#8217;s also sought a buyer in recent months, people familiar with the matter told CNBC. </p>
  110. <p>At least one firm had been interested in buying the chain, but a deal never came to fruition.</p>
  111. <p>It&#8217;s unclear how the chain will ultimately resolve its financial woes. Red Lobster could secure a buyer, it could declare bankruptcy or its lenders could take control of the company.</p>
  112. <p>Even if Red Lobster finds a buyer, it would be hard for it to avoid filing for Chapter 11 as it is trying to get out of many leases and those contracts can be difficult to break outside of bankruptcy, the people said.  </p>
  113. <p>Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-04-16/red-lobster-mulls-filing-for-bankruptcy-to-fix-balance-sheet" target="_blank" rel="noopener">first reported</a> that Red Lobster was mulling a Chapter 11 filing last week. Red Lobster didn&#8217;t return a request for comment. </p>
  114. <p>The longtime chain, known for its cheddar bay biscuits and unlimited shrimp, is looking for a new home at a time when capital is expensive and large restaurant groups are feeling cautious as the broader casual-dining segment lags.</p>
  115. <p>For the past decade amidst ownership changes, Red Lobster has taken on debt and entered into a number of long-term leases across its 700-plus locations, which have weighed on its balance sheet. </p>
  116. <p>Jonathan Tibus, a managing partner with advisory firm Alvarez &amp; Marsal, was recently appointed Red Lobster CEO after numerous C-suite departures. That turnover has made it difficult for the chain to implement a turnaround. </p>
  117. <p>The restructuring expert has decades of experience working with struggling restaurant chains, but many of them were smaller than Red Lobster. Tibus didn&#8217;t return a request for comment. </p>
  118. <p>This year marks the 10-year anniversary of <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-3">Darden Restaurants&#8217;<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> sale of Red Lobster after investors pushed the company to divest. Private equity firm Golden Gate Capital bought the seafood chain for $2.1 billion and embarked on a turnaround. </p>
  119. <p>Thai Union Group, a seafood supplier and longtime Red Lobster  vendor, bought a minority stake in the chain in 2016. With the help of an investor group dubbed the Seafood Alliance, it bought out Golden Gate&#8217;s remaining stake in 2020, months into the pandemic.</p>
  120. <p>Unlike many restaurant companies, Red Lobster survived the pandemic without filing for bankruptcy. But longtime leader Kim Lopdrup retired in 2021, beginning a revolving door of CEOs.</p>
  121. <p>Kelli Valade took the top job in 2021, but left a year later to become CEO of Denny&#8217;s. Horace Dawson, hired more than a year after Valade&#8217;s exit, was in the job for around six months before the company named Tibus as chief executive in March.</p>
  122. <p>But Red Lobster&#8217;s problems are bigger than a leadership vortex. The broader casual-dining segment has struggled for roughly two decades in competition with fast-casual chains like Panera Bread and Chipotle Mexican Grill. The pandemic exacerbated the issue, particularly hurting full-service restaurants like Red Lobster.</p>
  123. <p>The seafood chain has also struggled from some self-inflicted wounds, most notably its disastrous &#8220;endless shrimp&#8221; promotion. Last year, it changed the offer from once a week to daily to boost slower sales in the second half of the year.</p>
  124. <p>But the offer juiced business too much as diners sought cheap deals, pressuring Red Lobster&#8217;s bottom line. As a result, Red Lobster reported $11 million in losses in the fiscal third quarter and $12.5 million in losses the following quarter.</p>
  125. <p>In January, Thai Union Group announced plans to sell its stake in Red Lobster.</p>
  126. </div>
  127. <p>[ad_2]</p>
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  135. <item>
  136. <title>American Airlines (AAL) earnings Q1 2024</title>
  137. <link>https://paypii.com/american-airlines-aal-earnings-q1-2024/</link>
  138. <comments>https://paypii.com/american-airlines-aal-earnings-q1-2024/#respond</comments>
  140. <dc:creator><![CDATA[Paypii]]></dc:creator>
  141. <pubDate>Mon, 29 Apr 2024 04:40:56 +0000</pubDate>
  142. <category><![CDATA[Business]]></category>
  143. <guid isPermaLink="false">https://paypii.com/american-airlines-aal-earnings-q1-2024/</guid>
  144.  
  145. <description><![CDATA[[ad_1] American Airlines swung to a loss in the first quarter, but its forecast for]]></description>
  146. <content:encoded><![CDATA[<p> [ad_1]<br />
  147. </p>
  148. <div id="RegularArticle-ArticleBody-5" data-module="ArticleBody" data-test="articleBody-2" data-analytics="RegularArticle-articleBody-5-2"><span class="HighlightShare-hidden" style="top:0;left:0"/></p>
  149. <div role="region" aria-labelledby="Placeholder-ArticleBody-Video-107406235">
  150. <div role="button" tabindex="0" id="Placeholder-ArticleBody-Video-107406235" class="PlaceHolder-wrapper" data-vilynx-id="7000338407" data-test="VideoPlaceHolder">
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  153. <div class="InlineVideo-inlineThumbnailContainer"><img decoding="async" class="InlineVideo-videoThumbnail" src="https://image.cnbcfm.com/api/v1/image/107406236-17140474931714047490-34265677418-1080pnbcnews.jpg?v=1714047492&amp;w=750&amp;h=422&amp;vtcrop=y" alt="American Airlines CEO Robert Isom on Q1 miss, Boeing's delivery delays and new airline refund rules"/><span class="InlineVideo-videoButton"/><span/></div>
  154. </div>
  155. </div>
  156. </div>
  157. </div>
  158. <div class="group">
  159. <p><span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">American Airlines<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> swung to a loss in the first quarter, but its forecast for the current period surpassed analysts&#8217; estimates.</p>
  160. <p>American expects to earn between $1.15 and $1.45 per share in the second quarter, on an adjusted basis, largely above the $1.18 that analysts compiled by LSEG estimated on average. American reiterated its forecast to earn between $2.25 and $3.25 per share for the full year.</p>
  161. <p>&#8220;While we aren&#8217;t satisfied with our first-quarter financial results, we have a strong foundation in place, and we remain on track to deliver on our full-year financial targets,&#8221; CEO Robert Isom said in an earnings release.</p>
  162. <p>American said it expects second-quarter capacity to be up 7% to 9%, and unit revenues to fall 1% to 3% from last year.</p>
  163. <p>Similar to <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-2">Southwest<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>, <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-3">United<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> and <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-4">Alaska<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>, American is affected by Boeing&#8217;s latest quality control and safety crises. American will receive seven fewer aircraft from Boeing than it previously projected, Isom said, adding that he did not expect a material impact from the delays.</p>
  164. <p>&#8220;My message is Boeing hasn&#8217;t changed since the last time we talked,&#8221; Isom told CNBC in an interview. &#8220;Get your act together. Deliver.&#8221;</p>
  165. <p>Here is how American performed in the <a href="https://americanairlines.gcs-web.com/news-releases/news-release-details/american-airlines-reports-first-quarter-2024-financial-results" target="_blank" rel="noopener">first quarter</a> compared with Wall Street estimates compiled by LSEG:</p>
  166. <ul>
  167. <li><strong>Loss per share:</strong> 34 cents adjusted vs. an expected loss of 29 cents</li>
  168. <li><strong>Revenue:</strong> $12.57 billion vs. $12.60 billion expected</li>
  169. </ul>
  170. <p>American posted a loss of $312 million, or 48 cents per share, in the first quarter, compared with a profit of $10 million, or 2 cents per share, during the same period a year earlier. Adjusting for one-time items, including costs associated with new labor contracts, American lost $226 million, or 34 cents per share.</p>
  171. <p>Operating expenses rose nearly 7%, including an 18% rise in salaries and related costs.</p>
  172. <p>Revenue rose 3.1% to $12.57 billion.</p>
  173. <p><em>— CNBC&#8217;s Phil LeBeau contributed to this report.</em></p>
  174. </div>
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  201. </item>
  202. <item>
  203. <title>Merck (MRK) earnings Q1 2024</title>
  204. <link>https://paypii.com/merck-mrk-earnings-q1-2024/</link>
  205. <comments>https://paypii.com/merck-mrk-earnings-q1-2024/#respond</comments>
  207. <dc:creator><![CDATA[Paypii]]></dc:creator>
  208. <pubDate>Mon, 29 Apr 2024 04:29:31 +0000</pubDate>
  209. <category><![CDATA[Business]]></category>
  210. <guid isPermaLink="false">https://paypii.com/merck-mrk-earnings-q1-2024/</guid>
  211.  
  212. <description><![CDATA[[ad_1] The exterior view of the entrance to Merck headquarters in Rahway, New Jersey, on]]></description>
  213. <content:encoded><![CDATA[<p> [ad_1]<br />
  214. </p>
  215. <div id="RegularArticle-ArticleBody-5" data-module="ArticleBody" data-test="articleBody-2" data-analytics="RegularArticle-articleBody-5-2"><span class="HighlightShare-hidden" style="top:0;left:0"/></p>
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  218. <div>
  219. <p>The exterior view of the entrance to Merck headquarters in Rahway, New Jersey, on Feb. 5, 2024.</p>
  220. <p>Spencer Platt | Getty Images</p>
  221. </div>
  222. </div>
  223. </div>
  224. <div class="group">
  225. <p><span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">Merck<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> on Thursday <a href="https://s21.q4cdn.com/488056881/files/doc_financials/2024/q1/Merck-News-Release-04-25-24-Merck-Announces-First-Quarter-2024-Financial-Results.pdf" target="_blank" rel="noopener">reported</a> first-quarter revenue and adjusted earnings that topped expectations as it posted strong sales of its blockbuster cancer drug <a href="https://www.keytruda.com/?utm_source=google&amp;amp;utm_medium=cpc&amp;amp;utm_campaign=Keytruda+Pan+Tumor+KEYTRUDA+ONLY_Brand_BRND_NA_ENGM_EXCT_TEXT_NA&amp;amp;utm_term=keytruda&amp;amp;utm_content=Brand+Keyword_General&amp;amp;utm_kxconfid=sq7irm3mh&amp;amp;gclid=EAIaIQobChMI8IiH8vHbhQMVVAetBh3OLg0zEAAYASAAEgJVC_D_BwE&amp;amp;gclsrc=aw.ds&amp;amp;" target="_blank" rel="noopener">Keytruda</a> and <a href="https://www.merckvaccines.com/gardasil9/" target="_blank" rel="noopener">vaccine products</a>.</p>
  226. <p>The pharmaceutical giant also raised and narrowed its full-year revenue and adjusted earnings forecasts. Merck now expects 2024 sales to come in between $63.1 billion and $64.3 billion, up from previous guidance of $62.7 to $64.2 billion. </p>
  227. <p>The company expects full-year adjusted earnings of $8.53 to $8.65 per share, up from its prior forecast of $8.44 to $8.59 per share. </p>
  228. <p>That outlook includes a one-time charge of roughly 26 cents per share related to Merck&#8217;s <a href="https://www.harpoontx.com/" target="_blank" rel="noopener">acquisition</a> of Harpoon Therapeutics in January. The company develops immune-based cancer drugs. The guidance also includes a negative impact of 30 cents per share from foreign exchange changes. </p>
  229. <p>Shares of Merck rose 4% on Thursday following the results.</p>
  230. <p>Here is what Merck reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: </p>
  231. <ul>
  232. <li><strong>Earnings per share:</strong> $2.07 adjusted vs. $1.88 expected</li>
  233. <li><strong>Revenue:</strong> $15.78 billion vs. $15.20 billion expected</li>
  234. </ul>
  235. <p>The company posted a net income of $4.76 billion, or $1.87 per share, for the first quarter. That compares with a net income of $2.82 billion, or $1.11 per share, during the year-earlier period. </p>
  236. <p>Excluding acquisition and restructuring costs, Merck earned $2.07 per share for the first quarter. Both adjusted and nonadjusted profit for the period include the charge related to the Harpoon deal.</p>
  237. <p>Merck raked in $15.78 billion in revenue for the quarter, up 9% from the same period a year ago. </p>
  238. <p>Those results come as Merck shows substantial progress in preparing for Keytruda&#8217;s patent expiration in 2028. The loss of exclusive rights to the drug will likely cause sales to fall, forcing the company to draw revenue from elsewhere.</p>
  239. <p>But Merck has a handful of new deals under its belt and key drug launches that will help it offset those losses. That includes Winrevair, a medication approved in the U.S. last month to treat a progressive and life-threatening lung condition. Some analysts expect that worldwide sales of Winrevair could reach $5 billion by 2030. </p>
  240. <p>Merck is seeing &#8220;high interest&#8221; in Winrevair from patient groups and a range of prescribers, and is making &#8220;good progress&#8221; in enabling access to the drug, Chief Financial Officer Caroline Litchfield said during an earnings call Thursday. Several payers have already established coverage policies for the drug, she noted.</p>
  241. <p>&#8220;We have confidence in a successful launch of Winrevair consistent with our prior expectations and look forward to providing updates on our progress,&#8221; Litchfield said.</p>
  242. <p>Merck is also cutting costs under a new restructuring program it announced in February. Those efforts aim to improve the manufacturing network of both its pharmaceutical division and animal health business. </p>
  243. <p>The company recorded charges of $246 million related to restructuring in the first quarter, which are excluded from its adjusted results. </p>
  244. </div>
  245. <h2 class="ArticleBody-subtitle"><a id="headline0"/>Pharmaceutical division sales jump</h2>
  246. <div class="group">
  247. <p>Merck&#8217;s pharmaceutical unit booked $14.01 billion in revenue during the first quarter, up 10% from the same period a year ago. That division develops a wide range of drugs for several disease areas, including oncology and infectious diseases. </p>
  248. <p>Merck&#8217;s immunotherapy Keytruda, which is used to treat several types of cancer, largely drove the growth. Keytruda generated $6.95 billion in revenue during the quarter, up 20% from the year-earlier period. </p>
  249. <p>Analysts had been expecting $6.71 billion in Keytruda sales, according to estimates from FactSet. </p>
  250. <p>Litchfield said the growth reflects increased uptake in patients at the earliest stages of cancer, and continued demand to treat metastatic cancers, which refers to when the disease spreads to a different part of the body than where it started.</p>
  251. <p>Merck also reported a jump in sales of Gardasil, a vaccine that prevents cancer from HPV, the most common sexually transmitted infection in the U.S.</p>
  252. <p>Gardasil brought in $2.25 billion in sales, up 14% from the first quarter of 2023. That is in line with the $2.24 billion that analysts expected, FactSet estimates said. </p>
  253. <p>Litchfield said the increase reflects strong demand, particularly in China.</p>
  254. </div>
  255. <div class="group">
  256. <p>Another vaccine called <a href="https://www.goodrx.com/vaxneuvance/what-is" target="_blank" rel="noopener">Vaxneuvance</a>, which prevents patients from getting sick with pneumococcal disease, also posted strong growth during the quarter. The shot recorded $219 million in sales, up 106% from the year-earlier period. </p>
  257. <p>Meanwhile, Merck&#8217;s Type 2 diabetes treatment Januvia drew $670 million in sales, down 24% from the same period a year ago. The company said the decline was primarily due to lower prices of the drug, falling demand in the U.S. and generic competition in several international markets.</p>
  258. <p>Analysts had expected Januvia sales of $687.3 million, according to FactSet estimates.</p>
  259. <p>Januvia is one of 10 drugs targeted in ongoing Medicare drug price negotiations, a policy under the Inflation Reduction Act that aims to make costly medications more affordable for seniors.</p>
  260. <p>Sales of Merck&#8217;s Covid antiviral pill Lagevrio also fell 11% to $350 million during the quarter. Still, that total blew past analysts&#8217; expectations of $106.4 million in sales, according to FactSet. </p>
  261. <p>Demand for Lagevrio and other Covid products from companies such as <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-9">Pfizer<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> and <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-10">Moderna<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> has plunged over the past year, as cases and public concern about the virus dwindled from their pandemic peaks.</p>
  262. <p>Merck&#8217;s animal health division, which develops vaccines and medicines for dogs, cats and cattle, posted $1.51 billion in sales for the first quarter. That is up only 1% from the same period a year ago. </p>
  263. <p>In February, Merck said it would buy <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-11">Elanco Animal Health<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>&#8216;s aquatic business for <a href="https://www.merck.com/news/merck-animal-health-to-acquire-elancos-aqua-business-2/" target="_blank" rel="noopener">$1.3 billion in cash</a>. The deal includes Elanco&#8217;s entire portfolio of medicines, vaccines and supplements for aquatic species, along with two manufacturing plants and a research facility.</p>
  264. </div>
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  282. </item>
  283. <item>
  284. <title>Comcast (CMCSA) earnings Q1 2024</title>
  285. <link>https://paypii.com/comcast-cmcsa-earnings-q1-2024/</link>
  286. <comments>https://paypii.com/comcast-cmcsa-earnings-q1-2024/#respond</comments>
  288. <dc:creator><![CDATA[Paypii]]></dc:creator>
  289. <pubDate>Mon, 29 Apr 2024 04:17:48 +0000</pubDate>
  290. <category><![CDATA[Business]]></category>
  291. <guid isPermaLink="false">https://paypii.com/comcast-cmcsa-earnings-q1-2024/</guid>
  292.  
  293. <description><![CDATA[[ad_1] Comcast beat first-quarter earnings expectations on Thursday as broadband drove revenue even as the]]></description>
  294. <content:encoded><![CDATA[<p> [ad_1]<br />
  295. </p>
  296. <div id="RegularArticle-ArticleBody-5" data-module="ArticleBody" data-test="articleBody-2" data-analytics="RegularArticle-articleBody-5-2"><span class="HighlightShare-hidden" style="top:0;left:0"/></p>
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  298. <div role="button" tabindex="0" id="Placeholder-ArticleBody-Video-107406211" class="PlaceHolder-wrapper" data-vilynx-id="7000338401" data-test="VideoPlaceHolder">
  299. <div class="InlineVideo-videoEmbed" id="InlineVideo-0" data-test="InlineVideo">
  300. <div class="InlineVideo-wrapper">
  301. <div class="InlineVideo-inlineThumbnailContainer"><img decoding="async" class="InlineVideo-videoThumbnail" src="https://image.cnbcfm.com/api/v1/image/107406212-17140444521714044449-34265199551-1080pnbcnews.jpg?v=1714044451&amp;w=750&amp;h=422&amp;vtcrop=y" alt="Comcast beats earnings estimates even as it sheds more broadband subscribers"/><span class="InlineVideo-videoButton"/><span/></div>
  302. </div>
  303. </div>
  304. </div>
  305. </div>
  306. <div class="group">
  307. <p><span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">Comcast<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> beat first-quarter earnings expectations on Thursday as broadband drove revenue even as the company and its peers have seen customer growth slow.</p>
  308. <p>Here is how Comcast performed, compared with estimates from analysts surveyed by LSEG:</p>
  309. <ul>
  310. <li><strong>Earnings per share:</strong> $1.04 adjusted vs. 99 cents expected</li>
  311. <li><strong>Revenue:</strong> $30.06 billion vs. $29.81 billion expected</li>
  312. </ul>
  313. <p>For the quarter that ended March 31, net income rose 0.6% to $3.86 billion, or 97 cents a share, compared with $3.83 billion, or 91 cents a share, a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, slid 0.6% to roughly $9.4 billion.</p>
  314. <p>The company&#8217;s revenue grew 1.2% to $30.06 billion compared to the same period last year. Revenue from the domestic broadband customers segment boosted that growth as rates increased, even as Comcast lost 65,000 customers during the quarter.</p>
  315. <p>Comcast&#8217;s stock was trading down about 6% on Thursday.</p>
  316. </div>
  317. <h2 class="ArticleBody-subtitle">Broadband struggles</h2>
  318. <div class="group">
  319. <p>Cable broadband companies&#8217; customer additions have <a href="https://www.cnbc.com/2023/10/26/comcast-broadband-worries.html">slumped in recent quarters and weighed on stock prices.</p>
  320. <p>The slowdown in the buying and selling of houses due to high interest rates has led to a decline in new home internet connections. Cable providers have also been hit with heightened competition for home broadband from wireless companies such as <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-3">T-Mobile<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> and <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-4">Verizon<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>.</p>
  321. <p>Mike Cavanagh, president of Comcast, said on Thursday&#8217;s earnings call that the market is &#8220;extremely competitive,&#8221; especially for &#8220;cost-conscious customers.&#8221;</p>
  322. <p>Earlier this month, Comcast said it would launch NOW, a prepaid and month-to-month low-cost internet and phone plan program. The plan is designed to provide fixed wireless options at a low cost.</p>
  323. <p>The plan supplements Comcast&#8217;s long-standing internet option for low-income customers, called Internet Essentials.</p>
  324. <p>Company executives do not expect an improvement in the near term, particularly with the expected end of the federal government&#8217;s Affordable Connectivity Program, or ACP, which offers a $30 discount on broadband services to qualifying low-income households, in April.</p>
  325. <p>Comcast&#8217;s wireless business saw a 21% increase in customers during the quarter to 6.9 million total lines. The company lost 487,000 cable TV customers during the quarter as consumers continued to cut the cord in favor of streaming.</p>
  326. </div>
  327. <h2 class="ArticleBody-subtitle">Hot films, cooling theme parks</h2>
  328. <div class="InlineImage-imageEmbed" id="ArticleBody-InlineImage-107278901" data-test="InlineImage">
  329. <div class="InlineImage-wrapper">
  330. <div>
  331. <p>A billboard for the movie &#8220;Oppenheimer&#8221; in Times Square, New York City, on July 29, 2023.</p>
  332. <p>Adam Jeffery | CNBC</p>
  333. </div>
  334. </div>
  335. </div>
  336. <div class="group">
  337. <p>The company&#8217;s theme parks adjusted EBITDA fell 3.9% to $632 million during the quarter, due to an increase in operating expenses such as higher marketing and promotion costs, as well as the negative effect of foreign currency.</p>
  338. <p>On Thursday, Cavanagh noted attendance at the Orlando theme park &#8220;felt some pressure&#8221; in the most recent quarter, as the company is in between introducing new attractions. He added the company is confident about long-term growth and future opportunities for its parks.</p>
  339. <p>Increased competition, particularly from cruises, also weighed on theme parks, Comcast Chief Financial Officer Jason Armstrong said on Thursday&#8217;s call.</p>
  340. <p>Similarly, earnings for its media business, which includes NBCUniversal, and studios also declined. The three businesses now report under the same segment, which collectively saw revenue rise 1.1% to $10.37 billion.</p>
  341. <p>Still, Comcast executives touted the strength of Universal Pictures&#8217; film slate, from recent Academy Award winners &#8220;Oppenheimer&#8221; and &#8220;The Holdovers,&#8221; to upcoming highly anticipated movies such as the adaptation of the Broadway hit &#8220;Wicked.&#8221;</p>
  342. <p>Peacock, which executives also highlighted as a bright spot and a boost to NBCUniversal, is also reaping the benefits of the film slate.</p>
  343. <p>Being the exclusive home of &#8220;Oppenheimer&#8221; when it was first released to streaming earlier this year proved to be a win for the platform. Comcast said it was the most-watched movie in Peacock history.</p>
  344. <p>The service added three million paid subscribers during the quarter, bringing its total number of customers to 34 million. The exclusive National Football League Wild Card game on Peacock helped to add, and then retain, more customers than expected, executives said on Thursday&#8217;s call.</p>
  345. <p>&#8220;We&#8217;re 3.5 years in, we&#8217;re at a place where we&#8217;re really seeing traction in our approach,&#8221; Cavanagh said Thursday, pointing to the strength in the combination of sports and entertainment.</p>
  346. <p>While Peacock is known for its large offering of live sports, including the NFL and the Premier League, Cavanagh said subscribers spend 90% of their time on nonsports programming on shows such as Peacock original &#8220;Ted,&#8221; and its Universal film collection. He added that the company expects Peacock to have &#8220;real pricing power&#8221; over time.</p>
  347. <p>Revenue for the streamer rose 54% to $1.1 billion compared to the same period last year. While domestic advertising was flat during the quarter, the company saw its domestic distribution revenue increase, driven by the growth at Peacock. Media companies have been facing a longer-than-expected <a href="https://www.cnbc.com/2023/05/15/upfronts-media-writers-strike-soft-ad-market.html">soft advertising market.</p>
  348. <p>Losses stemming from Peacock weighed on the segment and offset higher revenue. The company saw an adjusted EBITDA loss of $639 million related to Peacock during the quarter. That improved, however, from an adjusted EBITDA loss of $704 million in the same period last year.</p>
  349. <p>Peacock losses were said to peak in 2023, and executives expect them to narrow in upcoming quarters. The Olympics in Paris this summer should also drive growth for the streaming service.</p>
  350. <p>With more hours of the Olympics on its broadcast network NBC, in addition to Peacock, the company is on track to generate its most advertising revenue in its history for the Olympics.</p>
  351. <p><em>Disclosure: Comcast is the parent company of NBCUniversal and CNBC.</em></p>
  352. </div>
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  370. </item>
  371. <item>
  372. <title>Honda to build $11 billion electric vehicle hub in Canada</title>
  373. <link>https://paypii.com/honda-to-build-11-billion-electric-vehicle-hub-in-canada/</link>
  374. <comments>https://paypii.com/honda-to-build-11-billion-electric-vehicle-hub-in-canada/#respond</comments>
  376. <dc:creator><![CDATA[Paypii]]></dc:creator>
  377. <pubDate>Mon, 29 Apr 2024 04:06:30 +0000</pubDate>
  378. <category><![CDATA[Business]]></category>
  379. <guid isPermaLink="false">https://paypii.com/honda-to-build-11-billion-electric-vehicle-hub-in-canada/</guid>
  380.  
  381. <description><![CDATA[[ad_1] A brand-new Honda Pilot is displayed on the sales lot at Honda Marin in]]></description>
  382. <content:encoded><![CDATA[<p> [ad_1]<br />
  383. </p>
  384. <div id="RegularArticle-ArticleBody-5" data-module="ArticleBody" data-test="articleBody-2" data-analytics="RegularArticle-articleBody-5-2"><span class="HighlightShare-hidden" style="top:0;left:0"/></p>
  385. <div class="InlineImage-imageEmbed" id="ArticleBody-InlineImage-107369888" data-test="InlineImage">
  386. <div class="InlineImage-wrapper">
  387. <div>
  388. <p>A brand-new Honda Pilot is displayed on the sales lot at Honda Marin in San Rafael, California, on Feb. 6, 2024.</p>
  389. <p>Justin Sullivan | Getty Images</p>
  390. </div>
  391. </div>
  392. </div>
  393. <div class="group">
  394. <p>DEROIT — <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">Honda Motor<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> and yet-to-be-named joint venture partners plan to invest $11 billion in Ontario, Canada, to create a &#8220;comprehensive EV value chain,&#8221; the Japanese automaker announced Thursday.</p>
  395. <p>The <a href="https://hondanews.com/en-US/honda-corporate/releases/release-50763955e7ef98f595b7e8fb0e00db96-honda-plans-to-establish-comprehensive-electric-vehicle-value-chain-in-ontario-canada" target="_blank" rel="noopener">company said</a> the new North American electric vehicle epicenter will include new assembly and battery plants as well as other facilities to support production of all-electric and fuel cell-powered vehicles.</p>
  396. <p>Honda said vehicle production will begin in 2028, with annual vehicle capacity of 240,000 units once it is fully operational. The investment in Alliston, Ontario, is expected to greatly assist in Honda&#8217;s goal of exclusively offering all-electric and fuel cell-powered vehicles by 2040.</p>
  397. <p>The timing of the investment may seem odd to industry onlookers and investors, as many automakers have announced pullbacks in their all-electric vehicle plans amid slower-than-expected adoption of EVs.</p>
  398. <p>Honda said the investment is &#8220;for a future increase in EV demand in North America,&#8221; with the battery plant capable of producing 36 gigawatt hours, or GWh, per year.</p>
  399. <p>The project is expected to create as least 1,000 new jobs, adding to the 4,200 employees the company currently has at its two existing manufacturing facilities in Ontario.</p>
  400. <p>Prime Minister of Canada Justin Trudeau said during a livestreamed press conference on Thursday that Honda&#8217;s investment, 15 billion Canadian dollars, is the largest ever for the country&#8217;s automotive industry. The company is expected to receive upward of CA$2.5 billion in assistance in tax credits and other incentives from the Canadian government, officials said.</p>
  401. <p>The investment is a major win for Canada and comes after Honda last year confirmed a $4.4 billion investment for a new U.S. battery plant in Ohio.</p>
  402. <p>&#8220;In North America, following the initiative to establish our EV production system capability in the U.S., we will now begin formal discussions toward the establishment of a comprehensive EV value chain here in Canada, with the support of the governments of Canada and Ontario,&#8221; Honda CEO Toshihiro Mibe said in a release. &#8220;We will strengthen our EV supply system and capability with an eye toward a future increase in EV demand in North America.&#8221;</p>
  403. <p>Honda said it has &#8220;begun the process of evaluating the scope of its investment and completing negotiations with its joint venture partners.&#8221; Its partner in the U.S. facility is LG Energy Solution.</p>
  404. <p>The company said it expects to finalize the plans over the next six months.</p>
  405. </div>
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  424. <item>
  425. <title>Bristol Myers Squibb (BMY) earnings Q1 2024</title>
  426. <link>https://paypii.com/bristol-myers-squibb-bmy-earnings-q1-2024/</link>
  427. <comments>https://paypii.com/bristol-myers-squibb-bmy-earnings-q1-2024/#respond</comments>
  429. <dc:creator><![CDATA[Paypii]]></dc:creator>
  430. <pubDate>Mon, 29 Apr 2024 03:49:44 +0000</pubDate>
  431. <category><![CDATA[Business]]></category>
  432. <guid isPermaLink="false">https://paypii.com/bristol-myers-squibb-bmy-earnings-q1-2024/</guid>
  433.  
  434. <description><![CDATA[[ad_1] The Bristol Myers Squibb research and development center at Cambridge Crossing in Cambridge, Massachusetts,]]></description>
  435. <content:encoded><![CDATA[<p> [ad_1]<br />
  436. </p>
  437. <div id="RegularArticle-ArticleBody-5" data-module="ArticleBody" data-test="articleBody-2" data-analytics="RegularArticle-articleBody-5-2"><span class="HighlightShare-hidden" style="top:0;left:0"/></p>
  438. <div class="InlineImage-imageEmbed" id="ArticleBody-InlineImage-107405227" data-test="InlineImage">
  439. <div class="InlineImage-wrapper">
  440. <div>
  441. <p>The Bristol Myers Squibb research and development center at Cambridge Crossing in Cambridge, Massachusetts, on Dec. 27, 2023.</p>
  442. <p>Adam Glanzman | Bloomberg | Getty Images</p>
  443. </div>
  444. </div>
  445. </div>
  446. <div class="group">
  447. <p><span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">Bristol Myers Squibb<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> on Thursday reported first-quarter revenue that topped expectations as sales of its popular blood cancer treatment Revlimid and blockbuster blood thinner Eliquis came in higher than expected. </p>
  448. <p>But the pharmaceutical company swung to a quarterly loss due to one-time charges related to its recently closed deals. It also said it plans to cut $1.5 billion in costs by 2025, and reinvest the money in drug development.</p>
  449. <p>Bristol Myers<strong> </strong>will lay off 2,200 employees this year, discontinue some drug programs, eliminate open roles, consolidate its sites and reduce management layers, among other cost savings.<strong> </strong>The company said it will prioritize investment in its key drug brands, optimize operations across the company and focus its resources on research and development programs that could deliver the highest returns for the company and the greatest health benefits for patients.</p>
  450. <p>Two-thirds of savings are associated with drug research and development, Bristol Myers executives said during an earnings call Thursday.<strong> </strong>The company has discontinued about 12 drug programs so far and will evaluate others to drop throughout year, said Bristol Myers Chief Medical Officer Dr. Samit Hirawat.</p>
  451. <p>Bristol Myers CEO Chris Boerner added that the majority of savings are coming from existing in-house operations, not from newly acquired companies.</p>
  452. <p>&#8220;We are taking important actions to effectively manage the decade,&#8221; Boerner said during the call. &#8220;Our management team has focused on ensuring the discipline execution required to deliver both this year and set us up for the longer term.&#8221;</p>
  453. <p>For the first quarter, Bristol Myers said the charges that weighed it down primarily reflect its <a href="https://news.bms.com/news/details/2024/Bristol-Myers-Squibb-Completes-Acquisition-of-Karuna-Therapeutics-Strengthening-Neuroscience-Portfolio/default.aspx" target="_blank" rel="noopener">$14 billion acquisition</a> of neuroscience drugmaker Karuna Therapeutics and the <a href="https://www.bms.com/investors/global-strategic-license-and-collaboration-agreement-with-systimmune.html" target="_blank" rel="noopener">collaboration agreement</a> with SystImmune, a subsidiary of a Chinese biotech startup, to co-develop and market its experimental cancer treatment. </p>
  454. <p>Those deals come as Bristol Myers faces pressure to launch new drugs and offset the potential loss of revenue from top-selling treatments. The company&#8217;s popular blood cancer treatment Revlimid — and eventually, Eliquis and cancer immunotherapy Opdivo — faces competition from cheaper copycats. </p>
  455. <p>Shares of Bristol Myers fell more than 7% on Tuesday.</p>
  456. <p>Here is what Bristol Myers reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: </p>
  457. <ul>
  458. <li><strong>Loss per share:</strong> $4.40 adjusted vs. loss of $4.44 expected</li>
  459. <li><strong>Revenue:</strong> $11.87 billion vs. $11.46 billion expected </li>
  460. </ul>
  461. <p>Bristol Myers, one of the world&#8217;s largest pharmaceutical companies, swung to a net loss of $11.9 billion, or $5.89 per share, during the first quarter. That compares to net income of $2.3 billion, or $1.07 per share, for the same period a year ago. </p>
  462. <p>Excluding certain items, its adjusted loss per share was $4.40 for the period. </p>
  463. <p>The loss reflects a one-time $6.30 per share charge related to the recently closed deals, Bristol Myers said in a release.</p>
  464. <p>Bristol Myers reported first-quarter revenue of $11.87 billion, up 5% from the year-earlier period. </p>
  465. <p>The company reiterated its full-year revenue forecast of a low single-digit increase. But Bristol Myers lowered its 2024 adjusted earnings guidance to 40 cents to 70 cents per share to reflect the effect of the recent deals. </p>
  466. <p>That compares with a previous forecast of $7.10 to $7.40 per share, which did not include charges related to its buyouts of Karuna Therapeutics and radiopharmaceutical company RayzeBio, along with divestitures and other items. </p>
  467. </div>
  468. <h2 class="ArticleBody-subtitle">Eliquis, new drugs post growth </h2>
  469. <div class="group">
  470. <p>Bristol Myers said revenue growth for the first quarter was primarily driven by higher sales of Eliquis and some of its newer drugs. </p>
  471. <p>Eliquis booked $3.72 billion in sales for the quarter, up 9% from the year-ago period. Analysts had expected Eliquis to draw $3.59 billion in revenue, according to estimates compiled by FactSet.</p>
  472. <p>Eliquis, which Bristol Myers shares with <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-8"><a href="https://www.cnbc.com/quotes/PFE/">Pfizer<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>, is among the first 10 drugs facing ongoing price negotiations with the federal Medicare program. The blood thinner is expected to lose market exclusivity by 2028.</p>
  473. <p>The effect of those negotiations on Eliquis is still unclear, Bristol Myers executives said during the call. The final negotiated price for the drug will be published later this year and go into effect in 2026, which is when the company expects a hit to revenue and profit.</p>
  474. <p>Meanwhile, Revlimid raked in $1.67 billion in sales, down 5% from the same period a year ago. </p>
  475. <p>Still, that surpassed analysts&#8217; revenue expectations of $1.22 billion for the drug, according to FactSet estimates.  </p>
  476. </div>
  477. <div class="group">
  478. <p>Anemia drug Reblozyl and advanced melanoma treatment Opdualag also posted revenue growth during the first quarter. </p>
  479. <p>Reblozyl booked $354 million in sales, up 72% from the year-earlier period. Analysts had expected revenue of $330.8 million, according to FactSet.</p>
  480. <p>Opdualag generated $206 million in sales for the first quarter, which is up 76% from the same period a year ago. Analysts had expected revenue of $206.5 million, FactSet estimates said. </p>
  481. <p>The performance of other new drugs fell short of Wall Street&#8217;s expectations. </p>
  482. <p>Abecma, a cell therapy for a rare blood cancer called multiple myeloma, drew $82 million in sales for the quarter. Analysts had expected $112.6 million in revenue, according to FactSet. </p>
  483. <p>The U.S. Food and Drug Administration earlier this month expanded its approval of that drug, allowing multiple myeloma patients to use it as an earlier line of treatment.</p>
  484. <p>An older drug, Opdivo, generated $2.07 billion in sales for the quarter, down 6% from the first quarter of 2023. Analysts had expected the drug to book $2.3 billion in revenue for the period, FactSet estimates said.</p>
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  514. <title>U.S. pro pickleball group signs first international deal in India</title>
  515. <link>https://paypii.com/u-s-pro-pickleball-group-signs-first-international-deal-in-india/</link>
  516. <comments>https://paypii.com/u-s-pro-pickleball-group-signs-first-international-deal-in-india/#respond</comments>
  518. <dc:creator><![CDATA[Paypii]]></dc:creator>
  519. <pubDate>Mon, 29 Apr 2024 03:33:29 +0000</pubDate>
  520. <category><![CDATA[Business]]></category>
  521. <guid isPermaLink="false">https://paypii.com/u-s-pro-pickleball-group-signs-first-international-deal-in-india/</guid>
  522.  
  523. <description><![CDATA[[ad_1] A pickleball paddle and balls at the pickleball courts in Tropical Park on March]]></description>
  524. <content:encoded><![CDATA[<p> [ad_1]<br />
  525. </p>
  526. <div id="RegularArticle-ArticleBody-5" data-module="ArticleBody" data-test="articleBody-2" data-analytics="RegularArticle-articleBody-5-2"><span class="HighlightShare-hidden" style="top:0;left:0"/></p>
  527. <div class="InlineImage-imageEmbed" id="ArticleBody-InlineImage-107217716" data-test="InlineImage">
  528. <div class="InlineImage-wrapper">
  529. <div>
  530. <p>A pickleball paddle and balls at the pickleball courts in Tropical Park on March 23, 2023, in Miami. (Jose A. Iglesias/El Nuevo Herald/Tribune News Service via Getty Images)</p>
  531. <p>Jose A. Iglesias | El Nuevo Herald | Getty Images</p>
  532. </div>
  533. </div>
  534. </div>
  535. <div class="group">
  536. <p>America&#8217;s fastest-growing sport, pickleball, is going after a new frontier: India.</p>
  537. <p>The United Pickleball Association and Global Sports announced a deal on Thursday to bring the PPA Tour and Major League Pickleball to the world&#8217;s most populous country.</p>
  538. <p>It&#8217;s the first international deal and major announcement for the United Pickleball Association, which was created after a merger between Major League Pickleball and the Professional Pickleball Association last February.</p>
  539. <p>The PPA Tour and Major League Pickleball retained their own distinct brands after the merger. The PPA Tour features an individual bracket-style tour, while MLP is a team-based format.</p>
  540. <p>Terms of the deal were not available.</p>
  541. <p>&#8220;The PPA Tour India and MLP India will create a pathway for players to compete on pickleball&#8217;s biggest stage and reach the top of the sport. With the partnership of Global Sports, we will elevate the game and introduce it to millions of new fans,&#8221; said Connor Pardoe, founder and CEO of the PPA Tour.</p>
  542. <p>As part of the partnership, the PPA Tour will make an official tour stop in India next February. The Indian Open event will be the debut PPA Tour event in Asia and is expected to bring players from all over the world to participate.</p>
  543. <p>The deal will also launch PPA Tour India, offering ranking points to players at events around the country.</p>
  544. <p>Major League Pickleball, the team-based league, will hold a competition in India featuring a mix of players from India, as well as MLP and PPA Tour professionals.</p>
  545. <p>United Pickleball Association said the group also plans to hold an open process to sell MLP franchises, with the goal of launching a full 12-team season in 2025-26.</p>
  546. <p>Franchises are expected to cost in the seven-figure range, according to sources.</p>
  547. <p>In September, Major League Pickleball announced its expansion <a href="https://www.majorleaguepickleball.net/news/major-league-pickleball-expands-into-australia-with-first-international-partnership/" target="_blank" rel="noopener">into Australia</a>.</p>
  548. <p>The APP Tour, which represents both amateurs and seniors, has also been active in bringing the sport overseas to India, the United Kingdom, Spain and Sweden.</p>
  549. <p>Global Sports, which was at the forefront of bringing pickleball to India, operates courts and organizes tournaments in India.</p>
  550. <p>&#8220;Pickleball in India has grown by leaps in the last couple of years, and this will give existing players a platform to compete at the highest level,&#8221; said Shashank Khaitan, partner at Global Sports.</p>
  551. </div>
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  569. </item>
  570. <item>
  571. <title>Southwest weighs seating changes to drive up revenue</title>
  572. <link>https://paypii.com/southwest-weighs-seating-changes-to-drive-up-revenue/</link>
  573. <comments>https://paypii.com/southwest-weighs-seating-changes-to-drive-up-revenue/#respond</comments>
  575. <dc:creator><![CDATA[Paypii]]></dc:creator>
  576. <pubDate>Mon, 29 Apr 2024 03:12:15 +0000</pubDate>
  577. <category><![CDATA[Business]]></category>
  578. <guid isPermaLink="false">https://paypii.com/southwest-weighs-seating-changes-to-drive-up-revenue/</guid>
  579.  
  580. <description><![CDATA[[ad_1] A Southwest Airlines Boeing 737-700 aircraft lands at Ronald Reagan Washington National Airport in]]></description>
  581. <content:encoded><![CDATA[<p> [ad_1]<br />
  582. </p>
  583. <div id="RegularArticle-ArticleBody-5" data-module="ArticleBody" data-test="articleBody-2" data-analytics="RegularArticle-articleBody-5-2"><span class="HighlightShare-hidden" style="top:0;left:0"/></p>
  584. <div class="InlineImage-imageEmbed" id="ArticleBody-InlineImage-107327143" data-test="InlineImage">
  585. <div class="InlineImage-wrapper">
  586. <div>
  587. <p>A Southwest Airlines Boeing 737-700 aircraft lands at Ronald Reagan Washington National Airport in Arlington, Virginia, on May 7, 2023.</p>
  588. <p>Nicolas Economou | Nurphoto | Getty Images</p>
  589. </div>
  590. </div>
  591. </div>
  592. <div class="group">
  593. <p><span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">Southwest Airlines<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> is considering changes to its single-class, open-seating cabins to drive up revenue, CEO Bob Jordan told CNBC on Thursday, a shift that would be among the largest in the airline&#8217;s history.</p>
  594. <p>&#8220;We&#8217;re looking into new initiatives, things like the way we seat and board our aircraft,&#8221; Jordan said in an interview after the carrier&#8217;s disappointing first-quarter report.</p>
  595. <p>Southwest&#8217;s all-<span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-3">Boeing<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> 737 fleet has a single economy class cabin and no seating assignments, though it does offer earlier boarding for a fee so customers can snag their preferred seats. The airline has focused on keeping its product simple and user-friendly for years, aiming to keep its own costs and complexity to a minimum.</p>
  596. <p>Meanwhile, rivals including <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-4">Delta<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> and <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-5">United<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> have touted high revenue growth for premium seating such as business class and strong upsell rates.</p>
  597. </div>
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  603. </div>
  604. </div>
  605. </div>
  606. </div>
  607. <div class="group">
  608. <p>Analysts have repeatedly asked Southwest about opportunities for premium seating or additional fees. (The airline doesn&#8217;t charge travelers for their first two checked bags.)</p>
  609. <p>Most U.S. airlines charge travelers to choose many of its seats in advance, even those that don&#8217;t come with extra legroom. Eight U.S. carriers — <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-7">Alaska<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>, <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-8">Allegiant<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>, <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-9">American<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>, Delta, <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-10">Frontier<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>, <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-11">JetBlue<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>, <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-12">Spirit<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> and United — together brought in $4.2 billion from seating fees in their domestic networks in 2022, according to Jay Sorensen, an airline ancillary revenue expert at IdeaWorksCompany.</p>
  610. <p>Jordan said no decisions have been made on what kind of changes Southwest will ultimately make, but he said studies have yielded &#8220;interesting&#8221; results.</p>
  611. <p>&#8220;Customer preferences do change over time,&#8221; Jordan said.</p>
  612. <p>While details were scarce during Southwest&#8217;s earnings call, when asked whether Southwest would consider a separated cabin on its planes, Ryan Green, the carrier&#8217;s chief commercial officer said: &#8220;Curtains and things like that are a bit far afield from what Southwest Airlines is.&#8221;</p>
  613. <p>Green added that the carrier is not considering charging for checked bags because &#8220;people choose Southwest Airlines because we don&#8217;t have bag fees.&#8221;</p>
  614. <p><em>— CNBC&#8217;s </em><em>Phil LeBeau</em><em> contributed to this report.</em></p>
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  642. </item>
  643. <item>
  644. <title>Southwest Airlines (LUV) earnings Q1 2024</title>
  645. <link>https://paypii.com/southwest-airlines-luv-earnings-q1-2024/</link>
  646. <comments>https://paypii.com/southwest-airlines-luv-earnings-q1-2024/#respond</comments>
  648. <dc:creator><![CDATA[Paypii]]></dc:creator>
  649. <pubDate>Mon, 29 Apr 2024 02:53:50 +0000</pubDate>
  650. <category><![CDATA[Business]]></category>
  651. <guid isPermaLink="false">https://paypii.com/southwest-airlines-luv-earnings-q1-2024/</guid>
  652.  
  653. <description><![CDATA[[ad_1] Southwest Airlines on Thursday posted a wider loss for the first quarter than the]]></description>
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  667. <p><span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">Southwest Airlines<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> on Thursday posted a wider loss for the first quarter than the same period last year and warned that <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-2">Boeing&#8217;s<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> airplane delays will hamper its growth into 2025.</p>
  668. <p>The airline expects to grow capacity 4% this year, down from a plan to expand 6%. For the second quarter, it forecast growth of 8% to 9% and said revenue would be down as much as 3.5%.</p>
  669. <p>Shares of Southwest slid almost 7% on Thursday. </p>
  670. <p>The airline said in a quarterly filing that it now expects to receive only 20 Boeing 737 Max 8 planes, down from its previous forecast of 46 of them. The carrier will now delay retiring some of its older Boeing planes and is cutting costs, including by offering staff voluntary time off. Southwest said it expects to end the year with 2,000 fewer employees than it had at the end of 2023.</p>
  671. <p>It will shut down operations at some airports, including in Syracuse, New York; Bellingham International Airport in Washington; Cozumel International Airport; and Houston&#8217;s George Bush Intercontinental. The carrier is also scaling back service in Atlanta and at Chicago O&#8217;Hare International Airport.</p>
  672. <p>&#8220;Achieving our financial goals is an immediate imperative,&#8221; CEO Bob Jordan said in an <a href="https://www.southwestairlinesinvestorrelations.com/news-and-events/news-releases/2024/04-25-2024-114535295" target="_blank" rel="noopener">earnings release</a>. &#8220;The recent news from Boeing regarding further aircraft delivery delays presents significant challenges for both 2024 and 2025. We are reacting and replanning quickly to mitigate the operational and financial impacts while maintaining dependable and reliable flight schedules for our Customers.&#8221;</p>
  673. <p>The Dallas-based carrier operates an all-Boeing 737 fleet and is acutely affected by Boeing&#8217;s aircraft delays stemming from its safety and quality crises.</p>
  674. <p>The carrier had previously warned that slower Boeing deliveries were hampering its growth.</p>
  675. <p>Southwest is not only rethinking its network but also its business model. Jordan told CNBC that the airline might ditch its single-class cabin and open seating. While he said no decisions have been made, it would be a massive shift, just as big rivals like <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-5">United<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> and <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-6">Delta<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> post strong revenue growth for premium seats.</p>
  676. <p>Here is how Southwest performed in the first quarter compared with Wall Street expectations, according to consensus estimates from LSEG:</p>
  677. <ul>
  678. <li><strong>Loss per share: </strong>36 cents adjusted<strong> </strong>vs. an expected loss of 34 cents</li>
  679. <li><strong>Revenue: </strong>$6.33 billion vs. $6.42 billion expected</li>
  680. </ul>
  681. <p>Southwest lost $231 million, or 39 cents a share, in the first three months of the year, compared with a loss of $159 million, or 27 cents a share, a year earlier when it was dealing with the aftermath of its holiday meltdown.</p>
  682. <p>Adjusting for one-time items, including costs related to labor contracts and fuel, Southwest lost $218 million, or 36 cents a share.</p>
  683. <p>Revenue rose almost 11% to $6.33 billion, slightly below analysts&#8217; estimates as compiled by LSEG.</p>
  684. <p><em>Correction: Southwest Airlines revenue of $6.33 billion came in slightly below analysts&#8217; estimates as compiled by LSEG.</em></p>
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