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Wire

Update: Market Chatter: AstraZeneca Wins Pfizer Patent Battle Over Cancer Drug

(Updates with AstraZeneca declining to comment in paragraph three).AstraZeneca (AZN) won a lawsuit filed in 2021 by Pfizer (PFE) after a US appeals court upheld a ruling in favor of the drugmaker over allegations that its lung-cancer drug Tagrisso infringed patents, Reuters reported Thursday.The Washington-based US Court of Appeals for the Federal Circuit agreed with a Delaware federal judge that the two patents at the center of the dispute, owned by Pfizer's subsidiary Wyeth, were invalid.AstraZeneca declined to comment, while Pfizer did not immediately respond to' request for comment.AstraZeneca shares were down more than 5% in recent afternoon trading.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $178.88, Change: $-10.41, Percent Change: -5.50%

$AZN$PFE
Wire

Market Chatter: AstraZeneca Wins Pfizer Patent Battle Over Cancer Drug

AstraZeneca (AZN) won a lawsuit filed in 2021 by Pfizer (PFE) after a US appeals court upheld a ruling in favor of the drugmaker over allegations that its lung-cancer drug Tagrisso infringed patents, Reuters reported Thursday.The Washington-based US Court of Appeals for the Federal Circuit agreed with a Delaware federal judge that the two patents at the center of the dispute, owned by Pfizer's subsidiary Wyeth, were invalid.AstraZeneca and Pfizer did not immediately respond to' request for comment.AstraZeneca shares were down more than 5% in recent afternoon trading.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $179.49, Change: $-9.79, Percent Change: -5.17%

$AZN$PFE
Biopharma Companies' Second-Half Performance to be Largely Driven by Fundamentals, Morgan Stanley Says
US Markets

Biopharma Companies' Second-Half Performance to be Largely Driven by Fundamentals, Morgan Stanley Says

Major US biopharmaceutical companies' performance in the second half of the year is likely to be driven largely by fundamentals, as the focus shifts away from economic factors, Morgan Stanley said in a note e-mailed Wednesday.The investment firm revised its price targets for several biopharma stocks it covers ahead of the latest earnings season."The macro has been a key driver of large-cap biopharma performance over the first half of the year," the brokerage said in a note to clients. "Looking into the second half, we expect fundamentals to be more of a driver. We prefer stocks with upside from product cycles and/or pipeline catalysts."Morgan Stanley raised its price target for Eli Lilly (LLY) to $1,347 from $1,344. It expects second-quarter earnings per share of $9.06 for the pharmaceutical giant, compared with Wall Street's estimate of $8.80. The firm projects revenue of $20.78 billion, while the Street is looking for $20.47 billion.The firm expects Johnson & Johnson (JNJ) to deliver a second-quarter beat, with EPS projected at $2.90 and sales at $25.46 billion. Morgan Stanley raised its price target on the stock to $284 from $283.Pfizer's (PFE) second-quarter EPS is seen at $0.69, while the Street is looking for $0.68, according to the note. Revenue is projected at $14.29 billion, while the Street is eyeing $14.44 billion.Moderna's (MRNA) new price target is $39, up from $33 previously. The drugmaker is expected to report a second-quarter loss of $1.85 a share on revenue of $172 million versus the Street's views for a $2.06 loss and sales of $102 million, according to Morgan Stanley.The price target for the Abbvie (ABBV) stock moved to $279 from $278, with Morgan Stanley expecting the company's second-quarter revenue to be ahead of consensus and guidance at $16.88 billion, while EPS is seen at $3.71 versus the Street's forecast of $3.76.Morgan Stanley lowered its price target for Gilead Sciences (GILD) to $166 from $168. The brokerage is projecting a second-quarter loss per share at $7.34, while the Street is looking for a $7.31 loss. Revenue is expected at $7.36 billion, below the $7.41 billion consensus, according to the note.Price: $1228.54, Change: $-7.02, Percent Change: -0.57%

$ABBV$GILD$JNJ$LLY$MRNA$PFE
Nike Fourth-Quarter Revenue Slips as Expected Tariff Refunds Boost Earnings
US Markets

Nike Fourth-Quarter Revenue Slips as Expected Tariff Refunds Boost Earnings

Nike's (NKE) fiscal fourth-quarter revenue slipped year-over-year, while the sportswear company's earnings got a boost from expected tariff refunds.Revenue fell 1% to $10.97 billion for the quarter ended May 31, topping the FactSet-polled consensus of $10.85 billion. Earnings per share soared 414% to $0.72, driven by a $0.52 benefit related to the expected recovery of trade tariffs.The US Supreme Court in February invalidated President Donald Trump's reciprocal tariffs imposed under the International Emergency Economic Powers Act."We delivered fourth-quarter results in line with our expectations, demonstrating financial discipline in an increasingly challenging operating environment, where sell-through remains challenged," Chief Financial Officer Matthew Friend said in a statement.The stock fell 4.3% in after-hours trade, and is down 36% this year through Tuesday close.Revenue for the Nike brand was virtually flat at $10.72 billion, weighed down by a 12% drop in China. North American sales grew 3%, while Europe, the Middle East and Africa fell 1%.Consolidated equipment and footwear revenue for the Nike brand declined.Chief Executive Elliott Hill acknowledged the company continues to face top-line headwinds, but said it remains focused on "consistent execution" and profitability.Macro pressures and internal challenges were expected to drive a soft quarterly performance at Nike, Oppenheimer said Friday. The brokerage said 2026 is shaping up to be a restructuring year for Nike and recommended staying on the sidelines until there's more visibility into a broader recovery.Last week, Nike said David Denton will join the company as chief financial officer in August, succeeding Friend. Denton has served as CFO of Pfizer (PFE) since May 2022.

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Wire

Pfizer Keeps Quarterly Dividend at $0.43 per Share, Payable Sept. 1, to Shareholders of Record July 24

Pfizer Keeps Quarterly Dividend at $0.43 per Share, Payable Sept. 1, to Shareholders of Record July 24

$PFE
Sectors

Sector Update: Healthcare Stocks Advance Late Afternoon

Healthcare stocks were higher late Wednesday afternoon, with the NYSE Healthcare Index adding 0.8% and the State Street Health Care Select Sector SPDR ETF (XLV) increasing 0.9%.The iShares Biotechnology ETF (IBB) climbed 2.4%.In corporate news, Eli Lilly (LLY) and Bayer's pharmaceutical division have backed the Trump administration's call for higher drug prices in Europe, the Financial Times reported. Separately, Lilly said Wednesday it has completed its acquisition of Centessa Pharmaceuticals. Lilly shares were up 0.6%.NRx Pharmaceuticals (NRXP) and two units are facing a lawsuit from Kadima Neuropsychiatry Institute for alleged breach of contract and misrepresentation regarding an acquisition agreement, the psychiatric clinic said Wednesday. NRx Pharmaceuticals shares fell 12%.Pfizer (PFE) has been dismissed as a defendant in a lawsuit brought by 45 US states, the District of Columbia, and 4 US territories that accused drugmakers and executives of fixing generic drug prices, Reuters reported. Its shares were down 2.4%.InMode (INMD) board received an unsolicited acquisition proposal last week for all shares not already owned by M.N. Business Strategy for $16.20 per share in cash, the medical technology firm said Wednesday. The shares jumped 10%.

$INMD$LLY$NRXP$PFE
Wire

Update: Market Chatter: Pfizer Dismissed From US States' Lawsuit on Generic Drug Price Fixing

(Updates with Pfizer's response in the last two paragraphs.)Pfizer (PFE) has been dismissed as a defendant in a lawsuit brought by 45 US states, the District of Columbia, and 4 US territories that accused drugmakers and executives of fixing generic drug prices, Reuters reported Wednesday, citing a court decision.Michael Shea, Chief Judge of the federal district court in Connecticut, said in a Tuesday ruling the states failed to establish that Pfizer and its former Greenstone unit colluded with competitors to rig bids and allocate customers for drug products, according to the report."Pfizer is pleased with the Court's decision to grant summary judgment and dismiss all claims against Pfizer- which had no involvement in the alleged conduct and should never have been named in the complaint to begin with", a Pfizer spokesperson said in an emailed statement to.Pfizer is pleased with the Court's prior decision to reduce the claims against Greenstone, the spokesperson said, adding that the company believes the remaining claims are without merit and will continue to vigorously defend against these claims.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $24.08, Change: $-0.65, Percent Change: -2.61%

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Sectors

Sector Update: Healthcare Stocks Advance Wednesday Afternoon

Healthcare stocks were higher Wednesday afternoon, with the NYSE Healthcare Index adding 0.5% and the State Street Health Care Select Sector SPDR ETF (XLV) increasing 0.3%.The iShares Biotechnology ETF (IBB) climbed 2.2%.In corporate news, InMode (INMD) board received an unsolicited acquisition proposal last week for all shares not already owned by M.N. Business Strategy for $16.20 per share in cash, the medical technology firm said Wednesday. Shares jumped 11%.Pfizer (PFE) has been dismissed as a defendant in a lawsuit brought by 45 US states, the District of Columbia, and 4 US territories that accused drugmakers and executives of fixing generic drug prices, Reuters reported. Shares were down 3.1%.Eli Lilly (LLY) and Bayer's pharmaceutical division have backed the Trump administration's call for higher drug prices in Europe, the Financial Times reported. Separately, Lilly said Wednesday it has completed its acquisition of Centessa Pharmaceuticals. Lilly shares were shedding 0.5%.

$INMD$LLY$PFE
Wire

Market Chatter: Pfizer Dismissed From US States' Lawsuit on Generic Drug Price Fixing

Pfizer (PFE) has been dismissed as a defendant in a lawsuit brought by 45 US states, the District of Columbia, and 4 US territories that accused drugmakers and executives of fixing generic drug prices, Reuters reported Wednesday, citing a court decision.Michael Shea, Chief Judge of the federal district court in Connecticut, said in a Tuesday ruling the states failed to establish that Pfizer and its former Greenstone unit colluded with competitors to rig bids and allocate customers for drug products, according to the report.Pfizer did not immediately respond to a request for comment by.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $24.13, Change: $-0.59, Percent Change: -2.39%

$PFE
Wire

Pfizer's Palbociclib Combination Therapy Gets FDA Approval for Certain Types of Breast Cancer

Pfizer's (PFE) palbociclib, in combination with trastuzumab, with or without pertuzumab, and endocrine therapy has received the US Food and Drug Administration's approval as a maintenance treatment for adults with HR-positive, HER-2 positive locally advanced or metastatic breast cancer, the regulator said Wednesday.The recommended dosage for the drug is 125mg orally once a day for 21 days, followed by seven days off treatment to complete a 28-day cycle.Palbociclib received breakthrough therapy designation, the FDA said.Price: $24.27, Change: $-0.45, Percent Change: -1.84%

$PFE
Pfizer Names Interim Finance Chief as CFO Quits; Drugmaker Affirms Full-Year Outlook
US Markets

Pfizer Names Interim Finance Chief as CFO Quits; Drugmaker Affirms Full-Year Outlook

Pfizer (PFE) named an interim head of finance on Thursday as it announced the departure of Chief Financial Officer Dave Denton.Cecile Guegan, the US drugmaker's senior vice president of finance for the global biopharmaceutical business, will serve as interim CFO, beginning Aug. 16, Pfizer said in a statement. Guegan has been with Pfizer for more than 20 years.Denton will leave the company on Aug. 15, having accepted an opportunity in the consumer goods industry, Pfizer said.Separately, the company affirmed its fiscal 2026 guidance, according to a regulatory filing.It continues to expect full-year adjusted per-share earnings of $2.80 to $3 and revenue between $59.5 billion to $62.5 billion. Analysts in a FactSet poll are looking for non-GAAP EPS of $2.96 on sales of $61.74 billion.Pfizer previously reported 2025 adjusted EPS of $3.22 and revenue of $62.58 billion.Last month, Pfizer posted higher-than-expected first-quarter results as robust demand across its key brands offset weakening sales of its COVID-19 products.Shares of Pfizer were down 2.7% in late afternoon trade on Thursday. The stock is up 1.3% so far this year.Price: $25.29, Change: $-0.64, Percent Change: -2.45%

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Sectors

Sector Update: Healthcare Stocks Decline Late Afternoon

Healthcare stocks fell late Thursday afternoon with the NYSE Healthcare Index dropping 1% and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.9%.The iShares Biotechnology ETF (IBB) shed 0.3%.In corporate news, Pfizer (PFE) shares dropped 2.5% after the company reaffirmed its fiscal 2026 guidance. The company also said Chief Financial Officer Dave Denton will step down on Aug. 15 after accepting a position in the consumer-goods sector.Biogen (BIIB) agreed to acquire private biotechnology company RayThera in a deal worth up to $1 billion. Biogen shares fell 1.4%.EnGene (ENGN) shares shed 1.4% after Morgan Stanley downgraded the stock to underweight from equalweight.NovoCure (NVCR) shares tumbled 19% after the company said a phase 3 trial evaluating its tumor treating fields therapy in patients with newly diagnosed glioblastoma failed to meet its primary endpoint.

$BIIB$ENGN$NVCR$PFE
Sectors

Sector Update: Healthcare

Healthcare stocks fell late Thursday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each decreasing 0.7%.The iShares Biotechnology ETF (IBB) shed 0.2%.In corporate news, Pfizer (PFE) shares fell 2.5% after the company reaffirmed its fiscal 2026 guidance in a regulatory filing. Pfizer also said Chief Financial Officer Dave Denton will step down on Aug. 15 after accepting a position in the consumer-goods sector.

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Wire

Pfizer Shares Fall After Reaffirming Fiscal 2026 Guidance

Pfizer (PFE) shares fell 2.6% in Thursday trading after the company reaffirmed its fiscal 2026 guidance in a regulatory filing.The company continues to expect fiscal 2026 adjusted earnings of $2.80 to $3.00 per diluted share and revenue range of $59.5 billion to $62.5 billion, according to the filing with the US Securities and Exchange Commission.Analysts surveyed by FactSet expect $2.96 and $61.74 billion, respectively.Price: $25.25, Change: $-0.67, Percent Change: -2.58%

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Sectors

Sector Update: Healthcare Stocks Decline Thursday Afternoon

Healthcare stocks fell Thursday afternoon with the NYSE Healthcare Index decreasing 0.9% and the State Street Health Care Select Sector SPDR ETF (XLV) declining 0.8%.The iShares Biotechnology ETF (IBB) shed 0.5%.In corporate news, Pfizer (PFE) shares fell 2.6% after the company said Chief Financial Officer Dave Denton will step down on Aug. 15 after accepting a position in the consumer-goods sector.Biogen (BIIB) agreed to acquire private biotechnology company RayThera in a deal worth up to $1 billion. Biogen shares fell 1.9%.NovoCure (NVCR) shares dropped 19% after the company said a phase 3 trial evaluating its tumor treating fields therapy in patients with newly diagnosed glioblastoma failed to meet its primary endpoint.Kardigan (KARD) shares surged 28% to $20.50 in their debut on the Nasdaq. The clinical-stage precision therapeutics company priced its initial public offering of 25 million shares at $16 each. Underwriters were granted a 30-day option to purchase an additional 3.75 million shares.

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Wire

Top Midday Stories: US, Iran Seal Memorandum to Reopen Hormuz; Intel Gains After Trump Cites Apple Chip Partnership

All three major US stock indexes rose in midday trading Thursday as investors assessed the signing of the peace deal between the US and Iran and the potential for an interest-rate increase by the end of 2026 after the Federal Reserve's meeting.President Donald Trump and Iranian President Masoud Pezeshkian digitally signed a memorandum of understanding aiming to reopen the Strait of Hormuz, lift the US blockade of Iranian ports, and pursue a permanent peace deal to end the war. Amid criticism that Iran got the better end of the deal, Trump said in a post on Truth Social that people who thought he was not tough enough were "either jealous, bad people, or stupid."Intel (INTC) shares rose 8% after Trump said Apple (AAPL) has "agreed to work with Intel to design and build its Chips in America." In a Truth Social post, Trump cited Nvidia (NVDA) and Tesla's (TSLA) partnerships with Intel as examples of his success in bringing manufacturing back to the US.Apple's deal with Intel to design and build chips in the US may strengthen the iPhone maker's efforts to diversify its supply chain and secure domestic semiconductor capacity ahead of a multiyear AI-driven device cycle, Wedbush Securities said. Apple shares were little changed.Accenture (ACN) reported fiscal Q3 earnings of $3.80 per diluted share, up from $3.49 a year earlier and above the FactSet consensus analyst estimate of $3.69. Revenue rose to $18.7 billion from $17.7 billion, trailing the consensus of $18.8 billion. Full-year revenue is anticipated to increase by 3% to 4% in local currency for fiscal 2026, reflecting a lower top end versus the previous guidance for a 5% rise.Accenture also agreed to acquire a majority stake in Dragos and full ownership of runZero and NetRise in a deal with a combined enterprise value of about $4.18 billion. Accenture said the acquisitions significantly expand its position in the broader operational technology cybersecurity market. Accenture shares slumped 17%.Kroger (KR) reported fiscal Q1 adjusted earnings of $1.58 per diluted share, up from $1.49 a year earlier and narrowly missing the FactSet consensus of $1.59. Sales rose to $46.12 billion from $45.12 billion, trailing the consensus of $45.59 billion. Kroger shares fell 5.8%.Pfizer (PFE) said Chief Financial Officer Dave Denton will step down on Aug. 15 after accepting a position in the consumer-goods sector. The company named Cecile Guegan, currently senior vice president of finance for its global biopharmaceutical business, as interim CFO while it conducts a search for a permanent successor. Pfizer shares fell 3.2%.Price: $130.76, Change: $+9.66, Percent Change: +7.98%

$AAPL$ACN$INTC$KR$NVDA$PFE$TSLA
Sectors

Sector Update: Healthcare Stocks Advance Premarket Thursday

Healthcare stocks were advancing premarket Thursday, with the State Street Health Care Select Sector SPDR ETF (XLV) up 0.2% and the iShares Biotechnology ETF (IBB) 0.5% higher.Denali Therapeutics (DNLI) stock was up more than 1% after the company said it has signed an agreement to sell its rare pediatric disease priority review voucher for gross proceeds of $195 million.Pfizer (PFE) shares were down more than 1% after the company said Chief Financial Officer Dave Denton will step down from his position on Aug. 15 after accepting a position outside the pharmaceutical industry in the consumer goods sector.NovoCure (NVCR) stock was down more than 15% after the company said a phase 3 trial evaluating its tumor treating fields therapy in patients with newly diagnosed glioblastoma failed to meet its primary endpoint.

$DNLI$IBB$NVCR$PFE$XLV
Sectors

Sector Update: Healthcare Stocks Decline Late Afternoon

Healthcare stocks fell late Wednesday afternoon with the NYSE Healthcare Index declining 0.8% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 1%.The iShares Biotechnology ETF (IBB) fell 1.8%.In corporate news, Prenetics Global (PRE) shares dropped 8.7% after the company reported a Q1 loss of $1.36 per diluted share, widening from the loss of $0.80 a year earlier.Sanofi (SNY) shares fell 2.3%. The company said it will discontinue a phase 3 trial of riliprubart in patients with a type of chronic inflammatory demyelinating polyneuropathy after an interim review found the study was unlikely to provide sufficient efficacy.Johnson & Johnson (JNJ) was ordered by a Los Angeles jury to pay $32 million to the family of a California woman who died from pleural mesothelioma after alleged exposure to asbestos-contaminated talc, according to the law firm representing the family. Johnson & Johnson shares rose 0.7%.Pfizer's (PFE) recent share decline has pulled its valuation back toward historical levels, easing some of the concerns raised in its earlier outlook, RBC Capital Markets said. Pfizer's stock fell 0.2%.

$JNJ$PFE$PRE$SNY
Sectors

Sector Update: Healthcare

Healthcare stocks were lower late Wednesday afternoon, with the NYSE Healthcare Index down 0.6% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 1%.The iShares Biotechnology ETF (IBB) fell 1.5%.In corporate news, Pfizer's (PFE) risk-reward profile has become more balanced following recent share weakness, with the stock's decline bringing valuations closer to long-term averages and reducing downside concerns previously highlighted in its outlook, RBC Capital Markets said in a note. RBC upgraded Pfizer to sector perform from underperform and reiterated a price target of $25. Pfizer shares were down 0.3%.

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Wire

Pfizer's Risk-Reward More Balanced Ahead of 2 Key Pipeline Catalysts, RBC Capital Markets Says

Pfizer's (PFE) risk-reward profile has become more balanced following recent share weakness, with the stock's decline bringing valuations closer to long-term averages and reducing downside concerns previously highlighted in its outlook, RBC Capital Markets said in a note Tuesday.The brokerage pointed to Pfizer's dividend yield of about 7% as a key support factor for the stock, saying it may provide a "floor" for downside as income-focused investors step in, even as longer-term growth challenges remain.RBC highlighted two late-stage pipeline catalysts, sigvotatug vedotin in non-squamous non-small cell lung cancer with an around 60% probability of success and roughly $1.2 billion peak sales potential, and mevro in metastatic castration-resistant prostate cancer with similar success odds and about $2.7 billion peak sales, with data expected in H2.The company's strong Q1 results could lead to a full-year guidance upgrade, but RBC warned that Pfizer continues to face earnings transition risk from major patent expirations in 2027 to 2030, limiting visibility on a sustained return to growth, the report added.RBC Capital Markets upgraded its rating on the stock to sector perform from underperform and reiterated a price target of $25.Shares of Pfizer were down 0.3% in Wednesday trading.Price: $25.62, Change: $-0.08, Percent Change: -0.30%

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