Regenerative medicine remains an extremely exciting area of healthcare with vast investment potential. In spite of the usual setbacks in valuation and strategy, the sub-sector has pivoted and the market remains innovative and attracts investment capital. Rather than replace entire tissues, which is a complex activity, we believe the immediate future for stem cells is more likely to be in the successful stimulation of the bodies on repair mechanisms. Within regenerative medicine we believe there ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Senate Finance Committee Chairman Chuck Grassley and Democratic ranking member Ron Wyden posted the Prescription Drug Pricing Reduction Act on Tuesday, and although this is not a final bill (it needs to proceed through markup on Thursday and get a majority vote of the full committee, so it could see changes before it proceeds to a Senate floor vote), it likely means that a bipartisan agreement was reached prior to posting. Share prices of drug firms were largely unmoved by this news; while we th...
First reported July 10 by Axios, the Trump administration is not planning to finalize the proposed rule altering the flow of drug rebates purchased through Medicare Part D plans. The rule would have changed the business model of pharmacy benefit managers, requiring any negotiated discounts to be passed directly to the beneficiary at the point of sale rather than used as a mechanism to lower the costs to the insurance plan overall. While this led to a rally for PBMs/insurers and distributors, dru...
First reported July 10 by Axios, the Trump administration is not planning to finalize the proposed rule altering the flow of drug rebates purchased through Medicare Part D plans. The rule would have changed the business model of pharmacy benefit managers, requiring any negotiated discounts to be passed directly to the beneficiary at the point of sale rather than used as a mechanism to lower the costs to the insurance plan overall. While this led to a rally for PBMs/insurers and distributors, dru...
Announcement: Moody's: Bristol's Otezla divestiture credit negative. Global Credit Research- 24 Jun 2019. New York, June 24, 2019-- Moody's Investors Service commented that Bristol-Myers Squibb Company's announcement that Celgene Corporation's Otezla will need to be divested in order to gain anti-trust approval to complete the merger of the two companies is credit negative.
Shareholders of both Bristol-Myers Squibb and Celgene have voted to approve the merger between the two companies, which should close in the third quarter. We're maintaining our $65 fair value estimate for Bristol, which had already assumed that the merger would be completed, as well as our $120 fair value estimate for Celgene, which uses Bristol's fair value estimate as the value of the shares distributed to Celgene shareholders as part of the cash and stock deal. We think that the combined comp...
STZ currently trades near recent highs relative to UAFRS-based (Uniform) Earnings, with a 28.3x Uniform P/E. However, even at these levels, the market is pricing in expectations for Uniform ROA to compress from 24% in 2018 to 15% in 2023, accompanied by 12% Uniform Asset growth going forward. Meanwhile, analysts have even more bearish expectations, projecting Uniform ROA to fade to 14% in 2020, accompanied by Uniform Asset growth of 33%, driven by the acquisition of Canopy Growth. That said, man...
Rating Action: Moody's assigns A2 to Bristol-Myers's exchange notes; under review for downgrade. Global Credit Research- 17 Apr 2019. New York, April 17, 2019-- Moody's Investors Service assigned an A2 rating to Bristol-Myers Squibb Company's proposed new senior unsecured exchange note offering.
Celgene Corp (CELG:USA) currently trades significantly below corporate averages relative to UAFRS-based (Uniform) Earnings, with an 8.6x Uniform P/E, implying bearish expectations for the firm. Additionally, management may be concerned about their Bristol-Myers Squibb merger, REVLIMID sales growth, and the results of their pipeline studies. Specifically, management may be concerned about the timing and benefits of their Bristol-Myers Squibb merger, as well as their intent to pursue smaller M&A...
Shareholders of both Bristol-Myers Squibb and Celgene have voted to approve the merger between the two companies, which should close in the third quarter. We're maintaining our $65 fair value estimate for Bristol, which had already assumed that the merger would be completed, as well as our $120 fair value estimate for Celgene, which uses Bristol's fair value estimate as the value of the shares distributed to Celgene shareholders as part of the cash and stock deal. We think that the combined comp...
Shareholders of both Bristol-Myers Squibb and Celgene have voted to approve the merger between the two companies, which should close in the third quarter. We're maintaining our $65 fair value estimate for Bristol, which had already assumed that the merger would be completed, as well as our $120 fair value estimate for Celgene, which uses Bristol's fair value estimate as the value of the shares distributed to Celgene shareholders as part of the cash and stock deal. We think that the combined comp...
We're maintaining our $120 per share Celgene fair value estimate, based on our estimate of the value of the terms of Bristol's pending acquisition, and we continue to see Celgene's stand-alone business as supporting a narrow moat. Shares continue to trade at a significant discount to our Celgene valuation despite the pending deal, as we think investors are nervous that Bristol could be a takeout target itself, which could derail the acquisition. Not only does the deal have a $2.2 billion breakup...
Announcement: Moody's announces completion of a periodic review of ratings of Celgene Corporation. Global Credit Research- 15 Feb 2019. New York, February 15, 2019-- Moody's Investors Service has completed a periodic review of the ratings of Celgene Corporation and other ratings that are associated with the same analytical unit.
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