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The Zacks Analyst Blog Highlights J&J, Roche, Eli Lilly and AbbVie
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For Immediate Release
Chicago, IL – October 24, 2022 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: J&J (JNJ - Free Report) , Roche's (RHHBY - Free Report) , Eli Lilly (LLY - Free Report) and AbbVie (ABBV - Free Report) .
Here are highlights from Friday’s Analyst Blog:
Pharma Stock Roundup: J&J Q3 Earnings Beat and More
This week,J&J began the third-quarter earnings season for the drug and biotech sector with an earnings and sales beat. Weak sales of COVID-related medicines and tests hurt Roche's third-quarter sales. Eli Lilly andAbbVie announced small acquisitions.
Recap of the Week's Most Important Stories
J&J Begins Q3 Earnings Season: J&J reported better-than-expected third-quarter results as it beat estimates for both earnings and sales. Its Pharmaceuticals unit sales continued to do well. Sales also improved in the MedTech and Consumer segments. However, currency headwinds reduced its sales growth by 6% in the quarter amid a strengthening U.S. dollar. J&J slightly lowered its sales outlook for the year due to expected currency headwinds. It also tightened its adjusted earnings guidance range.
Roche's Q3 Revenues Dip: Roche's revenues in the third quarter declined 6% due to lower COVID-related sales in both the Pharmaceuticals and Diagnostics divisions as the effects of the pandemic declined in many countries. Roche said that the increase in COVID cases has not simultaneously boosted demand for tests and drugs. Sales in the Pharmaceuticals Division were down 6% in the third quarter, while the Diagnostics division sales declined 4%.
Roche expects sales to remain stable or grow in the low-single digits (at constant exchange rates) in 2022. Core earnings per share are estimated to grow in the low- to mid-single-digit range.
Lilly to Buy Akouos for $610M: Lilly said that it is acquiring Boston-based Akouos for approximately $487 million plus a contingent value right for an aggregate amount up to approximately $610 million. Akouos is developing gene therapies for the treatment of inner ear conditions, including hearing loss. Akouos' lead pipeline candidate is AK-OTOF, a gene therapy intended for the treatment of OTOF-mediated hearing loss, a form of sensorineural hearing loss caused by mutations in the OTOF gene.
Last month, the FDA cleared an investigational new drug submission to begin clinical studies on AK-OTOF. Akouos plans to initiate a pediatric phase I/II study on AK-OTOF for OTOF-mediated hearing loss soon.
AbbVie's New Antibody Deal: AbbVie announced the acquisition of private biotech, DJS Antibodies that makes antibody medicines targeting difficult-to-drug protein targets. The acquisition will add the latter's lead pipeline candidate, DJS-002, which is in pre-clinical studies for the treatment of idiopathic pulmonary fibrosis and other fibrotic diseases.
The candidate is a potential first-in-class antibody directed to LPAR1 antagonist antibody. The deal will provide AbbVie access to DJS' proprietary HEPTAD platform, which, coupled with its capabilities in biotherapeutics research, can be used to make antibody therapeutics against difficult-to-drug protein targets in immunology.
The NYSE ARCA Pharmaceutical Index declined 1% in the last five trading sessions.
Watch out for Merck, Sanofi and AbbVie's Q3 earnings releases and regular pipeline and regulatory updates next week.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights J&J, Roche, Eli Lilly and AbbVie
For Immediate Release
Chicago, IL – October 24, 2022 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: J&J (JNJ - Free Report) , Roche's (RHHBY - Free Report) , Eli Lilly (LLY - Free Report) and AbbVie (ABBV - Free Report) .
Here are highlights from Friday’s Analyst Blog:
Pharma Stock Roundup: J&J Q3 Earnings Beat and More
This week,J&J began the third-quarter earnings season for the drug and biotech sector with an earnings and sales beat. Weak sales of COVID-related medicines and tests hurt Roche's third-quarter sales. Eli Lilly andAbbVie announced small acquisitions.
Recap of the Week's Most Important Stories
J&J Begins Q3 Earnings Season: J&J reported better-than-expected third-quarter results as it beat estimates for both earnings and sales. Its Pharmaceuticals unit sales continued to do well. Sales also improved in the MedTech and Consumer segments. However, currency headwinds reduced its sales growth by 6% in the quarter amid a strengthening U.S. dollar. J&J slightly lowered its sales outlook for the year due to expected currency headwinds. It also tightened its adjusted earnings guidance range.
Roche's Q3 Revenues Dip: Roche's revenues in the third quarter declined 6% due to lower COVID-related sales in both the Pharmaceuticals and Diagnostics divisions as the effects of the pandemic declined in many countries. Roche said that the increase in COVID cases has not simultaneously boosted demand for tests and drugs. Sales in the Pharmaceuticals Division were down 6% in the third quarter, while the Diagnostics division sales declined 4%.
Roche expects sales to remain stable or grow in the low-single digits (at constant exchange rates) in 2022. Core earnings per share are estimated to grow in the low- to mid-single-digit range.
Lilly to Buy Akouos for $610M: Lilly said that it is acquiring Boston-based Akouos for approximately $487 million plus a contingent value right for an aggregate amount up to approximately $610 million. Akouos is developing gene therapies for the treatment of inner ear conditions, including hearing loss. Akouos' lead pipeline candidate is AK-OTOF, a gene therapy intended for the treatment of OTOF-mediated hearing loss, a form of sensorineural hearing loss caused by mutations in the OTOF gene.
Last month, the FDA cleared an investigational new drug submission to begin clinical studies on AK-OTOF. Akouos plans to initiate a pediatric phase I/II study on AK-OTOF for OTOF-mediated hearing loss soon.
AbbVie's New Antibody Deal: AbbVie announced the acquisition of private biotech, DJS Antibodies that makes antibody medicines targeting difficult-to-drug protein targets. The acquisition will add the latter's lead pipeline candidate, DJS-002, which is in pre-clinical studies for the treatment of idiopathic pulmonary fibrosis and other fibrotic diseases.
The candidate is a potential first-in-class antibody directed to LPAR1 antagonist antibody. The deal will provide AbbVie access to DJS' proprietary HEPTAD platform, which, coupled with its capabilities in biotherapeutics research, can be used to make antibody therapeutics against difficult-to-drug protein targets in immunology.
The NYSE ARCA Pharmaceutical Index declined 1% in the last five trading sessions.
Large Cap Pharmaceuticals Industry 5YR % Return
In the last five trading sessions, Merck rose the most (0.5%), while AstraZeneca declined the most (2.1%).
In the past six months, Lilly has gained the highest (18.1%), while AstraZeneca declined the most (17.5%).
(See the last pharma stock roundup here: FDA Nod to Omicron Jabs for Kids, MRK, MRNA Partner for Cancer Jab)
What's Next in the Pharma World?
Watch out for Merck, Sanofi and AbbVie's Q3 earnings releases and regular pipeline and regulatory updates next week.
Why Haven't You Looked at Zacks' Top Stocks?
Our 5 best-performing strategies have blown away the S&P's impressive +28.8% gain in 2021. Amazingly, they soared +40.3%, +48.2%, +67.6%, +94.4%, and +95.3%. Today you can access their live picks without cost or obligation.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.