Celanese Corporation ( CE Quick Quote CE - Free Report) stated that it has agreed to supply its VitalDose Drug Delivery Platform to the Population Council for use in an innovative Multipurpose Prevention Technology (MPT) Intravaginal Ring (IVR). The IVR is currently in a phase 1b clinical trial designed to give contraception and HIV protection. Long-acting continuous drug delivery dose forms, such as IVRs, pose fewer challenges to consistent use than oral forms that need daily doses. Providing benefits to patients, such as increased convenience, can lead to better results and is the driving force for the development of patient-centric dose forms. For more than two decades, the VitalDose Drug Delivery Platform has been employed in patient-centric dose forms in women's health, providing customizable and consistent elution for a wide range of active pharmaceutical ingredient molecules. The VitalDose Drug Delivery Platform has a long history of application in approved parenteral drug options in the United States, Europe and numerous other nations, providing reliable, controlled-release performance for a wide range of molecule types. Shares of Celanese have gained 16.7% over the past year compared with a 12.7% rise of its industry. Image Source: Zacks Investment Research
Celanese sees adjusted earnings in the range of $2-$2.50 per share for the third quarter of 2023. The projection includes the expected roughly 30 cents impact from the M&M amortization. Moreover, for the full year, Celanese anticipates adjusted earnings in the range of $9-$10, which includes approximately $1.20 per share of M&M transaction amortization.
Recognizing the volatility and unpredictability of the current market landscape and competitive environment, the company is proactively implementing strategic initiatives. These actions involve strengthening its commercial teams, aligning production and inventory levels with prevailing demand, implementing cost-saving measures and optimizing cash flow. These endeavors are anticipated to result in robust cash generation throughout 2023 and a continuation of earnings growth during the second half of the year. Zacks Rank & Key Picks
Celanese currently carries a Zacks Rank #5 (Strong Sell).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation ( CRS Quick Quote CRS - Free Report) , The Andersons Inc. ( ANDE Quick Quote ANDE - Free Report) and Veritiv Corporation ( VRTV Quick Quote VRTV - Free Report) . Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). The stock has rallied roughly 71.3% in the past year. CRS beat the Zacks Consensus Estimate in three of the last four quarters while meeting in one. It delivered a trailing four-quarter earnings surprise of 9.8%, on average. You can see . the complete list of today’s Zacks #1 Rank stocks here Andersons currently carries a Zacks Rank #1. The stock has gained roughly 46.3% in the past year. ANDE beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average. Veritiv currently carries a Zacks Rank #2 (Buy). The stock has rallied roughly 43.4% in the past year. VRTV beat the Zacks Consensus Estimate in three of the last four quarters. It delivered a trailing four-quarter earnings surprise of 6%, on average.