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Stock Alert: GW Pharma Surges 50% As Jazz Pharma To Takeover The Co.

Biogen Inc. Q4 adjusted earnings Miss Estimates

Biogen Inc. (BIIB) reported earnings for fourth quarter that fell from last year.

The company’s bottom line totaled $358 million, or $2.32 per share. This compares with $1.44 billion, or $8.08 per share, in last year’s fourth quarter.

Excluding items, Biogen Inc. reported adjusted earnings of $706 million or $4.58 per share for the period.

Analysts had expected the company to earn $4.87 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 22.3% to $2.85 billion from $3.67 billion last year.

Biogen Inc. earnings at a glance:

-Earnings (Q4): $706 Mln. vs. $1.48 Bln. last year.
-EPS (Q4): $4.58 vs. $8.34 last year.
-Analysts Estimate: $4.87
-Revenue (Q4): $2.85 Bln vs. $3.67 Bln last year.

Performance Food Group Q2 Profit Declines, But Beats View; Revenues Miss

Performance Food Group Corp. (PFGC) on Wednesday reported that its net income for the second quarter fell to $17.6 million or $0.13 per share from $41.2 million or $0.39 per share in the year-ago period.

However, adjusted earnings for the quarter were $0.35 per share, compared to $0.58 per share last year.

Net sales for the quarter grew 12.8 percent to $6.85 billion from $6.07 billion in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the quarter on revenues of $6.88 billion. Analysts’ estimates typically exclude special items.

Biogen Guides FY21 Below Estimates; Q4 Results Top Estimates – Quick Facts

While reporting financial results for the fourth quarter on Wednesday, Biogen Inc. (BIIB) initiated its adjusted earnings and revenue guidance for the full-year 2021, below analysts’ expectations.

For fiscal 2021, the company now projects adjusted earnings in a range of $17.00 to $18.50 per share on revenues between $10.45 billion and $10.75 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $24.67 per share on revenues of $11.22 billion for the year. Analysts’ estimates typically exclude special items.

For the fourth quarter, the company reported net income attributable to the company of $357.9 million or $2.32 per share, sharply down from $1.44 billion or $8.08 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $4.58 per share, compared to $8.34 per share in the year-ago quarter.

Total revenue for the quarter declined 22 percent to $2.85 billion from $3.67 billion in the same quarter last year.

The Street expected the company to report earnings of $4.87 per share on revenues of $2.80 billion for the quarter.

Multiple sclerosis (MS) revenues, including royalties on the sales of OCREVUS, decreased 24 percent from the prior year to $1.81 billion.

European Economics Preview: Eurozone Flash Consumer Prices, Final PMI Data Due

Flash consumer prices and final composite Purchasing Managers’ survey results are due from euro area on Wednesday, headlining a busy day for the European economic news.

At 2.00 am ET, the Turkish Statistical Institute releases consumer and producer price figures for January. Economists expect inflation to rise to 14.68 percent from 14.6 percent in December.

At 3.15 am ET, IHS Markit releases Spain’s services PMI data. The index is seen at 45.3 in January, down from 48.0 in December.

At 3.45 am ET, Italy’s services PMI data is due. The services index is expected to fall to 39.5 in January from 39.7 a month ago.

Thereafter, final PMI figures are due from France and Germany at 3.50 am and 3.55 am ET, respectively.

At 3.55 am ET, Iceland’s central bank is set to announce its interest rate decision.

At 4.00 am ET, IHS Markit publishes euro area composite PMI survey results. The final reading is seen at 47.5 in January, unchanged from flash estimate.

At 4.30 am ET, UK final composite PMI data is due. According to flash estimate, the composite index fell sharply to an eight-month low of 40.6 in January from 50.4 in December.

At 5.00 am ET, Eurostat publishes euro area flash consumer and producer price figures. Economists forecast consumer prices to rise 0.5 percent annually in January, in contrast to a fall of 0.3 percent in December.

Also, at 5.00 am, Italy’s Istat releases flash consumer price figures for January. Consumer prices are forecast to drop 0.1 percent annually after easing 0.2 percent in December.

5 takeaways from the Avalanche’s 2-1 win over Minnesota – The Denver Post

Five takeaways

Grainger (W.W.) Inc. Q4 adjusted earnings Miss Estimates

Grainger (W.W.) Inc. (GWW) announced earnings for its fourth quarter that advanced from last year.

The company’s profit totaled $168 million, or $3.12 per share. This compares with $103 million, or $1.88 per share, in last year’s fourth quarter.

Excluding items, Grainger (W.W.) Inc. reported adjusted earnings of $197 million or $3.66 per share for the period.

Analysts had expected the company to earn $3.86 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 3.2% to $2.94 billion from $2.85 billion last year.

Grainger (W.W.) Inc. earnings at a glance:

-Earnings (Q4): $197 Mln. vs. $212 Mln. last year.
-EPS (Q4): $3.66 vs. $3.88 last year.
-Analysts Estimate: $3.86
-Revenue (Q4): $2.94 Bln vs. $2.85 Bln last year.

Stock Alert: GW Pharma Surges 50% As Jazz Pharma To Takeover The Co.

Shares of GW Pharmaceuticals plc (GWPH) are currently gaining nearly 50% after Jazz Pharmaceuticals announced it will buy the cannabis biotech company for $7.2 billion.

GWPH is currently trading at $215.89, up $69.64 or 47.62%, on the Nasdaq.

Jazz Pharmaceuticals will buy GW for $220.00 per American Depositary Share, in the form of $200.00 in cash and $20.00 in Jazz ordinary shares. The transaction, which has been unanimously approved by the Boards of Directors of both companies, is expected to close in the second quarter of 2021.

The acquisition is expected to close in the second quarter of 2021.