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MarketWatch MarketPulseAug 06, 2020
Bristol-Myers Squibb's stock is up on better-than-expected earnings
Shares of Bristol-Myers Squibb gained 4.2% in premarket trading on Thursday on better-than-expected earnings and a positive patent ruling for its blockbuster blood thinner Eliquis that was announced Wednesday evening. The drugmaker had a loss of $85 million, or 4 cents a share, in the second quarter of 2020. It had a gain of $1.4 billion, or 87 cents a share, in the same quarter a year ago. Adjusted earnings per share for the second quarter were $1.63 per share. The FactSet consensus was $1.48. Sales jumped to $10.1 billion for the quarter, up from $6.2 billion in the same quarter in 2019, against a FactSet consensus of $10.0 billion. The revenue increase was primarily driven by the company's acquisition of Celgene, which closed in November. Bristol said that it had expected a $600 million hit to sales for the quarter as a result of lower demand for its products during the pandemic. Sales of Eliquis gained 6% to $2.1 billion during the quarter, while revenue for the cancer therapy Opdivo tumbled 9% to $1.6 billion. Bristol's stock is down 7.0% for the year, while the S&P 500 has rallied 3.0%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 06, 2020
Papa John's stock falls after earnings beat but revenue falls short
Shares of Papa John's International Inc. fell 2.2% in Thursday premarket trading after the pizza delivery chain reported second-quarter revenue that was below expectations. Net income totaled $15.7 million, or 48 cent per share, up from $4.9 million, or 15 cents per share, last year. Revenue totaled $460.6 million, up from $399.6 million last year. Sales for the quarter reached a record, according to a statement from Chief Executive Rob Lynch. The FactSet consensus was for EPS of 47 cents and revenue of $467.0 million. North American comparable sales rose 28% while international comparable sales were up 5.3%. The FactSet consensus was for domestic growth of 11.1% and international growth of 3%. Papa John's hired 20,000 workers during the quarter and will add another 10,000. Papa John's stock has rallied 57% for the year to date while the S&P 500 index [s:s px] is up 3% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Yahoo BusinessAug 06, 2020
Novavax Inks Deal With India's Serum Institute To Make Coronavirus Vaccine Available In Low, Middle Income Countries
Novavax, Inc (NASDAQ: NVAX) disclosed Wednesday it had entered into an agreement with the Serum Institute of India Private Limited for development, distribution, and commercialization of its COVID-19 vaccine in several countries.What Happened SII will gain exclusive rights to Maryland-based drugmaker's vaccine and Matrix-M adjuvant during the "Pandemic Period," as defined by the World Health Organization in India, under a deal signed July 30, Novavax stated in a filing with the United States Securities and Exchange Commission.The Indian vaccine maker will also receive non-exclusive rights in all countries except for upper-middle or high-income countries, as designated by the World Bank.On Tuesday, the company disclosed its NVX-CoV2373 coronavirus vaccine had elicited "robust antibody responses" in participants of the Phase 1 clinical trial.Why It Matters Novavax CEO Stanley Erck said last month that the drugmaker is capable of producing 100 million doses by the end of the year. It has received $1.6 billion in government funding to support its vaccine efforts. JPMorgan analyst Eric Joseph raised the price target on Novavax shares from $105 to $275 and upgraded the rating on the stock to Overweight from Neutral on Wednesday.SII also has a licensing agreement with AstraZeneca plc (NYSE: AZN) to supply one billion doses of its coronavirus vaccine, developed in partnership with Oxford University, to low-and-middle-
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