On Tuesday, in the course of current trade, Shares of Pfizer Inc. (NYSE:PFE), dropped -0.55%, and is now trading at $34.40.
Today, Pfizer, stated financial results for first-quarter 2015. The company manages its commercial operations through two distinct businesses: an Innovative Products business and an Established Products business. The Innovative Products business is composed of two operating segments: the Global Innovative Pharmaceutical segment (GIP) and the Global Vaccines, Oncology and Consumer Healthcare segment (VOC). The Established Products business comprises of the Global Established Pharmaceutical segment (GEP).
Ian Read, Chairman and Chief Executive Officer, stated, “We began the year with good performance on both the top and bottom line and I believe the company is well-positioned in terms of in-line products, recent product launches, geographic reach and product pipeline.”
“During the first quarter of 2015, our new products delivered strong performances. We continued to see strong uptake for our Prevnar 13 vaccine in older adults in the U.S. Ibrance, our recently approved therapy for first-line advanced breast cancer in the U.S., performed very well following its February launch. We also declared this month that a Phase 3 trial of Ibrance for recurrent breast cancer had met its primary endpoint of progression-free survival (PFS). Additionally, Eliquis delivered another strong quarter of growth as adoption among cardiologists continues to improve globally.”
“Also during the first quarter of 2015, we declared the projected acquisition of Hospira, Inc. (Hospira). This business represents an excellent planned fit in growing market segments and is predictable to accelerate the growth trajectory of our Global Established Pharmaceuticals business. In addition to share repurchases and dividend payments, we continue to consider business development to be an attractive use of shareholder capital.”
“We continue to advance our product pipeline, which presently comprises a competitive and diverse mix across small and large molecules and vaccines. I believe we are well-positioned in promising new areas of biology such as immune-oncology, anti-PCSK9 for improved cardiovascular outcomes associated with LDL cholesterol reduction and vaccines for the potential prevention of life threatening infections such as staphylococcus aureus and clostridium difficile.”
“During the remainder of 2015 and beyond, we will continue to focus on driving growth for our key products and geographies, accelerating innovation and ongoing to allocate capital to value-creating opportunities,” Mr. Read concluded.
Pfizer Inc., a biopharmaceutical company, discovers, develops, manufactures, and sells healthcare products worldwide. The company operates through Global Innovative Pharmaceutical (GIP); Global Vaccines, Oncology and Consumer Healthcare (VOC); and Global Established Pharmaceutical (GEP) segments.
During an afternoon trade, Shares of Coach, Inc. (NYSE:COH), dipped -7.80%, and is now trading at $39.03.
Coach, declared sales of $929 million for its third fiscal quarter ended March 28, 2015, contrast with $1.10 billion stated in the same period of the preceding year, a decrease of 15%. Stated sales would have been 3% higher not taking into account the impact of currency. Net income for the period totaled $100 million, with earnings per diluted share of $0.36, not taking into account transformation-related charges. Stated net income totaled $88 million, with earnings per diluted share of $0.32. This contrast to net income of $191 million and earnings per diluted share of $0.68 in the preceding year’s third quarter.
For the third quarter, on a non-GAAP basis, operating income totaled $146 million, contrast to $263 million stated in the year-ago period, while operating margin was 15.8% as compared to 23.9% stated for the preceding year. During the quarter, on a non-GAAP basis, gross profit was $665 million from $781 million a year ago, and gross margin was 71.6% as compared to 71.1% in the preceding year. SG&A expenses as a percentage of net sales totaled 55.8% on a non-GAAP basis, as contrast to 47.2% stated in the year-ago quarter.
For the quarter, stated operating income totaled $124 million, while operating margin was 13.3%. Stated gross profit was $665 million, while gross margin was 71.6%. SG&A expenses, as a percentage of net sales, totaled 58.3% on a stated basis.
For the nine months ended March 28, 2015, net sales were $3.19 billion, down 13% from the $3.67 billion stated in the first nine months of fiscal 2014. On a constant currency basis, sales declined 11% for the period. Net income totaled $446 million, with earnings per diluted share of $1.61, not taking into account transformation-related charges and acquisition costs. Stated net income for the nine-month period totaled $391 million, with earnings per diluted share of $1.41. This contrast to net income of $706 million and earnings per diluted share of $2.51 stated in the preceding year’s first nine months.
During the third quarter of FY15, the company recorded charges of $23 million under its multi-year transformation plan. These charges comprised primarily of accelerated depreciation for renovations, lease termination costs related to store closures and organizational efficiency costs. These actions raised the company’s SG&A expenses by $23 million, negatively impacting net income by $12 million after tax or $0.04 per diluted share in the third quarter. During the first nine months of fiscal 2015 the company recorded total transformation-related charges of $80 million increasing SG&A expenses by $75 million in total, cost of sales by $5 million, reducing net income by $53 million after tax or $0.19 per diluted share for the current nine-month period. In addition, the company recorded costs of $4 million associated with the pending acquisition of Stuart Weitzman in the second quarter which influenced net income by $2 million after tax or $0.01 per diluted share.
Coach, Inc. provides luxury accessories and lifestyle collections for women and men in the United States and internationally. It offers handbags, money pieces, wristlets, rings, charms, and cosmetic cases for women; and business cases, computer bags, messenger-style bags, totes, wallets, card cases, and belts, in addition to time administration and electronic accessories for men.
Shares of Bristol-Myers Squibb Company (NYSE:BMY), during its Tuesday’s current trading session fell -1.34%, and is now trading at $64.29.
Today, Bristol-Myers Squibb Company, stated results for the first quarter of 2015, which were highlighted by strong global sales for key brands, important regulatory and clinical milestones in immuno-oncology (I-O) and across the company’s portfolio, and the completion of several planned transactions that will advance the company’s leadership in I-O and strengthen its pipeline in cardiovascular and genetically defined diseases.
FIRST QUARTER FINANCIAL RESULTS
- Bristol-Myers Squibb posted first quarter 2015 revenues of $4.0 billion, an enhance of 6% contrast to the same period a year ago. Not taking into account the divested Diabetes Alliance, global revenues raised 10% or 17% adjusted for foreign exchange impact.
- S. revenues raised 16% to $2.0 billion in the quarter contrast to the same period a year ago. International revenues reduced 2% to $2.0 billion.
- Gross margin as a percentage of revenues was 79.0% in the quarter contrast to 74.6% in the same period a year ago.
- Marketing, selling and administrative expenses reduced 7% to $894 million in the quarter.
- Advertising and product promotion spending reduced 17% to $135 million in the quarter.
- Research and development expenses raised 7% to $1.0 billion in the quarter.
- The effective tax rate was 17.2% in the quarter, contrast to 5.0% in the first quarter last year. Income taxes in 2014 comprised of tax benefits attributed to the diabetes divestiture.
- The company stated net earnings attributable to Bristol-Myers Squibb of $1.2 billion, or $0.71 per share, in the quarter contrast to $937 million, or $0.56 per share, a year ago.
- The company stated non-GAAP net earnings attributable to Bristol-Myers Squibb of $1.2 billion, or $0.71 per share, in the first quarter, contrast to $766 million, or $0.46 per share, for the same period in 2014. An overview of specified items is discussed under the “Use of Non-GAAP Financial Information” section.
- Cash, cash equivalents and marketable securities were $11.9 billion, with a net cash position of $4.4 billion, as of March 31, 2015.
Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It provides chemically-synthesized drugs or small molecules, and biologics in various therapeutic areas, counting virology comprising human immunodeficiency virus infection (HIV); oncology; neuroscience; immunoscience; and cardiovascular.
Finally, Parker-Hannifin Corporation (NYSE:PH), lost -5.89% Tuesday.
Parker-Hannifin Corporation, declared results for the fiscal 2015 third quarter ended March 31, 2015. Fiscal 2015 third quarter sales reduced 6 percent to $3.16 billion, primarily as a result of the impact of changes in foreign currency rates, contrast with $3.36 billion in the same quarter a year ago. Fiscal 2015 third quarter net income was $285.5 million, an enhance of 18 percent, contrast with $242.5 million in the third quarter of fiscal 2014. Fiscal 2015 third quarter earnings per diluted share were $2.02, an enhance of 26 percent, contrast with $1.60 per diluted share in the preceding year quarter. Adjusting for restructuring expenses, earnings per diluted share were $2.06 in the fiscal 2015 third quarter contrast with $1.88 per diluted share in the preceding year quarter.
Cash flow from operations for the first nine months of fiscal 2015 was $791.1 million, or 8.3 percent of sales, contrast with $817.5 million, or 8.4 percent of sales, in the preceding year period.
Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. It operates through two segments, Diversified Industrial and Aerospace Systems.
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