On Monday, Shares of OFG Bancorp (NYSE:OFG), dropped -3.04% to $14.36, hitting its lowest level.
OFG Bancorp, stated results for the first quarter ended March 31, 2015.
1Q15 Highlights
- Income accessible to common shareholders was a loss of $6.5 million, or ($0.14) per share, which comprises a formerly declared provision of ($0.35) per share net of tax.
- Not taking into account this, income was $9.4 million, or $0.21 per share diluted. Results compare to $17.1 million, or $0.36 per share diluted, in the preceding quarter, and $20.3 million, or $0.42 per share diluted, in the year ago quarter.
- The quarter was adversely affected by:
- $24.0 million provision related to placing on non-accrual status a 7.5%, $200 million participation in a fuel purchase line of credit with the Puerto Rico Electric Power Authority (PREPA), a government utility.
- $7.9 million less in loan interest income, primarily due to lower attained balances and yields. This comprises a $1.7 million decline from fewer days and lower cost recoveries 1Q15 as compared to 4Q14.
- $4.8 million in provisions for covered loans, increasing the allowance to $70.7 million. The commercial loss share coverage with the FDIC is coming to an end on June 30, 2015.
- However, net interest margin continued strong at 5.42%.
- Continued growth of the Oriental Bank franchise through the opening of 7,670 net new retail deposit accounts, reduction in cost of total deposits, core non-interest fee revenue strength, and major expansion of its ATM network.
- Efficiency ratio in our target range at 51.75%, and improved credit, with declines in net charge offs and total delinquencies.
- Tangible book value and book value per common share declined slightly from December 31, 2014, to $15.12 and $17.25, respectively.
OFG Bancorp, a financial holding company, provides various banking and financial services primarily in Puerto Rico. It operates in three segments: Banking, Wealth Administration, and Treasury.
Shares of Opko Health, Inc. (NYSE:OPK), declined -2.97% to $14.39, during its last trading session.
OPKO Health, declared the online publication of a study entitled “Predicting High-Grade Cancer at Ten-Core Prostate Biopsy Using Four Kallikrein Markers Measured in Blood in the ProtecT Study” in the Journal of the National Cancer Institute. The study shows that the four kallikrein panel of biomarkers utilized in the OPKO 4Kscore® Test (Total PSA, Free PSA, Intact PSA and hK2) accurately identifies risk for aggressive prostate cancer preceding to prostate biopsy.
The Prostate Testing for Cancer and Treatment (ProtecT) study is a prospective randomized controlled trial conducted in the United Kingdom for the purpose of evaluating the cost effectiveness of conventional treatments in PSA-detected, clinically localized prostate cancer. Of the 82,428 men recruited for the trial, a total of 6129 men with elevated PSA (≥3.0 ng/mL) who underwent prostate biopsy and offered an adequate blood sample were tested for the four kallikreins and their 4Kscore result was determined. The study showed that the four kallikrein panel improved aggressive prostate cancer detection contrast with PSA and age alone. The area under the curve (AUC) for the 4K model was 0.820 (95% CI = 0.802 to 0.838) while the PSA model was 0.738 (95% CI = 0.716 to 0.761) for high-grade cancer.
OPKO Health, Inc., a biopharmaceutical and diagnostics company, engages in the discovery, development, and commercialization of novel and proprietary technologies in the United States and internationally. It operates through two segments, Pharmaceuticals and Diagnostics.
At the end of Monday’s trade, Shares of Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN), dwindled -2.96% to $174.75.
Alexion Pharmaceuticals, declared financial results for the three months ended March 31, 2015. The Company stated net product sales of Soliris® (eculizumab) of $600.3 million, contrast to $566.6 million for the same period in 2014 which comprised of reimbursement of $87.8 million from shipments in preceding years related to a contract with the French government. Despite increasing currency headwinds, the year-on-year enhance in Q1 net product sales was 25 percent, not taking into account the $87.8 million recognized in the year-ago quarter. This enhance in revenue reflected steady additions of new patients with paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS) commencing Soliris treatment across the Company’s 50-country global platform.
First Quarter 2015 Financial Results
First Quarter 2015 GAAP Financial Results
Alexion stated GAAP net income of $91.3 million, or $0.45 per share, in Q1 2015 contrast to Q1 2014 GAAP net income of $159.4 million, or $0.79 per share. Q1 2015 EPS was influenced by $24.4 million, or $0.10 per share, related to an expense associated with a single Strensiq manufacturing campaign and expenses of $112.0 million, or $0.47 per share, related to three planned license agreements. Q1 2014 GAAP EPS comprised of $0.31 per share related to the reimbursement of shipments in preceding years.
On a GAAP basis, operating expenses for Q1 2015 were $427.2 million, contrast to $324.2 million for Q1 2014. GAAP R&D expenses for Q1 2015 were $221.1 million, contrast to $191.5 million for Q1 2014. GAAP SG&A expenses were $187.1 million for Q1 2015, contrast to $129.3 million for Q1 2014. The enhance in GAAP SG&A expenses primarily reflected costs associated with the expansion of the Company’s global operations, counting preparation for the launch of Strensiq.
First Quarter 2015 Non-GAAP Financial Results
Alexion’s non-GAAP operating results are GAAP operating results adjusted for the impact of certain items.
The Company stated non-GAAP net income of $262.0 million, or $1.28 per share, in Q1 2015, contrast to non-GAAP net income of $312.6 million, or $1.53 per share, in Q1 2014. Q1 2015 EPS was influenced by $24.4 million, or $0.11 per share, related to an expense associated with a single Strensiq manufacturing campaign. Q1 2014 non-GAAP EPS comprised of a benefit of $0.37 per share related to the reimbursement of shipments in preceding years.
Alexion’s non-GAAP operating expenses for Q1 2015 were $254.3 million, contrast to $195.9 million for Q1 2014. Non-GAAP R&D expenses for Q1 2015 were $97.5 million, contrast to $81.5 million for Q1 2014. Non-GAAP SG&A expenses for Q1 2015 were $156.8 million, contrast to $114.3 million for Q1 2014. The enhance in non-GAAP SG&A expenses primarily reflected costs associated with the expansion of the Company’s global operations, counting preparation for the launch of Strensiq.
Alexion Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes life-transforming therapeutic products. It offers Soliris (eculizumab), a therapeutic product to treat paroxysmal nocturnal hemoglobinuria (PNH), a genetic blood disorder; and atypical hemolytic uremic syndrome (aHUS), a genetic disease.
Finally, Lazard Ltd. (NYSE:LAZ), ended its last trade with -2.83% loss, and closed at $54.31.
Lazard, stated operating revenue of $581 million for the quarter ended March 31, 2015. Net income, as adjusted, was $103 million, or $0.77 (diluted) per share for the quarter. These results exclude a pre-tax charge of $63 million regarding a debt refinancing.
First quarter 2015 net income on a U.S. GAAP basis, counting the pre-tax charge, was $56 million, or $0.42 (diluted) per share.
Financial Advisory
Financial Advisory operating revenue was a first-quarter record of $302 million, 9% higher than the first quarter of 2014.
Planned Advisory operating revenue was a first-quarter record of $278 million, 13% higher than the first quarter of 2014, driven by M&A and Other Advisory revenue of $261 million, also a first-quarter record and 9% higher than the first quarter of 2014.
During 2015, Lazard has remained engaged in highly visible, complex M&A transactions and other advisory assignments, counting cross-border transactions, spin-offs, distressed asset sales, and capital and sovereign advisory, in the Americas, Europe, Australia, Africa and Asia.
Asset Administration
Asset Administration operating revenue was a first-quarter record of $271 million, 3% higher than the first quarter of 2014.
Administration fees were a first-quarter record of $252 million, 5% higher than the first quarter of 2014, and 3% lower than the fourth quarter of 2014. The sequential decrease was primarily driven by changes in the mix of our assets under administration (AUM).
Incentive fees during the period were $6 million, contrast to $10 million for the first quarter of 2014.
Average AUM for the first quarter of 2015 was $198 billion, 7% higher than average AUM for the first quarter of 2014, and 1% higher than the fourth quarter of 2014. AUM as of March 31, 2015, was $199 billion, up 1% from December 31, 2014, driven by net inflows and market appreciation, partially offset by foreign exchange adjustments. The net inflows were $1.0 billion, driven by a broad range of equity and fixed-income strategies.
Lazard Ltd, together with its auxiliaries, operates as a financial advisory and asset administration firm. Its Financial Advisory segment offers various financial advisory services on mergers and acquisitions, and other planned matters, in addition to on restructurings, capital structure, capital raising, and other financial matters.
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