Adcock Surges to Record as India's Natco Agrees to Acquire Stake
Hyderabad-based Natco is offering 75 rand per share for about 35.75% of stock not already owned by Adcock's biggest holder, Bidvest Group Ltd., the Johannesburg-based firm said in a statement Wednesday. Adcock will de-list from the Johannesburg Stock Exchange.
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Bets on Fed Rate Cuts Are Sweeping Through the US Bond Market
(Bloomberg) -- Bond traders are ramping up bets on the Federal Reserve cutting interest rates this year, as signs of a weakening US economy bolster the case for the central bank to reduce borrowing costs as demanded by President Donald Trump. Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds PATH Train Service Resumes After Fire at Jersey City Station All Hail the Humble Speed Hump Positioning in options tied to the Secured Overnight Financing Rate, which closely tracks the expected trajectory of US monetary policy, shows investors readying for the possibility of cuts in each of the three remaining meetings this year, bringing down rates by a total of 75 basis points in 2025. Other plays on SOFR have included bets on a 50 basis-point cut at the central bank's next meeting, in September. Last week's soft payrolls data has made investors more confident that the Fed will cut rates to buffer US growth — a move that Trump has called for but central bank officials have so far resisted. A report on Tuesday showed that the US service sector stagnated in July, further exacerbating those worries. 'The market definitely is on edge after the July payrolls report on Friday, but there is still a lot of data to go before the September meeting,' said Molly Brooks, US rates strategist at TD Securities. 'The Fed needs more than just one data indicator and one data point in order to shift its view.' Swaps currently price in a combined amount of easing equal to about 60 basis points, up from around 30 basis points priced ahead of the payrolls report. Treasury yields have reflected the shift, with the 10-year yield recently at 4.20%, compared to a high of 4.49% last month. 'Against the backdrop of slowing growth, slowing inflation (ex-tariffs), and the Fed moving closer to easing, the direction of travel for yields will be lower over the next several months,' said Dan Carter, portfolio manager at Fort Washington Investment Advisors. Bullish momentum is also building in the cash market, where traders have jumped into long Treasury positions. The latest survey of clients from JPMorgan Chase & Co shows outright long wagers are at their biggest levels since April. Meanwhile, Fed members are also showing signs of leaning toward easier monetary policy. San Francisco Federal Reserve Bank President Mary Daly said on Monday that the time is nearing for interest rate cuts, while Federal Reserve Governors Christopher Waller and Michelle Bowman voted against the Fed's July decision to hold its benchmark rate steady, preferring a quarter-point reduction. Here's a rundown of the latest positioning indicators across the rates market: JPMorgan Treasury Client Survey In the week to Aug. 4, JPMorgan clients added to the outright long Treasuries position by 5 percentage points, taking it to the highest level since April 14. The net long position is the highest since July 7. The one week change into longs was the most since the end of March. Most Active SOFR Options In SOFR options across Sep25, Dec25 and Mar26 tenors over the past week there has been a large position add in the 95.75 strike with new flows including large buyer of the Dec25 96.375/96.25/95.875/95.75 put condor, the SFRZ5 95.875/95.75/95.625 put fly and SFRZ5 95.875/95.75 1x2 put spread. There has also been large buying in the 95.6875 strike over the past week via SFRZ5 95.6875/95.5625 put spreads. The past week has also been heavy liquidation in the 95.375 strike mainly via Dec25 puts and Mar26 puts. SOFR Options Heatmap The 95.625 strike remains most popular across Sep25, Dec25 and Mar26 options, with a large amount of risk seen in the level via Sep25 puts and Dec25 puts. Other populated strikes include 95.75 and 95.875, where Sep25 puts are prominent. Recent activity around the 95.625 strike has been buying of the SFRZ5 95.875/95.75/95.625 put fly. The main theme post Friday's jobs data has been demand for upside hedges in SOFR options, with some positions looking to target a half-point rate cut at the next September policy meeting. Treasury Options Skew Following Friday's jobs report, skew on Treasury options across the curve has moved to favor calls as traders pay a premium on hedging a continued bond marker rally over a selloff. In the long-end, the skew on the bond option has risen to favor calls by the most since April. CFTC Futures Positioning In the week to July 29, a day before the Fed decision, hedge funds aggressively built net short positioning in 10-year note futures. Asset managers took the other side, adding to net longs in the tenor and added to longs in both long-bond and ultra-long bond futures. --With assistance from Michael Mackenzie and Ye Xie. Russia's Secret War and the Plot to Kill a German CEO AI Flight Pricing Can Push Travelers to the Limit of Their Ability to Pay Government Steps Up Campaign Against Business School Diversity What Happens to AI Startups When Their Founders Jump Ship for Big Tech The GOP Is Choosing Pesticides Over the MAHA Moms ©2025 Bloomberg L.P.
Yahoo
2 hours ago
- Yahoo
Pfizer CEO shares 3 pillars of company's cost-cutting efforts
Pfizer (PFE) topped second quarter expectations, but looming Trump-era pharmaceutical tariffs remain a concern. Pfizer CEO Albert Bourla joins Market Domination to discuss the company's earnings results and cost-cutting efforts. He also notes that a manufacturing shift would require a grace period due to long timelines. To watch more expert insights and analysis on the latest market action, check out more Market Domination. Pfizer reporting a beat on revenue and earnings for its second quarter. But the pharmaceutical manufacturer is facing new hurdles with tariff threats and calls from President Trump to lower prices. Our own, Julie Hyman, and senior health reporter, Anjalee Khemlani, spoke with the CEO about cost-cutting efforts and the future of the firm. I would call it more its productivity enhancement and margin expansion. We do that by implementing three things. One, it is focus. So we stop doing things that they are not that important, and we double down on things that they are. The second is technology. Technology right now offers tremendous opportunities for improvement of productivity, particularly AI and simplification of our business process. There is a lot of waste that is happening when you have complicated structures that require usually more people than if you have streamlined your areas. And this is where we are. We have announced a program that we are on track to exceed actually this year. And then announced an additional 1.7 billions of cost reductions, 1.2 billions of that until '27 will happen in SGNA in administrative and marketing and selling expenses. And that will fall to the bottom line. 500 millions will happen in R&D, and that will be reinvested all back in R&D. So it's not just the cost-cutting though, obviously, investors also want to see growth on the top line, growth in revenues. You guys did have growth in revenues this quarter by 10%. And the revenue growth has been more volatile. So how do you keep that momentum going and also find stability? Yes. If you see the elements of our revenues, the volatile piece is mainly our COVID. Because COVID could happen in different quarters every year. Usually there are two waves every year and in sometimes like 23, one way, the summer or the winter are stronger. And the same as in 24. So it's a different year by year. So I think that's the variability. The rest of the business, it's a very strong, continuous growth momentum, I think, and new products and recently acquired products contributed 4.7 billion dollars in this first half of the year. And they are growing at 15%. So it's very solid. I do want to talk about the backdrop from Washington. Because that's something that involves, that affects not just you, but the whole industry. You're also currently the head of the Pharmaceutical Industry Association. You did say on the call that you have a special relationship with members of this administration. Of course, we've heard the president be critical of the industry. What do you feel you have been able to educate President Trump about to sort of better help him understand the industry's perspective? I said we have a special relation with the president because that relation was cemented during the COVID crisis. He was very concerned. He want to make sure that we speed up the development of vaccines. So we speak every second week. So he was very active and he would ask about studies and where we are, and what can we do to accelerate. So it was very, it was a bonding, let's say, exercise. No, I, I think he's educated. Of course, it doesn't go into the details, is not his job, but he understands the dynamics. I had multiple times the opportunity to discuss with him the impact that the middleman has in the prices in the US. And he understands this very well and he speaks very vocally about it. Other things that they are subsidizing, that they are taking out of the prices of pharma, so that the patient pays a lot, but then we don't collect all of that because it goes to other areas like 340B. So he, what he wants to achieve, it is to have a better deal. He's very competitive. He doesn't like that others paying less. And he wants to fix it and we are very productively discuss, productively discussing right now what we can do on that. And the president did say in an interview today that tariffs could eventually reach 250%. He's talking about a phase in of that. Are you confident that you'll avoid that outcome for the industry, that 250% on imports of pharmaceuticals? I don't want to speak for the president, but what he said today, which was very important also was that it will be a very small tariff in the first couple of years. And then he opened actually the window for a grace period. Because I had this discussion with him and I had this discussion with multiple other members of the administration, but a manufacturing site to be completed, it takes more than five years for our industry. We in North Carolina, we just completed, not just, but we completed recently a few years back, the build of one manufacturing site. But was one product only, and it took us four and a half years and that was our record. So you can't just say you need to do it immediately and pay tariffs until you transfer. We can't afford to pay tariffs and the investments to transfer. Right. Makes sense. I want to bring in our Anjalee Khemlani, who, of course, you also know, our senior health reporter to talk more about some of these issues. So Anj, I know you're also, of course, watching the pricing debate very closely. Yeah, that most favored nations clause. Albert, I love the letter. Got your special, you know, name crossed out on there from Trump. But going to the contents of it, I know you've already talked about the DTC push and getting that direct to consumer push. You've already unfolded a strategy there, so you're really ahead of the curve there. But I want to actually talk about the pricing part of it because we've had notes from analysts talking about how it's really unfeasible to do most favored nations pricing the way that it's laid out in that letter. Can you talk to us about how you're planning for that? We are planning for all different scenarios of different ways of implementing something like that. And we are discussing and making mitigation plans. But we don't know how that will end up. We are still discussing it with with the president, how and what will be the devil could be on the details in this case. And talking about the tariffs as well. I know that with the manufacturing push, the industry had been trying to really pull the president away from these tariffs and conversations around it with the more than $200 billion in investments. Explain to us how that works considering that 90% of prescription drugs are generics and those are the ones that are cheaper to make, come from overseas, have smaller margins. Therefore, not really appealing to companies like you to produce. Meanwhile, the branded drugs are mostly produced here with the API is coming from overseas. So can you just put it together for us on how it would really impact you with tariffs coming in? What components? Depends on the product and depends how the custom authorities define a country of origin. First of all, you are right that generics are more than nine prescriptions per 10 in the US. And those are the cheapest medicines anywhere in the world. The generic prices in the US are the cheapest of any medicine. I think again, patients are paying way more than the real price of the generics, because of ways that the insurance system and the benefits work. But even with that, they are the cheapest generics in the world. Then the 10% or less that they are, they're branded. Many of them are manufactured here, as you know, probably. We have 13 sites in the US of manufacturing. 11 are manufacturing plants and then two are gigantic warehouses, almost like a plant. So we do a lot of them here, but we over the years, we produce some stuff outside. And Ireland is a typical example, Switzerland is a typical example, other places are typical examples. And those we need to understand if they will be the API will dictate the country of origin or where the final product is made.
Yahoo
2 hours ago
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Journey Medical Corporation to Announce Second Quarter 2025 Financial Results on August 12, 2025
Company to host conference call to discuss financial results and provide a corporate update on August 12, 2025 at 4:30 p.m. ET SCOTTSDALE, Ariz., Aug. 05, 2025 (GLOBE NEWSWIRE) -- Journey Medical Corporation ('Journey Medical' or the 'Company') (Nasdaq: DERM), a commercial-stage pharmaceutical company that primarily focuses on selling and marketing U.S. Food and Drug Administration ('FDA')-approved prescription pharmaceutical products for the treatment of dermatological conditions, today announced the Company will release its second quarter 2025 financial results after the U.S. financial markets close on Tuesday, August 12, 2025. Journey Medical management will conduct a conference call and audio webcast on Tuesday, August 12, 2025 at 4:30 p.m. ET. To listen to the conference call, interested parties within the U.S. should dial 1-866-777-2509 (domestic) or 1-412-317-5413 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to join the Journey Medical conference call. Participants can register for the conference by navigating to Please note that registered participants will receive their dial-in number upon registration. A live audio webcast can be accessed on the News and Events page of the Investors section of Journey Medical's website, and will remain available for replay for approximately 30 days after the conference call. About Journey Medical CorporationJourney Medical Corporation (Nasdaq: DERM) ('Journey Medical') is a commercial-stage pharmaceutical company that primarily focuses on the selling and marketing of FDA-approved prescription pharmaceutical products for the treatment of dermatological conditions through its efficient sales and marketing model. The Company currently markets eight FDA-approved prescription drugs for dermatological conditions. The Journey Medical team comprises industry experts with extensive experience in developing and commercializing some of dermatology's most successful prescription brands. Journey Medical is located in Scottsdale, Arizona and was founded by Fortress Biotech, Inc. (Nasdaq: FBIO). Journey Medical's common stock is registered under the Securities Exchange Act of 1934, as amended, and it files periodic reports with the U.S. Securities and Exchange Commission ('SEC'). For additional information about Journey Medical, visit Company Contact:Jaclyn Jaffe Journey Medical Corporation(781) 652-4500ir@ Media Relations Contact:Tony Plohoros6 Degrees(908) 591-2839tplohoros@ 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
