Latest news with #Boerner
CNBC
4 days ago
- Business
- CNBC
Bristol Myers' new cancer partnership is promising, but doesn't change our stance on the stock yet
Bristol Myers Squibb on Monday made a splashy move to fortify its drug pipeline. However, the subdued stock reaction suggests Wall Street is looking for more show than tell. So are we. The news The drugmaker announced a licensing deal with Germany's BioNTech to jointly develop and commercialize the latter's experimental cancer therapy known as BNT327. The drug, which is still in clinical trials, belongs to an increasingly popular group of treatments called immuno-oncology. Often called IO for short, these treatments work by getting a patient's own immune system to help fight the cancer. Merck 's Keytruda is the best-known drug in the class, but Club name Bristol Myers' own Opdivo is there, too. Within the field of IO, there's a lot of buzz around the newer dual-acting approach that BNT327 – and similar drugs being investigated by other companies – use to treat the disease. Bristol Myer's agreement with BioNTech is potentially worth around $11 billion to the German drugmaker if certain milestones are achieved in the coming years. Bristol Myers is paying $1.5 billion upfront and owes another $2 billion in payments through 2028. Profits and losses from the drug will be shared equally between the two companies, according to a Bristol Myers press release. BioNTech is best known for its work on a Covid-19 vaccine in collaboration with Pfizer . Big picture For investors, Bristol Myers entered the year with a lot to prove, as the company navigates the loss of exclusivity for cancer drug Revlimid and nears the same fate for top-selling drugs such as bloodthiner Eliquis, and the aforementioned Opdivo in the coming years. The burden of proof got even higher in April following a failed trial for its new schizophrenia treatment Cobenfy, which investors — including the Club — have viewed as critical to the company's future revenue growth. While CEO Chris Boerner has argued that the trial results do not "really have any impact on the long-term potential" of Cobenfy, the market is divided. Speaking on CNBC on Monday, Boerner said the company's partnership with BioNTech gives the company "another leg for growth as we exit this decade." Boerner said he believes the two companies have an opportunity to "transform the outcomes for patients" in hard-to-treat solid tumors, including lung and triple-negative breast cancer. "We think this could be the next new frontier in the treatment of cancer," said Boerner, who added that Bristol Myers' experience in IO drugs with Opdivo is helpful in pursuing the BNT327 opportunity. BMY YTD mountain Bristol Myers' year-to-date stock performance. The long-term sales potential of Cobenfy isn't the only question mark that has lately weighed on shares of Bristol Myers, which are down around 18% over the past three months. Bristol Myers and its peers are also facing incoming tariff hurdles from President Donald Trump . Though the Trump administration has not formally announced tariffs on pharmaceuticals, the president has said they are being considered. Trump also signed an executive order in May to incentivize domestic manufacturing for prescription drugs. Bristol Myers already pledged a $40 billion investment in the U.S. last month. Asked about these other political dynamics Monday, Boerner said that the company is "engaging with the president and his administration on tariffs," noting that the majority of its infrastructure and sales are U.S.-based. "We need to make sure they understand the complexity of the supply chain so any tariffs that are implemented are implemented in a way that we don't see supply disruptions," the CEO said, further stating that this is a priority to ensure patients get their medicine. He also added that it would take time to shift supply chains. Bottom line Bristol Myers' deal with BioNTech is promising – and given the importance of filling out its drug pipeline with additional candidates to drive growth and assuage investor concerns about the patent cliff, Jim Cramer said he would have expected to see a more positive market reaction Monday. In afternoon trading, the stock gained less than 1% to just over $48 per share. BioNTech shares surged more than 19%, though. Jim called that disparity "a very one-way street." The hope, Jim explained, is that BNT327 could be competitive with Merck's Keytruda, if not even more effective. Nevertheless, we understand that investors have a higher bar for Bristol Myers these days in the wake of the Cobenfy trial in April. "It's turned into a show-me story," said Jeff Marks, director of portfolio analysis for the Club. Indeed, we sold 100 shares of Bristol Myers back in March when the stock was above $60 a share, but have held off on rebuilding it at these lower price levels for that reason. We lowered our price target on the stock to $60 a share from $70 following earnings in April to account for the new Cobenfy information. (Jim Cramer's Charitable Trust is long BMY. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Straits Times
05-05-2025
- Business
- Straits Times
Bristol Myers to invest $51.6 billion in the US over 5 years
Other drugmakers have also announced plans to ramp up spending in the US in recent months. PHOTO: REUTERS Bristol Myers to invest $51.6 billion in the US over 5 years Bengaluru - Bristol Myers Squibb said on May 5 it will invest US$40 billion (S$51.6 billion) in the United States over the next five years, as it seeks to expand its research and manufacturing presence in the country amid President Donald Trump's tariff threats. The announcement of new investment was first made by chief executive officer Christopher Boerner in an opinion piece published in Stat News on May 5, and was later confirmed to Reuters by a company spokesperson. In the Op-Ed, Mr Boerner said the money will be spread across research and development, technology and domestic manufacturing, as US drugmakers prepare to deal with Trump's tariffs. Several other drugmakers have also announced plans to ramp up spending in the US in recent months as they prepare for possible Trump tariffs on the sector. Mr Trump has repeatedly threatened tariffs on pharmaceutical imports on national security grounds. The sector has for long been spared from levies due to potential harms. On May 5, Trump signed an executive order that aims to reduce the time it takes to approve pharmaceutical plants in the country, as part of new regulations to encourage domestic manufacturing. Mr Boerner said bolstering US manufacturing enables greater control over highly complex supply chains while bringing manufacturing closer to where the majority of R&D is taking place. 'Through this investment plan, we will strengthen our presence across the country, ramp up radiopharmaceutical manufacturing, and invest in artificial intelligence and machine learning to help us significantly increase the pace of innovation,' Mr Boerner said. In 2024, Bristol acquired RayzeBio for US$4.1 billion, bringing multiple radiopharma drug candidates for treating solid tumours in various cancers. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
11-02-2025
- Health
- Yahoo
Neighborhood Summit to be held February 22
EAU CLAIRE — A neighborhood summit will be held for current and aspiring neighborhood leaders, offering an opportunity to utilize local data to apply for grants as well as exploring ways to build community through restorative justice techniques. 'It's really an opportunity for folks who are in neighborhood associations to get together for a little bit of skill building,' said Audrey Boerner, public health specialist at the Eau Claire City-County Health Department. The summit will be held at the L.E. Phillips Senior Center on Bellinger Street on Saturday, February 22, running 1-3 p.m. The event is being put on by the Eau Claire Invest Health Team, which includes the City of Eau Claire, the Eau Claire City-County Health Department, Eau Claire Area Economic Development Corp, and the UW-Eau Claire Center for Racial and Restorative Justice, in partnership with the Eau Claire Neighborhood Association. 'We received a grant and have been working as a team together to bring some health data,' said Billie Hufford, City of Eau Claire Neighborhood service Mmanager. Wanting to find a way to communicate observations from the data, the Invest Health Team came up with the idea to host a neighborhood summit. 'We came up with a plan to interact with neighborhood associations. Then we talked about this neighborhood summit. We thought that might be a good place to do it, so it'll have the data [and we'll] show them how to utilize that data on a neighborhood level. Then they'll do some small group work, showing how to use restorative justice techniques.' The data includes information like trends related to obesity, cancer, smoking, diabetes, high blood pressure, poverty, income inequality, and rent burden. 'Some of this Census data has been put onto a map,' Boerner said. 'You can see how Eau Claire compares to other cities. You can also see how different neighborhoods within Eau Claire might vary. We'll be showing how that dashboard works and how to apply [for financial assistance]. It just helps them to understand their neighborhood a little bit more if they are applying for grants.' Boerner said that the summit offers a bit of a presentation format followed by a hands on format, 'kind of experiential learning.' When asked what learning the restorative justice technique is like, Boerner said, 'That really is the bread and butter of the UW Center of Racial and Restorative Justice, but the idea is building a foundation of relationship so that when something does come up, that might lead to some tension, there would already be this sort of existing relationship to help work through whatever sort of tension happens. That happens in all sorts of relationships.' She also said there'd be an opportunity for networking with people leading other neighborhood associations. To register visit Registration closes on Feb. 18. The event is open to anyone, but neighborhood associations who attend will be eligible for a stipend for community engagement efforts. Snacks will also be provided.
Reuters
06-02-2025
- Business
- Reuters
Bristol sees sharper 2025 revenue drop after better-than-forecast Q4
Feb 6 (Reuters) - Bristol Myers Squibb (BMY.N), opens new tab on Thursday posted better-than-expected fourth quarter earnings, but said its 2025 revenue would fall more sharply than Wall Street had forecast due to generic competition for some of its older drugs. The company forecast 2025 revenue of around $45.5 billion, down from $48.3 billion in 2024 and below analyst expectations of $47.4 billion, according to LSEG data. It forecast 2025 earnings in the range of $6.55 to $6.85 a share, below the average analyst estimate of $6.92 a share. The drugmaker also said it is expanding its cost-cutting program by an additional $2 billion by the end of 2027, bringing the total cost cuts under the program to $3.5 billion. Bristol has already been contending with sharp revenue loss from its cancer drug Revlimid, which brought in nearly $13 billion in 2021 and just $5.8 billion last year due to generic rivals. But Chief Executive Chris Boerner said in an interview the company will also be hurt in 2025 by the loss of exclusivity of other cancer drugs Pomalyst, Sprycel and Abraxane. "We've been very clear about our focus, which is driving sustained top-tier growth as we exit the decade, and specifically increasing the velocity of growth in the last couple of years exiting this decade and into the next," Boerner said. "Our focus is working on making sure that the period in which the business is declining is as short and as shallow as possible." Shares of Bristol Myers closed at $59.71 on Wednesday. The stock is up around 25% over the past year, driven in part by investor enthusiasm for its new schizophrenia drug Cobenfy, which was approved by the FDA last September. The company said it earned $3.4 billion, or $1.67 per share in the fourth quarter, down from $3.5 billion, or $1.70 per share, a year ago. Analysts, on average, had forecast earnings of $1.46 a share for the quarter. Revenue in the quarter rose 8% to $12.3 billion, topping analyst estimates of $11.6 billion. Sales of its cancer immunotherapy Opdivo rose 4% to $2.5 billion, while Revlimid sales fell 8% to $1.3 billion. Analysts had expected sales of those drugs to be around $2.5 billion and $1.1 billion, respectively.
Yahoo
27-01-2025
- Business
- Yahoo
Rural ambulance service to build new facility with $300,000 federal grant
GOWRIE, Iowa — Federal funding will help expand emergency medical services in a rural community in Webster County. The Southwest Webster Ambulance Service in Gowrie is in desperate need of an upgrade. EMT Terry Towne said they outgrew the building 15 years ago. 'When I started 30 years ago, all of our supplies were in the bay with the ambulance, but now very little of them are because there's no room,' Towne said. To save space, they started storing equipment inside their meeting room instead. The bay now only stores their two ambulances. One is nine-years-old and the other is 16-years-old. There's a cabinet inside the bay that opens directly onto one of the vehicles. According to Towne, newer ambulances are getting larger and wider, so while they're tight for space now, it may be worse in the future. However, federal funding will now help them create a new building. Senator Chuck Grassley announced $2.3 million in federal funding through the U.S. Department of Agriculture's Rural Development Grant Program. The money was awarded to five communities, and Gowrie was one of them. 'Many Iowans call rural communities home, and they deserve our support and investment. These federal dollars will upgrade critical infrastructure, promote economic development, and boost health and safety initiatives throughout rural Iowa,' said Grassley. None of this would've been possible without the help of one local Gowrie business. Marcie Boerner is the CEO and General Manager for the Webster-Calhoun Cooperative Telephone Association. She applied for the grant on behalf of the Southwest Webster Ambulance Service. Webster-Calhoun has a revolving loan fund, which means they're able to make 0% loans to businesses and organizations within their community to support economic growth. Scholastic Spotlight: National excellence for Iowa teachers in math and science She found out earlier this year they were awarded $300,000 for the project. The ambulance service will provide a 20% match. 'It's actually a program that's a win-win for the both of us. So, its adding $360,000 to our revolving loan fund but as they pay it back to us, we're able to continue to reloan it to other businesses and organizations throughout our service area,' said Boerner. The partnership with the medical services crew was an easy decision for Boerner. 'There's three [hospitals] but they're 30 minutes away, and so it's really important and really fortunate as a citizen and resident in Gowrie that we have the Southwest Webster Ambulance crew here in town,' she said. Towne describes this loan as a dream come true. 'It's still very emotional when I think about it, because we've been trying to work on an ambulance but fundraisers only go so far and the cost of the buildings keep going up, even more than our fundraising has been going up. So, this is not anything we could've reached without this loan that we're getting from them,' she said. The new building will be constructed in between the current facility and the town's fire department. The City of Gowrie already voted to buy the current facility to use it as a police station. The new facility is projected to be completed by the fall. Towne also said they will use part of the grant to employ a paramedic. The Southwest Webster Ambulance is ran by volunteers. Employing a paramedic will ensure the station has someone available to better assist residents around the clock. Currently, the police and fire departments are funded by property tax, but EMT is not. As a result, Webster County is also holding a special election on March 4th to change this. If approved, the county will dedicate a tax of 75-cents per $1,000 of taxable property. They expect this to raise around $200,000 annually for the ambulance service. Iowa News: Marshalltown skimming suspect charged in Newton case Rural ambulance service to build new facility with $300,000 federal grant Families explore thousands of reptiles at Iowa Reptile Show Armed barricaded individual in Storm Lake, police on scene IDP Chair talks 2026 plan, state and federal economic policy Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
