Pfizer beats expectations,Beyond Meat top IPO performer of 2019
Pharmaceutical giant Pfizer alongside Merck both beat Wall Street’s expectations for third quarter results on Tuesday, and raised their full year guidance. This comes after both of the powerhouses announced oncology segments outperformed during the period. Sales in Pfizer’s bio pharma unit rocketed up 7% to breach the $10 billion mark during the quarter. This segment of the company also includes major products including their pioneering breast cancer treatment drug Ibrance and blood thinner Eliquis. Merck also raised their year-end revenue and earnings based on the company’s strong sales numbers of cancer immunotherapy Keytruda, which saw sales jump 62% in the last year to over $3 billion, and their HPV vaccine Gardasil, which saw a rise of 27% to $1.3 billion.
Beyond Meat has been on a roll since their IPO this year, and based on reports by analysts are currently one of the best performing US IPO’s of the year. The company posted their first quarterly profit since going public, and have increased their full year guidance as the plant based meat company have secured partnerships with numerous fast food chains and retail outlets. After adjustments, earnings were at 6 cents per share, almost 30% higher than analysts’ expectations. Revenue for the company at $92 million again beat estimates of Wall Street by $10 million. However in the midst of all the good news, Beyond Meats share price saw a dip in overnight trading ahead of the end of the companies post-IPO lockup on Tuesday. Around 80% of Beyond Meats shares outstanding could become available for trading, based on the amount of stock held by early investors and company insiders who before Tuesday could not sell their shares on the public market.
Posted by : Dubai PR Network Editorial Team Viewed 4154 times PR Category :Banking & Investments Posted on : Wednesday, October 30, 2019 1:17:00 PM UAE local time (GMT+4)
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