Pfizer Inc. (NYSE:PFE) [Detail Analytic Report] rocks on Tuesday as shares surged over 3%after it released that it beat Wall Street anticipates for first quarter as the leading U.S. drugmaker’s net income rose 27% because of higher sales, a lower tax bill as well as some one-time gains. The firm increased its 2016 financial forecasts, citing its strong performance in the quarter and an improved business outlook. The firm had made a big gamble on Allergan transaction, declaring it was needed to make Pfizer more competitive with European competitors who face lower tax rates. Pfizer now declared that it will concentrate on operational efficiency, internal as well as external product development, and “shareholder-friendly capital allocation” in the near term, at the same time as deciding by year’s end whether to sell or spin off its established products business, which sells older, mostly off-patent drugs.
Several analysts and investors have been pushing Pfizer for years to separate so as to business to accelerate growth, which firm until now has been annoying to achieve with takeover and through more partnerships to develop new medicines. Sales got a lift in division by changes in currency exchange rates and by $1.2B in new revenue from Pfizer’s $15B buy previous September of injectable drugmaker and infusion device maker Hospira.
Mylan N.V. (NASDAQ:MYL) [Detail Analytic Report] released that hire of Kenneth S. Parks as CFO, effective June 6, 2016. Parks joins Mylan with over 30 years of corporate finance experience, comprising responsibilities across financial planning, accounting, investor relations, treasury, tax and information technology.
CEO Heather Bresch, Mylan stated htat Ken is a proven finance leader with an impressive record of accomplishment operating in complex, worldwide cultures and manufacturing environments. He has wide experience working in a public firm setting, comprising capabilities developing strong relationships with investors as well as financial analysts. Ken has successfully led organizations through several periods of change, comprising overseeing significant acquisitions, expansion into emerging markets and restructurings. In addition to his strong experience and leadership capabilities, Ken brings to Mylan deep functional expertise and technical knowledge and we believe he will be a great asset to their business and finance team.
Baxter International Inc. (NYSE:BAX) [Detail Analytic Report] released on Tuesday that its BOD has declared a 13% surged in company’s quarterly dividend rate, from previous rate of $0.115 a Baxter common share to $0.13 a share. The dividend is payable on July 1, 2016 to stockholders of record as of June 3, 2016. The chairman and chief executive officer, José (Joe) E. Almeida stated that their capital allocation strategy balances reinvestment in business to deliver sustainable growth along with returning value to their stockholders. This new rate supports this objective and is aligned with their targeted dividend payout ratio of around 35% of adjusted net income. The company’s worldwide footprint and critical nature of its products and services play a key role in expanding access to healthcare in emerging and developed countries.