Category Archives: Health Care

Citius Pharmaceuticals (CTXR) 24Q2 Update

Citius Pharmaceuticals (CTXR) posted a 24Q2 loss of $8.5 million or $0.05 per share, $0.02 below my estimate, mostly because of an unexpected $2.3 million gain on the sale of NOLs.  R&D expense declined by about $1.1 million vs. the … Continue reading

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Merck & Co (MRK) 24Q1 Update

24Q1 sales increased 8.9% to $15.8 billion.  Excluding currency, sales rose 12%.  The sales gain came from an increase of $1.15 billion in Keytruda and $277 million in Gardasil. GAAP diluted EPS was $1.87 per share vs. last year’s $1.11, … Continue reading

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Organon (OGN) 24Q1 Update

24Q1 revenues were $1.622 billion, up 5.5% year-over-year, but up 7% at constant currency.  GAAP diluted EPS was $0.78, above 23Q1’s $0.69 and my estimate of $0.77.  Non-GAAP EPS of $1.22 was above last year’s $1.08 and also above my … Continue reading

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Pfizer (PFE) 24Q1 Update

Pfizer (PFE) reported 24Q1 revenues of $14.9 billion, down 19% from 23Q1, but 7% above my estimate.  Its GAAP EPS was $0.55 and non-GAAP EPS $0.82, down from $0.97 and $1.23 last year, but well ahead of my estimates of … Continue reading

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GE Healthcare (GEHC) 24Q1 Update

GEHC reported 24Q1 revenues of $4.65 billion, down 1.2% YOY and 4.1% below my estimate.  Excluding currency, revenue was flat.  Revenues declined in Imaging, Ultrasound and PCS, but PDx revenue increased 7.3%.  Sales in China fell 11%.  The company faced … Continue reading

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Bristol-Myers Squibb (BMY) 24Q1 Update

Bristol-Myers Squibb (BMY) reported 24Q1 revenues of $11.9 billion, up 5% from 23Q1.  Its GAAP loss per share was $5.89 and non-GAAP loss $4.40, reversing last years earnings  of $1.07 GAAP and $2.05 non-GAAP.  24Q1’s revenues were $330 million or … Continue reading

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Citius Pharma Raises $15M in Registered Direct Equity Offering

Earlier today, Citius Pharmaceuticals Inc. (CTXR) announced that it had entered into definitive agreements for the issuance of 21.4 million shares of its common stock and accompanying warrants to purchase up to the same number of common shares at a … Continue reading

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Initiating Coverage of Pfizer (PFE)

Buy Rating. Price Target of $30. As the COVID-19 pandemic receded, Pfizer’s sales and profits fell sharply.  Combined sales and alliance revenues of COMIRNATY, the COVID vaccine, and PAXLOVID, the COVID oral antiviral, fell 78% to $12.5 billion in 2023.  … Continue reading

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Citius Pharmaceuticals 23Q4 Update

Citius Pharmaceuticals (CTXR) posted a 23Q4 loss of $11.1 million or $0.07 per share, $0.01 more than my estimate, mostly because of higher than expected stock-based compensation and $1.15 million for a deemed dividend associated with the one-year extension of … Continue reading

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GE Healthcare Technologies (GEHC) 23Q3 Update Report

GEHC reported 23Q3 revenues of $4.82 billion, up 5.4% YOY.  Revenues increased 6% organically.  Organic orders increased 1%.  Product sales grew 5.8%; while services sales rose 4.6%.  All segments posted revenue gains, except for Ultrasound, which was up against a … Continue reading

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Merck (MRK) 23Q3 Update

23Q3 sales increased 3.0% to $16.0 billion.  Excluding currency and sales of Lagevrio, sales rose 8%.  The sales gain came from an increase of $0.9 billion in Keytruda and $290 million in Gardasil.

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Bristol-Myers Squibb (BMY) 23Q3 Update

23Q3 net revenue decreased 2.2% to $11.0 billion, as a 41% drop in Revlimid sales, due to LOE, was not entirely offset by growth across the rest of the portfolio.  Revenues from newly launched products rose 79% YOY and 19% … Continue reading

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Organon (OGN) 23Q3 Update

23Q3 revenues were $1.52 billion, down 1.2% YOY and also down 1% at constant currency.  GAAP diluted EPS was $0.23, compared with 22Q3’s $0.90 and my estimate of $0.74.  Non-GAAP EPS of $0.87 was below last year’s $1.32 and my … Continue reading

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Citius Pharmaceuticals (CTXR) 23Q3 Update

Citius Pharmaceuticals (CTXR) posted a 23Q3 loss of $8.5 million or $0.06 per share, $0.01 less than my estimate, mostly because of a $1.1 million decrease in R&D spending associated with all of its clinical programs (except for Halo-Lido, a … Continue reading

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Organon & Co. (OGN) 23Q2 Update

23Q2 revenues were $1.61 billion, up 1.5% YOY and up 4% at constant currency.  GAAP diluted EPS was $0.95, better than 22Q2’s $0.92 and above my estimate of $0.87.  Non-GAAP EPS of $1.31 was higher than last year’s $1.25 and … Continue reading

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Merck & Co. (MRK) 23Q2 Update

23Q2 sales increased 4.2% to $14.5 billion, but rose 11% excluding Lagevrio, a COVID-19 medicine.  The sales gain ex-Lagevrio was due to sales increases of $1 billion in Keytruda and $800 million in Gardasil.

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Bristol-Myers Squibb (BMY) 23Q2 Update

23Q2 net revenue dipped 5.6% to $11.2 billion, more than expected, mostly on a faster sales decline for Revlimid, which has lost exclusivity.  Opdivo sales rose at the slowest YOY pace since the early pandemic.  Revenues from newly launched products … Continue reading

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GE Healthcare Technologies (GEHC) 23Q2 Update

GEHC reported 23Q2 revenues of $4.82 billion, up 7.4% YOY.  Revenues increased 9% organically.  Orders were also up 6% organically.  Equipment revenues grew 11%; while services rose 1%.  The strong growth in equipment augurs well for services revenue growth over … Continue reading

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Citius Pharmaceuticals (CTXR) 23Q2 Update Report

Citius Pharmaceuticals (CTXR) posted a 23Q2 loss of $0.07 per share, $0.02 more than I had anticipated, mostly because of higher R&D spending associated with the ongoing clinical trials of Mino-Lok and Halo-Lido and also due to pre-launch and market … Continue reading

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GE Healthcare Technologies (GEHC) 23Q1 Update

GEHC reported 23Q1 revenues of $4.71 billion, up 8.4% YOY.  Excluding currency, revenue increased 12.4%.  Operating income rose 9.8% to $559 million.  Incremental interest expense from debt taken on in the spin-off plus an increase in the effective tax rate … Continue reading

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Organon & Co. 23Q1 Update

23Q1 revenues were $1.538 billion, down 1.9% year-over-year, but up 3% at constant currency.  GAAP diluted EPS was $0.69, below 22Q1’s $1.36 and below my estimate of $0.88.  Non-GAAP EPS of $1.08 was below last year’s $1.65 and also below … Continue reading

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Merck (MRK) 23Q1 Update

23Q1 sales fell 9.8% to $14.5 billion, but rose 13.5% excluding Lagevrio, a COVID-19 medicine whose sales have fallen sharply as the pandemic has receded.  The sales gain ex-Lagevrio was due entirely to a $1 billion increase in Keytruda sales … Continue reading

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Citius Pharma (CTXR) Completes $15 Million Direct Registered Offering

Last night, Citius Pharmaceuticals (CTXR) reported that it had completed its 12.5 million share direct offering, issuing 12.5 million shares at $1.20 per share with attached warrants exercisable at $1.50 per share. In total, the offering generated gross proceeds of … Continue reading

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Bristol-Myers Squibb (BMY) 23Q1 Update

23Q1 revenues declined 2.7% to $11.3 billion, less than 22Q4’s decline, but were 3% higher than projected.  Sales of Eliquis rose 27.3% sequentially and 6.6% YOY to $3.4 billion.  Revlimid sales fell 22.6% and 37.4%, respectively, due to patent expiry.  … Continue reading

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Citius Pharmaceuticals (CTXR) 23Q1 Update

Citius Pharmaceuticals (CTXR) posted a 23Q1 loss of $0.02 per share, better than I had anticipated, mostly because of a $3.6 gain on the sale of net operating loss carryforwards (equivalent to $0.02 per share) from the State of New … Continue reading

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Organon & Co (OGN) 22Q4 Update

22Q4 revenues were $1.485 billion, down 7.4% year-over-year, but up 1% at constant currency.  GAAP diluted EPS was $0.43, below 21Q4’s $0.80 and below my estimate of $0.54.  Non-GAAP EPS of $0.82 was below last year’s $1.18 and a penny … Continue reading

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Merck & Co., Inc. 22Q4 Update

22Q4 sales rose 2.2% to $13.8 billion, as a 19.6% gain in KEYTRUDA was mostly offset by declines in Gardasil, Lagevrio and Januvia/Janumet, among others.  GAAP diluted EPS declined 21.3% to $1.19 and non-GAAP diluted EPS declined 15.0% to $1.53.  … Continue reading

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Bristol-Myers Squibb (BMY) 22Q4 Update

22Q4 revenue declined 4.8% to $11.4 billion, more than 22Q3’s decline, mostly because of a drop in Revlimid sales due to patent expiry.  GAAP diluted EPS was $0.95, down from $1.07 last year but ahead of my estimate of $0.67, … Continue reading

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GE Healthcare Technologies (GEHC) 22Q4 Update

In its first earnings release since being spun off from General Electric, GEHC reported revenues of $4.9 billion, up 8% YOY (and up 13%, net of acquisitions and currency).  Net income from continuing operations was flat at $567 million.  GAAP … Continue reading

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Citius (CTXR) at Sidoti

I recently had the opportunity to view a presentation and ask questions of Leonard Mazur at the Sidoti MicroCap Conference on January 18.  Mr. Mazur helped fill in some of the gaps in my knowledge about company and its plans … Continue reading

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2022 Large Cap Performance Analysis

Large cap stocks, as measured by the Lark Research Large Cap Index (the “Index”)[1] which mirrors the S&P 500, posted a decline of 19.5% in 2022.  As in previous years, most of the performance was driven by a handful of … Continue reading

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Citius Pharmaceuticals (CTXR) 22Q4 Update

In 2022, Citius Pharmaceuticals completed its Phase 3 trial for I/ONTAK, indicated for the treatment of persistent or recurrent cutaneous T-cell lymphoma (CTCL) and submitted its Biologics Licensing Application to the FDA.  It has a PDUFA target date of July … Continue reading

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GE Healthcare Technologies (GEHC)

GE Healthcare Technologies (GEHC) will be spun-off from General Electric Company (GE) on January 4, 2023.  Under the terms of the spin-off, GE shareholders will receive one share of GEHC for every three shares of GE that they own.  In … Continue reading

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AlerisLife Inc. (ALR) 22Q3 Update

AlerisLife reported a 22Q3 net loss of $8.5 million or $0.27 per share, better than the 22Q2 loss of $8.8 million or $0.28 per share and the 21Q3 loss of $10.2 million or $0.32 per share.  I had estimated a … Continue reading

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Organon & Co. (OGN) 22Q3 Update

22Q3 revenues were $1.537 billion, down 3.9% year-over-year, but up 3% at constant currency.  GAAP diluted EPS was $0.92, below 21Q3’s $1.27, but above my estimate of $0.82.  Non-GAAP EPS of $1.36 was below last year’s $1.61, but also above … Continue reading

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Merck & Co (MRK) 22Q3 Update

22Q3 sales rose 13.7% to $15.0 billion with double-digit gains in KEYTRUDA and GARDASIL/GARDASIL 9.  GAAP diluted EPS fell 29.0% to $1.28; but non-GAAP diluted EPS rose 5.6% to $1.85.  The company recorded an $887 million ($0.27 per share) asset … Continue reading

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Bristol-Myers Squibb (BMY) 22Q3 Update

22Q3 revenue declined 3.5% to $11.2 billion, mostly because of a drop in Revlimid sales due to patent expiry.  GAAP EPS increased 8.5% to $0.75, but that was slightly below my estimate of $0.77, due mostly to a higher income … Continue reading

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Citius Pharmaceuticals (CTXR) 22Q3 Update

Citius Pharmaceuticals reported a third quarter loss of $8.9 million or $0.06 per share, compared with last year’s loss of $7.3 million or $0.05 per share.  As an early stage drug development company, Citius currently generates no revenues.  The loss … Continue reading

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AlerisLife (ALR) 22Q2 Update

AlerisLife reported a 22Q2 net loss of $8.8 million or $0.28 per share, better than the 22Q1 loss of $9.7 million or $0.31 per share and the 21Q2 loss of $12.3 million or $0.39 per share.  I had estimated a … Continue reading

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Organon & Co (OGN) 22Q2 Update

22Q2 revenues of $1.585 billion were flat year-over-year, but up 5% at constant currency.  GAAP EPS of $0.92, was below 21Q2’s $1.68 and also below my $1.11 estimate.  Non-GAAP EPS of $1.25 was below last year’s $1.72 and also below … Continue reading

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Merck & Co (MRK) 22Q2 Update

22Q2 sales increased 28% to $14.6 billion, with LAGEVRIO sales of $1.2 billion, a 26% increase in KEYTRUDA sales to $5.3 billion and a 36% increase in GARDASIL/GARDASIL 9 sales to $1.7 billion.  GAAP diluted EPS from continuing operations increased … Continue reading

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Bristol-Myers Squibb (BMY) 22Q2 Update

22Q2 revenues were higher, GAAP earnings lower and non-GAAP earnings higher than anticipated.  Management reduced its 2022 revenue guidance by $1 million to $46 billion due to foreign currency headwinds.  It also lowered its GAAP EPS guidance, but left its … Continue reading

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Citius Announces Its Intention to Spin-Off I/ONTAK

Earlier today, Citius Pharmaceuticals issued a press release announcing its intention to spin-off its late stage oncology candidate, I/ONTAK, to a new, standalone publicly-traded company. In making the announcement, the company said that it believed that the market has not … Continue reading

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AlerisLife (ALR) 22Q1 Update

22Q1 Loss of $0.30 in Line with Expectations; Katie Potter Steps Down as CEO; ALR Hires Alvarez & Marsal to Conduct a Comprehensive Operational Review AlerisLife reported a 22Q1 net loss of $9.7 million or $0.31 per diluted share, slightly … Continue reading

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Citius Pharma 22Q1 Update

Citius Pharmaceuticals (CXTR) is a specialty pharmaceutical company focused on the development of five potential products: (1) Mino-Lok, an antibiotic lock solution to treat and salvage infected central venous catheters (CVCs) in patients with catheter-related bloodstream infections (CRBSIs); (2) I/ONTAK, … Continue reading

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Going to Neutral on Big Pharma

The stocks of large pharmaceutical companies, including Bristol-Myers Squibb (BMY) and Merck & Co. (MRK), which I follow, have outperformed the market significantly so far this year. The pharmaceuticals sector, as measured by the NYSE Arca Pharmaceuticals Index ($DRG) shows … Continue reading

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AlerisLife (ALR) 21Q4 Update

Lowering Estimates and Safety Rating, Withdrawing Performance Rating and Price Target AlerisLife Inc. (ALR), formerly known as Five Star Senior Living, reported a fourth quarter net loss of $10.7 million or $0.34 per share, slightly worse than the third quarter’s … Continue reading

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Merck & Co. (MRK) Update

Establishing 2022 and 2023 Estimates, Maintaining Outperform Rating, Setting $85 Price Target Following the spin-off of Organon, Merck is focused on growing its pharmaceuticals business to offset the looming loss of exclusivity on its $5 billion Januvia/Janumet franchise and others … Continue reading

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Bristol-Myers Squibb Update

Raising 2022 Estimate and Adding 2023, Maintaining Outperform Rating and Price Target of $73 Bristol-Myers Squibb Company (BMS) achieved many operational milestones in 2021, advancing its development pipeline through clinical trials, new drug applications and regulatory approvals.  At its November … Continue reading

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Organon 21Q3 Update

Organon reported 21Q3 GAAP EPS of $1.38 which exceeded my estimate of $1.31.  Revenues were in line with my estimates and operating costs were lower, except for a $25 million increase associated with the acquisition of in-process research & development.

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Five Star Senior Living 21Q3 Update

Again Lowering EPS Estimates; Reducing 6-12 Month PT and Maintaining Outperform Rating Five Star reported a third quarter net loss of $10.2 million or $0.32 per share, less than the second quarter’s loss of $12.3 million or $0.39 per share.  … Continue reading

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Organon (OGN) 21Q2 Update

21Q2 Performance in Line with Expectations; Raising Performance Rating and Lowering Price Target 21Q2 GAAP EPS of $1.68 was lower than 20Q2’s $2.14.  Although sales increased 4.5% to $1.6 billion, costs were higher as a result of new tolling arrangements … Continue reading

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Five Star Senior Living 21Q2 Update

Five Star reported a second quarter net loss of $12.3 million, reversing last year’s $3.0 million net profit.  On a per share basis, the loss was $0.39, compared to net income of $0.10 and below my estimate of a loss … Continue reading

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Bristol-Myers Squibb: Initiating Coverage

Initiating Coverage with an Outperform Rating. Prospects Beyond 2022 are Favorable. With the acquisitions of Celgene in 2019 and MyoKardia in 2020, BMS has substantially transformed its business and repositioned for growth.  Drugs added to the portfolio from the two … Continue reading

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Five Star Alters Strategy, Its Stock Gets Slammed

In early April, Five Star announced a change in its strategy whereby it will transition out of the management of 108 smaller senior living communities (SLCs) with 7,500 living units (with an average of 69.4 units per community), close and … Continue reading

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Assessing the Impact of the Organon Spin-Off on Merck

Merck is progressing toward the spin-off of its subsidiary, Organon & Co., which is expected to be completed by the end of the June.  Organon will include Merck’s women’s health products, biosimilars and certain established brands, most of which have … Continue reading

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Five Star and DHC Restructure Their Agreement

On April 9, Five Star and DHC announced a restructuring of their management agreement whereby DHC will transition the management of 108 smaller senior living communities (SLCs) with a total of 7,500 units to other operators by the end of … Continue reading

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Merck Spin-Off of Organon Targeted for 21Q2

In recent weeks, Merck has been following through on its plan to spin-off its subsidiary, Organon & Co., to shareholders.  On March 17, it filed its Form 10 registration statement related to the transaction.  On March 24, it posted on … Continue reading

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Citius Pharma Raises $71 million in Equity Unit Offering

Citius Pharmaceuticals (CXTR) is a specialty pharmaceutical company focused on the development of four potential products: (1) Mino-Lok, an antibiotic lock solution to treat and salvage infected central venous catheters (“CVCs”) in patients with catheter-related bloodstream infections (“CRBSIs”); Halo-Lido, a … Continue reading

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Five Star Senior Living (FVE) Update

Vaccination of 90% of Residents Raises Visibility on a Rebound in Occupancy Five Star reported slightly stronger 20Q4 results than anticipated, due primarily to gains on investments held by its captive insurer.  Average occupancy across its owned and leased senior … Continue reading

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2021 Market Outlook – Part 2: S&P 500 Sector Analysis

2020 was of course dominated by the impact of the pandemic on the economy and specifically on the revenues and profits of each of the S&P 500 constituents.  There was a sharp stock market sell-off in March-April, followed by a … Continue reading

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Five Star’s Strong Stock Performance Could Signal Quicker Turnaround

Five Star Senior Living continues to cope with the effects of the COVID-19 pandemic on its operations.  During the 2020 second quarter, it experienced a 3.8% decline in occupancy from 82.5% to 78.7% across its owned and managed senior living … Continue reading

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Notes and Analysis from Merck’s Investor Day

On June 20, Merck held an investor day, its first in five years, to highlight its goals and objectives and provide a broad perspective on its five-year performance outlook.  Although its blockbuster cancer treatment, KEYTRUDA (pembrolizumab), has been a spectacular … Continue reading

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Five Star Senior Living Struggles to Regain Profitability

Shares of Five Star Senior Living (FVE) have performed poorly over the past two years, even underperforming FVE’s peer group, which has significantly underperformed both the health care sector and the broader market.  The industry is suffering from a slow … Continue reading

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An Update on Merck (MRK)

Product Pipeline Successes. Merck has enjoyed a couple of notable successes in its product pipeline over the past year. The first and most important is Keytruda (pembrolizumab), the company’s anti-PD-1 (programmed death receptor-1) immunotherapy treatment for cancer. Keytruda has already … Continue reading

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