Mar. 17, 2014, 10:23 AM
- Goldman Sachs removes Baxter International (BAX) from its Conviction List and lowers its PT from $83 to $77 but maintains its Buy recommendation. Since the firm added BAX to its Americas CL in August it is off 7.7% versus the S&P 500's 8.5% gain.
- Analyst David Roman cites a higher risk profile due to heightened competition in the plasma business.
- Investors appear unconcerned. Shares are up a fraction in early trading.
Mar. 4, 2014, 4:49 PM
- Cell Therapeutics (CTIC) Q4 revenue balloons to $32.9M versus $0 a year ago. Almost all of the revenue is due to Baxter's (BAX) upfront payment of $32.4M for the license to develop and commercialize pacritinib.
- Product revenues for Q4 and FY13 were $.5M and $2.3M, respectively.
- Net income for the quarter was $10.2M ($.08/share) due to the Baxter payment. Net loss for the year was $49.6M ($.43/share).
- FY14 guidance projects a loss from operations of $45M - $50M.
- Consensus estimate for Q1 is a loss of $.23/share on revenues of $1.3M.
- Consensus estimate for 2014 is a loss of $.48/share on revenues of $23.9M.
- Mutual fund ownership has increased from 30 to 85 the past 4 quarters.
Feb. 18, 2014, 9:28 AM
Jan. 23, 2014, 8:45 AM
- Baxter (BAX) net profit -34% to $326M, hurt by expenses related to its $4B acquisition of Swedish dialysis product manufacturer Gambro, collaborations and other items.
- Gross margin dropped to 44.7% from 50.8%
- Sales breakdown: medical products +25% to $2.59B, including $413M from Gambro. Bioscience +5% to $1.78B, mainly boosted by solid demand for Baxter's hemophilia treatments.
- Guidance: Q1 adjusted EPS $1.06-1.09 vs consensus of $1.14; 2014 EPS $5.05-5.25 vs $5. (PR)
Jan. 23, 2014, 7:02 AM| Comment!
Jan. 23, 2014, 12:05 AM
Jan. 22, 2014, 5:30 PM
Jan. 7, 2014, 9:25 AM
Dec. 19, 2013, 3:44 PM
- Baxter (BAX -0.5%) gets another indication for the hemophilia treatment FEIBA.
- The FDA has approved the drug for the prophylactic treatment of patients with hemophilia A or B who have developed inhibitors.
- "This additional indication ... is aimed at reducing the number of bleeds among this patient population," the company's president of BioScience says. (PR)
Nov. 18, 2013, 3:12 PM
- Perhaps not surprisingly, Credit Suisse's Baxter (BAX +0.1%) upgrade is in part attributable to the expected three-month delay in FDA approval for Biogen's (BIIB -2.1%) long-lasting factor VIII therapy Eloctate.
- Concerns about looming competition in the hemophilia market have been a thorn in BAX's side over the past several months.
- In hiking his price target to $80 from $73, analyst Bruce Nudell also highlights "BAX's recent enrollment of its own long-acting rFVIII trial" (BAX 855) and points to "the potential for value creation should BAX split its Medical Products & Bioscience segment."
Nov. 18, 2013, 8:39 AM
Nov. 18, 2013, 7:39 AM
- Cell Therapeutics (CTIC) expects to spend $96M through mid-2017 on the development and commercialization of its Pacritinib treatment for myelofibrosis and acute myeloid leukemia.
- Cell Therapeutics expects to receive $67M from Baxter (BAX) in milestones until 2015 as part of a licensing agreement for Pacritinib, with further payments possible after that. Cell Therapeutics is also receiving a $60M upfront payment from Baxter. Cell Therapeutics reckons that it should receive enough money to avoid have to raise more equity financing.
- Cell Therapeutics and Baxter have been boosted by the failure of Sanofi's (SNY) Fedratinib treatment for myelofibrosis. Incyte (INCY) also develops a treatment for the rare bone-marrow cancer.
- Cell Thera is +7.5%.
Nov. 15, 2013, 10:15 AM
- Cell Therapeutics (CTIC +20.6%) soars as investors react to news the company has inked a licensing agreement with Baxter (BAX +0.9%) for the development and commercialization of pacritinib.
- As for Incyte (INCY +2.6%) — whose Jakafi also treats myelofibrosis — any downside the shares might have realized from the prospective competition appears to be taking a backseat to either a 13D filing by Baker Bros. or perhaps a price target hike at Brean.
Nov. 15, 2013, 7:56 AM
- Cell Therapeutics (CTIC) and Baxter (BAX) enter into a licensing agreement for the development and commercialization of pacritinib (the JAK2/FLT3 inhibitor that's currently in Phase 3 testing for myelofibrosis).
- Terms: Upfront payment to CTIC of $60M, $30M of which is an equity investment; CTIC eligible for milestone payments up to $112M and sales milestone payments assuming approval; CTIC gets royalties on sales outside the U.S., where BAX has assumed commercialization rights; the two companies will jointly commercialize the drug in the U.S.
- BAX will book a $30M pre-tax R&D charge in Q4.
- CTIC calls BAX "the ideal strategic partner." (PR)
- On watch today are shares of Incyte (INCY), whose Jakafi may see some competition from pacritinib, although it isn't clear how much of a dent pacritinib will make.
Nov. 13, 2013, 10:02 AM
- Baxter (BAX +0.3%) completes enrollment in a Phase 3 trial for the investigational extended half-life rFVIII hemophilia A treatment BAX 855.
- The study will evaluate BAX 855's efficacy in terms of reducing ABR "in both prophylaxis and on-demand treatment schedules."
- BAX says that while it is "focused first and foremost on strategies to address optimal efficacy and minimize patients bleeding episodes," the company is also "delivering on the convenience of less frequent dosing for this population with severe disease."
- The company expects to file for approval "late in 2014." (PR)
- For more on BAX, hemophilia, and the competitive environment, see here.
Nov. 12, 2013, 10:26 AM
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Baxter International Inc is a healthcare company which develops, manufactures and markets products that save and sustain the lives of people with hemophilia, immune disorders, infectious diseases, kidney disease, trauma and other chronic.
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