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Pfizer is one of the world's largest pharmaceutical firms, with annual sales close to $50 billion (excluding covid-19-related product sales). While it historically sold many types of healthcare products and chemicals, now prescription drugs and vaccines account for the majority of sales. Top sellers include pneumococcal vaccine Prevnar 13, cancer drug Ibrance, and cardiovascular treatment Eliquis. Pfizer sells these products globally, with international sales representing close to 50% of total sales. Within international sales, emerging markets are a major contributor.

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On Monday, Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) stock is trading higher with a session volume of 31.16 million as per data from Benzinga Pro.
Activist investor Starboard Value has invested approximately $1 billion in Pfizer as the pharmaceutical giant grapples with a downturn in demand for COVID-19 <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41199793/amid-pfizers-struggles-with-declining-demand-for-covid-19-treatments-activist-investor-starboard" rel="noreferrer noopener">vaccines and treatments</a>.
In another positive development, Pfizer won a bid in a London court to invalidate two of GSK Plc&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSK#NYSE">GSK</a>) patents relating to its respiratory syncytial virus (RSV) vaccine.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/06/39460453/uk-chooses-pfizer-over-gsk-for-multi-million-dose-rsv-vaccine-contract" rel="noreferrer noopener">UK Chooses Pfizer Over GSK for Multi-Million Dose RSV Vaccine Contract</a>.
Pfizer and GSK are competing to tap into the respiratory syncytial virus (RSV) vaccine market, which could&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/23/03/31160955/fda-fuels-respiratory-syncytial-virus-vaccine-race-while-backing-gsks-candidate-soon-after-pfizer" rel="noreferrer noopener">exceed $10 billion by 2030</a>.
In August 2023, GSK sued&nbsp;Pfizer in Delaware court, alleging that Pfizer&#8217;s RSV vaccine Abrysvo violates GSK&#8217;s four patent rights in its <a target="_blank" href="https://www.benzinga.com/general/biotech/23/08/33523594/gsk-pfizer-lock-horns-over-patent-fight-related-to-respiratory-syncytial-virus-vaccine" rel="noreferrer noopener">RSV&nbsp;shot Arexvy</a>.
In the&nbsp;<a target="_blank" href="https://fingfx.thomsonreuters.com/gfx/legaldocs/egpbmkrervq/GSK%20PFIZER%20LAWSUIT%20complaint.pdf" rel="noreferrer noopener">lawsuit</a>, GSK said that Pfizer began working on its RSV program as early as 2013, at least seven years after GSK.
The European pharma giant also says that Pfizer knew of at least the '002 Patent (which is entitled Recombinant RSV Antigens) since at least October 2019, when Pfizer filed an opposition in the European Patent Office claiming that a European counterpart to the '002 Patent is invalid.&nbsp;
In June 2022, Pfizer also filed an action against GSK in the Royal Courts of Justice in London, claiming that European counterparts to the '002 and '239 Patents (RSV F Protein Compositions and Methods for Making Same) are invalid.&nbsp;
The lawsuit said Pfizer had known of GSK&#8217;s patented technology since at least 2019 when it began challenging the validity of European versions of the patents.
Reuters noted that a GSK spokesperson stated that the ruling &#8220;does not affect our ability to launch and market Arexvy globally, including in the UK.&#8221; The company remains confident in the validity of its patents, which it believes Pfizer has infringed and plans to appeal the decision.
In response, Pfizer expressed satisfaction with the court&#8217;s verdict. A spokesperson said, &#8220;Pfizer is pleased with the UK High Court&#8217;s decision, which found certain GSK patents related to RSV technology to be invalid and not infringed.&#8221;
Price Action: GSK stock is up 0.06% at $38.85, and PFE stock is up 2.38% at $29.26&nbsp;at last check Monday.
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Pfizer Wins London Court Battle, GSK's Respiratory Syncytial Virus Vaccine Patents Invalidated

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Pfizer Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) shares are on the move Monday after activist Starboard Value acquired a <a href="https://www.benzinga.com/markets/equities/24/10/41199793/amid-pfizers-struggles-with-declining-demand-for-covid-19-treatments-activist-investor-starboard">$1 billion stake in the pharmaceutical giant</a>.
What Happened: Activist investor Starboard Value has taken a roughly $1 billion stake in Pfizer and plans to push for changes, according to a Wall Street Journal <a href="https://www.wsj.com/health/pharma/activist-starboard-value-takes-1-billion-stake-in-pfizer-89591cb6?mod=breakingnews">report</a>.
People familiar with the matter said Starboard has approached former Pfizer executives Ian Read and Frank D'Amelio to help with the turnaround efforts. The former executives are reportedly interested in helping. Read was Pfizer&#8217;s CEO from 2010 to 2018, and D&#8217;Amelio served as CFO from 2007 to 2021. 
Starboard&#8217;s specific plans and interactions with the company are unknown, but the activist investor is focused on recent underperformance.
Pfizer shares are down more than 50% since the stock hit an all-time high around $61 in December 2021 after the company was the first to deliver a COVID-19 vaccine. Pfizer shares are also up just 2% year-to-date, while the S&amp;P 500 has gained approximately 21%. Pfizer's stock is currently trading below where it was when current CEO Albert Bourla took the reins.
BMO Capital Markets analyst Evan Seigerman weighed in on the Starboard news in a new note to clients on Monday. The analyst suggested that Bourla may be in the hot seat as investor frustration mounts. 
&#8220;With shares down -0.73% YTD (SP500 +21.00%) and no easy path forward, this seems like the ideal story for an Activist,&#8221; Seigerman said. &#8220;Unfortunately, solving the many woes of PFE will likely take time vs. a quick fix.&#8221;
Pfizer has been under pressure from investors to turn things around ever since the drugmaker overestimated the future demand for its COVID-19-related offerings. As the world has returned to normal, Pfizer has battled falling COVID-19 sales, which has led to downbeat guidance and weighed on shares. 
Pfizer has struggled to keep up with competitors in the GLP-1 space as its first attempt at a weight-loss pill largely underwhelmed. The report indicates that some analysts have also criticized the company for having a lack of discipline regarding M&amp;A efforts and other aspects of managing the business.
In its <a href="https://www.benzinga.com/general/biotech/24/07/40037079/pfizer-marks-first-revenue-growth-since-covid-revenue-peak-in-2022-lifts-annual-guidance">most recent quarter</a>, Pfizer said it was continuing to focus on commercial execution, realigning its cost base and setting a foundation for future margin expansion. The second quarter marked Pfizer&#8217;s first quarter of top-line revenue growth on a year-over-year basis since the fourth quarter of 2022 when COVID-19-related revenues peaked.
Check This Out: <a href="https://www.benzinga.com/general/biotech/24/10/41205980/pfizer-stock-slump-will-starboards-billion-dollar-bet-spark-rebound">Pfizer Stock Slump: Will Starboard&#8217;s Billion-Dollar Bet Spark Rebound?</a>
PFE Price Action: <a href="http://benzinga.com/quote/pfe">Pfizer shares</a> were up 2.41% at $29.27 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: Shutterstock.

Pfizer Stock Is Moving Higher Monday: What's Driving The Action?

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Benzinga Market Summary: Starboard Takes $1B Stake In Pfizer, 10-Year Treasury Yield Rises, Supreme Court Session Begins

U.S. stocks were lower, with the Dow Jones index falling more than 100 points on Monday.
Shares of Pfizer Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) rose during Monday's session after Starboard Value acquired a $1 billion stake <a href="https://www.benzinga.com/quote/PFE/news">in the company.</a>
Pfizer shares gained 4% to $29.70 on Monday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>Scholar Rock Holding Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRRK#NASDAQ">SRRK</a>) shares jumped 291% to $29.04 after the company announced topline results from the Phase 3 SAPPHIRE clinical trial evaluating the efficacy and safety of apitegromab in patients with SMA. The study achieved its primary endpoint.</li>
<li>Duckhorn Portfolio Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NAPA#NYSE">NAPA</a>) shares climbed 101.3% to $10.87 after the company reported better-than-expected fourth-quarter financial results. Also, the company announced it into a definitive agreement to be acquired by private equity funds managed by Butterfly Equity.</li>
<li>Arcadium Lithium PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALTM#NYSE">ALTM</a>) gained 40.1% to $4.32 after the company announced that it has been approached by Rio Tinto regarding a potential acquisition.</li>
<li>MYT Netherlands Parent BV-ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MYTE#NYSE">MYTE</a>) gained 26.5% to $5.45. Mytheresa announced plans to acquire YOOX NET-A-PORTER from Richemont in a €555 million cash deal.</li>
<li>ACM Research Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACMR#NASDAQ">ACMR</a>) shares gained 16.2% to $25.60.</li>
<li>Zeekr Intellignt Tchnlgy Hldng Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZK#NYSE">ZK</a>) shares jumped 15.8% to $30.00.</li>
<li>Xiao-I Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AIXI#NASDAQ">AIXI</a>) shares gained 15.5% to $7.80.</li>
<li>JinkoSolar Holding Co., Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JKS#NYSE">JKS</a>) climbed 13.8% to $34.09.</li>
<li>UP Fintech Holding Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TIGR#NASDAQ">TIGR</a>) shares gained 13.5% to $14.06.</li>
<li>Serve Robotics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SERV#NASDAQ">SERV</a>) climbed 13.4% to $9.95.</li>
<li>Canadian Solar Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSIQ#NASDAQ">CSIQ</a>) shares gained 13.2% to $17.93.</li>
<li>Hims &amp; Hers Health Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIMS#NYSE">HIMS</a>) gained 11.4% to $19.67. The company is set to join to the S&amp;P SmallCap 600 this week.</li>
<li>Liquidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LQDA#NASDAQ">LQDA</a>) shares climbed 10.6% to $11.11.</li>
<li>Trump Media &amp; Technology Group Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) gained 10.3% to $18.20.</li>
<li>Vista Outdoor Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSTO#NYSE">VSTO</a>) gained 9.8% to $43.77 after the company announced it entered into a definitive agreement with funds managed by Strategic Value Partners and its affiliates to sell Revelyst in an all-cash transaction.</li>
<li>RLX Technology Inc – ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RLX#NYSE">RLX</a>) gained 9.4% to $1.92.</li>
<li>Air Products and Chemicals Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APD#NYSE">APD</a>) gained 8.6% to $309.95 after activist investor Mantle Ridge built a more than $1 billion stake in the company and said it plans to push for improvements.</li>
<li>Generac Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNRC#NYSE">GNRC</a>) gained 7.1% to $171.60.</li>
<li>MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) gained 6.4% to $187.86.</li>
</ul>
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Pfizer, Vista Outdoor, Duckhorn Portfolio And Other Big Stocks Moving Higher On Monday

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Pfizer shares are trading higher after Starboard Value acquired a $1 billion stake in the company.

Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) may have been a hero in the COVID-19 vaccine race, but its stock is stuck in the slow lane. Down nearly 14% over the last year, the pharma giant's shares have struggled as demand for its pandemic-related treatments <a href="https://www.benzinga.com/quote/PFE/news">has fizzled out</a>.
But things could get interesting—activist investor Starboard Value just acquired a $1 billion stake in the company.
Could this signal a turning point for the pharma giant?
<h2 class="wp-block-heading">Starboard To The Rescue?</h2>
Starboard Value, led by Jeff Smith, isn't shy about shaking things up. The fund has taken a front-row seat in Pfizer's boardroom drama, enlisting ex-Pfizer heavyweights Ian Read and Frank D'Amelio to help revitalize the company's sagging fortunes. 
Starboard is no stranger to taking control and pushing for value, having previously pressured giants like Salesforce Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) and Bristol-Myers Squibb Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>).
Pfizer's stock performance has been far from thrilling this year, with shares down 3.87% year-to-date. 
In contrast, the S&amp;P 500 has surged over 21%, making Pfizer look like the laggard of the pack. Starboard's involvement might be the catalyst Pfizer needs, but investors should be cautiously optimistic.
Read Also: <a href="https://www.benzinga.com/markets/equities/24/10/41112790/pfizer-divests-3-3b-stake-in-sensodyne-toothpaste-and-panadol-painkiller-maker-haleon">Pfizer Divests $3.3B Stake In Sensodyne Toothpaste And Panadol Painkiller Maker Haleon</a>
<h2 class="wp-block-heading">The Charts Say It's Bearish—For Now</h2>
Pfizer's stock charts aren&#8217;t painting a rosy picture. The stock is sitting below its five-, 20- and 50-day exponential moving averages (EMAs), signaling a strong bearish trend.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent100724&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="630" height="459" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07070043/Screenshot-2024-10-07-at-4.15.52-PM.png" alt="" class="wp-image-583111" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07070043/Screenshot-2024-10-07-at-4.15.52-PM.png 630w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07070043/Screenshot-2024-10-07-at-4.15.52-PM-300x219.png 300w" sizes="(max-width: 630px) 100vw, 630px" /></a></figure>
<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent100724&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
The eight-day simple moving average (SMA) is $28.72, while the stock lingers at $28.58—a clear bearish signal.
The 200-day SMA, however, tells a slightly different story, coming in at $28.17. With Pfizer's share price slightly above that long-term average, there's a glimmer of hope for a bullish reversal.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent100724&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="630" height="459" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07070043/Screenshot-2024-10-07-at-4.15.11-PM.png" alt="" class="wp-image-583112" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07070043/Screenshot-2024-10-07-at-4.15.11-PM.png 630w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07070043/Screenshot-2024-10-07-at-4.15.11-PM-300x219.png 300w" sizes="(max-width: 630px) 100vw, 630px" /></a></figure>
<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent100724&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
Pfizer stock&#8217;s Moving Average Convergence/Divergence (MACD) is negative 0.14, reinforcing the bearish momentum.
However, its Relative Strength Index (RSI) stands at 42.63, suggesting that while the stock has faced selling pressure, it hasn't yet reached oversold conditions. Unless momentum shifts further downward, a rush of buyers may remain uncertain.
<h2 class="wp-block-heading">What's The Buzz With Starboard?</h2>
Starboard's game plan could be just what Pfizer needs to turn the tide. With Pfizer's COVID-19 products no longer dominating, the company has shifted its focus toward oncology, betting big on cancer treatments. Pfizer spent $43 billion on the cancer drugmaker Seagen, banking on its pipeline to generate blockbuster medicines.
Yet, the market remains skeptical. The big question: Can Pfizer replicate its COVID-19 mRNA success in the battle against cancer? Only time will tell. For now, the company&#8217;s oncology efforts are more of a long-term bet than an immediate fix.
<h2 class="wp-block-heading">Waiting For A Turnaround</h2>
Technically, Pfizer is in bearish territory, but with Starboard&#8217;s recent move and a strategy shift towards oncology, the stock could be gearing up for a turnaround. Investors should keep a close eye on the $1 billion infusion from Starboard and whether their playbook sparks bullish momentum. F
or now, the stock remains under pressure, but a rebound might be lurking on the horizon.
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Photo: Shutterstock

Technicals

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U.S. stock futures are headed lower on Monday after the jobs data-induced strength seen in the final session of last week. The mood has been rendered cautious as traders await a few key first-tier economic data and the minutes of the <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead">Federal Reserve&#8217;s September rate-setting meeting.</a>
The imminent third-quarter reporting season could force traders to stay on the sidelines as corporate profit growth has been a major driving factor for the market amid economic uncertainties. JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) kickstarts the big bank reporting season this Friday.
The Middle East tensions that have sent oil on the boil could also be a spot a bother for traders even as they look ahead to soft-landing, facilitated by the Fed&#8217;s rate cuts.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.66%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.53%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.44%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.74%</td>
</tr>
</tbody>
</table>
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In premarket trading on Monday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) slipped 0.57% to $569.72 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) moved 0.69% lower to $483.97, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Week:
U.S. stocks kept the winning streak going, as the major indices rose for a fourth straight week but the gains were much more modest and came amid volatility. The 30-stock Dow Jones Industrial Average finished at a fresh record. Small-cap stocks, however, posted a moderate decline for the week.
Stocks started the week higher amid caution but pulled back on Tuesday, dragged by geopolitical tensions, worries concerning the dockworkers&#8217; strike and weak manufacturing data. The major averages reversed course on Wednesday, despite ongoing headwinds, but retreated on Thursday as traders processed a mixed set of economic data and remained cautious amid Middle East tensions and the port strike.
Stronger-than-expected non-farm payroll gains, although generating some sell-off in early trading, lifted the averages higher thereafter, helping them to recoup all their losses for the week.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
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<td>Nasdaq Composite</td>
<td>+0.10%</td>
<td>18,137.85</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.23%</td>
<td>5,751.07</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.09%</td>
<td>42,352.75</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.54%</td>
<td>2,212.80</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
The market could be stuck in the recent trading range until the November election, said Ivan Martchev, investment strategist at Navellier &amp; Associates. The strategist said the same type of trading seen in July, when marginal new highs were met with selling into strength, most notably in the tech sector, is repeating now. There has been rotation into value stocks but the pace of this rotation has been slow in the recent week, he said.
The strategist blamed the situation in the Middle East for the profit-taking. That said, a large downside is unlikely, he said.
&#8220;But it does suggest one shouldn't look for the market to run higher or make anything more than marginal new highs before the election in early November,&#8221;&nbsp;Martchev said.
&#8220;We could be in for a continuation of the trading range that started in the middle of July.&#8221;
Carson Group Chief Investment Strategist Ryan Detrick also raised a red flag. The S&amp;P 500 Index rose 34.4% year-over-year in September this year, and six times in the past, the index had gained over 30% in September versus the year ago, the strategist said. Only once out of the six times, did the index post gains for October and the average return for the fourth quarter was also below-average, he added.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The S&amp;P 500 is up nearly 35% YoY the past 12 months. This is one of the best 12 month rallies ever going into Q4. Worth noting October higher only once out of six times it was up 30% or more going into Q4 and Q4 below avg returns as well. <a href="https://t.co/hfwwND2Dw5">pic.twitter.com/hfwwND2Dw5</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1842646974329204817?ref_src=twsrc%5Etfw">October 5, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Upcoming Economic Data:
The September producer and consumer price inflation reports as well as the weekly jobless claims data and the preliminary October consumer sentiment survey from the University of Michigan, all due in the back half of the week, are among the market-moving data for the week. Traders may also evince interest in sifting through the minutes of the September Federal Open Market Committee meeting due on Wednesday. At the meeting, the central bank began its policy pivot and reduced the Fed funds rate by an aggressive 50 basis points.
A slew of Fed speeches strewn through the week could also create ripples in the market.
<ul>
<li>On Monday at 11:30 a.m. EDT, the Treasury will auction three- and six-month bills.</li>
<li>Fed Governor Michelle Bowman is scheduled to speak at 1 p.m. EDT.</li>
<li>Minneapolis Fed President Neel Kashkari will participate in a Q&amp;A session at 1:50 p.m. EDT.</li>
<li>Atlanta Fed President Raphael Bostic will moderate a conversation with Steve Koonin, CEO of the Atlanta Hawks and State Farm Arena, as part of the Atlanta Fed&#8217;s&nbsp;Leading Voice series at 6 p.m. EDT.</li>
<li>The Fed will release its consumer credit report for August at 3 p.m. EDT. Economists, on average, expect the outstanding consumer credit to increase at a slower rate of $12 billion for the month compared to a $25.5 billion jump in August.</li>
<li>St. Louis Fed President Alberto Musalem&nbsp;will make a public appearance at 6:30 p.m. EDT.</li>
</ul>
Stocks In Focus:
<ul>
<li>Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) shares climbed over 2.50% <a href="https://www.benzinga.com/premarket">in premarket trading</a> after Wall Street Journal said activist investor Starboard Value&nbsp;has invested approximately $1 billion in the company and has engaged a few former Pfizer executives to assist in revitalizing its sagging fortunes.</li>
<li>Spirit AeroSystems Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>) shares plunged over 8.5% after reports said the company may have to lay off workers in three weeks amid the ongoing Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) stock continues.</li>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) fell over 1% and Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) was down modestly ahead of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41198872/teslas-we-robot-event-will-likely-feature-robotaxi-25k-ev-and-optimus-updates-says-">Thursday&#8217;s Robotaxi event.</a></li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures rose over 2%, and in the early New York session it topped the $76-a-barrel mark. Gold futures rose modestly but traded shy of its record high. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose over 1% in the past 24 hours and traded above $63K.
The 10-year Treasury note yield topped 4% by virtue of its 2.1-basis-point climb. 
The Asian markets reacted to the strong U.S. jobs data and ended mostly higher, led by Japan&#8217;s Nikkei 225 average, which climbed 1.8%. On the other hand, the Indian and New Zealand markets retreated.
The Chinese market will reopen on Tuesday after the weeklong National Day holiday. Traders across the global market look ahead to the re-opening, especially after a notice from the State Council said on Sunday that a panel of senior officials from the National Development and Reform Commission, including chairman Zheng Shanjie, will brief reporters on the implementation of stimulus policies at the press conference on Tuesday at 10 a.m. local time (Monday, 10 p.m. EDT).
European stocks traded mostly lower early hours of Monday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/10/41200138/schwab-trading-activity-falls-in-september-despite-market-strength-nvidia-palantir-among-most-so">Schwab Trading Activity Falls In September Despite Market Strength: Nvidia, Palantir Among Most Sought-After Stocks But These 5 Fell Out Of Favor</a></li>
</ul>
Image Via Shutterstock

Earnings

Equities

Previews

Federal Reserve

Pre-Market Outlook

$BTC

NVDA

TSLA

Wall Street Set To Start New Week Sharply Lower As Traders Brace For Key Economic Data And Fed Minutes: Why Strategist Sees Market Consolidating In Near Term

<a href="https://www.wsj.com/health/pharma/activist-starboard-value-takes-1-billion-stake-in-pfizer-89591cb6?mod=latest_headlines">https://www.wsj.com/health/pharma/activist-starboard-value-takes-1-billion-stake-in-pfizer-89591cb6?mod=latest_headlines</a>
&nbsp;
Activist investor Starboard Value has taken a roughly $1 billion stake in <a href="https://www.wsj.com/market-data/quotes/PFE">Pfizer</a> and wants the struggling drugmaker to make changes to turn its performance around, according to people familiar with the matter.&nbsp;
Pfizer had a market value of about $162 billion as of Friday. Its shares have been roughly cut in half from a record high notched in late 2021 after the company delivered the world's first Covid-19 vaccine. They are little changed so far this year, compared with a 21% rise in the S&amp;P 500.&nbsp;

'Activist Starboard Value Takes $1 Billion Stake In Pfizer; Drugmaker's Shares Have Slumped As Demand For Covid-19 Vaccines And Treatments Has Slowed' - WSJ

Activist investor Starboard Value has invested approximately $1 billion in Pfizer Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>). This strategic move occurs as the pharmaceutical giant grapples with a downturn in <a href="https://www.benzinga.com/markets/equities/24/10/41112790/pfizer-divests-3-3b-stake-in-sensodyne-toothpaste-and-panadol-painkiller-maker-haleon">demand for its COVID-19 vaccines and treatments</a>.
What Happened: Starboard has engaged former Pfizer executives, Ian Read and Frank D'Amelio, to assist in revitalizing the company&#8217;s performance, The Wall Street Journal <a href="https://www.wsj.com/health/pharma/activist-starboard-value-takes-1-billion-stake-in-pfizer-89591cb6?mod=breakingnews">reported</a>, citing people familiar with the matter.
Pfizer&#8217;s market value was approximately $162 billion as of Friday, with its shares having halved since their peak in late 2021. The company&#8217;s stock performance has been relatively stagnant this year, in contrast to the S&amp;P 500&#8217;s 21% rise. 
Under pressure from investors, Pfizer CEO Albert Bourla is tasked with steering the company back on track after overestimating the demand for pandemic-related products. The company has also faced competition from lower-priced alternatives for key products like Eliquis and Xeljanz.
Starboard, led by Jeff Smith, is known for its active investments across various sectors, including technology and pharmaceuticals. The firm has previously engaged with companies like Salesforce and Bristol-Myers Squibb, showcasing its influence in corporate strategy and governance.
Pfizer and Starboard Value did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41163698/grammy-nominated-rapper-logic-invested-6m-in-bitcoin-nearly-4-years-ago-this-is-how-much-h?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Grammy-Nominated Rapper Logic Invested $6M In Bitcoin Nearly 4 Years Ago: This Is How Much His Stash Would Be Worth Today</a>
Why It Matters: Pfizer&#8217;s recent divestment of a $3.3 billion stake in Haleon, reducing its shareholding from 22.6% to 15%, indicates a strategic shift. This move comes as Pfizer remains Haleon&#8217;s l<a href="https://www.benzinga.com/markets/equities/24/10/41112790/pfizer-divests-3-3b-stake-in-sensodyne-toothpaste-and-panadol-painkiller-maker-haleon">argest shareholder, despite the sale</a>. The company&#8217;s financial maneuvers are critical as it navigates the challenges posed by declining vaccine demand.
Starboard Value&#8217;s <a href="https://www.benzinga.com/markets/equities/24/07/39785537/tinder-parent-match-group-soars-nearly-9-in-after-hours-trading-as-activist-hedge-fund-starboard">investment history</a>, such as its stake in Match Group and investment in Autodesk, highlights its strategy of pushing for <a href="https://www.benzinga.com/markets/equities/24/06/39349265/autocad-maker-autodesk-receives-500m-investment-from-starboard-value-activist-investor-demands-c">corporate changes to enhance value</a>. 
Price Action: Pfizer Inc. closed at $28.58 on Friday, up 0.85% for the day. In after-hours trading, the stock edged up 0.14%. Year to date, Pfizer&#8217;s stock has declined by 3.87%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41195876/michael-saylor-once-said-bitcoins-days-are-numbered-now-he-holds-more-than-a-billion-worth?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Michael Saylor Once Said &#8216;Bitcoin&#8217;s Days Are Numbered.&#8217; Now He Holds More Than A Billion Worth Of King Crypto: Here&#8217;s What Changed For One Of Crypto&#8217;s Biggest Advocates</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Global

Amid Pfizer's Struggles With Declining Demand For COVID-19 Treatments, Activist Investor Starboard Value Invests $1B In Pharma Giant: Report

Financial giants have made a conspicuous bullish move on Pfizer. Our analysis of options history for Pfizer (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) revealed 8 unusual trades.
Delving into the details, we found 50% of traders were bullish, while 50% showed bearish tendencies. Out of all the trades we spotted, 2 were puts, with a value of $93,000, and 6 were calls, valued at $314,820.
<h3>What's The Price Target?</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $28.0 to $32.0 for Pfizer over the last 3 months. 
<h3>Volume &amp; Open Interest Development</h3>
In terms of liquidity and interest, the mean open interest for Pfizer options trades today is 7268.62 with a total volume of 11,974.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Pfizer's big money trades within a strike price range of $28.0 to $32.0 over the last 30 days.
<h3>Pfizer 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727972427_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>PFE</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$0.45</td>
<td>$0.44</td>
<td>$0.45</td>
<td>$30.00</td>
<td>$112.5K</td>
<td>16.8K</td>
<td>3.1K</td>
</tr>
<tr>
<td>PFE</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/15/27</td>
<td>$5.0</td>
<td>$4.15</td>
<td>$5.0</td>
<td>$30.00</td>
<td>$60.0K</td>
<td>247</td>
<td>4</td>
</tr>
<tr>
<td>PFE</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/01/24</td>
<td>$0.32</td>
<td>$0.3</td>
<td>$0.31</td>
<td>$30.00</td>
<td>$48.4K</td>
<td>1.6K</td>
<td>296</td>
</tr>
<tr>
<td>PFE</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/15/27</td>
<td>$2.62</td>
<td>$2.61</td>
<td>$2.62</td>
<td>$32.00</td>
<td>$47.1K</td>
<td>256</td>
<td>180</td>
</tr>
<tr>
<td>PFE</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$0.49</td>
<td>$0.48</td>
<td>$0.49</td>
<td>$28.50</td>
<td>$47.1K</td>
<td>656</td>
<td>6.9K</td>
</tr>
</tbody>
</table>

<h3>About Pfizer</h3>
Pfizer is one of the world's largest pharmaceutical firms, with annual sales close to $50 billion (excluding covid-19-related product sales). While it historically sold many types of healthcare products and chemicals, now prescription drugs and vaccines account for the majority of sales. Top sellers include pneumococcal vaccine Prevnar 13, cancer drug Ibrance, and cardiovascular treatment Eliquis. Pfizer sells these products globally, with international sales representing close to 50% of total sales. Within international sales, emerging markets are a major contributor.
In light of the recent options history for Pfizer, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Current Position of Pfizer</h3>
<ul>
<li>With a trading volume of 10,723,798, the price of PFE is down by -0.93%, reaching $28.34.</li>
<li>Current RSI values indicate that the stock is is currently neutral between overbought and oversold.</li>
<li>Next earnings report is scheduled for 26 days from now.</li>
</ul>
<h3>Expert Opinions on Pfizer</h3>
3 market experts have recently issued ratings for this stock, with a consensus target price of $45.0.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Overweight with a new price target of $45. 
&#x2A; An analyst from Cantor Fitzgerald downgraded its action to Overweight with a price target of $45. 
&#x2A; Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Overweight with a new price target of $45.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Pfizer, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Options

Behind the Scenes of Pfizer's Latest Options Trends

In the preceding three months, 11 analysts have released ratings for Pfizer (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), presenting a wide array of perspectives from bullish to bearish.
The following table summarizes their recent ratings, shedding light on the changing sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">7</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts provide deeper insights through their assessments of 12-month price targets, revealing an average target of $38.82, a high estimate of $45.00, and a low estimate of $30.00. Surpassing the previous average price target of $37.64, the current average has increased by 3.13%.
<img src="https://www.benzinga.com/files/images/story/2024/1727967691_0.png" alt="price target chart" />
<h2>Analyzing Analyst Ratings: A Detailed Breakdown</h2>
The perception of Pfizer by financial experts is analyzed through recent analyst actions. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Louise Chen</td>
<td>Cantor Fitzgerald</td>
<td>Maintains</td>
<td>Overweight</td>
<td>$45.00</td>
<td>$45.00</td>
</tr>
<tr>
<td>Louise Chen</td>
<td>Cantor Fitzgerald</td>
<td>Maintains</td>
<td>Overweight</td>
<td>$45.00</td>
<td>$45.00</td>
</tr>
<tr>
<td>Louise Chen</td>
<td>Cantor Fitzgerald</td>
<td>Maintains</td>
<td>Overweight</td>
<td>$45.00</td>
<td>$45.00</td>
</tr>
<tr>
<td>Louise Chen</td>
<td>Cantor Fitzgerald</td>
<td>Maintains</td>
<td>Overweight</td>
<td>$45.00</td>
<td>$45.00</td>
</tr>
<tr>
<td>Narumi Nakagiri</td>
<td>Daiwa Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$34.00</td>
<td>$28.00</td>
</tr>
<tr>
<td>Carter Gould</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$32.00</td>
<td>$30.00</td>
</tr>
<tr>
<td>Mohit Bansal</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$30.00</td>
<td>$28.00</td>
</tr>
<tr>
<td>Louise Chen</td>
<td>Cantor Fitzgerald</td>
<td>Maintains</td>
<td>Overweight</td>
<td>$45.00</td>
<td>$45.00</td>
</tr>
<tr>
<td>Colin Bristow</td>
<td>UBS</td>
<td>Raises</td>
<td>Neutral</td>
<td>$31.00</td>
<td>$30.00</td>
</tr>
<tr>
<td>Carter Gould</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$30.00</td>
<td>$28.00</td>
</tr>
<tr>
<td>Louise Chen</td>
<td>Cantor Fitzgerald</td>
<td>Maintains</td>
<td>Overweight</td>
<td>$45.00</td>
<td>$45.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Pfizer. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analyzing trends, analysts offer qualitative evaluations, ranging from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Pfizer compared to the broader market.</li>
<li>Price Targets: Analysts predict movements in price targets, offering estimates for Pfizer's future value. Examining the current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
To gain a panoramic view of Pfizer's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/PFE/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Pfizer analyst ratings.</a>
<h2>All You Need to Know About Pfizer</h2>
Pfizer is one of the world's largest pharmaceutical firms, with annual sales close to $50 billion (excluding covid-19-related product sales). While it historically sold many types of healthcare products and chemicals, now prescription drugs and vaccines account for the majority of sales. Top sellers include pneumococcal vaccine Prevnar 13, cancer drug Ibrance, and cardiovascular treatment Eliquis. Pfizer sells these products globally, with international sales representing close to 50% of total sales. Within international sales, emerging markets are a major contributor.
<h3>Unraveling the Financial Story of Pfizer</h3>
Market Capitalization Analysis: Above industry benchmarks, the company's market capitalization emphasizes a noteworthy size, indicative of a strong market presence.
Revenue Growth: Pfizer's remarkable performance in 3 months is evident. As of 30 June, 2024, the company achieved an impressive revenue growth rate of 2.13%. This signifies a substantial increase in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Health Care sector.
Net Margin: Pfizer's net margin is below industry averages, indicating potential challenges in maintaining strong profitability. With a net margin of 0.31%, the company may face hurdles in effective cost management.
Return on Equity (ROE): Pfizer's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of 0.05%, the company may face hurdles in achieving optimal financial performance.
Return on Assets (ROA): Pfizer's ROA falls below industry averages, indicating challenges in efficiently utilizing assets. With an ROA of 0.02%, the company may face hurdles in generating optimal returns from its assets.
Debt Management: With a below-average debt-to-equity ratio of 0.78, Pfizer adopts a prudent financial strategy, indicating a balanced approach to debt management.
<h2>How Are Analyst Ratings Determined?</h2>
Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.
Analysts may enhance their evaluations by incorporating forecasts for metrics like growth estimates, earnings, and revenue, delivering additional guidance to investors. It is vital to acknowledge that, although experts in stocks and sectors, analysts are human and express their opinions when providing insights.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings

Key Takeaways From Pfizer Analyst Ratings

Cantor Fitzgerald analyst Louise Chen reiterates Pfizer (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) with a Overweight and maintains $45 price target.

Price Target

Reiteration

Cantor Fitzgerald Reiterates Overweight on Pfizer, Maintains $45 Price Target

On Wednesday, the U.S. Department of Health and Human Services (HHS), working via the Centers for Medicare &amp; Medicaid Services (CMS), released final guidance for the second cycle of the <a href="https://www.benzinga.com/general/health-care">Medicare Drug Price Negotiation Program</a>.
This initiative <a target="_blank" href="https://www.cms.gov/newsroom/press-releases/hhs-releases-final-guidance-second-cycle-historic-medicare-drug-price-negotiation-program" rel="noreferrer noopener">aims</a> to provide lower drug prices starting in 2026 and 2027.
It also ensures that people with Medicare can access these negotiated prices, expanding on the groundwork laid in the first cycle of negotiations.
The first round of negotiations focused on 10 specific drugs. Medicare recipients should save approximately $1.5 billion in out-of-pocket costs when the new prices take effect in 2026.
By February 2025, CMS will select up to 15 additional drugs for the second round of negotiations. The selected drugs will undergo negotiations in 2025, with new prices becoming effective in 2027.
They include: 
<ul>
<li>Novo Nordisk&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) diabetes drug, <a href="https://www.benzinga.com/general/biotech/24/08/40534249/novo-nordisks-ozempic-might-be-among-2027-medicare-price-negotiation-targets">Ozempic,</a></li>
<li>Pfizer Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) cancer drugs Ibrance and Xtandi</li>
<li>GSK Plc&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSK#NYSE">GSK</a>) asthma treatment Trelegy Ellipta</li>
<li>Teva Pharmaceutical Industries Ltd.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEVA#NYSE">TEVA</a>) Huntington&#8217;s disease drug Austedo, and</li>
<li>Abbvie Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>) irritable bowel syndrome treatment Linzess.</li>
</ul>
CMS plans to improve patient-focused engagement during the second cycle of negotiations. It will also organize roundtable events and town hall meetings in 2025.
As Medicare Open Enrollment approaches on Oct. 15, beneficiaries can expect more cost-saving measures in the coming years. That includes a $2,000 annual cap on out-of-pocket drug costs starting in January 2025.
These changes build on other provisions of the Inflation Reduction Act, which was signed by President Joe Biden on Aug. 16, 2022. The legislation included a $35 monthly cap on insulin and free recommended vaccines for adults covered under Medicare Part D.
Monday, the U.S. Department of Health and Human Services (HHS) announced that Medicare enrollees will benefit from reduced prices on 54 drugs through Medicare Part B, effective from Oct. 1, 2024, to Dec. 31, 2024. Some Medicare beneficiaries could see daily savings ranging from $1 to as much as $3,854 on drugs included <a href="https://www.benzinga.com/general/biotech/24/10/41127143/us-hhs-reveal-cost-savings-for-54-prescription-drugs-including-novartis-cancer-drug-ozempic-could" target="_blank" rel="noreferrer noopener">in the rebate program</a>.
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Image: Shutterstock

Government

ABBV

Medicare Drug Price Negotiation Program Gets Final Guidance For Second Cycle, $1.5B Savings Expected

Wednesday, Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) revealed results from a head-to-head study of Erleada (apalutamide) compared to Pfizer Inc&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) Xtandi (enzalutamide).
The data showed that Erleada (apalutamide) provided a statistically significant overall survival benefit at 24 months compared to enzalutamide in patients with metastatic castration-<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41140779/erleada-apalutamide-demonstrates-statistically-significant-and-clinically-meaningful-improvement-i" rel="noreferrer noopener">sensitive prostate cancer (mCSPC)</a>.
Presented at the 6th European Congress of Oncology Pharmacy, the study of nearly 4,000 patients represents the largest real-world, head-to-head analysis of these two androgen receptor pathway inhibitors (ARPIs) in mCSPC.
The analysis demonstrated patients with mCSPC who initiated Erleada as their first ARPI had a statistically significant 23% reduction in their risk of death at 24 months compared to patients who initiated enzalutamide.
Also Read: <a target="_blank" href="https://www.benzinga.com//node/41140319" rel="noreferrer noopener">Humana Faces Sharp Decline In Medicare Star Ratings For 2025, Braces For 2026 Revenue Hit</a>
The proportion of patients alive at 24 months (87.6%) observed in the Erleada cohort in this real-world analysis is consistent with that in the Phase 3 TITAN trial (82.4%).
TITAN demonstrated a statistically significant superior overall survival benefit of Erleada plus androgen deprivation therapy (ADT) compared to ADT alone at the primary analysis after a median of 22.7 months of follow-up and at the final analysis after a median of 44 months of follow-up.
On Tuesday, Johnson &amp; Johnson&nbsp;<a target="_blank" href="https://www.jnj.com/media-center/press-releases/johnson-johnson-to-invest-more-than-2-billion-in-new-advanced-technology-manufacturing-facility-in-north-carolina-to-support-robust-portfolio-growth" rel="noreferrer noopener">announced</a> an investment of more than $2 billion to build a biologics manufacturing facility in Wilson, North Carolina.
The new facility will expand the production of the company&#8217;s portfolio and pipeline of biologics in support of&nbsp;its broader plan to advance more than 70 novel therapies and product expansion filings and launches by the end of the decade.
When fully operational, the site will employ approximately 420 full-time employees.
Construction is anticipated to begin in the first half of 2025.
Price Action: JNJ stock is down 0.26% at $161.58 at last check Wednesday.
Photo via Shutterstock
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Johnson & Johnson's Erleada Shows Improved Overall Survival In Prostate Cancer Patients Compared To Pfizer's Drug

Monday, the U.S. Department of Health and Human Services (HHS) announced that Medicare enrollees will benefit from reduced prices on 54 drugs through Medicare Part B, effective from October 1, 2024, to December 31, 2024.
The <a target="_blank" href="https://www.hhs.gov/about/news/2024/09/30/hhs-announces-cost-savings-for-prescription-drugs-thanks-to-medicare-inflation-rebate-program.html" rel="noreferrer noopener">program</a> aims to counter drug price hikes that exceed inflation, providing financial relief for over 822,000 Medicare beneficiaries who rely on these medications to treat conditions like cancer, osteoporosis, and pneumonia.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/08/40422798/doctors-struggle-to-secure-medicare-coverage-for-heart-patients-on-novo-nordisks-wegovy" rel="noreferrer noopener">Doctors Struggle to Secure Medicare Coverage for Heart Patients on Novo Nordisk&#8217;s Wegovy</a>
HHS Secretary Xavier Becerra emphasized that the Biden administration&#8217;s prescription drug policies are making a tangible impact on seniors and people with disabilities by reducing out-of-pocket costs.
According to Chiquita Brooks-LaSure, CMS Administrator, some Medicare beneficiaries could see daily savings ranging from $1 to as much as $3,854 on drugs included in the rebate program.
For example, a cancer patient using Novartis&#8217; AGs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>) Kymriah could save up to $3,000.
Brooks-LaSure also noted that the law disincentivizes drug companies from raising prices faster than inflation, which helps protect Medicare beneficiaries from sharp price increases.
The Inflation Reduction Act&#8217;s initiatives extend beyond 2024. In August, the administration reached new agreements to reduce prices for ten additional high-cost drugs.
Once these prices take effect in 2026, Medicare is projected to save an estimated $6 billion, while beneficiaries could see a reduction of $1.5 billion in <a target="_blank" href="https://www.benzinga.com/general/biotech/24/08/40397706/biden-administration-targets-6b-savings-through-medicare-drug-price-negotiations" rel="noreferrer noopener">out-of-pocket expenses</a>.
Starting in 2025, Medicare Part D enrollees will further benefit from a $2,000 annual cap on prescription drug costs, down from the current cap of $3,500 for those with high expenses.
According to some analysts,&nbsp;Novo Nordisk A/S&#8217; (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>)&nbsp;blockbuster diabetes drug&nbsp;Ozempic might be included, along with several other well-known medications, in the next round of negotiations, which <a target="_blank" href="https://www.benzinga.com/general/biotech/24/08/40534249/novo-nordisks-ozempic-might-be-among-2027-medicare-price-negotiation-targets" rel="noreferrer noopener">is set for 2027</a>.
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Photo via Shutterstock

Regulations

US HHS Reveal Cost Savings For 54 Prescription Drugs Including Novartis' Cancer Drug, Ozempic Could be Next

Pfizer Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pfe#NYSE">PFE</a>) made a promise&nbsp;to outdo cancer, joining its Covid vaccine-peer, Moderna Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mrna#NASDAQ">MRNA</a>) in turning to oncology for its next growth story. Both Moderna and Pfizer made history during the COVID-19 pandemic thanks to mRNA technology. Now, Moderna and Pfizer embarked on a journey to treat cancer with mRNA science. By using mRNA-based next-generation CRC screening tests, a much smaller and less known pharma player,&nbsp;Mainz Biomed N.V. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mynz#NASDAQ">MYNZ</a>), is already redefining standards in early cancer detection with its flagship colorectal cancer test ColoAlert, while also tackling cancer prevention.
<h3>Moderna Has Several Oncology Trials In Motion</h3>
First, there is the collaboration with Merck &amp;Co Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mrk#NYSE">MRK</a>). The combination of&nbsp;immunotherapy blockbuster drug Keytruda from Merck and the&nbsp;experimental mRNA vaccine showed encouraging results in patients diagnosed with melanoma, a deadly form of skin cancer. During summer, Merck and Moderna released positive mid-stage results that showed improved survival rates and showed long-lasting efficacy. Along with targeting melanoma by joining forces with Merck, Moderna is also conducting clinical trials of a cancer treatment for adults diagnosed with solid tumor cancers, lymphoma and non-small lung cancer.&nbsp;&nbsp;
<h3>Mainz Biomed Is Gearing Up To Revolutionize Early Cancer Detection</h3>
Determined to lead the way in cancer diagnostics, Mainz Biomed opened the week by releasing a statement to shareholders that highlighted its strategic plans,&nbsp;clinical developments, and its upcoming FDA trial anticipated for 2025 which should pave the way for entry into the U.S. market.&nbsp;With its innovative diagnostic solution ColoAlert that is already marketed across Europe, Mainz&nbsp;Biomed&nbsp;has positioned itself for substantial growth in global markets next year.&nbsp;With its&nbsp;flagship non-invasive test that not only revolutionized early detection of colorectal cancer but also prevention by identifying precancerous lesions, particularly advanced adenomas, Mainz Biomed reported significant clinical success in both US and European trials. Identifying these lesions allows for timely intervention through colonoscopy and adenoma removal, thereby warding off cancer from developing in the first place.
In addition to its mRNA next generation CRC screening test,&nbsp;Mainz&nbsp;Biomed&nbsp;is also developing PancAlert for an easy and convenient at home test for pancreatic cancer.
Tackling A&nbsp;fight that modern medicine just cannot seem to win.
Despite its efforts to translate scientific research into effective medicines for cancer patients, Pfizer is still not near a breakthrough in oncology. Undoubtably, Pfizer is betting big on oncology to turn its ship around, which it showed with the&nbsp;$43 billion acquisition of the cancer drugmaker Seagen. With the combined pipeline,&nbsp;Pfizer is hoping to produce at least eight blockbuster medicines by the end of the decade. But this is still only a promise while&nbsp;cancer remains one of the most complex diseases of the modern civilization and one of science&rsquo;s biggest challenges. Only time will show if mRNA technology is the missing piece of the puzzle for science to finally win the cancer battle. While no one knows if the COVID-19 success of mRNA science&nbsp;can be replicated for cancer, it does seem it is a good enough of a tool to make some much needed breakthroughs.&nbsp;
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Penny Stocks

MRNA

MYNZ

The Covid Era Tech Promises To Reinvent Cancer Treatment

Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) has divested a $3.3 billion stake in Haleon (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLN#NYSE">HLN</a>), reducing its holding in the British consumer healthcare company.
What Happened: The transaction occurred on Monday, cutting Pfizer&#8217;s shareholding from 22.6% to 15%. The shares were sold at 380 pence each, a 3.3% discount to Haleon&#8217;s last closing price.
Haleon, known for products like Sensodyne toothpaste and Panadol painkillers, saw its shares drop 1.2% to 388 pence in Tuesday morning trade. Despite the sale, Pfizer remains Haleon&#8217;s largest shareholder.
The U.S. drug giant had initially planned to sell about 540 million shares but increased this to 640 million due to strong demand, a book-runner on the deal stated. Haleon confirmed it will repurchase approximately 60.5 million of its shares from Pfizer for 230 million pounds ($307.4 million).
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41066762/if-you-invested-1000-in-bitcoin-dogecoin-and-shiba-inu-exactly-a-year-ago-this-crypto-woul?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If You Invested $1000 In Bitcoin, Dogecoin, And Shiba Inu Exactly A Year Ago, This Crypto Would Give You The Best Returns Today</a>
Why It Matters: This divestment comes on the heels of Pfizer&#8217;s recent challenges. 
On Thursday, Pfizer announced the voluntary withdrawal of its sickle cell disease treatment Oxbryta (voxelotor) <a href="https://www.benzinga.com/general/biotech/24/09/41048780/pfizer-voluntarily-withdraws-sickle-cell-disease-treatment-oxbryta-from-global-market-due-to-pain">from the global market</a> due to severe complications and deaths. This decision also included halting all active clinical trials and expanding access programs for the drug.
Price Action: Pfizer Inc. stock closed at $28.94 on Monday, down 0.52% for the day, and is currently trading at $29.01 in pre-market, reflecting a slight gain of 0.24%. Year-to-date, Pfizer&#8217;s stock has declined by 2.66%.
Meanwhile, Haleon PLC &#8211; ADR finished at $10.58, down 0.84% on the same day, with a pre-market price up by 0.19%. The stock has performed well this year, rising by 28.55%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
Read Next: 
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</ul>
Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Pfizer Divests $3.3B Stake In Sensodyne Toothpaste And Panadol Painkiller Maker Haleon

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Biotech Stocks Poised For Another Big Move In Q4

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Press Releases

Pfizer Highlights Diverse Oncology Portfolio and Combination Approaches at ESMO 2024

Pfizer's BRAFTOVI® + MEKTOVI® Shows Long-Term Clinically Meaningful Response in Patients with BRAF V600E-Mutant Metastatic Non-Small Cell Lung Cancer

Pfizer Presents Positive Data from Phase 2 Study of Ponsegromab in Patients with Cancer Cachexia

Pfizer Invites Public to View and Listen to Webcast of October 29 Conference Call with Analysts

Pfizer and BioNTech Receive Positive CHMP Opinion for Omicron KP.2-adapted COVID-19 Vaccine in the European Union

How Critical Demand for Metastatic Breast Cancer Therapies is Producing a Multi-Billion Dollar Opportunity for Biotechs

Pfizer Voluntarily Withdraws All Lots of Sickle Cell Disease Treatment OXBRYTA® (voxelotor) From Worldwide Markets

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