Fun Fact of The Day 🌞
Americans buying a Volvo can get a free holiday to Sweden to test drive their new car
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What to expect in today's market 🕒
Medtronic Plc. Earnings (MDT)
Intuit Inc. Earnings (INTU)
Best Buy Co. Inc. Earnings (BBY)
Advance Auto Parts Inc. Earnings (AAP)
Toll Brothers Inc. Earnings (TOL)
2:00 PM GMT: New Home Sales
​💉 Pfizer: Boost Profits With A Booster?
Pfizer (PFE) is on a roll. The FDA granted full approval to its Covid-19 vaccine developed in collaboration with BioNTech. The US is looking to approve the Pfizer vaccine for a third booster shot imminently. And finally, it’s acquiring Trillium Therapeutics Inc. (TRIL) for $2.26B in cash. There’s no dearth of positive news, it seems!
A Fist Full Of Dollars!
There’s talk of the FDA getting ready to approve the Pfizer/BioNTech vaccine for a third booster shot against the virus. This invariably will mean the cash registers will continue ringing indefinitely on the vaccine front.Â
Pfizer had already raised the price of its vaccine in the European Union to $23 per shot from the earlier $18.40. In its most recent quarterly update, Pfizer raised its 2021 sales forecast for the Covid-19 vaccine by 29% to $33.5B.
For A Few Dollars More!
With vaccines becoming a virtual cash cow, Pfizer is continuing to leverage this windfall to fortify the rest of its business with timely acquisitions. Yesterday, the company announced the acquisition of all remaining shares of Trillium Therapeutics in a deal valued at $2.3B. This completes a process that had started last September when Pfizer had acquired a token $25M stake in Trillium.Â
Pfizer has also been on the lookout to augment its cancer drug pipeline. Just last month, it committed $1B in an alliance with Arvinas, a clinical-stage biopharmaceutical company for developing and commercializing its lead drug for breast cancer.Â
The company is currently basking in the glory of its vaccine success. And it’s wisely channelling the earnings into diversifying its broader portfolio in an opportunistic manner. Shareholders are sitting pretty and happy to rake in the moolah!
Market Reaction
PFE ended at $49.93, up 2.48%.
Newsworthy 📰
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Fight:Â
Lyft 'extremely confident' it will win legal fight to classify drivers as contractors (LYFTÂ +2.94%)
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