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General Motor, Merck, Cigna Jumped While Bristol-Myers, Regeneron, Canada Goose and Teva Fell On Thursday

General Motors was up +4.5 percent on Thursday. The quarterly adjusted earnings per share of the Detroit-based automaker came in at $2.83, up from consensus of $1.45 per share. Revenues totaled $35.5 billion, compared with a $35 billion industry consensus. Over the period, GM delivered a profit of $4 billion and an adjusted EBIT of $5.3 billion. Diluted EPS was $2.78 excluding adjustments. The after adjustment operating margin was 14.9 percent. Liquidity was $37.8 billion at the end of the quarter while cash flow from automotive operations was $9.9 billion.

With the resumption of medical treatment delayed during the pandemic, Bristol-Myers Squibb was down -2.3 percent followed by posting of better-than-expected third-quarter profit as sales from most of its popular products topped expectations. The Group thus enables itself to improve its forecasts for 2020. The lab posted adjusted EPS of$1.63 per share for the third quarter, up 39 percent from consensus of $1.49 per share. With the effect of last year’s $74 billion purchase of Celgene, sales soared 75 percent to $10.54 billion. The group now expects EPS to range from $6.25 to $6.35 on an adjusted basis for the fiscal year, with sales between $41.5 and $42 billion.

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In its third quarter, Regeneron (-0.2 percent) beat the profit consensus, though easing lockdowns rules significantly boosted demand for its Eylea eye treatment. The laboratory made a profit of $961 million and $8.36 per share over the past quarter, up from $762 million a year ago. There was a consensus of $6.97 EPS. Year-on-year, sales rose 32 percent to $2.29 billion, up from $2.1 billion.

Merck & Co (+0.52 percent) announced the proposed $2.75 billion acquisition of VelosBio, which will boost its cancer treatment portfolio.

The Israeli generic Teva Pharmaceutical (-3.4 percent), marginally decreased its annual sales goal. The quarterly loss was $4.3 billion and $3.97 per share, compared to a loss of $307 million a year earlier. After adjustments, a consensus EPS of 58 cents was recorded by the group. Profits fell to $3.9 billion from $4.1 billion a year ago and consensus for the same was $4 billion.

On the back of increased online sales and strong demand for its luxury parks in China, Canada Goose (-0.9 percent) reported higher-than-expected revenue. The company posted net income of C$12.5 million for the fiscal second quarter, or 9 cents per share, down from C$58 million a year earlier, over the same period. For the quarter, adjusted EPS was 10 cents.


The U.S. health insurer Cigna (+ 0.5 percent), reported better than expected quarterly profit and raised its full-year revenue outlook. Thanks to the performance of its reorganized health services arm, the consensus was beaten by quarterly profit and sales while the annual guidance came out in line with company’s already shared positive expectations. Net quarterly revenue was $1.39 billion, or $3.78 per share.

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