West Announces First-Quarter 2022 Results and Declares Third-Quarter 2022 Dividend

On April 28, 2022 West Pharmaceutical Services, Inc. (NYSE: WST) reported its financial results for the first-quarter 2022 and updated full-year 2022 financial guidance (Press release, West Pharmaceutical Services, APR 28, 2022, View Source [SID1234613163]).

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First-Quarter 2022 Summary (comparisons to prior-year period)

Net sales of $720.0 million grew 7.4%; organic sales growth was 11.0%.
Reported-diluted EPS of $2.29 increased 15.1%.
Adjusted-diluted EPS of $2.30 increased 12.2%.
The Company is reaffirming full-year 2022 financial guidance of net sales in a range of $3.050 billion to $3.075 billion. The Company is raising full-year 2022 financial guidance of adjusted-diluted EPS to a new range of $9.30 to $9.45, compared to a prior range of $9.20 to $9.35.
The Company also announced that its Board of Directors has approved a third-quarter 2022 dividend of $0.18 per share. The dividend will be paid on August 3, 2022, to shareholders of record as of July 20, 2022.
"Adjusted-diluted EPS" and "organic sales growth" are Non-U.S. GAAP measurements. See discussion under the heading "Non-U.S. GAAP Financial Measures" in this release.

"We delivered a solid first-quarter 2022 and remain on track to increase capacity throughout the year to satisfy the growing demand for our high-value products (HVP)," said Eric M. Green, President and Chief Executive Officer. "Our team members across the globe continue to demonstrate their passion to improve patient lives as they remain focused on executing our strategic initiatives despite macroeconomic challenges. Even with these challenges, and headwinds related to changes in foreign currency exchange rates, we remain well positioned for continued net sales growth and margin expansion. We are reaffirming our full-year 2022 net sales guidance, raising our full-year organic sales growth guidance, and raising our full-year 2022 adjusted-diluted EPS guidance."

Proprietary Products Segment
Net sales grew by 10.6% to $601.3 million. Organic sales growth was 14.4% with currency translation negatively impacting sales growth by 380 basis points. High-value products (components and devices) represented more than 70% of segment sales and generated double-digit organic sales growth, led by customer demand for NovaPure and Westar components.

The Biologics market unit had double-digit organic sales growth. The Pharma and Generics market units had high-single digit and mid-single digit organic sales growth, respectively.

Contract-Manufactured Products Segment
Net sales declined by 6.6% to $118.7 million. Organic sales decline was 3.8% with currency translation negatively impacting sales growth by 280 basis points. Segment performance was impacted by a decline of sales of components for diagnostic devices.

Financial Highlights
Operating cash flow was $151.2 million, an increase of 70.5%. Capital expenditures in the quarter were $65.8 million. Free cash flow (operating cash flow minus capital expenditures) was $85.4 million, an increase of 151.2%.

During the quarter, the Company repurchased 390,000 shares for $147.1 million at an average share price of $377.23 under its share repurchase program.

Full-Year 2022 Financial Guidance

The Company is reaffirming full-year 2022 net sales guidance to be in a range of $3.050 billion to $3.075 billion.
Organic sales growth is expected to be in a range of 11% to 12%, compared to prior guidance of approximately 10%.
Net sales guidance, based on current foreign exchange rates, includes an estimated full-year 2022 headwind of $115 million, compared to prior guidance of a $70 million headwind.
The Company is raising full-year 2022 adjusted-diluted EPS to be in a range of $9.30 to $9.45, compared to a prior range of $9.20 to $9.35.
Full-year reported-diluted EPS guidance range, based on current foreign currency exchange rates, includes an estimated headwind of $0.38, compared to prior guidance of a $0.21 headwind.
The revised guidance includes a $0.12 EPS positive impact from first-quarter tax benefits from stock-based compensation.
For the remaining quarters of the year, our EPS guidance range assumes a tax rate of 23% and does not include potential tax benefits from stock-based compensation. Any tax benefits associated with stock-based compensation beyond those recorded in the first-quarter 2022 would provide a positive adjustment to our full-year adjusted-diluted EPS guidance
Full-year 2022 capital spending is expected to be $380 million. This includes incremental capital spending to support capacity expansions at existing HVP facilities.
First-Quarter 2022 Conference Call
The Company will host a conference call to discuss the results and business expectations at 9:00 a.m. Eastern Time today. To participate on the call please dial 877-930-8295 (U.S.) or 253-336-8738 (International). The conference ID is 6690124.

A live broadcast of the conference call will be available at the Company’s website, www.westpharma.com, in the "Investors" section. Management will refer to a slide presentation during the call, which will be made available on the day of the call. To view the presentation, select "Presentations" in the "Investors" section of the Company’s website.

An online archive of the broadcast will be available at the website three hours after the live call and will be available through Thursday, May 5, 2022, by dialing 855-859-2056 (U.S.) or 404-537-3406 (International) and entering conference ID 6690124.

First Quarter 2022

On April 28, 2022 Merck & Co reported its first quarter 2022 results (Presentation, Merck & Co, APR 28, 2022, View Source [SID1234613162]).

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Orion Group Interim Report 1–3/2022

On April 28, 2022 Orion Group reported that Interim Report 1–3/2022 (Press release, Orion , APR 28, 2022, View Source [SID1234613161])

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This is a summary or Orion’s Interim Report 1–3/2022. The complete report is attached to this stock exchange release and is available at View Source

Net sales totalled EUR 271 million (EUR 269 million in 2021).
Operating profit was EUR 71 (75) million.
Profit before taxes was EUR 72 (75) million.
Equity ratio was 53% (54%).
Return on capital employed before taxes (ROCE) was 36% (38%).
Return on equity after taxes (ROE) was 33% (35%).
Basic earnings per share were EUR 0.41 (0.42).
Cash flow per share before financial items was EUR 0.23 (0.19).
The outlook for 2022 remains unchanged. Orion estimates that net sales in 2022 will be at a similar level as in 2021 (net sales in 2021 were EUR 1,041 million). Operating profit is estimated to be at a similar level as in 2021 (operating profit in 2021 was EUR 243 million).
Nubeqa spearheads Orion’s growth – war and ever more stressed supply chains causing concerns

"The year 2022 for Orion has started with mixed feelings. On the one hand, we have had positive news flow from darolutamide and the overall business has developed well. At the same time, however, the war in Ukraine has caused a great deal of concern and our thoughts are with our employees in Ukraine and everyone suffering from this situation. Also, the effects of the COVID-19 pandemic are not over yet. Global supply chains remain under high stress and cost inflation has accelerated faster than anticipated. For Orion, the increase in costs is particularly challenging, as raising the prices of prescription medicines for human use in Orion’s markets is often not an option. We remain committed to looking after the health and safety of our employees, ensuring production continuity and product availability, and safeguarding patient safety in ongoing clinical trials.

Orion’s net sales in January-March 2022 grew by one per cent from the comparative period and the operating profit was slightly lower than in the comparative period. The sales of Dexdor and Simdax declined clearly as expected but, thanks to the strong sales development of Nubeqa and Easyhaler portfolio, net sales of the Proprietary Products unit increased slightly. Nubeqa sales were further boosted by large product deliveries to our partner Bayer. These shipments can and will cause quarterly volatility to total Nubeqa revenues booked by Orion. Net sales of the Specialty Products unit also increased slightly, due to for example strong sales of self-care products in Finland. Sales of the Animal Health unit declined due to the timing of deliveries to partners and also because of the termination of one distribution agreement in Finland. Fermion and Contract Manufacturing performed according to expectations in the first three months of the year.

In February 2022, detailed positive results from the Phase III ARASENS study with darolutamide were reported in the New England Journal of Medicine and at the 2022 ASCO (Free ASCO Whitepaper) GU Cancers Symposium. Orion’s collaboration partner Bayer also upgraded its estimate on darolutamide’s peak sales potential. In March, we published our plans to change and refocus the strategy of Orion’s R&D function and started negotiations in accordance with the Act on Co-operation within Undertakings. Orion plans for R&D to focus on cancer and pain in future. The search continues for partners for the ODM-208 molecule and the digital therapy software solution for treating chronic pain.

We remain dedicated to our 2025 growth target and as part of that journey continue our efforts to find new cooperation opportunities and product and business acquisition targets.

Finally, I would like to express my warmest congratulations to Liisa Hurme, who was appointed as Orion’s President and CEO as of 1 November 2022. I am convinced that Liisa, with her broad expertise and experience, is well placed to continue the work on Orion’s growth strategy that we have developed together as colleagues. Collaborating together, we will ensure that the upcoming CEO transition goes smoothly."

Outlook for 2022 (provided on 10 February 2022)

Orion estimates that net sales in 2022 will be at a similar level as in 2021
(net sales in 2021 were EUR 1,041 million).

Operating profit is estimated to be at a similar level as in 2021
(operating profit in 2021 was EUR 243 million).

News conference and conference call

A webcast and a conference call for analysts, investors and media will be held on Thursday, 28 April 2022 at 13.30 EEST. The event will be held only online and by conference call.

A link to the live webcast will be available on Orion’s website at www.orion.fi/en/investors. A recording of the event will be available on the website later the same day.

Anixa Biosciences Announces Presentation on Breast Cancer Vaccine Trial at the American Society of Clinical Oncology (ASCO) Annual Meeting

On April 28, 2022 Anixa Biosciences, Inc. (NASDAQ: ANIX), a biotechnology company focused on the treatment and prevention of cancer and infectious diseases, reported a presentation outlining the design of its breast cancer vaccine trial at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting being held June 3-7, 2022 (Press release, Anixa Biosciences, APR 28, 2022, View Source [SID1234613155]). The presentation, titled "Phase 1 Trial of an alpha-Lactalbumin vaccine in patients with moderate- to high-risk operable triple-negative breast cancer (TNBC)" will be presented by the study’s principal investigator, Dr. George Thomas Budd of Cleveland Clinic, Anixa’s collaboration partner.

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Additional presentation details can be found below:

Abstract #: TPS1125

Date/Time: June 6, 2022, 9:00 AM EDT

About Triple-Negative Breast Cancer

One in eight women in the U.S. will be diagnosed with an invasive breast cancer at some point in their lives. Approximately 10-15% of those diagnoses are TNBC, however TNBC accounts for a disproportionately higher percentage of breast cancer deaths and has a higher rate of recurrence. This form of breast cancer is twice as likely to occur in African-American women, and approximately 70% to 80% of the breast tumors that occur in women with mutations in the BRCA1 genes are triple-negative breast cancer.

About Anixa Bioscience’s Breast Cancer Vaccine

Anixa’s investigational vaccine, currently in Phase 1 trials, takes advantage of endogenously produced proteins that have a function at certain times in life, but then become "retired" and disappear from the body. One such protein is a breast-specific lactation protein, α-lactalbumin, which is no longer found post-lactation in normal, aging tissues, but is present in the majority of triple-negative breast cancers. Activating the immune system against this "retired" protein provides preemptive immune protection against emerging breast tumors that express α-lactalbumin. The vaccine also contains an adjuvant that activates an innate immune response, which allows the immune system to mount a response against emerging tumors to prevent them from growing.

AVEO Oncology to Announce First Quarter 2022 Financial Results and Host Conference Call and Webcast on May 5, 2022

On April 28, 2022 AVEO Oncology (Nasdaq: AVEO), a commercial stage, oncology-focused biopharmaceutical company, reported that it will report first quarter 2022 financial results on Thursday, May 5, 2022 (Press release, AVEO, APR 28, 2022, View Source [SID1234613154]). AVEO’s management team will host a conference call and audio webcast at 8:30 a.m. ET on Thursday, May 5, 2022, to discuss the financial results and provide a business update.

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The call can be accessed by dialing (800) 954-1051 (U.S. and Canada) or (303) 223-0117 (international). The passcode for the conference call is 22018215. To access the live webcast, or the subsequent archived recording, please visit the Calendar of Events sub-section within the Investors section of the AVEO website at www.aveooncology.com.