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Q2 earnings season for large-cap pharmaceutical stocks is set to kick off when Eli Lilly and Co (NYSE: LLY) reports results on Thursday morning. Piper Jaffray analyst Richard Purkiss released a report this week outlining what the market can expect once the action begins on Thursday.
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Peak Forex Pressure?
According to Purkiss, Q2 will likely mark the peak of the forex headwinds that the big pharma companies have been facing. A strong dollar is bad news for Pfizer Inc. (NYSE: PFE), which has the highest international exposure (61 percent of revenue) of all the large-cap pharma stocks.Pfizer’s leading international exposure is followed by Merck & Co, Inc. (NYSE: MRK) at 58 percent, Lilly at 53 percent and Bristol-Myers Squibb Co (NYSE: BMY) at 49 percent. AbbVie Inc (NYSE: ABBV) will face the least forex headwinds, with only 47 percent of its business taking place internationally.
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Predictions
- Lilly: Piper Jaffray’s forecast is $0.01 above consensus earnings per share (EPS) and about $45 million above consensus revenue estimates.
- Bristol-Myers: Piper Jaffray is calling for a 6 percent revenue beat and EPS of $0.39, $0.03 above consensus.
- AbbVie: Piper Jaffray is mostly in-line with consensus on AbbVie, calling for EPS of $1.06 (versus consensus of $1.06) and revenue of $5.5 billion (versus consensus of $5.6 billion) for the quarter.
- Merck: Piper Jaffray’s Q2 revenue estimates of $9.7 billion are in-line with consensus, but the firm sees a $0.02 EPS beat on stronger-than-consensus margins.
- Pfizer: Piper Jaffray sees a miss on the horizon for Pfizer and is calling for EPS of $0.50 (versus consensus of $0.51) on revenue of $11.1 billion (versus consensus of $11.4 billion).
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.