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In a major move, Vectura Fertin Pharma, Inc., an affiliate of Philip Morris International Inc. PM, announced the sale of Vectura Group Ltd. to Molex Asia Holdings Ltd. This decision comes amid ongoing criticism of PM’s ownership of the asthma inhaler manufacturer as PM attempts to transition from tobacco to a broader healthcare and wellness group.
Philip Morris stated that this transaction allows Vectura to operate under Phillips Medisize, a Molex subsidiary, which is better positioned to advance its inhaled therapeutics pipeline without the constraints associated with PM’s ownership. This shift highlights the difficulties the company faced while trying to transform its business model in the face of negative perceptions.
Phillips Medisize, known for its expertise in drug delivery and medical devices, is expected to enhance its offerings by leveraging Vectura’s capabilities. This collaboration aims to introduce innovative solutions to the market, reinforcing a commitment to improving public health.
Challenges in Philip Morris’ Transformation
PM acquired Vectura in 2021 for £1.1 billion, aiming to diversify into the healthcare sector. However, the company has since taken a £516-billion impairment against the unit and revised its growth expectations. Critics have raised concerns about a tobacco company profiting from respiratory treatments, often linked to smoking-related health issues.
The backlash against PM's ownership was severe, resulting in boycotts and Vectura being excluded from key medical conferences. These challenges have hindered Vectura’s ability to engage effectively with the scientific community and establish crucial partnerships in contract development and manufacturing.
The Future of PM’s Vectura Fertin Pharma
Despite selling Vectura Group, PM's Vectura Fertin Pharma will continue as a separate entity. This division will focus on developing oral health products and inhaled prescription therapies, particularly in areas like pain management and cardiovascular emergencies. It plans to adopt a new corporate identity to signify its commitment to health and wellness.
In summary, the sale of Vectura Group marks a significant turning point for Philip Morris as it seeks to redefine its identity and focus on healthcare. Philip Morris’ strategic shift signals a promising investment opportunity, appealing to those interested in the evolving healthcare landscape. The company currently carries a Zacks Rank of #2 (Buy).
PM’s shares have gained 21.7% in the past three months compared with the industry’s growth of 22.7%.
Other Solid Staple Stocks
Here, we have highlighted three better-ranked food stocks, namely, The Chef's Warehouse CHEF, Flowers Foods FLO and McCormick & Company, Inc. MKC.
The Chef’s Warehouse, which engages in the distribution of specialty food products, currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
CHEF has a trailing four-quarter earnings surprise of 33.7%, on average. The Zacks Consensus Estimate for The Chef’s Warehouse’s current fiscal year sales and earnings each indicates growth of 9.7% and 12.6%, respectively, from the year-ago reported numbers.
Flowers Foods, one of the largest producers of packaged bakery foods in the United States, currently carries a Zacks Rank #2. FLO has a trailing four-quarter earnings surprise of 1.9%, on average.
The Zacks Consensus Estimate for Flowers Foods’ current financial-year sales and earnings each implies growth of around 1% and 5%, respectively, from the year-ago reported numbers.
McCormick is a leading manufacturer, marketer and distributor of spices, seasonings, specialty foods and flavors. It currently carries a Zacks Rank of 2.
The Zacks Consensus Estimate for McCormick & Company’s current fiscal-year sales and earnings indicates advancements of 0.1% and 5.6%, respectively, from the year-ago reported figures. MKC has a trailing four-quarter earnings surprise of 8.3%, on average.
Zacks Investment Research
Sept 18 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
The Times
- Guardian Media Group is in talks to sell The Observer to the online news outlet Tortoise Media after operating losses at the company's parent widened to 43.5 million pounds ($57.27 million).
- Philip Morris International PM.N has offloaded Vectura for just 150 million pounds, three years after its contentious 1 billion pounds acquisition of the respiratory drugs company triggered a backlash from the public health sector.
The Guardian
- The full implementation of an EU entry-exit system introducing fingerprinting and facial recognition checks at ports and airports is expected to be delayed again amid fears over congestion and long queues.
- Plant-based food brand Deliciously Ella has been sold in a move that will expand the sale of its oat bars and energy balls all over the world.
The Telegraph
- British Prime Minister Keir Starmer is planning to allow water bills across the country to be raised to pay for a government bailout of Thames Water through new legislation that will let the government charge all water companies the full 10 billion pounds cost if ministers decide to take over.
Sky News
- Private equity group Inflexion is studying a takeover of Advanced Medical Solutions Group AMSU.L which has a market capitalisation of over 500 million pounds.
- Britain's Deputy Prime Minister Angela Rayner will hold talks with union bosses and business leaders on Wednesday as the government pursues its ambition of ending "exploitative" zero-hours contracts.
The Independent
- Co-op 42TE.L said it is launching a 24-hour grocery delivery service to cater for increased demand from shift workers, parents and late-night revellers.
- Vulnerable people who have physical immigration documents are being encouraged to switch as soon as possible to an electronic system under a new government campaign.
($1 = 0.7595 pounds)
(Compiled by Bengaluru newsroom)
(( globalnewsmonitoring@thomsonreuters.com ))
Keywords: BRITAIN-PRESS/BUSINESS
Philip Morris International now says that "unwarranted opposition" to its transformation has affected Vectura Group's engagement with the scientific community. "Philip Morris to Take $220 Million Loss on Sale of Inhaled-Medicine Unit" at 9:59 a.m. ET misidentified Vectura Group as Ventura Group.
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