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Cardinal Health CAH and Australia-based Telix recently entered a deal, selecting CAH as a commercial radiopharmaceutical distributor to supply finished unit doses of Telix's PET agent, Zircaix, for the imaging of kidney cancer in the United States, subject to regulatory approval.
Telix and Cardinal Health already have a contract in place under which CAH has successfully commercialized Telix’s PSMA-PET imaging, Illuccix, approved for diagnosing prostate cancer in men.
Likely Trend of CAH Stock Following the News
Following the announcement, shares of the company moved nearly 1.7% south to $111.32 at yesterday’s closing.
Cardinal Health has a competitive advantage in the specialized market attributable to its pharmaceutical and medical solutions. The company provides a growing range of safe products and industry knowledge. Through its partnerships and investments in Specialty, at-Home, and Services, the company continues to retain its focus on dynamic development sectors.
As the company continues to adopt robust business models for the future, it is also strengthening its core strengths related to product distribution and medical and pharmaceutical. Hence, owing to the strong future prospects of CAH, we expect the market sentiment to remain positive around this news as well.
Meanwhile, CAH currently has a market capitalization of $27.62 billion. It has an earnings yield of 6.72%, higher than the industry’s yield of 5.46%. In the last reported quarter, CAH delivered an earnings surprise of 6.98%.
More on CAH’s Distribution Deal With Telix
Cardinal Health’s broad commercial distribution network and experience are likely to enable reliable Zircaix supply across the United States to aid in kidney cancer diagnosis following its potential approval. Telix completed the submission of a Biologics License Application (BLA) to the FDA seeking approval for Zircaix in June. The company has requested a priority review of the BLA.
Telix is currently running special access programs in the United States, Europe and Australia to allow continued access to Zircaix outside of a clinical trial to patients for whom there are no comparable or satisfactory alternate options. Per the terms of the distribution deal with Telix, CAH will be responsible for the distribution of the drug under the expanded access program in the United States.
Per the American Cancer Society, about 81,610 new cases of kidney cancer are likely to be diagnosed in 2024, representing a significant market opportunity for Zircaix that is expected to benefit both Telix and Cardinal Health.
CAH’s Notable Distribution Network
Cardinal Health is strategically expanding its U.S. operations to better serve healthcare providers and patients by investing in new facilities and technology solutions. In September, CAH announced the opening of a new distribution center in Greenville, SC.
The distribution center is dedicated solely to the company’s at-Home Solutions business. The opening of the new distribution center is likely to provide a boost to the company’s at-Home Solutions business and generate additional revenues to support the growing market for at-Home solutions.
In August, CAH announced plans to open a new state-of-the-art distribution center in Walton Hills, OH, to support its medical products and distribution business in the United States. In 2023, the company opened two distribution centers in Central Ohio and a medical products replenishment center in New York, bolstering inventory levels and supply chain efficiency.
CAH’s Share Price Performance
In the past six months, CAH’s shares have gained 1.3% against the industry’s 4.5% decline. The S&P 500 has increased 9.4% in the same time frame.
CAH’s Zacks Rank & Stocks to Consider
CAH presently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Universal Health Service UHS, Quest Diagnostics DGX and ABM Industries ABM. While Universal Health Service sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and ABM Industries carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Health Service has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 14.58%.
Universal Health Service has gained 56.1% compared with the industry's 48.1% rise so far this year.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.31%.
Quest Diagnostics shares have gained 13.9% so far this year compared with the industry’s 17.9% rise.
ABM Industries’ earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.34%.
ABM's shares have risen 27.4% so far this year compared with the industry’s 17% growth.
Zacks Investment Research
The S&P 500 Index Tuesday closed up by +0.03%, the Dow Jones Industrials Index closed down by -0.04%, and the Nasdaq 100 Index closed up by +0.05%.
Stocks on Tuesday relinquished early gains and closed little changed. Long liquidation pressures emerged in stocks Tuesday afternoon after bond yields rose ahead of the results of the 2-day FOMC meeting are released on Wednesday.
Stocks on Tuesday rallied early in the session, with the S&P 500 and Dow Jones Industrials posting new record highs and the Nasdaq 100 rising to a 2-1/2 week high. Tuesday's positive corporate and economic news boosted optimism in the US economic outlook and supported stocks.
Intel rose more than +2% after the chipmaker won new business from Amazon.com. Also, Microsoft closed up nearly +1% after it raised its quarterly dividend by 10% and announced a new $60 billion stock repurchase program. Stocks also found support from Tuesday’s stronger-than-expected US economic reports on retail sales and manufacturing production that bolstered the outlook for a soft landing.
Aug retail sales unexpectedly rose +0.1% m/m, stronger than expectations of a -0.2% m/m decline. However, Aug retail sales ex-autos rose only +0.1% m/m, slightly weaker than expectations of +0.2% m/m.
US Aug manufacturing production rose +0.9% m/m, stronger than expectations of +0.2% m/m and the largest increase in 6 months.
The US Sep NAHB housing market index rose +2 to 41, right on expectations.
The markets will look to the 2-day FOMC meeting that concludes Wednesday afternoon to see whether policymakers will decide that a -25 bp cut in the fed funds target range would be adequate for a US economy that has shown signs of losing momentum or whether they will decide on a larger -50 bp rate cut instead. Post-meeting comments from Fed Chair Powell on Wednesday will also be scrutinized regarding the Fed’s future policy intentions.
The markets are discounting the chances at 100% for a -25 bp rate cut for the Tue/Wed FOMC meeting and at 69% for a -50 bp rate cut at that meeting.
Overseas stock markets Tuesday settled mixed. The Euro Stoxx 50 climbed to a 1-1/2 week high and closed up +0.69%. China's Shanghai Composite was closed for the Mid-Autumn Festival holiday. Japan's Nikkei Stock 225 closed down -1.03%.
Interest Rates
December 10-year T-notes (ZNZ24) Tuesday closed down -6 ticks. The 10-year T-note yield rose +2.0 bp to 3.638%. Dec T-notes Tuesday gave up early gains and turned lower, and the 10-year T-note yield rebounded from a 15-month low of 3.595% and moved higher. The stronger-than-expected US retail sales and manufacturing production reports weighed on T-note prices. Also, an increase in inflation expectations weighed on T-notes after the 10-year breakeven inflation rate rose to a 2-week high Tuesday of 2.118%. In addition, weak demand for the Treasury’s $13 billion 20-year T-bond auction undercut T-notes as the auction had a bid-to-cover ratio of 2.51, well below the 10-auction average of 2.61.
T-notes on Tuesday initially moved higher on heightened speculation the Fed will cut interest rates by -50 bp at this week’s 2-day FOMC meeting. Swap markets showed the chances of a -50 bp rate cut rose to 69% Tuesday from 52% last Friday.
European government bond yields on Tuesday moved higher. The 10-year German bund yield rose +2.1 bp to 2.143%. The 10-year UK gilt yield rebounded from a 7-1/2 month low of 3.729% and finished up +0.9 bp at 3.768%.
The German Sep ZEW survey expectations of economic growth index fell -15.6 to an 11-month low of 3.6, weaker than expectations of 17.0.
ECB Governing Council member Simkus said the likelihood of an October interest rate cut by the ECB is "very small."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 32% for the October 17 meeting.
US Stock Movers
Intel closed up more than +2% to lead gainers in the Dow Jones Industrials and Nasdaq 100 after the chipmaker landed Amazon.com’s AWS as a customer for its chip manufacturing business.
HP Enterprise closed up more than +5% after Bank of America Global Research upgraded the stock to buy from neutral with a price target of $24.
Moderna closed up more than +3% to lead gainers in the Nasdaq 100 after Health Canada approved the company’s updated Covid-19 vaccine for use.
Airbnb closed up more than +3% after Uber won its fight against a state government claim in Australia that ruled its payments to drivers were not wages, which bolstered speculation other businesses with similar payment arrangements to Uber’s may benefit from its win in a long-standing payroll tax dispute.
Health insurance stocks were under pressure Tuesday, with Cigna Group and Molina Healthcare closing down more than -2%. Also, Centene , Cardinal Health , Elevance Health , and HCA Healthcare closed down more than -1%.
Accenture Plc closed down more than -4% to lead losers in the S&P 500 after Bloomberg News reported the company plans to push back the bulk of its staff promotions by six months as a weak outlook is curbing IT spending.
Atlassian closed down more than -6% to lead losers in the Nasdaq 100 on signs of insider selling after an SEC filing showed CEO Cannon-Brookes sold $1.31 million shares last Friday.
AppLovin closed up more than +6% after UBS upgraded the stock to buy from neutral with a price target of $145.
GE Vernova closed up more than +2% after Bank of America Global Research upgraded the stock to buy from neutral with a price target of $300.
Dell Technologies closed up more than +1% after Mizuho Securities initiated coverage on the stock with a recommendation of outperform and a price target of $135.
Microsoft closed up nearly +1% after it raised its quarterly dividend by 10% and announced a new $60 billion stock repurchase program.
Acushnet Holdings closed down more than -3% after Jeffries downgraded the stock to hold from buy.
S&P Global Inc closed down nearly -1% after it was removed from Bank of America Global Research’s US number 1 list.
Earnings Reports (9/18/2024)
Ennis Inc (EBF), General Mills Inc (GIS), Steelcase Inc (SCS).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.
Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores?
Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value Score
Finding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth Score
While good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum Score
Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM Score
If you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank
A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +25.41% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Cardinal Health (CAH)
Headquartered in Dublin, OH, Cardinal Health Inc. is a nation-wide drug distributor and provider of services to pharmacies, healthcare providers and manufacturers. The company has two reporting segments – Pharmaceutical and Medical.
CAH is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Momentum investors should take note of this Medical stock. CAH has a Momentum Style Score of B, and shares are up 3.2% over the past four weeks.
Six analysts revised their earnings estimate higher in the last 60 days for fiscal 2025, while the Zacks Consensus Estimate has increased $0.06 to $7.61 per share. CAH also boasts an average earnings surprise of 13.5%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, CAH should be on investors' short list.
Zacks Investment Research
MELBOURNE, Australia, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Telix Pharmaceuticals Limited (ASX: TLX, Telix, the Company) today announces that it has selected Cardinal Health, Inc. (NYSE: CAH, Cardinal Health) as a commercial radiopharmaceutical distributor to supply finished unit doses of its PET1 agent, Zircaix®2 (TLX250-CDx) for the imaging of kidney cancer in the United States (U.S.), subject to regulatory approval.
In preparation for a planned commercial rollout, Telix has contracted with Cardinal Health to enable Zircaix®2 availability across a wide range of U.S. locations.
Kevin Richardson, Chief Executive Officer, Telix Precision Medicine said, “We are pleased to build on our existing relationship with Cardinal Health to maximize patient access to this breakthrough product for non-invasive kidney cancer diagnosis. Through their extensive nuclear pharmacy network, which enables broad geographic reach and flexible scheduling, Cardinal Health has been central to the commercial success of Illuccix® PSMA-PET3 imaging and we look forward to adding Zircaix®2 to their U.S. roster.”
Mike Pintek, President of Cardinal Health Nuclear & Precision Health Solutions, added, “This new agreement builds upon our successful relationship with Telix and our continued commitment to supporting innovative diagnostics and therapeutics addressing cancer patients today. Pending regulatory approval, our extensive commercial distribution infrastructure and expertise will facilitate reliable supply of Zircaix®2 throughout the U.S. to help diagnose kidney cancer.”
Commencement of the distribution agreement between Telix and Cardinal Health is subject to regulatory approval and includes industry-standard commercial performance and termination conditions.
About Zircaix®2 (TLX250-CDx)
Zircaix®2 (TLX250-CDx, 89Zr-girentuximab) is an investigational PET agent that is under development to characterize indeterminate renal masses as ccRCC or non-ccRCC in a non-invasive manner. Telix’s pivotal Phase III ZIRCON trial (ClinicalTrials.gov ID: NCT03849118) evaluating TLX250-CDx in 300 patients, of which 284 were evaluable, was completed in 2022 and met all primary and secondary endpoints, including showing 86% sensitivity and 87% specificity and a 93% positive-predictive value for ccRCC across three independent readers4. We believe this demonstrated the ability of TLX250-CDx to reliably detect the clear cell phenotype and provide an accurate, non-invasive method for diagnosing ccRCC. Confidence intervals exceeded expectations in all three readers, showing evidence of high accuracy and consistency of interpretation.
As part of Telix’s commitment to access to medicine, the Company is running an expanded access program (EAP) in the U.S.5, named patient programs (NPPs) in Europe, and a special access scheme (SAS) in Australia to allow continued access to TLX250-CDx outside of a clinical trial to patients for whom there are no comparable or satisfactory alternate options.
Telix’s Policy on Offering Compassionate Use to Investigational Medicines can be downloaded at the following link.
About Telix Pharmaceuticals Limited
Telix is a biopharmaceutical company focused on the development and commercialization of therapeutic and diagnostic radiopharmaceuticals and associated medical devices. Telix is headquartered in Melbourne, Australia, with international operations in the United States, Europe (Belgium and Switzerland), and Japan. Telix is developing a portfolio of clinical and commercial stage products that aims to address significant unmet medical needs in oncology and rare diseases. Telix is listed on the Australian Securities Exchange (ASX: TLX).
Telix’s lead imaging product, gallium-68 (68Ga) gozetotide injection (also known as 68Ga PSMA-11 and marketed under the brand name Illuccix®), has been approved by the U.S. Food and Drug Administration (FDA)6, by the Australian Therapeutic Goods Administration (TGA) 7, and by Health Canada8. No other Telix product has received a marketing authorization in any jurisdiction.
Visit www.telixpharma.com for further information about Telix, including details of the latest share price, announcements made to the ASX, investor and analyst presentations, news releases, event details and other publications that may be of interest. You can also follow Telix on X and LinkedIn.
Telix Investor Relations
Ms. Kyahn WilliamsonTelix Pharmaceuticals LimitedSVP Investor Relations and Corporate CommunicationsEmail: kyahn.williamson@telixpharma.com
Legal Notices
You should read this announcement together with our risk factors, as disclosed in our most recently filed reports with the Australian Securities Exchange (ASX) or on our website.
The information contained in this announcement is not intended to be an offer for subscription, invitation or recommendation with respect to securities of Telix Pharmaceuticals Limited (Telix) in any jurisdiction, including the United States. The information and opinions contained in this announcement are subject to change without notification. To the maximum extent permitted by law, Telix disclaims any obligation or undertaking to update or revise any information or opinions contained in this announcement, including any forward-looking statements (as referred to below), whether as a result of new information, future developments, a change in expectations or assumptions, or otherwise. No representation or warranty, express or implied, is made in relation to the accuracy or completeness of the information contained or opinions expressed in the course of this announcement.
This announcement may contain forward-looking statements that relate to anticipated future events, financial performance, plans, strategies or business developments. Forward-looking statements can generally be identified by the use of words such as “may”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “outlook”, “forecast” and “guidance”, or the negative of these words or other similar terms or expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements are based on Telix’s good-faith assumptions as to the financial, market, regulatory and other risks and considerations that exist and affect Telix’s business and operations in the future and there can be no assurance that any of the assumptions will prove to be correct. In the context of Telix’s business, forward-looking statements may include, but are not limited to, statements about: the initiation, timing, progress and results of Telix’s preclinical and clinical trials, and Telix’s research and development programs; Telix’s ability to advance product candidates into, enrol and successfully complete, clinical studies, including multi-national clinical trials; the timing or likelihood of regulatory filings and approvals for Telix’s product candidates, manufacturing activities and product marketing activities; Telix’s sales, marketing and distribution and manufacturing capabilities and strategies; the commercialisation of Telix’s product candidates, if or when they have been approved; Telix’s ability to obtain an adequate supply of raw materials at reasonable costs for its products and product candidates; estimates of Telix’s expenses, future revenues and capital requirements; Telix’s financial performance; developments relating to Telix’s competitors and industry; and the pricing and reimbursement of Telix’s product candidates, if and after they have been approved. Telix’s actual results, performance or achievements may be materially different from those which may be expressed or implied by such statements, and the differences may be adverse. Accordingly, you should not place undue reliance on these forward-looking statements.
©2024 Telix Pharmaceuticals Limited. The Telix Pharmaceuticals®, Illuccix® and Zircaix®2 names and logos are trademarks of Telix Pharmaceuticals Limited and its affiliates – all rights reserved.______________________________
1 Positron emission tomography.2 Zircaix is a registered trademark of Telix Pharmaceuticals Limited in Australia; it is a trademark of Telix Pharmaceuticals Limited in the U.S. Registration status may vary by country. Brand name is subject to final regulatory approval.3 Imaging of prostate-specific membrane antigen with positron emission tomography.4 Shuch et al. Lancet Oncology. 2024.5 ClinicalTrials.gov ID: NCT06090331.6 Telix ASX disclosure 20 December 2021.7 Telix ASX disclosure 2 November 2021.8 Telix ASX disclosure 14 October 2022.
Cardinal Health (CAH) closed the latest trading day at $113.28, indicating a +0.1% change from the previous session's end. The stock fell short of the S&P 500, which registered a gain of 0.13% for the day. Elsewhere, the Dow saw an upswing of 0.55%, while the tech-heavy Nasdaq depreciated by 0.52%.
The prescription drug distributor's shares have seen an increase of 3.02% over the last month, not keeping up with the Medical sector's gain of 3.34% and the S&P 500's gain of 3.67%.
The investment community will be closely monitoring the performance of Cardinal Health in its forthcoming earnings report. In that report, analysts expect Cardinal Health to post earnings of $1.64 per share. This would mark a year-over-year decline of 5.2%. At the same time, our most recent consensus estimate is projecting a revenue of $51.26 billion, reflecting a 6.4% fall from the equivalent quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $7.61 per share and revenue of $215.84 billion. These totals would mark changes of +1.06% and -4.91%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for Cardinal Health. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.06% upward. Cardinal Health currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Cardinal Health is holding a Forward P/E ratio of 14.87. This denotes a discount relative to the industry's average Forward P/E of 18.39.
Investors should also note that CAH has a PEG ratio of 1.55 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. By the end of yesterday's trading, the Medical - Dental Supplies industry had an average PEG ratio of 1.91.
The Medical - Dental Supplies industry is part of the Medical sector. This group has a Zacks Industry Rank of 160, putting it in the bottom 37% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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