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AAPL

Apple Inc. (AAPL) has postponed the launch of its second-generation AirTag to 2025 due to an excess inventory of the original AirTags. The decision reflects the lack of urgency to release a new version as the current AirTags are still effective and face little competition. The AirTag 2 is expected to include an upgraded wireless chip for better communication. Meanwhile, Apple faces a class action lawsuit over concerns that AirTags are being used for stalking, despite the company's efforts to implement an alert system for tracking.

Portfolio Pulse from Ananya Gairola

January 08, 2024 | 2:06 am

ANNX

Annexon, Inc. (NASDAQ: ANNX) has outlined its strategic priorities for 2024, focusing on late-stage clinical milestones for its complement-based medicines targeting autoimmune, ophthalmic, and neurodegenerative diseases. The company is on track to report Phase 3 data for ANX005 in Guillain-Barré syndrome (GBS) in the first half of 2024, which could become the first approved treatment for GBS in the U.S. ANX007's global pivotal program for geographic atrophy (GA) is set to initiate in mid-2024, and ANX1502's clinical proof-of-concept study for autoimmune diseases will begin in the first half of 2024. Annexon's recent $125 million financing extends its operating runway into Q2 2026.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:22 am

CSTL

Castle Biosciences, Inc. (NASDAQ:CSTL) announced preliminary Q4 and FY23 results, expecting to surpass $210M in total revenue, a 53% growth over 2022. The company delivered 70,429 total test reports in 2023, a 59% increase from the previous year. Year-end cash, equivalents, and marketable securities are projected to be around $243M. Notable increases in test reports were seen in DecisionDx-SCC (91%), TissueCypher (234%), and IDgenetix (172%), while DecisionDx-UM saw a slight decrease (6%). The financials are unaudited and subject to adjustment.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:20 am

AXDX

Accelerate Diagnostics, Inc. (AXDX) released preliminary Q4 and FY23 results, showing a slight decrease in annual revenue from $12.8M to $12.1M YoY. The company ended the year with $13.4M in cash and cash equivalents. Significant progress was made on the development of the Accelerate WaveTM system, with clinical trials expected to start in Q2 2024. The company secured 65% of U.S. Pheno customers to multi-year contracts and added six new Pheno instruments in Q4. The full-year audited results will be announced in March 2024.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:18 am

ASND

Ascendis Pharma A/S (NASDAQ:ASND) introduced Vision 2030 and selected 2024 corporate milestones. The company expects ~€400M in cash and securities as of December 31, 2023, and forecasts 2024 SKYTROFA revenue of €320M-€340M. SKYTROFA is approved in the U.S. and EU for growth hormone deficiency. Ascendis plans to submit applications for other products in 2024 and aims to achieve blockbuster status for multiple products. The company will present at the J.P. Morgan Healthcare Conference and expects to be operating cash flow breakeven by end of 2024.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:16 am

ALNY

Alnylam Pharmaceuticals, Inc. reported preliminary Q4 and FY23 global net product revenues, showing significant growth. Q4 revenues for ONPATTRO and AMVUTTRA were approximately $79M and $175M, respectively, while GIVLAARI and OXLUMO revenues were about $59M and $33M, respectively. Full year revenues for these products totaled $1,241M, a 39% increase from the previous year. Over 4,060 patients were on ONPATTRO or AMVUTTRA, and over 1,080 patients were on GIVLAARI or OXLUMO by year-end. Alnylam also reported a strong balance sheet with $2.4B in cash and investments. The company will discuss these results at the J.P. Morgan Healthcare Conference.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:13 am

AMC

AMC Theatres Distribution and AMC Entertainment (NYSE:AMC) announced that Taylor Swift's 'The Eras Tour' concert film has become the highest grossing theatrical release in history among concert and documentary films, with global earnings surpassing $261.6 million. The film's success was bolstered by a strong opening week in China, where it earned $8.7 million, and it has now outperformed the previous record-holder, 'Michael Jackson's This Is It', which made $261.2 million globally in 2009.

Portfolio Pulse from Charles Gross

January 08, 2024 | 12:15 am

NVS

Shanghai Argo Biopharmaceutical Co., Ltd. has entered into two exclusive license and collaboration agreements with Novartis PHARMA AG. Argo will receive $185 million upfront and may get additional payments and royalties. Novartis gains licenses for cardiovascular RNAi therapeutics and options for two more targets.

Portfolio Pulse from Charles Gross

January 07, 2024 | 11:44 pm

FOLD

Amicus Therapeutics reported preliminary 2023 revenue that slightly exceeded estimates and provided a strategic outlook for 2024, expecting it to be the first full year of non-GAAP profitability. Q4 revenue was approximately $115.1M against an estimate of $112.25M, and FY23 revenue is expected to be around $399.4M versus an estimate of $396.45M. The company anticipates significant revenue growth in 2024, driven by the treatment of more Fabry patients and the global launches of Pombiliti and Opfolda. Amicus is focusing on four key strategic priorities for 2024, including double-digit Galafold revenue growth, successful launches of Pombiliti and Opfolda, advancing studies in Fabry and Pompe diseases, and achieving full-year non-GAAP profitability.

Portfolio Pulse from Benzinga Newsdesk

January 07, 2024 | 10:39 pm

OMIC

Singular Genomics Systems, Inc. (NASDAQ:OMIC) reported preliminary unaudited Q4 2023 revenue of approximately $1M, a 31% increase from $765K in Q4 2022. The company shipped eight G4 instruments in Q4 2023 and launched two new consumable kits. Full financial results are expected in March 2024.

Portfolio Pulse from Benzinga Newsdesk

January 07, 2024 | 10:26 pm