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Pfizer Inc. (NYSE: PFE) $16.83. Today announced that the Phase 3 AXIS 1032 trial (A4061032), studying the investigational compound axitinib in previously treated patients with metastatic renal cell carcinoma (mRCC), has met its primary endpoint, demonstrating that axitinib significantly extended progression-free survival (PFS) when compared to sorafenib, in the study population. Consistent with previous analyses, axitinib demonstrated a generally manageable safety profile in this study.
"It is gratifying that in this trial axitinib provided significant benefit to patients with advanced RCC whose disease had progressed after 1st-line therapy," said Dr. Mace Rothenberg, senior vice president of Clinical Development and Medical Affairs for Pfizer's Oncology Business Unit. "These results provide insight into the potential value of axitinib as part of a sequential treatment approach in patients with advanced RCC. We will work with health authorities to determine possible filing options for axitinib for use in patients with advanced RCC."
Each year, approximately 210,000 people worldwide are diagnosed with kidney cancer and nearly 102,000 people are expected to die from the disease. Within the last five years, great advances have been made in the treatment of patients with advanced RCC, the most prevalent form of kidney cancer. However, five-year survival rates for patients with advanced RCC remain low, at around 20 percent.
What They Do: Pfizer Oncology is committed to the discovery, investigation and development of innovative treatment options to improve the outlook for cancer patients worldwide.
H.J. Heinz Company (NYSE: HNZ) $48.19. Today announced higher second-quarter operating income, net income and earnings per share as the Company delivered strong organic sales growth in Emerging Markets and global ketchup.
Emerging Markets delivered organic sales growth of 10.2 percent, driven by infant nutrition products, ketchup and nutritional beverages as well as increased pricing, primarily in Latin America. Emerging Markets generated 15% of the Company’s total sales for the quarter. Organic sales of ketchup grew 3.3% globally, with growth across Europe that was led by Russia, where Heinz is the number-one brand.
Gross profit increased 1.4% to $967 million and gross profit margin increased to 37.0% from 36.0%, a 100 basis point improvement, as net pricing and productivity improvements were partially offset by unfavorable foreign exchange translation rates and higher commodity costs.
The growth in operating income was driven by higher organic sales and gross margin offset somewhat by increased SG&A expenses, reflecting investments in global processes and systems upgrades, and higher compensation costs. The effective tax rate for the quarter increased 110 basis points to 26.7% from 25.6% last year.
Net income from continuing operations grew 3.4% to $251 million from $243 million in the prior year. Total Company net income grew 8.6%.
What They Do: H.J. Heinz Company is one of the world’s leading marketers and producers of healthy, convenient and affordable foods specializing in ketchup, sauces, meals, soups, snacks and infant nutrition.
Cisco (Nasdaq: CSCO) $19.61. Today announced that at a regularly scheduled meeting of its board of directors today, the board authorized up to $10 billion in additional repurchases of its common stock. Cisco's board had previously authorized up to $72 billion in stock repurchases. There is no fixed termination date for the repurchase program.
"Today's decision to increase Cisco's stock repurchase program is part of our continued commitment to return cash to shareholders, which also includes our plan to issue a dividend this fiscal year," said Frank Calderoni, chief financial officer, Cisco. "We are confident in our strategy, product portfolio and ability to capture and lead new markets."
From the inception of the repurchase program in September 2001 through the close of Cisco's first quarter fiscal year 2011 on October 30, 2010, the company had repurchased and retired 3.2 billion shares at an average price of $20.83 per share for an aggregate purchase price of approximately $67.5 billion, with a remaining authorized amount of $4.5 billion.
What They Do: Cisco is the worldwide leader in networking that transforms how people connect, communicate and collaborate.
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