Stock Markets
SoftBank trims stake in PB Fintech, sells shares to Goldman Sachs, Citigroup, and Saudi Central Bank
© Reuters
SoftBank (TYO:) has further reduced its stake in Indian technology company PB Fintech, the firm behind Policybazaar, by 2.5% on Friday. The shares were sold at Rs 760.8 each through a block deal involving buyers such as Goldman Sachs, Citigroup (NYSE:), and the Saudi Central Bank. The transaction, facilitated by Kotak Mahindra Capital, netted SoftBank Rs 869 crore.
This move is in line with SoftBank’s ongoing strategy of trimming its positions in Indian tech firms. It follows a previous divestment where SoftBank sold a 5.1% stake in PB Fintech for Rs 1,043 crore.
PB Fintech’s financial performance has remained strong throughout the year. The company has significantly reduced its consolidated net loss and reported a year-on-year revenue increase to Rs 666 crore. This robust financial performance has resulted in a considerable appreciation of PB Fintech’s stock price, which has risen by 71% in 2023. According to InvestingPro, PB Fintech’s net income is expected to grow this year, and it has been a prominent player in the Insurance industry, despite not being profitable over the last twelve months.
Technical analysts have pointed out an Inverse Head and Shoulders and Triangle Pattern in the company’s stock chart. They identify Rs 720 as the demand zone for any correction and Rs 820 as the immediate resistance level.
However, it’s worth noting that PB Fintech’s revenue growth has been slowing down recently, as per InvestingPro Tips. The company is also trading at a high Price / Book multiple, which means it could be overvalued. For more insights like these, you can visit InvestingPro. They offer a range of tips, with an additional 4 tips available for PB Fintech alone.
Despite the slowdown in revenue growth, PB Fintech’s stock price has seen a large uptick over the last six months. Moreover, analysts predict the company will be profitable this year, which might explain the high Price / Book multiple. It’s also worth noting that PB Fintech does not pay a dividend to shareholders, which is a factor potential investors may want to consider.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
By Michael Erman
NEW YORK (Reuters) – Drugmakers plan to raise U.S. prices on at least 250 branded medications including Pfizer (NYSE:) COVID-19 treatment Paxlovid, Bristol Myers (NYSE:) Squibb’s cancer cell therapies and vaccines from France’s Sanofi (NASDAQ:) at the start of 2025, according to data analyzed by healthcare research firm 3 Axis Advisors.
Nearly all of the drug price increases are below 10% – most well below. The median price increase of the drugs being hiked Jan. 1 is 4.5%, which is in line with the median for all price increases last year.
The increases are to list prices, which do not include rebates to pharmacy benefit managers and other discounts.
Larger drug price increases were once far more common in the U.S. but in recent years drugmakers have scaled them back after price hikes drew sharp criticism in the middle of the last decade.
“Drugmakers don’t have much real estate any longer to increase prices over time, which means taking greater liberties on launch prices is really the only option they have in the face of expanded penalties for year-over-year price increases,” 3 Axis President Antonio Ciaccia said.
A Reuters analysis of prices for new drugs found that pharmaceutical companies launched new U.S. drugs in 2023 at prices 35% higher than in 2022.
The over 250 drug hikes represent an increase from Dec. 29 last year when drugmakers unveiled plans to raise prices on more than 140 brands of drugs.
Drug companies are also reducing some prices on Jan. 1. Merck & Co (NYSE:) plans to cut the list price of its heavily discounted diabetes drugs Januvia and Janumet “to align the list price more closely to the net price.”
U.S. PAYS MOST
The U.S. pays more for prescription medicines than any other country, and incoming President Donald Trump has vowed to lower drug costs by focusing on middlemen in the U.S. healthcare system.
More drug price increases are likely to be announced by other drugmakers over the course of January – historically the biggest month for drugmakers to raise prices.
Pfizer raised prices of the most drugs on the latest list – more than 60 drugs. As well as a 3% hike on Paxlovid, the company raised prices on medicines including migraine treatment Nurtec and cancer drugs Adcetris, Ibrance and Xeljanz between 3% and 5%.
“Pfizer has adjusted the average list prices of our medicines and vaccines for 2025 below the overall rate of inflation – approximately 2.4% – across many products in our diverse product portfolio,” Pfizer spokesperson Amy Rose said in an email. She said the increases help support investments in drug development and offset costs.
Bristol Myers raised the price of its expensive cancer cell therapies Abecma and Breyanzi by 6% and 9%, respectively. The personalized blood cancer treatments can already cost close to half a million dollars.
A BMS spokesperson said in an email that the company is “committed to achieving unfettered patient access” to its medicines. She said the price of Breyanzi in particular “is reflective of the potentially transformative, individualized treatment in a one-time infusion.”
Sanofi raised prices on around a dozen of its vaccines between 2.9% and 9%.
The largest brand price increases according to the 3 Axis analysis were from Leadiant Pharmaceuticals, a unit of Italy’s Essetifin. The company raised prices around 15% on its Hodgkin’s disease treatment Matulane and about 20% on Cystaran, eye drops to help patients with symptoms from a rare condition called cystinosis.
Spokespeople from Leadiant and Sanofi did not immediately respond to requests for comment.
New York, New York–(Newsfile Corp. – December 31, 2024) – Kuehn Law, PLLC, a shareholder litigation law firm, is investigating whether certain officers and directors of Gitlab (NASDAQ:) Inc. (NASDAQ: GTLB) breached their fiduciary duties to shareholders.
According to a federal securities lawsuit, Gitlab insiders caused the company to misrepresent or fail to disclose material adverse facts concerning GitLab’s ability to develop AI features that would generate code more efficiently and increase market demand for its DevSecOps platform, and, as a result, positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you currently own GTLB and purchased prior to June 6, 2023 please contact Justin Kuehn, Esq. here, by email at justin@kuehn.law or call (833) 672-0814. The consultation and case are free with no obligation to you. Kuehn Law pays all case costs and does not charge its investor clients. Shareholders should contact the firm immediately as there may be limited time to enforce your rights.
Why Your Participation Matters:
As a shareholder your voice matters, and by getting involved, you contribute to the integrity and fairness of the financial markets. Your investment. Your voice. Your future.™
For additional information, please visit Shareholder Derivative Litigation – Kuehn Law.
Attorney advertising. Prior results do not guarantee similar outcomes.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235670
LONDON, Dec. 31, 2024 /PRNewswire/ — Travelzoo ® (NASDAQ: TZOO), the club for travel enthusiasts, has won “Best Travel Website for Travel Deals” for the 13th year in a row at the prestigious British Travel Awards. Travelzoo is one of only a small handful of brands with such a long-standing number of consecutive wins.
Over 1.2 million votes were cast in 2024, making the British Travel Awards the biggest consumer voted awards in the UK.
It was the biggest event of the UK travel awards season. The ceremony pulled out all the stops, with comedian and actor Tom Davis, star of The BBC’s King Gary, presenting. James Clarke, Travelzoo’s General Manager, UK, accepted the award on behalf of the team.
About Travelzoo
We, Travelzoo ®, are the club for travel enthusiasts. Our 30 million members receive exclusive offers and one-of-a-kind experiences personally reviewed by our deal experts around the globe. We have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. We work in partnership with more than 5,000 top travel suppliers”our long-standing relationships give Travelzoo members access to irresistible deals.
Travelzoo is a registered trademark of Travelzoo. All other names are trademarks and/or registered trademarks of their respective owners.
Travelzoo
590 Madison Avenue
35th Floor
New York, NY 10022
Media Contacts:
Natalia Cwierz “ Berlin
+49 178 3358 784
ncwierz@travelzoo.com
Cat Jordan “ London
+44 77 7678 1525
cjordan@travelzoo.com
Gabe Saglie “ Los Angeles
+1 805-453-1209
gsaglie@travelzoo.com
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