💉 Here's what's needling Pfizer

Pfizer's sales pfell but it didn't pfail | First Republic's collapse spells trouble | [TOGETHER WITH]( Hi {NAME}, here's what you need to know for May 03rd in 3:15 minutes. 🧠Going from startup to publicly traded company can leave you with some battle scars, sure – but you can gain boatloads of knowledge to boot. So join Rafael Museri at [Meet The Founder: Selina IPO]( this Wednesday, and find out how Selina rolled with the punches. [Get your free ticket]( Today's big stories - Pfizer’s sales slipped – but the firm still managed to outpace expectations - Here’s why a hedge fund icon is betting against the US dollar – [Read Now]( - JPMorgan took First Republic off regulators’ hands this week A Problem With Drugs [A Problem With Drugs] What’s going on here? Drugmaking giant Pfizer [reported]( dwindling sales on Tuesday – but the firm still managed to plow through analysts’ expectations. What does this mean? Covid-related products brought in more than half of Pfizer’s $100 billion in sales last year, so it’s fair to say the firm’s milking those offerings for all they’re worth. But that’s the thing about cash cows: sooner or later, they run dry – and then you wind up in poor Pfizer’s current predicament. See, demand for its pandemic-punching products took a nosedive last quarter, with sales plummeting around three-quarters from the same time last year. And sure, Pfizer’s Covid antiviral pills took off in China, and non-Covid offerings jumped 5%, but that couldn’t stop a 29% drop in overall sales. Thing is, no one was really expecting much of Pfizer anyway – so the firm managed to beat analysts’ ultra-low expectations. Why should I care? Zooming in: Pfizer’s plan B. Investors are still feeling antsy about Pfizer’s future – and the Covid-shaped hole in its revenue has made Pfizer’s stock one of Big Pharma’s worst performers this year. But the company’s planning to ramp up product launches to fix that, pumping billions into both research and dealmaking. Its $43 billion purchase of Seagen – a cancer treatment firm – back in March seems like a step in the right direction, but there’s still a long road ahead. The bigger picture: Sector-wide shakeup. Pfizer isn’t the only pharma giant trying to find some new moneymakers. Last week a whole host of drugmakers, including AstraZeneca and Merck, [said]( that expiring patents and growing competition were spurring them to spend on acquisitions and research. And smaller US biotech firms could be prime targets. After all, their valuations are well below their pandemic peaks – and with the upstarts’ top debt providers hitting the brakes on funding, the small fry might have little choice but to cozy up to the big fish. You might also like: [Could these obesity-drug stocks make your portfolio look big?]( Copy to share story: [/problem-drugs]( 🙋 [Ask a question](mailto:questions@finimize.com?body=Ask us a question: Where are you writing from? Let us know and we'll mention it when we reply.&noapp=true&subject=A Problem With Drugs&utm_campaign=daily-global-03-05-2023&utm_source=email) Analyst Take A Hedge Fund Icon’s Steadfast Stance On The US Dollar [A Hedge Fund Icon’s Steadfast Stance On The US Dollar]( By Russell Burns, Analyst [Stanley Druckenmiller](, one of the most successful investors of the last few decades, recently revealed his [top trade right now](. His voice may well be one worth listening to: his hedge fund averaged annual returns of 30% between 1986 and 2010. The investing titan has compelling stances on stocks, with [one specific recent trade]( catching my eye. But above all else, Druckenmiller’s strongest conviction is to [bet against the US dollar](. I’ve taken a look at [why he’s backing that US dollar stance so strongly, which other opportunities]( he’s investing in, and how you could copy some of his tricks if you agree with his conviction. So that’s today’s Insight: [why Druckenmiller’s betting against the dollar, and how you can too](. [Read or listen to the Insight here]( SPONSORED BY BESTINVEST Everything you need to know about ISAs It can be hard to get your head around[all the investments, accounts, and strategies]( out there. Case in point: at our recent webinar with [Bestinvest](, you asked the platform’s experts about [the best way to use]( popular tax-sheltering accounts and strategies. For starters, you could pay into one of each type of ISA every tax year, which is why [Bestinvest]( said it might make sense to [hold them in one place]( so you can keep tabs on them all. And on top of ISA investing, you could always turn your attention to pension savings. After all, that’s another tax-efficient way to make your money work toward [financial freedom](. If you want more detailed guidance about ISA accounts, pensions, or any other financial subject, you can [talk all things money with a qualified Bestinvest coach as often as you want for free](. With investing, your capital may be at risk. This is not advice to invest. Bestinvest is a trading name of Evelyn Partners Investment Management Services Limited, which is authorised and regulated by the Financial Conduct Authority. [Find Out More]( When you support our sponsors, you support us. Thanks for that. Breaking The Bank [Breaking The Bank] What’s going on here? JPMorgan (JPM) [snapped]( up troubled lender First Republic (FR) this week – but that’s just a Band-Aid on a wounded economy. What does this mean? FR has been teetering on the edge of disaster ever since Silicon Valley Bank (SVB) [collapsed]( back in March. And sure, help was at hand – like a $30 billion cash [infusion]( – but even that couldn’t shore up customers’ confidence. See, first-quarter results revealed a near 50% drop in deposits, and that sent FR’s shares into a nose-dive – going into freefall till regulators cried “enough” and arranged for JPM to scoop up the lender’s assets. With that, FR claimed the dubious honor of the second-biggest bank failure in US history – dethroning SVB after just a month, and becoming the fourth small lender to crumble since early March. Why should I care? Zooming in: Bigger isn’t better. Regulators picked JPM’s offer because it was the only firm ready to gobble FR up whole: all the others proposed messier breakups. But while the authorities solved one problem, they might’ve fueled another. See, regulators have tried to avoid making behemoths like JPM bigger in the past, worried about increasing their “[too big to fail](” status. And now JPM – already the biggest US bank, with over 10% of the country’s bank deposits to its name – has just got even bulkier. That could create a whole host of problems: for one, risky bets seem far less risky when you know the government will bail you out of any trouble. The bigger picture: Lend me your ears. Another bank biting the dust is sure to have repercussions, with investors warning that super-cautious lending conditions could worsen the slowdown. Take Europe: recent data shows eurozone business lending fell at the fastest rate since 2008. Combine that with stricter regulation – especially for smaller banks – and you’ve got a recipe for dampened demand and sluggish growth. You might also like: [Get ready for a hard landing: why a recession may be all but unavoidable now.]( Copy to share story: [/breaking-the-bank]( 🙋 [Ask a question](mailto:questions@finimize.com?body=Ask us a question: Where are you writing from? Let us know and we'll mention it when we reply.&noapp=true&subject=Breaking The Bank&utm_campaign=daily-global-03-05-2023&utm_source=email) 💬 Quote of the day "Good communication is as stimulating as black coffee and just as hard to sleep after." – Anne Morrow Lindbergh (an American writer and aviator) [Tweet this]( SPONSORED BY CME GROUP This type of trade could help you use a downturn to your portfolio’s advantage If you’re turned off by a downturn, you might end up [missing a trick](. See, you could actually [benefit from downward-trending market volatility](. If you have an idea about where an asset’s price will go, you could use [futures contracts]( to speculate on its direction. Or if you’re unsure, you could [pause your current position]( – without exiting it – by taking out the [opposite futures contract trade]( to hedge your existing one. And you don’t have to go it alone, either: you can stay on top of the market trends with [CME’s watchlist](, and execute your trades on the same platform too.  You could even trial your predictions with [CME’s high-tech trading simulator for free]( before you put your hard-earned cash behind your strategy for real. [Discover a one-stop futures-trading shop with CME](. Disclaimer The data and output from this tool does not constitute investment advice and is not a personal recommendation from CME Group. Nothing contained herein constitutes the solicitation of the purchase or sale of any futures or options. Any investment activities undertaken using this tool will be at the sole risk of the relevant investor. [Find Out More]( When you support our sponsors, you support us. Thanks for that. 🎯 On Our Radar 1. The dawning dystopia. Scientists can use GPT AI and an fMRI machine to [decode your thoughts](. 2. Alternative investments are big business. Listen into [ten-minute pitches from five alternative startups](.* 3. Power of proximity. Younger employees can miss out when they [work from home](. 4. Stranger danger. Chatting with [random people]( can be a joy – but we’re losing the knack. 5. Food for the soul. Art might be nourishing, but this [hungry Korean student]( took that a little too literally. When you support our sponsors, you support us. Thanks for that. 🌍 Finimize Live 🥳 Coming Up This Week... All events in UK time. 🚀 [Meet The Founder: Selina IPO](: 5pm, May 3rd 💥 [Investing 101: The DIY Investor](: 1pm, May 4th 🙋‍♀️ [Finimize Ladies Investing Club]( (London): 6.30pm, May 4th 👀 And After That... ⚡️ [The Great Energy Transition](: 5pm, May 16th 🏡 [Is It A Good Time To Invest In Real Estate?]( 5pm, May 17th 🏠[Alternative Ways To Invest In Real Estate](: 1pm, May 18th ✅ [Three Industries That Thrive In A Downturn](: 5pm, May 23rd 🚀 [A Beginners Guide To Prop Trading](: 5pm, May 25th 🎉 [Modern Investor Summit 2023](: 12pm, December 5th and 6th ❤️ Share with a friend Thanks for reading {NAME}. If you liked today's brief, we'd love for you to share it with a friend. You stay classy, {NAME} 😉 We’d love to hear your thoughts. [Give feedback]( Want to advertise with us too? 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