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Eli Lilly to disrupt the weight loss market / Carrier buys heat pump business for $13.2B / Investors worry about GM's 2023 prospects

Plus, rivals Hasbro and Mattel join hands

Inside.com Part of   Network April 28, 2023

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Eli Lilly has applied for FDA approval for Tirzepatide, which has been shown to help people with type 2 diabetes and obesity lose an average of 16% body weight. Lilly's 2023 profit forecasts have been upgraded due to solid sales of its diabetes drug Mounjaro, making it a potential rival to Novo Nordisk's obesity treatment Wegovy. More: Tirzepatide has already been approved by the FDA to treat type 2 diabetes and notched up almost $500M in sales. The medication, which reduces appetite and boosts energy expenditure, is given by injection once a week. According to analysts, peak sales of tirzepatide could approach $50B, making it the most successful medication ever. Pharmaceutical companies are working to create new obesity and diabetes drugs to meet the increasing demand from patients and investors.

Carrier Global Corp. will purchase the heat pump division of the German Viessmann Group for $13.2B. Given their greater efficiency than conventional combustion furnaces, heat pumps are critical for moving away from fossil fuel heating. More: With the purchase of Viessmann's climate solutions division, Carrier claimed that it would get "an iconic, premium brand in the highest growth segment of the global heat pump and energy transition markets." The German government is examining the sale of the German heat pump industry to ensure that profits are retained in the country as part of its plan to phase out gas and oil heating systems. Carrier is paying 80% in cash and 20% in Carrier shares, with Max Viessmann, CEO of the German company, joining the board of directors when the deal is finalized, expected around the end of the year. The agreement between Viessmann and Carrier provides a three-year moratorium on layoffs, a five-year guarantee for critical locations, and a 10-year commitment for divisional offices.

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Since the company released its Q1 results on Tuesday, General Motors (GM) shares have dropped by almost 6%. Investors are skeptical of GM's capacity to succeed in the face of more significant economic difficulties and a transition away from expensive automobiles and record profits, despite the company meeting earnings projections and upping its estimate for 2023. More: Wall Street analysts are concerned that GM's profitability could be hampered by eroding pricing power, union labor issues, and the difficulties of producing electric vehicles. Shares are trading just above $32, 26% off their 52-week high of $43.63 per share and down 2.75% annually. Compared to last year, GM's new car pricing is anticipated to stay stable, with an average consumer payment of $50,263 per vehicle in the U.S. during Q1, says GM CFO Paul Jacobson. While maintaining an equal-weight rating, Barclays analyst Dan Levy lowered the stock's price target by $3 to $42 per share.

A multiyear licensing arrangement has been reached between Hasbro and Mattel to introduce co-branded toys and games, leveraging the well-known brands of both companies. This partnership announcement comes after they released a mixed earnings report this week. More: Hasbro's shares increased by more than 13% on Thursday after the company reported Q1 revenue of $1B, which beat analysts' expectations of $878.4M. Additionally, Mattel released its Q1 results, outperforming forecasts for revenue but missing them for operating income. The pandemic-era inflation has hindered Mattel and other toymakers, so they'll focus on popularizing their core brands to increase reach. In 2023 and 2024, Hasbro and Mattel will release Barbie-branded Monopoly, Transformer-branded UNO, and Hot Wheels vehicles.

The Gap will reduce its workforce by 1,800 people, three times more than the 500 announced in September, to improve efficiency and reduce expenses. This will involve job losses at headquarters and those in leadership roles outside the main office. More: The apparel company is anticipated to save $300M annually through employment losses, with half of that coming in 2023. Gap's interim CEO, Bob Martin, said the layoffs are part of a broad effort to cut costs, streamline operations, reshape Gap for the future, and elevate creativity. Old Navy, Banana Republic, and Athleta are among the Gap brands that will "release untapped potential" due to the layoffs. With a price decline of almost 16% this year, Gap shares increased by approximately a half percentage point on Thursday. Zoom Out: On July 2022, Bob Martin was appointed interim CEO following Sonia Syngal's departure after failing to save Gap from its financial troubles.

Avolon has agreed to purchase 40 Boeing 737 MAX aircraft for over $4B, with deliveries due between 2027 and 2030. This order helps to support Boeing amid its current issues, increasing the world's third-largest aircraft leasing firm's fleet to 870 aircraft. More: Avolon's CEO, Andy Cronin, expressed confidence in the MAX program and Boeing's capability to deliver the aircraft despite its recent manufacturing issues. Of the 252 airplanes Avolon had committed to purchasing before the agreement with Boeing, 184 were from rival Airbus' A320neo family. The industry-wide supply chain issues have eased over the past two to three quarters, but they are expected to persist through the end of this year and into next year. In Q1, the Dublin-based firm reported $599M in lease revenue and $56M in net profits, citing strong demand for aircraft and high levels of leasing activity in the face of a persistent jet shortage.

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Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords.

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