Eli Lilly and Co.’s (LLY) new migraine medication, Reyvow, is giving the pharma giant a bit of a headache.

Overall, the company's second-quarter sales fell below expectations. The new acute migraine medication Reyvow failed to make up the revenue shortfall caused by customers stockpiling medications when the pandemic began, thus causing ongoing sales to take a hit. Revenues fell 2.4% to $5.5 billion compared to the same period a year earlier.

A bright spot was that new medications made up more than half of sales in the quarter. FiercePharma reported that in the wake of that performance, Cantor

Cambridge, Massachusetts-based ElevateBio deserves a pat on the back for making a Houston biotech firm the first company in its portfolio last year.

AlloVir Inc. (ALVR) went public in an upsized initial public offering last week, raising $276 million by selling 16.3 million shares at $17. That means that in just a matter of days, the stock has soared more than 70% to $29.40, giving the company a market value of more than $1.8 billion.

AlloVir’s IPO funds will go toward pushing ahead its program aimed at using its allogeneic T cell therapies to treat viral

Richard Pzena (Trades, Portfolio) is the founder and Chief Investment Officer of Pzena Investment Management LLC. The hedge fund has an equity portfolio valued at $15.33 billion and composed of 169 stocks. It sold shares of the following stocks during the second quarter of 2020.

The Interpublic Group of Companies

The fund trimmed its position in The Interpublic Group of Companies Inc. (IPG) by 57.25%. The trade had an impact of -1.06% on the portfolio.

The holding company has a market cap of $7.16 billion and an enterprise value of

John Hussman (Trades, Portfolio) is the founder and leader of Hussman Strategic Advisors. The hedge fund's equity portfolio has a value of $392 million and is composed of 259 stocks. It sold shares of the following stocks during the second quarter of 2020.

Facebook

The fund trimmed its position in Facebook Inc. (FB) by 79.92%. The trade had an impact of -0.91% on the portfolio.

The social network has a market cap of $773.73 billion and an enterprise value of $673.78 billion.

GuruFocus gives the company a profitability and growth

The last time I looked at AbbVie Inc. (ABBV) was following my early February purchase of the stock. At that time, I felt that shares had at least 30% upside. AbbVie recently reported earnings results, and nothing in the report has changed my thesis on the stock. I still believe that shares can offer at least a 30% increase in share price.

Quarterly highlights

AbbVie reported second-quarter earnings results on July 31. The company’s revenue increased 26.3% to $10.4 billion, beating Wall Street analysts’ estimates by almost $290 million. Adjusted earnings per share improved 8 cents, or 3.5%, to

The Smead Value Fund (Trades, Portfolio) manages a $949 million portfolio composed of 28 stocks. It sold shares of the following stocks during the second quarter of 2020.

Occidental Petroleum

The fund exited its position in Occidental Petroleum Corp. (OXY). The trade had an impact of -5.42% on the portfolio.

The independent oil and gas exploration company has a market cap of $15.57 billion and an enterprise value of $63.05 billion.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. The return on equity of

In two previous articles in GuruFocus, I looked at what’s propelling sales - now and in the next several years - at the companies ranked 1st through 5th and 6th through 10th by ElaluatePharma's list of the top 15 pharma companies for 2020. Now, we'll take a look at the companies ranked 11th through 15th.

Takeda Pharmaceuticals Inc. (TAK)

• Estimated 2026 sales: $35.26 billion
• 2019 sales: $29.76 billion (estimate)
• 2019-26 CAGR: 2.45%

Takeda's $59 billion Shire buyout vaulted it into the world’s top 10 pharma companies in 2019, according to FierceBiotech.

The portfolio that my wife and I are building has been publicly tracked since 2015 on a different platform. As this is the first posting of our portfolio’s performance on GuruFocus, I would like to give some background information about us and our investment goals and strategies.

Investment goals and strategies

We have nicknamed our portfolio “The March to Freedom” because we believe that investing is a long game and that there are no short-term solutions to creating a portfolio that can be used to pay for retirement.

Our portfolio consists of our Roth Individual Retirement Accounts and a workplace

The Dow Jones Industrial Average closed at 25,734.97 on Wednesday with a loss of 77.91 points or -0.30%. The S&P 500 closed at 3,115.86 for a gain of 15.57 points or 0.50%. The Nasdaq Composite closed at 10,154.63 for a gain of 95.86 points or 0.95%. The VIX Volatility Index was lower at 28.73 for a loss of 1.70 points or -5.59%.

Wednesday’s market movers

U.S. stocks closed higher to start July. Investors were pleased with an upbeat ADP private sector payroll report, though the 2.369 million payrolls added came in slightly below expectations. The Commerce Department will release its

Akebia Therapeutics, Inc. (AKBA) is vying with several other pharma companies to bring potentially game-changing treatments for kidney dialysis patients.

The Cambridge, Massachusetts-based company substantially improved its position in the hotly contested race when it reported success in the first of two large phase 3 studies of its anemia drug vadadustat in adults with damaged kidneys. Akebia’s shares shot up 35% when it announced results of the study; it currently trades at more than $11.50. Vadadustat showed to be just as effective as the standard of care at boosting hemoglobin levels, and patients on it had numerically fewer

With market valuations tumbling near three-year lows as the Covid-19 virus outbreak rattles markets around the globe, GuruFocus Editorial Assistant James Li discusses how investors can seek good opportunities based on Berkshire Hathaway Inc. (BRK.A)(BRK.B) co-managers Warren Buffett (Trades, Portfolio) and Charlie Munger (Trades, Portfolio)’s four-criterion investing approach.

The All-in-One Screener, a major GuruFocus Premium feature, identified four such companies: Amgen Inc. (AMGN), Canadian Pacific Railway Ltd. (CP), Copart Inc. (CPRT) and Intel Corp. (INTC).

A recap of market valuations following a miserable March

As discussed in a previous article,

Following a historic market tumble on Monday, five stocks in the Standard & Poor’s 500 Index that gained more than 10% on St. Patrick’s Day and have a GuruFocus business predictability rank of at least 3.5-stars are Intel Corp. (INTC), American Tower Corp. (AMT), Walmart Inc. (WMT), Nvidia Inc. (NVDA) and Amgen Inc. (AMGN) according to All-in-one Screener results, a major GuruFocus Premium feature.

On Tuesday, a day to celebrate the foremost patron saint of Ireland, the Dow Jones Industrial Average closed at 21,237.79, up 1,049.27 points or 5.20% from Monday’s close of

General Dynamics Corp (GD), Amgen Inc (AMGN) and Johnson Controls International PLC (JCI) announced dividends on Wednesday, March 4. These large caps are loyal payers, as they have been paying dividends for several years already.

General Dynamics Corp

The Falls Church, Virginia-based aerospace and defense company announced a $1.10 quarterly cash dividend per common share, which represents a 7.84% rise from the previous payment.

General Dynamics Corp will pay the quarterly dividend to its shareholders on May 8, 2020. In order to benefit, investors must be on the company’s books no later than April 10. The ex-dividend date is

According to the Undervalued-Predictable Screener, one of our Premium value screens, two health care companies with predictable earnings and trading below intrinsic value are Anthem Inc. (ANTM) and Amgen Inc. (AMGN).

Dow receives boost following "Super Tuesday," especially in health care

On Wednesday, the day following the “Super Tuesday” voting primaries, the Dow Jones Industrial Average closed at 27,096.04, up 1,178.63 points from the previous close of 25,917.41.

The primary results sent health care stocks soaring, with UnitedHealth Group Inc. (UNH) and Centene Corp. (CNC) increasing over 9% and 14%.

To us, Warren Buffett (Trades, Portfolio) is the greatest value investor of our time. He released the annual letter to his Berkshire Hathaway (BRK.A)(BRK.B) shareholders on Feb. 22. This letter happens to coincide with some of his worst relative performance in the last year to five years. It comes in a brutal stretch for value and within recent demoralization of those of us who agree with his investing style. Why, in this letter, did Buffett shed no light on the current circumstances in the stock market? What is the difference between now and 1969 to 1972, when

The share price of a clinical-stage oncology company that went public just last week has climbed more than 70% on hopes that it can develop drugs to transform the way cancer is treated.

Redwood City, California-based Revolution Medicines Inc. (RVMD) sold 14 million shares at $17 each on Feb. 13, 2020, raising a total of $238 million (more than twice its original goal). At close on Feb. 18, shares were trading at just over $29.

The six-year-old company will use the funds to push along drug candidates that block certain proteins that cause cancer to grow and thrive. The pharmaceutical

Teva Pharmaceutical Industries Ltd. (TEVA) has cleared the decks, and the company is signaling full speed ahead.

That was the message conveyed to analysts during the company’s year-end earnings call on Feb. 12. A multiyear restructuring by the Israeli company is going to save about $3 billion in yearly expenses. That’s the tally after Teva shed about 13,000 employees, shuttered 13 manufacturing plants—with 10 more to go--and closed 40 offices and laboratories.

Now leaner and more agile, the company is banking heavily on two of its key products to drive growth, the migraine medication Ajovy and Austedo, a treatment for

Shares of pharmaceutical companies often trade based upon prospects for growth in future years. If the market feels that current products and the product pipeline are likely to perform well, then shares tend to go higher. However, if top-selling drugs are set to lose patent protection, or if the pipeline doesn’t offer much hope for future growth, then the stock is likely to drop.

AbbVie Inc.’s (ABBV) Humira has been one of the best-selling drugs in the world over the past few years, but the product has lost patent protection in international markets already. Humira will lose patent protection in

The Eaton Vance Worldwide Health Sciences Fund (Trades, Portfolio) sold shares of the following stocks during the fourth quarter.

Celgene

The fund exited its Celgene Corp. (CELG) position. The portfolio was impacted by -1.70%.

The biopharmaceutical company has a market cap of $77.04 billion and an enterprise value of $85.93 billion.

GuruFocus gives the company a profitability and growth rating of 9 out of 10. The return on equity of 71.15% and return on assets of 15.65% are outperforming 91% of companies in the drug manufacturers industry. Its financial strength is

Of the ten most anticipated drug launches expected this year, two will have the biggest impact on the top line—and possibly the share price--of the companies introducing them.

Aimmune Therapeutics

Heading the list of biggest potential beneficiaries is Aimmune Therapeutics, Inc. (AIMT), whose new drug Palforzia is expected to generate nearly $1.3 billion in sales by 2024. This is a significant development considering that this San Francisco-based biotech has never had a major source of sales revenue.

Palforzia is a food allergy treatment, a field most pharmaceutical companies steer clear of. The drug is a