Hints and tips:
...This week General Electric, General Motors and Kimberly-Clark all topped analysts’ expectations and were rewarded with immediate share price pops....
...Smaller rival H&R Block trades on a multiple of only 12 times. But this premium has more to do with bog-standard accounting than cutting-edge tech....
...In the last fiscal year, Apple spent twice as much buying back its own shares as it did on R&D....
...Early on the IPO roster is expected to be Reddit, the social media network where users on its own r/stocks forum take a pretty dim view of its flotation plans....
...Investors will require that his commitment to R&D actually leads to wins....
...In Reddit’s r/stocks forum, the social media network’s own users take a dim view of the company’s upcoming initial public offering. “RIP Reddit, it all goes downhill from here”, is the general view....
...Soriot took a very broad portfolio and focused on some of the newest areas of science, including oncology, rare diseases, cardiovascular, renal and metabolism (CVRM) and respiratory and immunology (R&I)....
...The company also receives a US R&D tax credit. Across the US, the effective tax rate paid by large profitable companies is far lower than the statutory rate....
...Being big also means that necessary investments, in new models and R&D, are less of a drag. Capex and R&D will come in at less than 7 per cent of sales, says Philippe Houchois at Jefferies....
...Lex explored this theme — and R&D as a broader topic — in this week’s column. You can email me about that, or any other aspect of our coverage at Lexfeedback@ft.com....
...In the last fiscal year, R&D costs were equal to 7.8 per cent of revenue, up from 3.3 per cent in 2014. But it has not been willing to fund a new supply chain for mass car production....
...Production, Kimberly Arms at Partner Films Letter in response to this article: Some coded humour in the fashion spread, surely? / From Charlie Metcalfe, Lisbon, Portugal...
...Its scale means it can spread R&D spending and overheads over €41bn of turnover....
...French rival Sanofi is fighting a similar battle despite upping R&D spend by around €700mn this year as it works to reduce its reliance on its asthma and eczema treatment Dupixient....
...Ebitda tumbled to R$363.6mn from R$1bn in 2021 as margins fell by more than half to 8.3 per cent. All three metrics have fallen another step lower in the first nine months of this year....
...R&D costs easily run into the hundreds of millions of euros....
...Novo’s next generation drug CagriSema is biopharma’s most valuable R&D project, with a net present value of $30bn, according to Evaluate....
...The Lex team is interested in hearing more from readers. Will Airbus need subsidies to pursue its next big project? Please tell us what you think in the comments section below....
...The Lex team is interested in hearing more from readers. Please tell us what you think of Apple’s numbers in the comments section below...
...PepsiCo Q1, Philip Morris International Q1, RWS Holdings HY, Seagate Q3, Shimano Q1, Spotify Q1, Taylor Wimpey AGM & trading update, Tesla Q1, Texas Instruments Q1, United Parcel Service Q1, Visa Q2, W R...
...Even better, investment in generative AI start-up OpenAI, home of ChatGPT, has allowed it to add AI to its services while simultaneously slowing spending on R&D....
...On occasions, she even managed to draw a reasonable sounding R out of me....
...That was equal to more than a fifth of advertising revenue and was more than the company paid for R&D....
...R&D spend has doubled since 2020, reaching $3bn in 2022. It has dipped as a percentage of revenue since Tesla started keeping a closer eye on spending....
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