Barnes Group Inc. - B STOCK NEWS

BioArctic AB's partner Eisai has announced the launch of Leqembi® (lecanemab) in China on June 28, 2024. Approved in January 2024 for treating mild cognitive impairment (MCI) and mild dementia due to Alzheimer's disease (AD), Leqembi is now available in the United States, Japan, and China. Eisai estimates there are 17 million early AD patients in China. The drug will be available in the private market with a 200 mg vial priced at CNY 2,508. A specialized healthcare insurance plan partially covering the drug cost has been introduced. Leqembi, which reduces amyloid-beta (Aβ) plaques in the brain, is the first treatment shown to slow disease progression. BioArctic will receive milestone payments and a 9% royalty on global sales, with plans to commercialize the drug in the Nordic region pending European approval.

Barnes Group (NYSE: B) will release its second quarter 2024 financial results on Friday, July 26, 2024, before the market opens. The company will host a conference call at 8:30 a.m. (ET) to discuss the results and the company’s outlook. The call can be accessed via a live audio webcast on the Investor Relations section of the Barnes website or by dialing (888) 510-2379 in the U.S. or (646) 960-0691 internationally, using Conference ID 1137078. Supplemental materials will be posted on the company's website before the call. A recording of the call will be available for playback from 12:00 p.m. (ET) on July 26, 2024, until 11:59 p.m. (ET) on August 2, 2024, by dialing (609) 800-9909 and using Playback ID 1137078.

During the MRO Americas show in Chicago, Barnes Aerospace and RTX’s Pratt & Whitney Canada announced a long-term extension to their repair services agreement. This partnership, which began in the 1970s, focuses on the maintenance, repair, and overhaul of complex aero engine components. Barnes Aerospace aims to leverage its repair capabilities and expertise to meet the growing demand for support of existing and new engine programs, ensuring industry-leading turn-around times.

Pratt & Whitney Canada, with over 68,000 engines in service, highlighted the importance of this agreement in maintaining a reliable network of service partners to keep their engines operational. Certified by various regulatory authorities, Barnes Aerospace provides services to major commercial airlines and original equipment manufacturers worldwide. The agreement aims to advance new repair development solutions and supports engines currently in development.

The FDA has accepted Eisai's Supplemental Biologics License Application (sBLA) for monthly intravenous (IV) maintenance dosing of Leqembi® (lecanemab-irmb) for early Alzheimer's Disease (AD). A Prescription Drug User Fee Act (PDUFA) action date is set for January 25, 2025. Leqembi is designed to treat patients with mild cognitive impairment or mild dementia. The sBLA is based on data from the Phase 2 Study 201, its open-label extension (OLE), and the Clarity AD study. If approved, the monthly dosing regimen would be less burdensome, aiding long-term treatments. Eisai has also initiated a rolling submission to the FDA for a Leqembi subcutaneous autoinjector for weekly dosing. Leqembi is currently approved in several countries, and BioArctic is entitled to payments and royalties from its sales, with rights to commercialize in the Nordic region pending European approval.

BioArctic's partner, Eisai, projects Leqembi® sales to reach JPY 56.5 billion (approx. SEK 4 billion) for FY 2024 (April 2024 - March 2025), generating SEK 360 million in net royalties for BioArctic. For FY 2023, Leqembi sales were JPY 4.3 billion, resulting in SEK 28.2 million in royalties. BioArctic holds commercialization rights for lecanemab in the Nordic region, pending European approval. The first-quarter report for 2024 will be released on May 17, 2024. The disclosed information complies with the EU Market Abuse Regulation.

Eisai has initiated a rolling submission of a Biologics License Application (BLA) to the U.S. FDA for Leqembi® (lecanemab-irmb) subcutaneous maintenance dosing. This follows the FDA granting Fast Track designation to Leqembi for Alzheimer's disease treatment in early AD stages. Currently approved for biweekly intravenous (IV) treatment, Leqembi's subcutaneous autoinjector simplifies home treatment, reducing the need for hospital visits. The BLA relies on Phase 3 Clarity AD open-label extension study data and aims to maintain effective drug concentrations to sustain clearance of toxic protofibrils. Leqembi is already approved in the US, Japan, and China, with additional applications under review globally. Eisai leads the global development and regulatory submissions, while BioArctic holds commercialization rights in the Nordic region pending European approval.

Barnes Group Inc. (NYSE: B) has declared a quarterly cash dividend of $0.16 per share, payable on June 10, 2024, to shareholders of record on May 29, 2024. The company has a long history of paying dividends to stockholders since 1934.

ETQ, part of Hexagon, showed significant growth in the first quarter of 2024 with the addition of new enterprise customers in various sectors and the expansion of its cloud-based QMS, ETQ Reliance NXG. The company is focused on helping manufacturers reduce product recalls, enhance operational efficiency, and comply with quality standards.

Barnes Group Inc. reports strong first-quarter 2024 financial results with sales of $431 million, up 28%, driven by Aerospace growth. Operating margin increased to 9.2%, adjusted EBITDA margin up to 18.7%. Adjusted EPS down 19% to $0.38. Aerospace segment sales surged 89%, while Industrial segment reported a 4% decline. Company divested Associated Spring & Hanggi businesses to focus on Aerospace. Balance sheet shows $82 million in cash and $344 million available credit. Updated 2024 guidance includes organic sales growth of 5% to 8%, adjusted EPS of $1.62 to $1.82, and capital expenditures of $60 million to $70 million.