UniCredit sets profit goal of around 10 billion euros by 2027
UniCredit said it aims to increase net profit to around 10 billion euros by 2027, with the “ambition” to distribute more to shareholders than it did 2024.
Italy’s second-largest lender posted fourth-quarter net profit that beat expectations amid market focus on the bank’s M&A overtures.
Net profit attributable to the group came in at 1.969 billion euros ($2.03 billion) in the fourth quarter, compared with an analyst forecast of 1.803 billion euros, according to a LSEG-compiled consensus.
The company also said it aims to raise its returns on tangible equity above 17% over the next three financial years from the current 16.6%, making it one of the most efficiently run large banks in Europe.
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— Ganesh Rao
Novartis strengthens cardiovascular drug pipeline with a $925-million deal to buy Anthos Therapeutics
Novartis is set to buy Boston-based Anthos Therapeutics for $925 million in a bid to strengthen its late-stage cardiovascular treatment pipeline.
The Swiss pharmaceutical giant said that further payments of up to $2.15 billion could be made if “specified regulatory and sales milestones” were met by Anthos.
Founded in 2019, Anthos Therapeutics has developed abelacimab, a medicine for the prevention of stroke and systemic embolism in some patients, from the clinical stage through the ongoing phase-3 clinical trial.
Novartis expects the transaction to close in the first half of this year.
— Ganesh Rao
European markets: Here are the opening calls
European markets are expected to open in mixed territory Tuesday.
The U.K.’s FTSE 100 index is expected to open 8 points lower at 8,770, Germany’s DAX down 29 points at 21,903, France’s CAC down 12 points at 7,999 and Italy’s FTSE MIB 41 points higher at 37,378, according to data from IG.
Earnings are due from Kering, BP, Dunelm, TUI Group, Ams-OSRAM and Unicredit. On the data front, French unemployment figures are due.
— Holly Ellyatt