and saying its shares face 35-50-per-cent long-term downside risk
It is also exploring strategic options for its consumer platform business, which has lost about US$3-billion in three years, executives told investors in February. Goldman’s profit in the quarter ended Mar. 31 fell to US$3.09-billion compared with US$3.83-billion a year earlier, while earnings per share slid to US$8.79 from US$10.76 last year, it said on Tuesday.
was down as it beat first-quarter profit estimates on Tuesday, benefiting from the Federal Reserve’s rate hikes that boosted the lender’s interest income. The New York-based lender’s net interest income for the quarter surged 62 per cent to US$1.1-billion, compared with US$698-million a year earlier.
Sales of its cancer treatments such as prostate cancer therapy Erleada and multiple myeloma drug Darzalex are closely watched by investors as the company targets about US$60-billion in drug sales by 2025 at a time when older drugs face fierce competition.