Raphael Stevens

If President Donald Trump’s 145% levy against imports from China holds, Hasbro estimates it could see as much as a $300 million hit to its bottom line.
The toy maker posted better-than-expected earnings on Thursday, but investors and analysts were more focused on the ongoing trade war
CEO Chris Cocks said the company will be forced to raise prices and warned of potential job losses as the company tries to absorb costs.

Hasbro board games are seen for sale at a Target store in Austin, Texas, on Dec. 12, 2023.
Brandon Bell | Getty Images

If President Donald Trump’s 145% levy against imports from China holds, Hasbro estimates it could see as much as a $300 million hit to its bottom line.
The toy maker posted better-than-expected earnings on Thursday, but investors and analysts were more focused on the ongoing trade war Trump’s White House has waged against the toy industry’s biggest manufacturer.

Hasbro maintained the full-year guidance it issued last quarter, citing the uncertainty of the current tariff environment.
“Our forecast assumes various scenarios for China tariffs, ranging from 50% to the rate holding at 145% and 10% for the rest of world,” said Gina Goetter, chief financial officer and chief operating officer at Hasbro, during Thursday’s earnings call. “This translates to an estimated $100 million to $300 million gross impact across the enterprise in 2025. Before any mitigation.”
CEO Chris Cocks said during the company’s earnings call that “while no company is insulated, Hasbro is well positioned,” noting the company’s unchanged guidance is “supported by our robust games and licensing businesses and our strategic flexibility.”
“Prolonged tariff conditions create structural costs and heighten market unpredictability,” he said, adding, “ultimately tariffs translate into higher consumer prices.”
Cocks also warned of “potential job losses as we adjust to absorb increased costs and reduced profit for our shareholders.”

The company’s U.S. games business benefits from digital and domestic sourcing, as many of its board games are made in Massachusetts. Its Wizards of the Coast division, which includes Magic: The Gathering and Dungeons & Dragons, has a tariff exposure of less than $10 million, Cocks said, as much of the domestic product is made in North Carolina, Texas and Japan.

Play-Doh sits on display in the Hasbro showroom during the International Toy Fair in New York.
Bloomberg | Bloomberg | Getty Images

The company’s toy segment faces higher exposure, as a larger portion of those goods are made in China. Cocks said the company is exploring options for moving its supply chain to other countries.
“Some of that, though, comes with the cost,” he said. “When we manufacture board games in the U.S., it is significantly more expensive to manufacture here than it is in China.”
He added that the company can shift the sourcing of Play-Doh, for example, from China to its factory in Turkey. Under that scenario, Turkey manufacturers would redirect shipments from Europe to the U.S. and Chinese factories could fill in to supply the European market.
Other products are more difficult to triage, especially those that include electronics, high end deco and foam components, Cocks said.
“China will continue to be a major manufacturing hub for us globally, in large part due to specialized capabilities developed over decades,” he said.
Goetter said that much of the manufacturing changes would be seen in 2026 and are dependent on if those countries already have the capabilities and infrastructure in place to make certain products.
Hasbro is also accelerating its $1 billion cost savings plan in an effort to offset tariff pressures, but noted that price hikes are unavoidable.
“We are going to have to raise prices inside of 145% tariff regime with China,” Cocks said. “We’re just trying to do it as selectively as possible and minimize the burden to the fans and families that we serve.”
Both Goetter and Cocks admitted that Hasbro’s plans are flexible and will change as the tariff situation evolves. The company is hopeful for a “more predictable and favorable U.S. trade policy environment.”
“We’re trying to play both defense and offense at the same time,” Goetter said. More

Merck lowered its full-year profit guidance, citing a charge tied to a recent licensing deal and $200 million in estimated additional costs for tariffs implemented to date. 
The company said the expected tariff charge primarily reflects levies between the U.S. and China, but does not account for President Donald Trump’s planned duties on pharmaceuticals.
The drugmaker also reported first-quarter revenue and profit that beat expectations, citing strength in its oncology portfolio and animal health. 

Nurphoto | Nurphoto | Getty Images

Merck on Thursday lowered its full-year profit guidance, citing $200 million in estimated costs for tariffs and a charge tied to a recent deal.
The company now expects its 2025 adjusted earnings to come in between $8.82 and $8.97, down slightly from a previous outlook of $8.88 to $9.03 per share.

The company said the expected tariff charge primarily reflects levies between the U.S. and China, and Canada and Mexico to a lesser degree. Merck has built a robust presence in China, which is considered one of the company’s most important markets and is home to some of its partners and manufacturing and research and development sites. 
Merck noted that the new outlook does not account for President Donald Trump’s planned tariffs on pharmaceuticals imported into the U.S., which is prompting some drugmakers to bolster their U.S. manufacturing footprints. 
That includes Merck, which has invested $12 billion in U.S. manufacturing and research and development and expects to put more than $9 billion more into the country by the end of 2028.
But the guidance does include a one-time charge of roughly 6 cents per share related to the company’s license agreement with Hengrui Pharma, which it announced in March.
Merck reiterated its full-year sales forecast of between $64.1 billion and $65.6 billion. 

Also on Thursday, the drugmaker reported first-quarter revenue and profit that beat expectations, as it said it saw strength in its oncology portfolio and animal health products. 
Merck also cited “increasingly meaningful” sales contributions from two recently launched drugs. They are Winrevair, which is used to treat a rare, deadly lung condition, and Capvaxive, a vaccine designed to protect adults from a bacteria known as pneumococcus that can cause serious illnesses and lung infection. 
Sales of those drugs will likely be critical to Merck’s efforts to offset losses from its top-selling cancer therapy Keytruda, which will lose exclusivity in 2028. 
Here’s what Merck reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

Earnings per share: $2.22 adjusted vs. $2.14  expected
Revenue: $15.53 billion vs. $15.31 billion expected

The company posted net income of $5.08 billion, or $2.01 per share, for the quarter. That compares with a net income of $4.76 billion, or $1.87 per share, during the year-earlier period. 
Excluding acquisition and restructuring costs, Merck earned $2.22 per share for the first quarter. 
Merck raked in $15.53 billion in revenue for the quarter, down 2% from the same period a year ago.

Pharmaceutical, animal health sales

Merck’s pharmaceutical unit, which develops a wide range of drugs, booked $13.64 billion in revenue during the first quarter. That’s down 3% from the same period a year ago.
Keytruda recorded $7.21 billion in revenue during the quarter, up just 4% from the year-earlier period. 
That increase was driven by higher uptake of Keytruda for earlier-stage cancers and strong demand for the drug for metastatic cancers, which spread to other parts of the body. Still, sales came under the $7.43 billion that analysts had expected, according to StreetAccount estimates.  
Notably, Merck continued to see trouble with China sales of Gardasil, a vaccine that prevents cancer from HPV, the most common sexually transmitted infection in the U.S. 

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In February, Merck announced a decision to halt shipments of Gardasil into China beginning that month and going through at least mid-2025. Investors will likely be looking for updates on that effort during the earnings call on Thursday. 
The Chinese market makes up the majority of the blockbuster shot’s international revenue. Merck is hoping that Gardasil’s expanded approval for men ages 9 to 26 in China will help boost uptake of the shot.
Gardasil raked in $1.33 billion in sales, down 41% from the first quarter of 2024 primarily due to lower demand in China. That’s below the $1.45 billion that analysts were expecting, according to StreetAccount estimates. 
China has retaliated with tariffs of 125% on goods from the U.S. Some experts said China’s tariffs on U.S. products could lead to increased prices or limited supply of some popular Western medicines for Chinese patients, Reuters reported.
Merck’s animal health division, which develops vaccines and medicines for dogs, cats and cattle, posted nearly $1.59 billion in sales, up 5% from the same period a year ago. The company said higher demand for livestock products and sales from Elanco’s aqua business, which it acquired last year, drove that growth.

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Comcast reported first-quarter earnings Thursday morning. 
The company beat analyst earnings estimates and saw revenue lifted primarily by its Xfinity mobile offering and streaming platform Peacock. 
Despite broadband revenue growth, Comcast still showcased the pressures the cable industry is facing in the segment with the loss of 199,000 customers during the quarter.

Comcast surpassed first-quarter expectations on Thursday even as the company lost broadband customers amid heightened competition.
While domestic broadband revenue was up 1.7% to $6.56 billion, Comcast lost 199,000 total domestic broadband customers, reflecting the continued pressure on the cable giant’s cornerstone business. Competition has ramped up in recent years due to the rise of alternative home internet options, including 5G, or so-called fixed wireless. 

Comcast shares were down more than 5% in premarket trading.
Meanwhile Comcast’s less-than-10-years-old mobile business remained a bright spot during the quarter. Revenue for the unit was up roughly 16% to $1.12 billion, and it added 323,000 lines. There are now roughly 8.15 million total Xfinity Mobile lines. 
During last quarter’s earnings call, Comcast executives alerted investors that they would shift the company’s focus to growing its mobile business following continued losses in broadband. Since then Comcast has introduced changes to its mobile plans and pricing, and made a new hire.
Comcast reported 427,000 cable TV customer losses during the quarter as the traditional bundle continues to bleed customers. Comcast provides its broadband, mobile and pay TV services under the Xfinity brand. 
Here is how Comcast performed for the period ended March 31, compared with estimates from analysts surveyed by LSEG:

Earnings per share: $1.09 adjusted vs. 98 cents expected
Revenue: $29.89 billion vs. $29.77 billion expected

For the first quarter, Comcast’s net income was down 12.5% to $3.38 billion, or 89 cents a share, compared with $3.86 billion, or 97 cents per share during the same period a year earlier. Adjusting for one-time items including income tax expenses and costs related to the value of assets, among other items, Comcast reported earnings per share of $1.09. 
Adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, were up nearly 2% to $9.53 billion. 
The company’s revenue was down slightly to $29.89 billion compared with $30.06 billion in the same period in 2024. 
Revenue was helped by what Comcast refers to as its “growth businesses,” including mobile, streaming platform Peacock, the business services unit, residential broadband, studios and theme parks. Comcast is in the process of spinning out its portfolio of cable networks, including CNBC, in a transaction that’s expected to be completed this year.
Revenue for the media segment, which includes NBCUniversal, was up about 1% to $6.44 billion, and revenue in the film studios unit rose 3% to $2.83 billion. 
The media unit got a boost from Peacock, with adjusted EBITDA for the segment up 21% to $1 billion driven by the streaming platform. Revenue for Peacock itself was up 16%. The streamer’s quarterly loss narrowed to $215 million, compared with a loss of $639 million in the same quarter a year prior.  
Peacock had 41 million paid subscribers, beating analyst estimates of 37.21 million for the quarter, according to StreetAccount. Peacock ended last fiscal year with 36 million paid customers. 
Competitors including Disney and Warner Bros. Discovery have each seen their streaming platforms reach profitability in recent quarters. Streamers have shifted gears to focusing on ad-supported business models and cracking down on password sharing in a bid to reach profitability as Wall Street investors shifted focus to the metric rather than subscriber additions.
NBCUniversal’s theme parks revenue was down 5% to roughly $1.88 billion – driven by lower guest attendance during a quarter plagued by the Los Angeles wildfires – weighing down the overall business. 
The company is gearing up for the debut of Universal Epic Universe on May 22, which will be the first major theme park development in Florida in 25 years. In Thursday’s release, Comcast called the new theme park its “most ambitious parks experience ever created,” with more than 50 attractions.
In August it will also open Universal Horror Unleashed in Las Vegas. NBCUniversal also recently announced plans to build a Universal Theme Park and Resort in the U.K.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

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Bristol Myers Squibb beat first-quarter estimates and hiked its revenue and profit guidance for the year, as the drugmaker cuts costs.
The company said its guidance revisions include the estimated impact of current tariffs on U.S. products shipped to China, but not President Donald Trump’s planned duties on pharmaceuticals imported into the U.S.
Bristol Myers said the guidance hike reflects strength in the company’s portfolio of drug brands expected to deliver growth, and better-than-expected first-quarter sales from its portfolio of older medications.

FILE PHOTO: The Bristol Myers Squibb research and development center at Cambridge Crossing in Cambridge, Massachusetts, on Dec. 27, 2023.
Adam Glanzman | Bloomberg | Getty Images

Bristol Myers Squibb on Thursday beat first-quarter estimates and hiked its revenue and profit guidance for the year, as the drugmaker cuts costs.
The company now expects 2025 revenue to come in between $45.8 billion and $46.8 billion, up from a previous outlook of around $45.5 billion. Bristol Myers also projects full-year adjusted earnings of $6.70 to $7 per share, which compares with its prior forecast of $6.55 to $6.85 per share. 

Notably, the company said its guidance revisions include the estimated impact of current tariffs on U.S. products shipped to China. China is a critical market for Bristol Myers. The company has previously outlined its “China 2030 Strategy,” which is a plan to bring more of its medicines to the nation to address unmet medical needs in areas like gastric cancer and include more Chinese patients in clinical trials.
But the new outlooks do not account for any of President Donald Trump’s planned tariffs on pharmaceuticals imported into the U.S., Bristol Myers said. 
In an earnings call Thursday, Bristol Myers Squibb CEO Christopher Boerner said the company appreciated the Trump administration’s efforts to increase U.S. manufacturing, but noted that it “needs to be done in a very thoughtful and deliberate way” in the pharmaceutical sector.
He added that it is “simply too early to provide a lot more” on the company’s expectations for pharmaceutical-specific tariffs. Still, Bristol Myers is continuing “mitigation efforts” to reduce risks of any disruption to the supply chain and shortages, Boerner said.
“We have a tremendous amount of flexibility to be able to move our manufacturing around should any potential tariffs come up,” said the company’s CFO David Elkins on the call. He added that Bristol Myers has a broad global manufacturing network, which includes a significant presence in the U.S.

Bristol Myers said the outlook hike reflects strength in its portfolio of newer drug brands, and better-than-anticipated first-quarter sales from its legacy portfolio of older medications. 
The results come as Bristol Myers moves to slash $2 billion in expenses by the end of 2027, which is on top of $1.5 billion in planned cost cuts by the end of this year. 
It also comes just days after Bristol Myers’ recently approved schizophrenia drug, Cobenfy, disappointed in a large clinical trial, leading some Wall Street analysts to substantially lower their multibillion-dollar sales forecasts for the treatment.  
The company is banking on Cobenfy and other so-called growth portfolio drugs to offset the loss in revenue from top-selling treatments slated to lose exclusivity on the market, including its blockbuster blood thinner Eliquis and cancer immunotherapy Opdivo. 
Boerner said “there’s a lot of uncertainty, whether related to tariffs, a potential economic downturn or restructuring at the FDA and HHS.” He is referring to the Trump administration’s efforts to overhaul the Food and Drug Administration and other federal health agencies under the Department of Health and Human Services.
But the company remains confident in its ability “to deliver for our patients, employees and shareholders,” he said.
Here is what Bristol Myers reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

Earnings per share: $1.80 adjusted vs. $1.49 expected
Revenue: $11.2 billion vs. $10.7 billion expected 

Bristol Myers posted net income of $2.5 billion, or $1.20 per share, for the first quarter. That compares with a net loss of $11.9 billion, or a loss of $5.89 per share, for the year-earlier period. 
Excluding certain items, it reported adjusted earnings per share of $1.80 for the quarter. 
The pharmaceutical giant’s revenue fell 6% from the same period a year ago to $11.2 billion. 
Eliquis booked $3.57 billion in sales for the quarter, down 4% from the year-ago period. That is above the $3.34 billion that analysts were expecting, according to estimates compiled by StreetAccount.

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The blood thinner, which Bristol Myers shares with Pfizer, is expected to lose market exclusivity by 2028. 
Sales of Eliquis could also take a hit in 2026, when a new negotiated price for the drug goes into effect for certain Medicare patients following negotiations with the federal government. Those price talks are a key provision of the Inflation Reduction Act.
The second round of negotiations targets 15 additional drugs and will set new prices that will go into effect in 2028. That includes the Bristol Myers medication Pomalyst, which is used to treat a blood cancer called multiple myeloma and a different cancer that develops in people with HIV.
Pomalyst brought in $658 million for the period, down 24% from a year earlier. Revlimid, a drug used to treat adults with multiple myeloma, took in $936 million in sales for the first quarter, down 44% from the same period a year ago.  
Revenue from the company’s so-called growth portfolio was $5.56 billion for the first quarter, up 16% from the year-earlier period. 
Opdivo brought in $2.27 billion in revenue for the first quarter, rising 9% from the year-earlier period. That is above analysts’ estimate of $2.16 billion for the quarter, StreetAccount said.
Meanwhile, Cobenfy booked $27 million in sales for the first quarter.

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PepsiCo’s first-quarter earnings missed Wall Street’s estimates, but its quarterly revenue topped projections.
The food and beverage giant also cut its forecast for its core constant currency earnings per share, citing new tariffs, economic volatility and a more cautious consumer.
CEO Ramon Laguarta said Pepsi is expecting more uncertainty.

Bottles of Pepsi soda are displayed in a store on March 17, 2025 in New York City. 
Spencer Platt | Getty Images

PepsiCo on Thursday reported mixed quarterly results as its international sales offset weaker demand in North America.
The food and beverage giant also cut its forecast for core constant currency earnings per share, citing new tariffs, economic volatility and a more cautious consumer.

“As we look ahead, we expect more volatility and uncertainty, particularly related to global trade developments, which we expect will increase our supply chain costs,” CEO Ramon Laguarta said in a statement. “At the same time, consumer conditions in many markets remain subdued and similarly have an uncertain outlook.”
Shares of the company fell 2% in premarket trading.
Here’s what PepsiCo reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $1.48 adjusted vs. $1.49 expected
Revenue: $17.92 billion vs. $17.77 billion expected

Pepsi posted first-quarter net income attributable to the company of $1.83 billion, or $1.33 per share, down from $2.04 billion, or $1.48 per share, a year earlier.
Excluding restructuring charges, acquisition costs and other items, the company earned $1.48 per share.

Net sales dropped 1.8% to $17.92 billion. Organic revenue, which strips out acquisitions, divestitures and foreign currency, rose 1.2% in the quarter.
Pepsi’s worldwide volume fell 3% for its convenient foods unit and was flat for its drinks. The metric strips out pricing and foreign exchange changes.
Laguarta said the company is “taking actions” to improve its North American performance. Volume for its domestic food business fell 1%, while its North American beverage unit saw volume decline 3%.
“Consumers have remained value‐conscious across brands and channels as the cumulative impacts of inflationary pressures have strained budgets and altered food shopping patterns,” Laguarta and CFO Jamie Caulfield said in prepared remarks.
Plans to turn around its North America business include expanding further into multicultural and functional products, like its Simply, Sabra and Siete brands. The company also recently bought Poppi, a prebiotic soda brand. Pepsi is also working on engaging with consumers and ensuring better in-store availability and placement of its products.
But the company’s North American businesses saw some bright spots. Pepsi Zero Sugar helped the company gain market share, and Miss Vickie’s chips and Quaker’s rice cakes were among the snacks that delivered net revenue growth.
For the full year, Pepsi now expects its core constant currency earnings per share to be roughly unchanged from the prior year, down from its previous forecast projecting mid-single-digit growth.
The company reiterated its outlook for a low-single-digit increase in organic revenue.

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Procter & Gamble’s quarterly earnings topped estimates, but its revenue fell short of expectations.
The company also cut its forecast for its full-year core earnings per share and revenue, President Donald Trump’s tariffs and consumer uncertainty.
P&G CEO Jon Moeller said the company will “likely” increase prices in the next fiscal year.

Procter & Gamble on Thursday reported mixed quarterly results as demand for its products fell, gave a dimmer outlook for the current quarter and said price hikes could be coming.
The company, which owns Tide and Charmin, slashed its forecast for core earnings per share and revenue for the full fiscal year, which is in its final quarter. Executives cited a consumer slowdown, new tariffs and the company’s plans to invest back into its brands during a period of uncertainty as the reasons for its slashed outlook.

P&G already makes many of the products sold domestically in the U.S., but President Donald Trump’s tariffs will likely raise some of its costs.
“There will likely be pricing — tariffs are inherently inflationary — but we’re also looking at sourcing options,” Moeller said on CNBC’s “Squawk Box” on Thursday.
He added that price hikes tied to the tariffs would occur in the next fiscal year, which starts in July, coincidentally when the Trump administration’s “reciprocal” tariffs are expected to rise after a temporary abatement.
Shares of the company fell more than 1% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $1.54 vs. $1.53 expected
Revenue: $19.78 billion vs. $20.11 billion expected

Net sales dropped 2% to $19.78 billion. The company’s organic sales, which strip out acquisitions, divestitures and foreign currency, rose 1%.
P&G’s volume fell 1% in the quarter. Volume excludes pricing, which makes it a more accurate reflection of demand than sales.
Uncertainty around tariffs, the political environment and other factors resulted in “a more nervous consumer” pulling back in the last two months of the quarter, CFO Andre Schulten said on the company’s call with media.
“It’s not illogical to see the consumer adopt the ‘wait and see’ attitude, and we saw traffic down at retailers,” Schulten said. “We saw consumers basically looking for value, migrating into online, bigger box retail, into club [retailers].”
P&G’s baby, feminine and family care division reported a 2% decline in the volume, the steepest decrease of its segments. All three parts of the business, which include Pampers diapers and Bounty paper towels, saw volume shrink during the quarter.
Both P&G’s health care and fabric and home care divisions saw volume fall 1%. Demand for its oral care products, like Oral-B toothbrushes and Crest toothpaste, shrank during the quarter. So did demand for its home care products, which include Cascade detergent and Swiffer mops.
The company’s beauty segment, which includes Olay and SK-II, reported flat volume for the quarter. P&G said volume declined in Greater China, its second-largest market. The U.S. and China are locked in a tit-for-tat trade conflict with triple-digit duties on imports.
P&G’s grooming business, which includes Gillette and Venus razors, was the only segment to report volume growth. Its volume ticked up 1%.
With one quarter left in its fiscal year, P&G is now expecting flat sales growth for fiscal 2025, down from its prior forecast of revenue growth of 2% to 4%. The company also cut its core earnings per share outlook to $6.72 to $6.82, down from its previous outlook of $6.91 to $7.05.
P&G reported third-quarter net income attributable to the company of $3.77 billion, or $1.54 per share, up from $3.75 billion, or $1.52 per share, a year earlier.
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American Airlines joined Delta and Southwest in pulling its 2025 financial guidance citing economic uncertainty.
American expects second-quarter, adjusted earnings of between 50 cents and $1, compared with estimates for 99 cents a share.
The carrier estimated second-quarter revenue in the range of -2% to up 1%.

American Airlines withdrew its 2025 financial guidance on Thursday, joining other carriers that are grappling with an uncertain outlook on the U.S. economy and weaker-than-expected leisure travel bookings this year.
“We came off a strong fourth quarter, saw decent business in January and really domestic leisure travel fell off considerably as we went into the February time frame,” CEO Robert Isom told CNBC’s “Squawk Box” on Thursday.

American said that the 0.7% increase in unit revenue in the first quarter was driven by strength in international bookings and premium cabins, echoing other airlines like Delta and United, which said more price-sensitive leisure customers have been the ones holding back on trips.
The airline forecast second-quarter revenue down as much as 2% from last year to up as much as 1%, below the 2.2% Wall Street analysts expected, with its capacity expected to rise as much as 4% in the current quarter. American said adjusted per-share earnings would likely come in between 50 cents and $1, while analysts expected 99 cents per share.
It said capacity will rise between 2% and 4% over last year in the second quarter.
Here is how American performed in the first quarter compared with Wall Street estimates compiled by LSEG:

Loss per share: 59 cents adjusted vs. an expected loss of 65 cents
Revenue: $12.55 billion vs. $12.6 billion expected

American posted a $473 million loss for the first quarter, wider than the $312 million loss it posted a year earlier, with revenue of $12.55 billion, nearly unchanged from last year. Adjusting for one-time items, American reported 59 cents a share.

Capacity was down 0.8%.
American said its efforts to rebuild its corporate travel business after a failed business strategy are making progress but were offset by “economic uncertainty that pressured domestic leisure demand and the tragic accident of American Eagle Flight 5342,” referring to the January accident when an Army helicopter collided with an American regional jet that was landing in Washington D.C., killing all 67 people on the two aircraft. More