Market Newsdesk

Strategy Offers Differentiated Opportunity for Additional Yield

NEW YORK
, April 30, 2025 /PRNewswire/ — Nuveen, the investment manager of TIAA, is expanding its separately managed account (SMA) platform with the launch of the Nuveen High Income Municipal SMA, broadening the range of municipal high yield investment vehicles available to wealth clients.

With the new SMA, high yield exposure can now be accessed across the entirety of Nuveen’s nearly $200 billion municipal platform that offers mutual funds, closed-end funds, exchanged traded funds (ETFs), SMAs, model portfolios, LPs, and an interval fund. This launch follows the January 2025 addition of two actively-managed muni ETFs, underscoring Nuveen’s commitment to delivering its muni expertise across the product wrappers that best meet clients’ needs.

The strategy invests in non-investment grade and investment grade tax-exempt bonds, leveraging Nuveen’s highly specialized credit research team to deliver an investment solution focused on generating higher levels of tax-free income that is not yet widely available via the SMA wrapper. The portfolio allocates a minimum of 40% to investment grade bonds and up to 60% in high income bonds.

“The current $1.6 trillion muni SMA market has been dominated largely by high grade strategies, with few offering true high yield exposure,” said Daniel Close, Head of Municipals at Nuveen. “Our High Income Municipal SMA offers the potential to generate attractive levels of income for investors seeking high tax-exempt yields with enhanced total return potential as well as the tax benefits of an SMA.”

About Nuveen’s Municipal Platform
Nuveen is an industry leader ranking among the largest municipal fund managers, with nearly 80 investment professionals averaging 22 years of experience. The firm’s specialized municipal credit research team is one of the largest and most experienced in the asset class and was recently named the #1 team in the 2024 Smith’s All-Star Municipal Analysts Awards¹.

About Nuveen’s SMA Suite
As the 11^th largest firm in overall SMA market share², Nuveen offers a range of strategies addressing growing investor interest in personalization and adaptability as they seek out solutions to meet their individualized financial objectives. Nuveen’s SMA capabilities cover municipal and taxable fixed income approaches seeking yield or total return; diverse equity capabilities across geography, capitalization and style, and nontraditional offerings including direct indexing and multi-asset.

Media Contact
E-Soo Kim | [email protected] | 551-224-4919

About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.3 trillion in assets under management as of 31 Dec 2024 and operations in 32 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with their financial advisors. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients. It is important to review your investment objectives, risk tolerance and liquidity needs before choosing an investment style or manager.

Important information on risk

Past performance is no guarantee of future results. All investments carry a certain degree of risk, including the possible loss of principal, and there is no assurance that an investment will provide positive performance over any period of time. Certain products and services may not be available to all entities or persons. There is no guarantee that investment objectives will be achieved.

Investing in municipal bonds and a municipal bond investment vehicle involves risks such as market risk, credit risk, interest rate/duration risk, call risk, tax risk, political and economic risk, and income risk. Credit risk refers to an issuers ability to make interest and principal payments when due. The value of the portfolio will fluctuate based on the value of the underlying securities. Typically the value of, and income generated by, debt securities will decrease or increase based on changes in market interest rates. As interest rates rise, bond prices fall. If sold prior to maturity, municipal securities are subject to gain/losses based on the level of interest rates, market conditions and the credit quality of the issuer. There are special risks associated investments in high yield bonds, hedging activities and the potential use of leverage. Portfolios that include lower rated and/or non-rated municipal bonds commonly referred to as “high yield” or “junk” bonds, which are considered to be speculative, the credit and investment risk is heightened for the portfolio. Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. No representation is made as to an insurer’s ability to meet their commitments. Income is only one component of performance and investor should consider all of the risk factors for an asset class before investing. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.

Before investing, carefully consider fund investment objectives, risks, charges and expenses. For this and other information that should be read carefully, please request a prospectus or summary prospectus from your financial professional or Nuveen at 888.849.5734 or visit nuveen.com.  

Nuveen Fund Advisors, LLC serves as the Fund’s adviser and Nuveen Asset Management, LLC serves as the Fund’s sub-adviser; both the adviser and sub-adviser are subsidiaries of Nuveen, LLC. Nuveen Securities, LLC, member FINRA and SIPC.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

¹ Smith’s All-Star Municipal Analyst Awards Program is the only program that consistently and prominently provides recognition in the municipal space. Smith’s Research & Gradings announced the annual awards on 04 December 2024. The program starts with the formation of Smith’s Blue Ribbon Ballot Committee of Portfolio Managers. Members of the committee nominate the nation’s leading municipal analysts to the ballot. Once the ballot nominations for the 29 different categories are compiled and verified, the final ballot is sent to 1,000 institutional investors for voting. The entire process is transparent, and the voting increases the democratization of the municipal bond market. Please see https://www.smithsresearch.net/events/smiths-municipal-all-star-awards for more information.
² Ranking based on Cerulli Report: U.S. Managed Accounts 2024 published and is based on AUM numbers as of 12-31-24. 

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SOURCE Nuveen

TELUS contributed insights from its award-winning, human-centric AI program in support of accountability and trust-building worldwide

Contributions of early reporting framework respondents are critical to ongoing global discussions, including the G7 Leaders’ Summit and the OECD’s Global Partnership on Artificial Intelligence Plenary later this year

TORONTO
, April 30, 2025 /PRNewswire/ – TELUS today announces its submission to the Hiroshima AI Process (HAIP) Reporting Framework, sharing its proven approaches and best practices for safe and trustworthy AI development in alignment with the G7 AI Code of Conduct. As one of 20 companies worldwide that participated in the OECD Pilot of the Reporting Framework, TELUS is proud to contribute to global collaborative efforts to develop human-centric AI extending its long-standing commitment to building trust in TELUS and the digital world.

“This collaboration between G7 nations and industry partners is vital to developing human-centric AI that builds trust in technology,” said Pam Snively, Chief Data & Trust Officer, TELUS. “As Canada prepares to host the G7 meetings later this year, TELUS is participating in the B7 discussions this May, where it will champion responsible AI adoption that prioritizes fairness, safety, and transparency. Our long-standing commitment to ethical data and AI practices positions us well to contribute to this important work, which will help our global community realize the transformative benefits of this technology in a way that is safe and responsible.”

Driving collaboration for trustworthy AI systems around the world
The Hiroshima AI Process (HAIP) is a framework for organizations developing advanced AI systems to align with the G7 AI Code of Conduct. The first-of-its-kind HAIP Reporting Framework offers organizations the chance to present comparable information on their AI risk management actions and practices, thereby supporting transparency, accountability, and interoperability, across various industries and jurisdictions. These actions will help enhance trust in AI while mitigating risks related to the technology.

The HAIP framework was first announced as an international initiative in May 2023 by the G7 member countries, after which TELUS was invited to contribute its insights and expertise to the development of responsible AI. TELUS shared how it has implemented comprehensive AI risk management practices and transparency measures, educated its team members through AI and data literacy programs, and aligned its AI governance with existing international standards.

Homegrown leadership, global impact
TELUS is the first Canadian organization to commit to the Reporting Framework. The organization is recognized for its leadership in developing and deploying responsible AI, becoming the first company in the world to be internationally certified in Privacy by Design (ISO 31700-1) and one of the first to sign the Government of Canada’svoluntary code of conduct for generative AI. The company’s efforts in AI literacy were recently acknowledged as the sole Canadian case study in a Business at OECD report, Boosting Productivity and Business Growth: The Role of Artificial Intelligence (AI) Skills.

In March 2025, TELUS announced that it is partnering with NVIDIA to launch a series of Sovereign AI Factories, providing Canadian businesses and researchers with advanced technology to drive innovation while keeping all data and computing power in Canada. Importantly, TELUS’ AI Factory is built in one the world’s most sustainable. AI-ready data centres, in Rimouski, Quebec.It utilizes 99% renewable energy and is three times more energy efficient for excess power usage.

For more information about TELUS’ commitment to responsible AI, visit telus.com/responsibleAI.

About TELUS

TELUS (TSX: T, NYSE: TU) is a world-leading communications technology company, generating over $20 billion in annual revenue with more than 20 million customer connections through our advanced suite of broadband services for consumers, businesses and the public sector. We are committed to leveraging our technology to enable remarkable human outcomes. TELUS is passionate about putting our customers and communities first, leading the way globally in client service excellence and social capitalism. Our TELUS Health business is enhancing 76 million lives worldwide through innovative preventive medicine and well-being technologies. Our TELUS Agriculture & Consumer Goods business utilizes digital technologies and data insights to optimize the connection between producers and consumers. Guided by our enduring ‘give where we live’ philosophy, TELUS, our team members and retirees have contributed $1.8 billion in cash, in-kind contributions, time and programs including 2.4 million days of service since 2000, earning us the distinction of the world’s most giving company. For more information, visit telus.com or follow @TELUSNews on X and @Darren_Entwistle on Instagram.

For more information:

Emily Piccinin

TELUS Public Relations
[email protected] 

 

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SOURCE TELUS Communications Inc.

Record 126 Net New Openings in First Quarter, 18.0% Net New Unit Growth

DALLAS
, April 30, 2025 /PRNewswire/ — Wingstop Inc. (“Wingstop” or the “Company”) (NASDAQ: WING) today announced financial results for the fiscal first quarter ended March 29, 2025.

Highlights for the fiscal first quarter 2025 compared to the fiscal first quarter 2024:

• System-wide sales increased 15.7% to $1.3 billion
• 126 net new openings in the fiscal first quarter 2025
• Domestic restaurant AUV increased to $2.1 million
• Domestic same store sales increased 0.5%
• Digital sales increased to 72.0% of system-wide sales
• Total revenue increased 17.4% to $171.1 million
• Net income increased 221.0% to $92.3 million, or $3.24 per diluted share
• Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, were $28.3 million, or $0.99 per diluted share
• Adjusted EBITDA, a non-GAAP measure, increased 18.4% to $59.5 million

Adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share are non-GAAP measures.
A reconciliation of each of adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States (“GAAP”) is set forth in the schedule accompanying this release. See “Non-GAAP Financial Measures.”

“Despite the challenging and unpredictable macro-environment, our first quarter results demonstrate the staying power of our strategies and resiliency in our model,” said Michael Skipworth, President & Chief Executive Officer. “We opened a record 126 net new units in the first quarter, delivering 18% unit growth, nearly doubling the number of units opened during the first quarter last year.  Our pipeline remains strong as our brand partners are experiencing industry leading returns. This growth is leading us to another record-breaking year of development and moving us along our path of becoming a Top 10 Global Restaurant Brand.”

Key operating metrics for the fiscal first quarter 2025 compared to the fiscal first quarter 2024:

 

Fiscal first quarter 2025 financial results

Total revenue for the fiscal first quarter 2025 increased to $171.1 million from $145.8 million in the prior fiscal first quarter. Royalty revenue, franchise fees and other increased $11.7 million, of which $10.0 million was due to net new franchise development, and $0.3 million was due to domestic same store sales growth of 0.5%. Advertising fees increased $12.1 million due to a 15.7% increase in system-wide sales in the fiscal first quarter 2025, as well as an increase in the national advertising fund contribution rate to 5.5%, effective the first day of the fiscal first quarter 2025. Company-owned restaurant sales increased $1.5 million due to company-owned restaurant same store sales growth of 1.4%, driven primarily by an increase in transactions, as well as company-owned restaurants opened and acquired since the prior fiscal first quarter.

Cost of sales was $22.8 million compared to $21.3 million in the prior fiscal first quarter. As a percentage of company-owned restaurant sales, cost of sales increased to 76.0% from 74.5% in the prior fiscal first quarter. The increase was driven by food, beverage and packaging costs, primarily resulting from an increase in the cost of bone-in chicken wings as compared to the prior fiscal first quarter and was partially offset by sales leverage in other operating expenses.

Selling, general & administrative (“SG&A”) expense increased $6.3 million to $31.4 million from $25.2 million in the prior fiscal first quarter. The increase in SG&A expense was driven by an increase in headcount related expenses, inclusive of stock-based compensation, of $4.8 million to support the growth in our business, as well as system implementation costs of $1.3 million during the fiscal first quarter 2025.

Depreciation and amortization increased $2.8 million to $6.2 million from $3.4 million in the prior fiscal first quarter. The increase in depreciation and amortization was primarily due to software assets placed in service during the fiscal second quarter 2024 that relate to the launch of our proprietary technology platform: MyWingstop.

Interest expense, net increased $4.4 million to $8.9 million from $4.5 million in the prior fiscal first quarter. The increase was primarily driven by $7.8 million in interest expense related to the securitized financing transaction completed on December 3, 2024, which increased our outstanding debt by $500 million, partially offset by additional interest income earned on our cash balances and interest earned on our investments, as compared to the prior year period.

Investment income, net increased $93.5 million to $93.8 million from $0.3 million in the prior fiscal first quarter. The increase in investment income, net was primarily due to a gain of $97.2 million on the sale of our non-controlling interest in Lemon Pepper Holdings, Ltd. (“LPH”), Wingstop’s United Kingdom master franchisee, of which the Company reinvested $75.4 million in the newly formed entity during the fiscal first quarter 2025.

Income tax expense was $30.9 million, yielding an effective tax rate of 25.1%, comparable to an effective tax rate of 25.3% in the prior fiscal first quarter. The increase in total tax expense is primarily related to the increase in Investment income, net as a result of the gain on sale of our investment in LPH during the fiscal first quarter 2025.

Financial Outlook

Based on year-to-date results, the Company is providing updated guidance for 2025. The Company’s outlook is dependent on the macro-environment which is inherently difficult to predict given current high levels of uncertainty.

• Approximately 1% domestic same store sales growth, previously low- to mid- single digits;
• Global unit growth rate of 16% to 17%, previously 14% to 15%;
• SG&A of approximately $140 million, which includes system implementation costs of approximately $4.5 million;
• Stock-based compensation expense of approximately $26 million;
• Interest expense, net of approximately $40 million, previously approximately $46 million; and
• Depreciation and amortization of between $28 and $29 million, previously $29 – $30 million.

Restaurant Development

As of March 29, 2025, there were 2,689 Wingstop restaurants system-wide. This included 2,301 restaurants in the United States, of which 2,250 were franchised restaurants and 51 were company-owned, and 388 franchised restaurants were in international markets, including U.S. territories. During the fiscal first quarter 2025, there were 126 net system-wide Wingstop restaurant openings.

Quarterly Dividend

In recognition of the Company’s strong cash flow generation and our commitment to returning value to stockholders, on April 29, 2025, our board of directors authorized and declared a quarterly dividend of $0.27 per share of common stock, resulting in a total dividend of approximately $7.5 million. This dividend will be paid on June 6, 2025 to stockholders of record as of May 16, 2025.

Share Repurchases

On December 9, 2024, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) with a third-party financial institution to repurchase $250.0 million of the Company’s common stock under its Share Repurchase Program. Pursuant to the terms of the ASR Agreement, the Company paid the financial institution $250.0 million and, on December 9, 2024, the Company received and retired 551,325 shares of its common stock. The final settlement under the ASR Agreement occurred on February 20, 2025, and the Company received and retired an additional 317,202 shares of common stock. In connection with the ASR Agreement, the Company received and retired a total of 868,527 shares of common stock at an average price of $287.84 per share. The total number of shares repurchased under the ASR Agreement was based on a daily volume-weighted average share price during the valuation period specified in the ASR Agreement, less a discount and subject to adjustments.

During the thirteen weeks ended March 29, 2025, in addition to the settlement of the ASR Agreement, the Company repurchased and retired 512,810 shares of its common stock at an average price of $233.54 per share. As of March 29, 2025, $191.3 million remained available under the Share Repurchase Program.

Since the inception of the Company’s share repurchase program in August 2023, the Company has repurchased and retired 2,196,768 shares of its common stock at an average price of $258.58 per share.

The following definitions apply to these terms as used in this release:

Domestic average unit volume (“AUV”) consists of the average annual sales of all restaurants that have been open for a trailing 52-week period or longer. This measure is calculated by dividing sales during the applicable period for all restaurants being measured by the number of restaurants being measured. Domestic AUV includes revenue from both company-owned and franchised restaurants. Domestic AUV allows management to assess our domestic company-owned and franchised restaurant economics. Changes in domestic AUV are primarily driven by increases in same store sales and are also influenced by opening new restaurants.

Domestic same store sales reflects the change in year-over-year sales for the same store restaurant base. We define the same store restaurant base to include those restaurants open for at least 52 full weeks. This measure highlights the performance of existing restaurants, while excluding the impact of new restaurant openings and permanent closures. We review same store sales for domestic company-owned restaurants as well as system-wide domestic restaurants. Domestic same store sales growth is driven by increases in transactions and average transaction size. Transaction size increases are driven by price increases or favorable mix shift from either an increase in items purchased or shifts into higher priced items.

System-wide sales represents net sales for all of our company-owned and franchised restaurants, as reported by franchisees. This measure allows management to better assess changes in our royalty revenue, our overall store performance, the health of our brand and the strength of our market position relative to competitors. Our system-wide sales growth is driven by new restaurant openings as well as increases in same store sales.

Adjusted EBITDA is defined as net income before interest expense, net, income tax expense (benefit), and depreciation and amortization (EBITDA), further adjusted for losses on debt extinguishment and financing transactions, transaction costs, costs and fees associated with investments in our strategic initiatives, gains and losses on non-recurring transactions, certain system implementation costs, and stock-based compensation expense.

Adjusted net income is defined as net income adjusted for losses on debt extinguishment and financing transactions, transaction costs, costs and fees associated with investments in our strategic initiatives, gains and losses on non-recurring transactions, certain system implementation costs, and related tax adjustments.

Adjusted earnings per diluted share is defined as adjusted net income divided by weighted average diluted share count.

We caution investors that amounts presented in accordance with our definitions above may not be comparable to similar measures disclosed by our competitors because not all companies and analysts calculate certain non-GAAP measurements in the same manner.

Conference Call and Webcast

The Company will host a conference call today to discuss the fiscal first quarter 2025 financial results at 10:00 AM Eastern Time. The conference call can be joined telephonically by dialing 1-877-259-5243 or 1-412-317-5176 (international) and asking for the Wingstop conference call. A replay will be available two hours after the call and can be accessed by dialing 1-877-344-7529 or 1-412-317-0088 (international), then entering the replay code 4143622. The replay will be available through Wednesday, May 7, 2025.

The conference call will also be webcast live and later archived on the investor relations section of Wingstop’s corporate website at ir.wingstop.com under the ‘News & Events’ section.

About Wingstop

Founded in 1994 and headquartered in Dallas, TX, Wingstop Inc. (NASDAQ: WING) operates and franchises more than 2,650 locations worldwide. The Wing Experts are dedicated to Serving the World Flavor through an unparalleled guest experience and a best-in-class technology platform, all while offering classic and boneless wings, tenders, and chicken sandwiches, cooked to order and hand sauced-and-tossed in fans’ choice of 12 bold, distinctive flavors. Wingstop’s menu also features signature sides including fresh-cut, seasoned fries and freshly-made ranch and bleu cheese dips.

In fiscal year 2024, Wingstop’s system-wide sales increased 36.8% to approximately $4.8 billion, marking the 21^st consecutive year of same store sales growth. With a vision of becoming a Top 10 Global Restaurant Brand, Wingstop’s system is comprised of corporate-owned restaurants and independent franchisees, or brand partners, who account for approximately 98% of Wingstop’s total restaurant count.

In 2024, Wingstop secured a place on Ad Age’s ‘Hottest Brands’ list. The Company also earned a spot as one of QSR Magazine’s “Best Brands to Work For,” was recognized by Fast Company as one of the “Most Innovative Companies” and ranked #14 on Entrepreneur Magazine’s ‘Franchise 500’ as one of the fastest-growing franchises. In 2023, Wingstop earned its “Best Places to Work” certification.

For more information, visit www.wingstop.com or www.wingstop.com/own-a-wingstop and follow @Wingstop on X, Instagram, Facebook, and TikTok. Learn more about Wingstop’s involvement in its local communities at www.wingstopcharities.org. Unless specifically noted otherwise, references to our website addresses, the website addresses of third parties or other references to online content in this press release do not constitute incorporation by reference of the information contained on such website and should not be considered part of this release.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use non-GAAP financial measures, including those indicated above. By providing non-GAAP financial measures, together with a reconciliation to the most comparable GAAP measure, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. These measures are not intended to be considered in isolation or as substitutes for, or superior to, financial measures prepared and presented in accordance with GAAP. The non-GAAP measures used in this press release may be different from the measures used by other companies. A reconciliation of each measure to the most directly comparable GAAP measure is available in this news release. In addition, the Current Report on Form 8-K furnished to the Securities and Exchange Commission (the “SEC”) concurrent with the issuance of this press release includes a more detailed description of each of these non-GAAP financial measures, together with a discussion of the usefulness and purpose of such measures.

Forward-looking Statements

This news release includes statements of our expectations, intentions, plans and beliefs that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. These statements, which involve risks and uncertainties, relate to the discussion of our business strategies and our expectations concerning future operations, margins, profitability, trends, liquidity and capital resources and to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “may,” “will,” “should,” “expect,” “intend,” “plan,” “outlook,” “guidance,” “anticipate,” “believe,” “think,” “estimate,” “seek,” “predict,” “can,” “could,” “project,” “potential” or, in each case, their negative or other variations or comparable terminology, although not all forward-looking statements are accompanied by such terms. Examples of forward-looking statements in this news release include, but are not limited to, our 2025 fiscal year outlook for domestic same store sales growth, global unit growth, SG&A expense, stock-based compensation expense, interest expense, net and depreciation and amortization. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to uncertainties, risks, and factors relating to our operations and business environments, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed or implied by these forward-looking statements. Please refer to the risk factors discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which can be found at the SEC’s website www.sec.gov. The discussion of these risks is specifically incorporated by reference into this news release.

When considering forward-looking statements in this news release or that we make in other reports or statements, you should keep in mind the cautionary statements in this news release and future reports we file with the SEC. New risks and uncertainties arise from time to time, and we cannot predict when they may arise or how they may affect us. Any forward-looking statement in this news release speaks only as of the date on which it was made. Except as required by law, we assume no obligation to update or revise any forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.

Media Contact

Maddie Lupori

[email protected] 

Investor Contact

Kristen Thomas

[email protected] 

 

 

 

 

 

 

 

 

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SOURCE Wingstop Restaurants Inc.

SAN DIEGO
, April 30, 2025 /PRNewswire/ — Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced the initiation of a Phase 3 registrational program to evaluate the efficacy, safety and tolerability of NBI-1117568, the company’s investigational oral muscarinic M4 selective orthosteric agonist, as a potential treatment for schizophrenia. Positive top-line data for the Phase 2 clinical study in adults with schizophrenia were reported in August 2024.

“There is a significant need for new and innovative medicines to treat schizophrenia, a disorder that impacts millions of people and their families,” said Eiry W. Roberts, M.D., Chief Medical Officer, Neurocrine Biosciences. “With positive Phase 2 data in hand, we’re excited to advance this investigational novel compound that works directly and selectively at the muscarinic M4 receptor.”

The Phase 3 study is a global double-blind, placebo-controlled trial evaluating NBI-1117568 in adults with a primary diagnosis of schizophrenia who are experiencing an acute exacerbation or relapse of symptoms. The study is expected to enroll approximately 280 patients. The primary endpoint of the study is a reduction from baseline in the Positive and Negative Syndrome Scale (PANSS). The key secondary endpoint is improvement in the Clinical Global Impression of Severity (CGI-S) scale.

Neurocrine is initiating the Phase 3 study supported by positive top-line data from the Phase 2 clinical study, which met its primary endpoint for the once-daily 20 mg dose. The study found:

• A clinically meaningful and statistically significant reduction from baseline in the PANSS total score at Week 6 with a placebo-adjusted mean reduction of 7.5 points (p=0.011 and effect size of 0.61) and an 18.2-point reduction from baseline.
• A statistically significant improvement across several secondary endpoints, including the CGI-S scale, Marder Factor Score – Positive Symptom Change, and Marder Factor Score – Negative Symptom Change.
• NBI-1117568 was generally safe and well tolerated at all doses studied, with minimal gastrointestinal and cardiovascular adverse events.

About NBI-1117568
NBI-1117568 is the first and only investigational oral muscarinic M4 selective orthosteric agonist in clinical development for the treatment of schizophrenia. There are five muscarinic acetylcholine receptors involved in neurotransmission. Muscarinic receptors are central to brain function and validated as drug targets in psychosis and cognitive disorders. As an M4 selective orthosteric agonist, NBI-1117568 offers the potential for a novel mechanism with an improved safety profile without the need for combination therapy to minimize off-target pharmacology-related side effects, while also not being dependent on the presence of acetylcholine for efficacy.

About Neurocrine Biosciences’ Muscarinic Portfolio
In addition to NBI-1117568, Neurocrine has a broad portfolio of assets in clinical development that selectively target muscarinic receptors. The company’s muscarinic agonist portfolio also includes NBI-1117567, NBI-1117569, and NBI-1117570, which the company acquired the rights to develop and commercialize from Nxera Pharma. Neurocrine also is developing NBI-1076986, an investigational, selective M4 antagonist that was discovered and is being developed internally at Neurocrine.

 

About Schizophrenia
Schizophrenia is a serious and complex syndrome with heterogeneous symptoms. The World Health Organization estimates that the disorder impacts approximately 24 million people worldwide. Annual associated costs for schizophrenia are estimated to be more than $150 billion in the United States. As one of the leading causes of disability worldwide, it often results in significant emotional and functional burden for those who experience symptoms, as well as their family and friends. This chronic and disabling mental health condition is thought to result from a complex interplay of genetic and environmental risk factors. Traditional treatment approaches for schizophrenia rely on the use of antipsychotic medications that can lead to considerable short- and long-term health impacts.

About Neurocrine Biosciences, Inc.  
Neurocrine Biosciences is a leading neuroscience-focused, biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering and developing life-changing treatments for patients with under-addressed neurological, neuroendocrine and neuropsychiatric disorders. The company’s diverse portfolio includes FDA-approved treatments for tardive dyskinesia, chorea associated with Huntington’s disease, classic congenital adrenal hyperplasia, endometriosis* and uterine fibroids*, as well as a robust pipeline including multiple compounds in mid- to late-phase clinical development across our core therapeutic areas. For three decades, we have applied our unique insight into neuroscience and the interconnections between brain and body systems to treat complex conditions. We relentlessly pursue medicines to ease the burden of debilitating diseases and disorders, because you deserve brave science. For more information, visit neurocrine.com, and follow the company on LinkedIn, X, and Facebook.
(*in collaboration with AbbVie)

NEUROCRINE, the NEUROCRINE BIOSCIENCES Logo, and YOU DESERVE BRAVE SCIENCE are registered trademarks of Neurocrine Biosciences, Inc.

Forward-Looking Statements
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties. These statements include, but are not limited to, statements regarding the clinical results from, and our future development plans with respect to, NBI-1117568, as well as the therapeutic potential and clinical benefits or safety profile of NBI-1117568. Factors that could cause actual results to differ materially from those stated or implied in the forward-looking statements include, but are not limited to, the following: top-line data that we report may change following a more comprehensive review of the data related to the clinical study and such data may not accurately reflect the complete results of the clinical study; risks that clinical development activities may not be initiated or completed on time or at all, or may be delayed for regulatory, manufacturing, or other reasons, may not be successful or replicate previous clinical trial results, may fail to demonstrate that our product candidates are safe and effective, or may not be predictive of real-world results or of results in subsequent clinical trials; risks that regulatory submissions for our product candidates may not occur or be submitted in a timely manner; our future financial and operating performance; risks associated with our dependence on third parties for development, manufacturing, and commercialization activities for our products and product candidates, and our ability to manage these third parties; risks that the FDA or other regulatory authorities may make adverse decisions regarding our products or product candidates; risks that the potential benefits of the agreements with our collaboration partners may never be realized; risks that our products, and/or our product candidates may be precluded from commercialization by the proprietary or regulatory rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; risks associated with U.S. federal or state legislative or regulatory and/or policy efforts which may result in, among other things, an adverse impact on our revenues or potential revenue; risks associated with potential generic entrants for our products; and other risks described in the Company’s periodic reports filed with the Securities and Exchange Commission, including without limitation the Company’s annual report on Form 10-K for the year ended December 31, 2024. Neurocrine Biosciences disclaims any obligation to update the statements contained in this press release after the date hereof other than required by law.

© 2025 Neurocrine Biosciences, Inc. All Rights Reserved.

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SOURCE Neurocrine Biosciences, Inc.

Cybersecurity, predictive maintenance and operational efficiency identified as most valuable uses of AI for the energy industry

This builds on analysis from Bloomberg that shows overall global energy demand will increase 32% by 2050

CHARLOTTE, N.C.
, April 30, 2025 /PRNewswire/ — Honeywell (Nasdaq: HON) today released its AI in the Energy Industry pulse survey, which reveals the majority of participating U.S. energy executives believe artificial intelligence (AI) has the near-term potential to improve and enhance energy security.

According to the April 2025 BloombergNEF New Energy Outlook report, overall global energy demand is expected to increase 32% by 2050, with demand for electricity alone expected to increase 75%. To meet this growing demand, energy leaders will need to harness new sources of energy and optimize their current operations using AI and digital technologies.  

Honeywell’s survey of 300 U.S. decision-makers and influencers in energy and energy-adjacent industries found 91% believe AI has near-term potential to enhance energy security and 85% are already either actively using or piloting AI in their companies today.

While only 12% of respondents said AI is currently a critical part of their energy operations, 81% said it will become critical over the course of the next five years – demonstrating the importance of energy security and massive anticipated uptick in adoption expected in the short term. When looking across use cases, 94% are also either already engaged with an AI solutions provider or considering doing so as momentum behind the technology continues to grow.

“To meet the growing energy demands, industry leaders are leveraging new technology solutions to help address some of the most pressing challenges — enhancing energy security, optimizing current infrastructure, harnessing new sources of energy and augmenting the workforce,” said Ken West, President and CEO of Honeywell Energy and Sustainability Solutions. “Looking ahead, new technologies like AI and automation can further optimize existing energy systems and integrate new energy sources more swiftly and efficiently.”

When asked the most valuable aspects of AI, energy decision-makers surveyed identified several key areas of operations, such as cybersecurity and threat detection (57%), predictive maintenance (52%), and operational efficiency (44%).

The survey also found that more than half of respondents (53%) are using AI to address labor shortages and workforce upskilling through virtual assistants, 53% are using to enhance workplace safety and security through monitoring and threat detection and only one-third (36%) are using AI to automate routine tasks.

To learn more about the survey results and how Honeywell’s AI solutions are helping to shape the energy sector, please visit https://ess.honeywell.com/us/en/home.

Methodology
Honeywell commissioned research firm Hudson Pacific to conduct the Honeywell AI in Energy Industry Survey from March 24, 2025 through April 1, 2025. This opinion research is based on responses from 300 U.S. decision-makers and influencers in energy and energy-adjacent industries on their use of artificial intelligence. Respondents included those in oil and gas, electricity generation and distribution, utility construction, solar field development, wind turbine transportation or construction, natural gas distribution, mining, carbon management, chemical manufacturing and more. Leaders taking the survey had input into their company’s use of AI in its operations.

About Honeywell
Honeywell is an integrated operating company serving a broad range of industries and geographies around the world. Our business is aligned with three powerful megatrends – automation, the future of aviation and energy transition – underpinned by our Honeywell Accelerator operating system and Honeywell Forge IoT platform. As a trusted partner, we help organizations solve the world’s toughest, most complex challenges, providing actionable solutions and innovations through our Aerospace Technologies, Industrial Automation, Building Automation and Energy and Sustainability Solutions business segments that help make the world smarter and safer as well as more secure and sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

Disclaimer: 
The information presented in this document is intended solely for informational purposes and not as advice or recommendations for any particular action or investment.  The information should not be relied upon, in whole or in part, as the basis for decision-making or investment purposes. The document and its contents are not guaranteed as to accuracy or completeness and are provided on an “as is” basis.  Use of this information is at your own risk.  Honeywell disclaims all warranties as to the accuracy, completeness, or adequacy of such information and shall have no liability for errors, omissions, or inadequacies in such information. This document includes opinions that should not be construed as statements of fact. Any opinions expressed herein are subject to change without notice. Any forecasts and forward-looking statements are directional indicators, are not predictions of future events, and do not in any way reflect expectations for (or actual) Honeywell operational or financial performance. Any forecasts and forward-looking statements represent our current judgment and are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forecasts and forward-looking statements, which reflect our opinions only as of the date of publication of this document. Honeywell is not obligated to revise or publicly release the results of any revision to these forecasts and forward-looking statements in light of new information or future events.

Media Contact:

Melissa Volin

+1 (980) 502-9330
[email protected]

 

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SOURCE Honeywell International, Inc.

SAN DIEGO
, April 30, 2025 /PRNewswire/ — PriceSmart, Inc. (“PriceSmart” or the “Company”) (NASDAQ: PSMT), a leading membership shopping warehouse club, is proud to announce the release of its 2024 Sustainability Report. The report underscores the Company’s ongoing commitment to responsible business practices across its operations in the United States, 12 countries, and one U.S. territory.

The 2024 Sustainability Report details PriceSmart’s progress in environmental, social, and governance (“ESG”) initiatives. It is structured around four key pillars that form the foundation of our sustainability strategy: Responsibility Toward People and Culture, Social and Community Engagement, Environmental Impact, and Responsibly Sourced Food, Products, and Services.

This year’s report highlights our renewed focus on the most important topics for our stakeholders, our commitment to our employees and communities, and our efforts to reduce our environmental footprint while ensuring responsible sourcing practices.

Key Highlights from the FY2024 Sustainability Report:

• Increased renewable energy adoption, with 45 of 54 clubs operating rooftop solar arrays, generating 31,952 MWh of clean power, a 15.8% increase from FY2023.
• Expanded PriceSmart’s Food Rescue & Giving Program into the Caribbean, adding Trinidad and Tobago as the ninth country served by the program.
• Strengthened community engagement through the PriceSmart Foundation, which supports nonprofit organizations and community projects in Honduras, Guatemala, Colombia, and Jamaica.

Access the full Sustainability report at https://investors.pricesmart.com under the ESG tab.

About PriceSmart

PriceSmart, headquartered in San Diego, owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, selling high quality merchandise and services at low prices to PriceSmart Members. PriceSmart operates 55 warehouse clubs in 12 countries and one U.S. territory (ten in Colombia; nine in Costa Rica; seven in Panama; six in Guatemala; five in Dominican Republic; four each in Trinidad and El Salvador; three in Honduras; two each in Nicaragua and Jamaica; and one each in Aruba, Barbados and the United States Virgin Islands). In addition, the Company plans to open one warehouse club in Quetzaltenango, Guatemala in the summer of 2025. Once this new club is open, the Company will operate 56 warehouse clubs.

This press release may contain forward-looking statements concerning PriceSmart, Inc.’s (“PriceSmart”, the “Company” or “we”) anticipated future revenues and earnings, adequacy of future cash flows, future dividends, omni-channel initiatives, proposed warehouse club openings, the Company’s performance relative to competitors and related matters. These forward-looking statements include, but are not limited to, statements containing the words “expect,” “believe,” “will,” “may,” “should,” “project,” “estimate,” “anticipated,” “scheduled,” “intend,” and like expressions, and the negative thereof. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, but not limited to: various political, economic and compliance risks associated with our international operations, adverse changes in economic conditions in our markets, natural disasters, volatility in currency exchange rates and illiquidity of certain local currencies in our markets, competition, consumer and small business spending patterns, political instability, increased costs associated with the integration of online commerce with our traditional business, whether the Company can successfully execute strategic initiatives, our reliance on third party service providers, including those who support transaction and payment processing, data security and other technology services, cybersecurity breaches that could cause disruptions in our systems or jeopardize the security of Member, employee or business information, cost increases from product and service providers, interruption of supply chains, novel coronavirus (COVID-19) related factors and challenges, exposure to product liability claims and product recalls, recoverability of moneys owed to PriceSmart from governments, and other important factors discussed in the Risk Factors section of the Company’s most recent Annual Report on Form 10-K, and other factors discussed from time to time in other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date that they are made, and the Company does not undertake to update them, except as required by law. In addition, these risks are not the only risks that the Company faces. The Company could also be affected by additional factors that apply to all companies operating globally and, in the U.S., as well as other risks that are not presently known to the Company or that the Company considers to be immaterial.

For further information, please contact Michael L. McCleary, EVP, Chief Financial Officer, and Principal Accounting Officer, at (858) 404-8826 or by email at [email protected].

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SOURCE PriceSmart, Inc.