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    ATM   NZATME0002S8

THE A2 MILK COMPANY LIMITED

(ATM)
  Report
End-of-day quote New Zealand Stock Exchange  -  2022-09-29
6.120 NZD   -0.65%
09/13No Two Ways : Nestlé Blocks Opposition By A2 Milk In Singapore
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09/12Australian shares hit over 1-week high on miners boost
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08/31UBS Adjusts The a2 Milk Company's Price Target to NZ$9.45 From NZ$9.50, Keeps at Buy
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A2 Milk's hopes to sell baby food in U.S. curdled, shares plunge

08/09/2022 | 06:27pm EDT

* A2 Milk shares fall more than 12%

* FDA says reviews deferred for some

* Fonterra has not received FDA deferral

Aug 10 (Reuters) - A2 Milk Company Ltd said on Wednesday the U.S. Food and Drug Administration (FDA) deferred its request to sell infant milk formula products in the United States, sending its shares down more than 12%.

The dairy producer and rival Fonterra have been advised by U.S.-based trade group International Dairy Foods Association (IDFA) that the FDA has sent similar letters to all firms seeking approvals to sell infant milk formula in the United States.

Fonterra, however, told Reuters that it had not yet received any such notice from the FDA itself.

An FDA spokesperson told Reuters in an email response that the FDA had sent letters to some firms, not all, deferring further reviews of applications due to a list of issues.

"For firms that received letters, they do not mean that the infant formulas are unsafe; rather, they indicate that we have found issues that would unlikely be resolved quickly," the spokesperson said.

The IDFA did not immediately respond to a Reuters' request for clarification.

"At this time, the FDA is deferring further consideration of the company's request for enforcement discretion to import infant milk formula products," a2 Milk said on Wednesday. (https://bit.ly/3dnbRaA)

Shares of a2 Milk tumbled as much as 12.3% to NZ$4.94 after the new came in and were headed for their biggest single-day drop since Aug. 26, 2021.

The FDA had previously said it would allow baby formula sold in other countries into the United States under a temporary programme with relaxed standards. The U.S. government has also flown in formula from overseas plants.

The FDA has exercised its "enforcement discretion" provision to import certain infant formula products from Bubs Australia Ltd, UK-based Kendamil, Nestle SA and Danone SA.

However, companies like a2 Milk, Fonterra, Switzerland's Holle and U.S.-based Nature's One are yet to receive approvals. (Reporting by Harish Sridharan in Bengaluru; Additional reporting by Upasana Singh and Sameer Manekar; Editing by Maju Samuel and Subhranshu Sahu)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BUBS AUSTRALIA LIMITED 0.99% 0.51 Delayed Quote.6.32%
DANONE -1.01% 48.095 Real-time Quote.-11.03%
FONTERRA CO-OPERATIVE GROUP LIMITED -2.93% 2.65 End-of-day quote.-10.77%
NESTLÉ S.A. -0.56% 106.54 Delayed Quote.-15.98%
S&P GSCI CLASS III MILK (USD) -0.86% 156.6439 Real-time Quote.-0.43%
THE A2 MILK COMPANY LIMITED -0.65% 6.12 End-of-day quote.3.20%
All news about THE A2 MILK COMPANY LIMITED
09/13No Two Ways : Nestlé Blocks Opposition By A2 Milk In Singapore
AQ
09/12Australian shares hit over 1-week high on miners boost
RE
08/31UBS Adjusts The a2 Milk Company's Price Target to NZ$9.45 From NZ$9.50, Keeps at Buy
MT
08/30Australian shares close higher on energy, tech boost
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08/29The a2 Milk Company Limited Reports Earnings Results for the Full Year Ended June 30, 2..
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08/29Transcript : The a2 Milk Company Limited, 2022 Earnings Call, Aug 29, 2022
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08/29The a2 Milk Company Limited authorizes a Buyback Plan.
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08/28Australian shares slip on Powell comments, Fortescue drags on subdued earnings
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08/28The a2 Milk Company Limited Provides Earnings Guidance for the First Half of 2023 and F..
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08/28The a2 Milk Company Limited announces an Equity Buyback for 37,180,621 shares, represen..
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More news
Analyst Recommendations on THE A2 MILK COMPANY LIMITED
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Financials
Sales 2023 1 594 M 903 M 903 M
Net income 2023 148 M 83,8 M 83,8 M
Net cash 2023 700 M 396 M 396 M
P/E ratio 2023 29,3x
Yield 2023 -
Capitalization 4 551 M 2 579 M 2 579 M
EV / Sales 2023 2,42x
EV / Sales 2024 2,13x
Nbr of Employees -
Free-Float 96,2%
Chart THE A2 MILK COMPANY LIMITED
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Technical analysis trends THE A2 MILK COMPANY LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 7
Last Close Price 6,12 NZD
Average target price 6,62 NZD
Spread / Average Target 8,12%
EPS Revisions
Managers and Directors
David L. Bortolussi CEO, Managing Director & Director
David Lovat Hearn Chairman
Shareef Khan Chief Operations Officer
Julia Cecile Hoare Deputy Chairman
Warwick Lynton Every-Burns Independent Non-Executive Director