Conversely, on January 8, 2024, JNJ announced it had entered into a definitive agreement to acquire Ambrx Biopharma, Inc. (AMAM), a clinical-stage biopharmaceutical company with a proprietary synthetic biology technology platform to design and develop next-generation antibody drug conjugates (ADCs), in an all-cash merger transaction for a total equity value of approximately $2.0 billion, or $1.9 billion net of estimated cash acquired. Recent Financial Results PFE's total revenues for the fiscal fourth quarter, which ended December 31, 2023, declined 41% year-over-year to $14.25 billion. Its loss from continuing operations came in at $3.34 billion. The company's adjusted net income came in at $593 million, representing a decline of 91% year-over-year. Also, its adjusted EPS declined 91% year-over-year to $0.10. On the contrary, JNJ's sales increased 7.3% year-over-year to $21.39 billion for the fourth quarter that ended December 31, 2023.