Shares in Puma dropped 15% as the market opened on Thursday after the German sportswear brand reported lower than expected fourth-quarter sales and a decline in annual profit.

J&J has been on an acquisition spree to boost its drugs and device businesses after spinning off its consumer unit in 2023. Last week, it announced the Intra-Cellular acquisition - its biggest deal in two years - to boost its portfolio of psychiatric drugs.

Darzalex, which treats multiple myeloma, has become the first Johnson & Johnson drug to ever top $3 billion in quarterly sales.

Associated British Foods downgraded the annual sales guidance for its Primark budget clothing business on Thursday after disappointing results in the Christmas quarter in its main UK and Ireland market.

Primark owner Associated British Foods has revealed a slump in sales in the UK in recent months amid continued pressure on household budgets

The conglomerate lowered its sales-growth expectations for Primark —its clothing retailer that accounts for the lion’s share of earnings—amid a challenging retail environment.