July 25- AbbVie Inc, which last week announced plans to buy Dublin- based drugmaker Shire Plc for $55 billion, reported stronger-than-expected quarterly results on surging sales of its Humira treatment for rheumatoid arthritis. Excluding special items, AbbVie earned 82 cents per share.» Read More
In the wake of my semantic disagreement with Amgen over whether it beat, met or missed its earnings pre-announcement earlier this month, analysts are putting out research notes to clients on the company's results, guidance and new drug data and blog readers are sending emails about my take on the full year 2007 number.
I just got back to my desk after doing a breaking news alert on Amgen's earnings. To sum up, I characterized the report as a mixed bag. The anemia drug sales weren't as bad as expected. Overall revenue was higher than consensus. And fourth quarter earnings per share was three cents higher than the Street.
Amgen reported on Thursday that its fourth-quarter profit edged higher, on a reversal of declining sales of its anemia drugs that have been hit with safety concerns and new restrictions on their use and insurance reimbursements.
ImpactRx--which follows prescription writing for the industry, investors and analysts--is out with a press release this afternoon assessing the damage to Merck and Schering-Plough's cholesterol franchise of Vytorin and Zetia.
After yesterday's beat and boost by drug giant Pfizer and a late-day rally in the stock, analysts are providing clients their take on the numbers as the shares traded lower in the early going. Deutsche Bank's Barbara Ryan is keeping her long-standing "Buy" rating on PFE, even though she told me recently she's been "long and wrong" on the stock.
The show was over, but Cramer kept going. Don't miss his in-depth answers to audience questions about Merck, Target and more.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
As I write this at the start of the second hour of regular trading, Pfizer is hangin' on to a small gain. It's the only big pharma stock trading higher this morning and for a moment after the opening bell it was the only Dow component in the green. (Merck and Schering-Plough, still reeling from the Vytorin/Zetia study, are getting pummeled again in the early going--each down more than a buck.)
Pfizer Wednesday reported a higher-than-expected fourth-quarter profit, helped by lower taxes, a weak dollar and growing demand for its drugs for nerve pain, kidney cancer and smoking cession.
This press release and letters to the CEOs of MRK and SGP from the House Energy and Commerce Committee just arrived in my inbox:
I'm blogging today from outside the New York Stock Exchange where I'm trying to round up "man-on-the-(Wall) street" reaction to the markets. In the meantime, back on the beat, for the second day Merck and Schering-Plough have taken out two-page ads in major newspapers defending their cholesterol drugs Zetia and Vytorin whose efficacy is under attack.
Roche Holding has overcome Ventana's resistance to its takeover bid by raising its price, acquiring the diagnostics maker for $3.4 billion to boost its cancer testing business.
I blogged recently that a spokesperson for the House Energy and Commerce Committee had told me a decision could be made by the end of this week regarding the Dendreon saga.
After watching his stock lose more than one-fifth of its value this week, Schering-Plough CEO Fred Hassan apparently decided the shares are on sale. This morning the company issued a press release announcing Hassan (pronounced Haa-sun, not the commonly mispronounced Huh-sahn) will shell out $2 million of his own money to buy SGP shares on the open market.
This doesn't come as any big surprise, but Pfizer announced this morning that it is putting a warning--and that's the company's word--on the label of its stop-smoking pill Chantix. It says people taking the drug should be watched for "serious neuropsychiatric symptoms, including changes in behavior, agitation, depressed mood, suicidal ideation and suicidal behavior."
Playing defense is the best thing to do right now, Jeff says. Don't pick a bottom yet.
Europe's major indexes closed lower across the board Thursday despite assurances from Federal Reserve Chairman Ben Bernanke that he would act agressively to counter the risks of a U.S. recession.
If or when you watch one of the presidential debates count how many times the candidates say, "the drug companies." Of course, it depends on which party's debate you might be watching, but since I started paying attention to the race in recent weeks, I've taken notice how much those three words seem to be apart of boilerplate answers and statements...
The American College of Cardiology is weighing in on the controversial ENHANCE study that has battered shares of Merck and Schering-Plough over the past couple of days. Most notably I think is that the ACC says, "There should be no reason for patients to panic."
The European Commission raided some of the world's largest drugmakers on Wednesday, launching a broad investigation into whether they made illegal deals or abused patents to limit competition and harm consumers.
It's a booyah-free zone. There goes Swifty!Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.