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I don't know how they all got clustered together--maybe so many of the major pharmaceutical companies meet with Wall Street in early December so everyone can then take off on long vacations--but my hands are full with three big pharma events in as many days. Yesterday, Merck put out guidance.
Merck gave profit forecasts for 2007 and 2008 that were mostly below expectations.
Shares of Dow component Merck are trading lower in the very early going this morning after the country's second-biggest drug company didn't blow people away with its 2008 financial guidance. Merck puts out its new forecast a week ahead of its annual analyst meeting, so it can focus more on its drug development pipeline at the event.
The benefits of Genentech's cancer drug Avastin in breast cancer should be weighed against some toxic side effects, including the potential for death, U.S. regulatory staffers said in documents released Monday.
Although the stock movement this morning is not reflecting it, the latest developments in Amgen and Genentech's efforts to come up with new treatments for breast cancer are emblematic of the opposite direction these California-based biotech behemoths and rivals are headed.
Shares of Addex Pharmaceuticals SA jumped Monday after the Swiss company said it entered a license agreement with U.S.-based Merck to develop a new class of orally available drugs to treat Parkinson's disease and perhaps other conditions.
The popular diabetes drug marketed as Avandia may increase bone thinning, a discovery that could help explain why diabetics can have an increased risk of fractures.
Late yesterday one of the midnight-oil-burning "Squawk Box" producers runs over to my desk asking, "Hey, is this J and J thing a big deal?" I said, "What J and J thing?" "Check the wires," he said. Here's what I saw...
Abbott Laboratories moved closer to joining the U.S. market for drug-coated heart stents on Thursday as an advisory panel backed the company's experimental device.
Senator Herb Kohl (D-Wisconsin), the Chairman of the Senate's Special Committee on Aging, has made public a copy of a letter he recently sent to Genentech's President of Product Development, Dr. Susan Desmond-Hellmann--a frequent guest on CNBC--regarding the company's new policy on the use of the eye drug Lucentis.
Regarding my post from yesterday about Lilly CEO Sidney Taurel, a spokesman left me a voicemail this morning to say it has no intention of backing out of the interview next week. I've got a tentative commitment from Bristol-Myers Squibb to interview its new CEO Jim Cornelius for the first time at that company's analyst meeting next week.
During regular trading hours on Tuesday, Merck shares hit 60 bucks. If you bought the stock about two years ago and held it, you've doubled your money. Merck traded for 45 bucks and change the day before the company recalled Vioxx. It hadn't been above 60 since mid-2003. This has to go down as one of the greatest comeback stories in history.
If you arrive for work at CNBC headquarters early enough you can pick up a copy of "The Wall Street Journal" at the lobby desk when you walk in. Today, I grabbed mine and set it down on my desk while I logged onto my computer and cleaned out my inbox.
Late yesterday, a bullet crossed the Dow Jones newswire saying, "FDA Warns GlaxoSmithKline on Breast-Cancer Drug Promotion." Almost immediately, my producer and I got a call from the CNBC staffer who was manning what we call our "Alerts Desk" asking us if we'd seen the news and if we could provide any context.
Symbion Health said on Tuesday that a planned $2.4 billion takeover led by Healthscope would not proceed after Australian tax authorities disallowed tax relief on parts of the deal.
So, does this mean I'm gonna get scooped by Reuters on Merck stories? I'm just kidding, but that was one of my reactions when I saw the press release this morning from Merck announcing that it's putting the CEO of Reuters, Tom Glocer, on its Board of Directors. The head of a financial data and news company on the Board of a major drug company. Very interesting.
Shares in Australian health sector takeover target Symbion Health and its suitor Healthscope were placed on trading halts on Monday, ahead of a market announcement.
Australia's Symbion Health Ltd said on Friday Primary Health Care Ltd had lost a legal challenge against it over Symbion's proposed A$2.8 billion (US$2.4 billion) tie-up with Healthscope Ltd.
Late yesterday afternoon, the Food and Drug Administration put out what it calls an "Early Communication" announcing that it's looking into possible dangerous side effects from Pfizer's hot, new smoking cessation pill, Chantix. The company sold nearly a quarter-billion dollars worth of the drug in the third quarter which put it on track to quickly achieve billion-dollar blockbuster status.
Swiss drugmaker Roche has submitted its experimental Actemra drug to the U.S. authorities for approval to treat moderate to severe rheumatoid arthritis in adults.