The tax inversion announcement seriously reduced the likelihood of the Pfizer AstraZeneca deal going ahead says CNBC's Catherine Boyle.» Read More
This has been a lousy summer for investors in Pfizer. The stock traded at nearly 28 bucks in June and today it's fighting its way back up over the $24 mark. Goldman Sachs big pharma analyst James Kelly in a research note to clients is reiterating his buy rating on the shares, but is lowering his 12-month price target from $30 to $29.
On Amgen's conference call the other day regarding the biotech company's cutbacks, officials repeatedly stated that they think the federal government's new, restrictive guidelines for use and payment of Amgen's bread-and-butter anemia drugs will hurt patients and specifically, result in the need for more risky, old-fashioned blood transfusions to treat the condition.
At CNBC we use -- among others -- a couple of primary business news wire services -- NewsEdge, part of Thomson, and Relegence, part of AOL.
Thirty years ago, I was in Las Vegas. My stepmother took me to see Ann-Margret at The Hilton and I remember our waitress telling us that Elvis was the only one who could consistently pack the room. It was strange that he passed away the next day. On this, the 30th anniversary of the King's death from overdosing on prescription drugs, the stocks of the companies that make prescription drugs are having a very dark day.
Usually when a company announces cost cuts that will help improve cash flow and buoy profits, investors cheer and buy the stock. After the bell yesterday, Amgen revealed it's going to get rid of as many as 2,600 employees, cut its capital expenditures this year and next by nearly $2 billion and close or downsize plants. The measures are being taken to help absorb the blow from plummeting sales of Amgen's anemia drug, Aranesp, which is facing intense safety and reimbursement issues. This morning the stock is trading at a new multi-year low.
Biotechnology firm Amgen said after U.S. markets closed Wednesday that it will slash its employee base by between 12 and 14% in hopes of reducing its 2008 cost forecasts by $1 billion to $1.3 billion on a pre-tax basis.
Don't listen to the bears - There is a cohort of stocks that is working during this downturn. Here are Cramer's picks.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.
Shares of Amylin Pharmaceuticals and Alkermes are rallying today after FBR Biotech Analyst, Jim Reddoch, put out a research note saying the once-a-week diabetes drug they're working on could be a $3 billion-a-year seller. AMLN shares have been on a tear in recent months, rising from about $37 in March to nearly $50 today. That's on investor anticipation of robust test results and continued speculation that AMLN could get taken out.
BioMedTracker, which monitors drug development for investors, ran some numbers for me. As of August 13th, how does the number of FDA-approved drugs and "approvable" drugs compare to the same period a year ago? According to the company, drug approvals are down 16% and approvable letters are up 55%. An approvable letter is what the FDA issues when it believes it might someday okay a drug, but only if a company provides additional -- often publicly unspecified -- data. So, for investors, "approvable" is a euphemism for delay.
For the second time in two weeks, an op-ed item appears in The Wall Street Journal today calling out the FDA for its record on timely approval of cancer drugs.
Bryan Gaffin, VP, Group Creative Director at G2 Direct & Digital writes to say that his division and not G2 Branding & Design is responsible for the new Pfizer website. They're part of the same company, WPP Group, but separate divisions. Credit where credit is due.
If you haven't been to the world's biggest drug company's homepage recently you might want to check it out. It used to be very corporate and stodgy. But earlier this month, the website got a facelift.
After falling to a new low on Friday, Bernstein Biotech Analyst, Geoffrey Porges, is upgrading shares of AMGN from Market Perform to Outperform. Investors are bidding up the beaten down stock in midday trading. Bernstein makes a market in the stock.
U.S. health officials have determined that a schizophrenia drug developed by Wyeth and two other drugmakers is not approvable, the companies said Friday, dealing Wyeth a second setback in less than a month to an important product.
The Los Angeles Times reports in a front-page article that Amgen may announce layoffs soon. The report attributes the information that the company may get rid of 15% of its employees within the next several weeks to "three people familiar with the matter".
Late Thursday, ImClone Systems announced it has finally hired a permanent CEO. It'd been without one for about two years. The biotech company which makes the cancer drug Erbitux and became reluctantly famous in the Martha Stewart stock-trading case tapped a guy named John Johnson for the role.
Johnson & Johnson, the drug/medical device/consumer health products company reeling from a plunge in sales of its anemia drug, Procrit, and its drug-coated stent, Cypher, is going to court. Not to defend a lucrative pharmaceutical patent, but to get The Red Cross to stop using its red cross logo on certain marketed products like humidifiers and grooming tools.
Johnson & Johnson, the pharmaceutical giant which uses a Red Cross as its trademark, filed a lawsuit Wednesday against the American Red Cross, demanding that the charity halt the use of the red cross symbol on products it sells to the public.
Cardinal Health on Thursday said its quarterly net profit rose, led by strong demand for medical pumps and other devices in its Clinical Technologies and Services business.
Barr Pharmaceuticals said Wednesday quarterly earnings fell sharply, hurt by costs tied to an acquisition, but its operating profit beat Wall Street estimates as generic drug sales soared