*AbbVie, InterMune say they defending business secrets. The decision leaves in limbo a high-profile fight that has pitched the European Medicines Agency, Europe's equivalent of the U.S. Food and Drug Administration, against AbbVie and InterMune.» Read More
When Pfizer announced its deeper cost cuts last week, including a total of about 10,000 layoffs, analysts said other big drug companies that had not already started restructuring would use the industry giant as the model. Sure enough, today AstraZeneca said it will get rid of 3,000 employees (5% of its workforce) over the next few years. Also: Gilead shares at record high.
Wyeth said Judge Caroline E. Baker of the Harris County District Court in Houston granted its motion for summary judgment and dismissed the case of Brockert v. Wyeth, which was to have begun trial on Monday.
If the report is true, Sanofi-Aventis and Bristol-Myers Squibb could soon merge to create the world's biggest drug company. (Pfizer's No. 1 today.) The story comes out of a French financial "newsletter" which attributed the information to no one -- but the market seemed to put some credence into the report. Also: stay tuned for pharma earnings on Tuesday and Wednesday.
Some 270 people have contracted the H5N1 virus or avian flu, according to the World Health Organization, and 164 of them have died. It's the high death rate--greater than 50%--that has alarmed so many health officials. One drug that is on the market for patients is Tamiflu--made by Gildead Sciences. Sales of the drug have made a big turnaround over the last few years...
AstraZeneca, Europe’s fourth-largest drug maker by prescription drug sales, posted a 21% rise in fourth-quarter earnings per share, compared to the last-year quarter.
U.S. pharmaceutical company Bristol-Myers has hired three Wall Street banks ahead of a possible offer from France's Sanofi-Aventis, the Financial Times reported on Tuesday.
Speculation that Sanofi-Aventis, the world's third-largest pharmaceutical company, may buy Bristol-Myers Squibb was grew Monday as an unsourced report from French financial newsletter "La Lettre de l'Expansio" reported that a pre-merger agreement was signed last week.
Rumors about merger talks between pharmaceutical giants Sanofi-Aventis and Bristol-Myers have picked up speed after French financial newsletter La Lettre de I Expansion reported a deal was in the works. Thomas Burnett, director of research at Wall Street Access, was on “Morning Call” to give his take on the possible friendly takeover.
Genentech has sent a letter alerting eye doctors to the risk of stroke from Lucentis, its drug for treating age-related macular degeneration, a spokeswoman said.
The findings on Aranesp and colon cancer treatment Vectibix were released late on Thursday, as the world's largest biotechnology company reported a marginal increase in fourth-quarter profit.
A vaccination alliance started by an investment from the Bill and Melissa Gates Foundation has saved several million lives, Microsoft co-founder Bill Gates told CNBC's Maria Bartiromo in an exclusive interview. Speaking on the sidelines of the WEF meeting, Gates also said the alliance is working on a vaccination for malaria. (More)
So, an overwhelming majority of Icos shareholders voted for the Lilly buyout offer. Lilly originally offered $32 per share, but under pressure from proxy advisory firms and big investors, the company raised its bid to $34 per share. And: the United Kingdom's government health care program announced today that it is not going to spring for Erbitux or Avastin from Genentech and Roche.
Generics hurt sales of Bristol-Myers Squibb's top-selling and most profitable drug Plavix, and Bristol-ImClone cancer drug Erbitux. Also: This afternoon, ICOS shareholders vote on the Eli Lilly buyout offer -- see the results ASAP on CNBC.com.
Cardinal, one of the nation's top three drug distributors, made good on newly appointed Chief Executive R. Kerry Clark's promise in November to sell the underperforming unit and focus on reshaping the company.
Wall Street is undecided so far on where it will start the day though early earnings news and housing data could help set the tone. For now, eBay's strong profits and big stock move is a bright spot lifting the Nasdaq, which bounced higher on a tech rebound yesterday. The Dow, fresh off its 26th high since October, is flattish.
Novartis CEO Daniel Vasella talked to "Worldwide Exchange" about the prospects for an eye medication just approved by the EU and also weighs on global intellectual property rights.
As I write this Pfizer shares are down about 2.5% in intra-day trading on top of the 1% loss yesterday. Usually investors cheer when a company announces substantial cost cuts--10,000 jobs, as many as eight facility closures or sales, $1.5 billion-$2 billion in savings by the end of '08. Yesterday you could argue the move was simple selling on the news as the layoffs and cost cuts had been leaked a week ahead of the meeting. But today ...
Pfizer also provided per-share earnings guidance for 2007 in the range of $2.18 to $2.25, which would represent growth of between 6% and 9%. A Thomson Financial consensus estimate puts the company's earnings at $2.19 for the year.
The drugmaker earned $9.45 billion in the fourth quarter, or $1.32 a share, compared with $2.73 billion, or 37 cents a share, a year earlier.
Pharmaceutical company AstraZeneca unveiled plans to boost its work in the infectious disease and cancer research with a U.S.$100 million (euro77 million) funding injection into its research and development center near Boston.