NEW YORK— A unit of Japanese drugmaker Astellas Pharma will pay the U.S. government $7.3 million to resolve claims it illegally marketed its antifungal drug Mycamine for children before that use was approved. Another $3.1 million will go to state Medicaid programs. Medicaid did not cover Mycamine for children because the FDA had not yet approved that use.» Read 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.
Merck said a plaintiff who alleged the drugmaker's Vioxx painkiller caused her husband's heart attack and death dropped her lawsuit five weeks before the trial was to start.
The Eli Lilly-Icos joint venture reported that worldwide sales of their erectile dysfunction drug came to $971 million last year -- and is now on the cusp of becoming a billion-dollar blockbuster drug in 2007. We will find out how Viagra is doing when Pfizer reports earnings before the bell on Monday morning, but sales growth is expected to have picked up. These results represent a significant turnaround in a drug segment that some thought had already had its day.
A hung jury forced a mistrial in lawsuits by two men who blamed their heart attacks on Vioxx, the once-popular painkiller made by pharmaceutical company Merck.
Pfizer may announce $2 billion in cost cuts including plant closings and slashing up to 10% of the work force when new chairman and CEO Jeffrey Kindler announces his plan next week for a strategic overhaul of the world's largest drugmaker, analysts say.
Swiss pharmaceutical giant Novartis said Thursday fourth-quarter net income rose 23% thanks to double-digit percentage sales growth in top-selling blood pressure and blood cancer drugs.
German drugmaker Merck said Thursday its fourth-quarter profit rose 18% after the company boosted sales of its Erbitux cancer treatment.
As we get into the thick of earnings season, next Monday is shaping up to be a big news day for big pharma. Before the bell Pfizer will put out its press release with its 2006 and fourth-quarter numbers. Then, at 1 p.m. ET the company is holding an analyst meeting in midtown Manhattan where "The Wall Street Journal" reports Pfizer will announce more job cuts and other changes in the way it does business ... Meantime, in lower Manhattan the patent trial over Bristol-Myers Squibb's blockbuster bloodthinner Plavix gets underway on Monday morning ... And, finally, opening arguments are set for Monday morning in the two-in-one Vioxx trial in Atlantic City ...
Pfizer's new chief executive is preparing a plan to overhaul the drug maker that could include cutting several thousand jobs and changing the way it develops, makes and markets medicines, The Wall Street Journal reported on Tuesday.
Drug maker Schwarz Pharma said Tuesday that its Neupro treatment for Parkinson's disease has received approval in Europe to treat the illness in its advanced stages.
Lots of corporate headlines are already getting attention ahead of the open. Stocks in the U.S. are lining up to open higher at this point, and earnings will be the big focus. After making gains yesterday, European stocks are mixed with a flattish performance, and Japanese stocks were little changed to the downside.
Financials and techs, two groups that pulled in the money last week, will be out in front of the news this week when earnings season is in full swing. Markets will also be watching key economic data, a parade of Fed speakers and whatever side show goes on when oil markets reopen, after last week's near six percent slide in crude.