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GlaxoSmithKline more than doubled its share buyback programme to 12 billion pounds ($25billion) on Wednesday, boosting its shares even as sliding sales of diabetes drug Avandia held back second-quarter profit.
Merck said second-quarter net profit slumped to 85.5 million euros ($117.9 million) from 528.5 million euros in the year-earlier period after a gain from the sale of assets last year was not repeated and as the company wrote down the value of some inventory after buying Serono.
With little or no fanfare Pfizer launched a new ad campaign for its erectile dysfunction drug Viagra on NBC Nightly News last night. Pfizer has gotten into a bit of trouble before for its relatively racy Viagra spots like the "Horny Devil" campaign featuring the guy with two horns growing out of his head. This time it's got a bunch of 40-something guys sitting around a dusty barn singing "Viva Viagra" to the tune of Elvis' "Viva Las Vegas".
Quarterly earnings reports and corporate alliances were some of the catalysts behind the most actively traded stocks on Tuesday.
The FDA is seeking a one-year study of how the drug Pristiq affects the heart and liver, said Wyeth's chief medical officer, Dr. Gary Stiles.
Wall Street is heading for a lower opening as some weak earnings and credit market jitters outweigh positive profit reports from companies like Pepsico and Lockheed-Martin. European markets are moving lower after overnight gains in Tokyo and Hong Kong shares.
Eli Lilly Tuesday posted better-than-expected second-quarter earnings helped by surging sales of its prescription drugs, including depression treatment Cymbalta, and the company raised its 2007 profit forecast.
Corporate takeovers in the tech sector and earnings news were some of the catalysts behind the most actively traded stocks on Monday.
After a disappointing week for big pharma earnings, Merck and Schering-Plough start the second-half of the sector's reporting season with a bang. Both companies beat the Street on the top and bottom lines. Merck also raised its full-year earnings guidance to boot. And investors love it. Look at the huge move in the Dow component.
Schering-Plough on Monday said second-quarter earnings more than doubled, driven by growing demand for its Zetia and Vytorin cholesterol drugs and its treatments for arthritis and allergies.
Merck said Monday that quarterly earnings rose 12% on strong demand for its newer vaccines and medicines, and raised its 2007 profit forecast, sending its shares up 4%.
Diversified manufacturer Teleflex agreed to buy Arrow International for about $2 billion to strengthen its position as a global supplier of disposable medical products, the companies said Monday.
With a couple of exceptions the pharma earnings season has failed to impress Wall Street, so far. Take a look at the one week performance of the Amex Pharmaceutical Index versus the Dow. Next week there's no let-up. Right out of the gate on Monday morning Merck and Schering-Plough report.
U.S. drug reviewers will ask an advisory panel if they should wait for more data before deciding whether to approve GPC Biotech proposed prostate cancer pill, a summary released Friday said.
Boston Scientific posted a lower-than-expected quarterly profit Friday as sales of its flagship drug-eluting heart stents fell by 32%.
Swedish drug company Meda said on Friday it signed an $800 million cash-and-stock deal to buy allergy and pain treatment specialist MedPointe. from a group of U.S. investors.
Pfizer's "pay-for-performance" policy -- which essentially amounts to a money-back guarantee to pharmaceutical users and healthcare payers -- will be a boon for pharmaceutical companies, Catherine Arnold, director at Credit Suisse, said on "Power Lunch."
Pfizer Chairman and CEO Jeff Kindler had some explaining to do on the company's earnings conference call this afternoon. He started by telling analysts, investors and reporters who were listening in (everyone's in a listen-only mode, only the analysts are allowed to ask questions), "Let me be direct. It was a tough quarter."
GlaxoSmithKline said that its cervical cancer vaccine Cervarix received a positive opinion from the European Committee for Human Medicinal Products and will now be proposed for final approval by the European Commission.
Roche Holding said Thursday its CEO will step down next March as the pharmaceutical company separates that job from the chairman's position. It also posted a 24% increase in first-half net profit.