Sept 18- Rite Aid Corp cut its full-year profit forecast for the second time in about three months due to lower margins in its pharmacy business, sending its shares down more than 16 percent.» Read More
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.
Wyeth reported higher-than-expected second-quarter earnings Thursday on strong sales growth of its prescription drugs, and it raised its profit forecast for the year.
Pfizer Wednesday reported lower-than-expected quarterly earnings on competition with generics, and said global sales of cholesterol fighter Lipitor fell 13% amid slipping demand for the company's flagship product.
Yesterday, I blogged that you should watch the Lipitor number in Pfizer's earnings report today. Well, the world's biggest drug company, is having major problems with the world's biggest-selling drug. Lipitor sales fell a surprising 25% in the U.S. and 13% worldwide in the second quarter. And the company says for the full year revenue from the cholesterol fighter could be down as much as 5%.
Abbott Laboratories posted higher second-quarter earnings Wednesday on increased sales of its prescription drugs, with global revenue from arthritis treatment Humira jumping 50%.
Novartis cut its full-year results outlook as generic competition pressured sales of a key blood-pressure drug, and said U.S. regulators had delayed the approval process for an important cancer treatment.
The headline might say, "Johnson & Johnson Beats the Street," but investors are looking behind it and that's what is pushing this Dow component down this morning. For example, JNJ says its topline growth would have been just 3.6% instead of 13% if it had not bought Pfizer's consumer health care business last year for $16.6 billion. JNJ is kind of a three-pronged hybrid: pharma, medical devices and consumer healthcare.
These days, it's not uncommon to see campaigns calling for the withdrawal of a drug from the market because of safety concerns. That's why this campaign urging the approval of a drug is extraordinary. Proponents of Dendreon's Provenge took out this no-frills, half-page ad in the opinion section of Sunday's edition of "The Washington Post".
Merger news and corporate announcements were some of the catalysts behind the most actively traded stocks on Thursday.
ImClone Systems said on Thursday its drug Erbitux failed to meet the main goal in a late-stage study for advanced lung cancer.
A couple of months ago I took ImClone to task here for putting a Hollywood studio executive on its Board of Directors. The post caused me to be frozen out of communication with the company--calls were not returned, emails did not get a reply. We've since mended fences and it looks like IMCL may have gotten a message. Here's part of its press release issued late yesterday announcing that Dr. Thomas Deuel is coming onto the Board.
While I'm sitting in a plane on the tarmac at Newark Liberty Airport for going on four hours now I write about the latest twist and turn in the Dendreon saga. Late Tuesday, in an SEC filing, the company disclosed that it got a letter dated July 9th informing Dendreon that the agency has launched an informal inquiry "related to the Company’s clinical trials for Provenge .
European banking stocks were among the hardest hit in a global selloff Wednesday as investors feared U.S. subprime weakness could spread to European mortgage lenders.
With a big drug finishing its Phase III trial, this stock could be ready to move.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.
Ariad Pharmaceuticals said a U.S. federal court ruled in favor of it and co-complainants in a patent infringement case against Eli Lilly, saying that the patent was valid and enforceable.
In the "Sunday Styles" section of "The New York Times" the paper runs a very prestigious weekly feature known as "Vows". It's a relatively long write-up of someone's wedding and accompanied by pictures from the event. Yesterday, the Times highlighted the ceremony of Andrew Solomon and John Habich (for at least a few years now, The Times has included same-sex partnerships in its "Weddings/Celebrations").
Johnson & Johnson said on Monday its board of directors approved the repurchase of up to $10 billion of its common stock.
Big contract wins and corporate dealmaking were some of the catalysts behind Monday's most actively traded stocks.