NEW YORK— Drugmaker Pfizer says it approved the repurchase of $11 billion in company stock. Pfizer has $1.3 billion remaining from its latest stock repurchase program. Pfizer Inc. is the world's second-largest drugmaker, and its products include the vaccine Prevnar and pain and fibromyalgia treatment Lyrica.» Read More
GlaxoSmithKline faces a U.S. investor lawsuit claiming that Europe's biggest drugmaker misled shareholders about the safety of diabetes drug Avandia.
Yes, Alzheimer's is everywhere. And I'm not referring to the new study that forecasts that the number of people worldwide with Alzheimer's Disease will quadruple between now and 2050 to more than 100 million cases. Staggering, sobering, daunting, scary. No, I'm referring to the sudden critical mass of media coverage of the disease.
Health care company Johnson & Johnson got a ratings upgrade to "neutral." Catherine Arnold, senior pharmaceuticals analyst at Credit Suisse, told “Closing Bell” why her firm lifted the company from underperform -- but is still holding off from an "overperform" rating.
Shares of Medivation surged 26% after the company said on Monday its experimental Alzheimer's disease treatment Dimebon prevented mental deterioration in patients for a year. Neurochem said initial data was positive from a recent study of its Alzheimer's disease treatment Alzhemed.
Analyst actions and clinical trial data were some of the catalysts behind the most actively traded stocks on Monday. Shares of both XM Satellite Radio and Sirius Satellite Radio advanced on above-average trading volume on Monday after the Federal Communications Commission began the long-awaited public notice period of the proposed merger of the satellite radio providers.
As Congress, the FDA and the drugmakers wrestle with what appear to be impending warnings about the safety of Avandia, investors are wrestling with estimates of the collateral damage to this multi-billion dollar GlaxoSmithKline franchise. Some say it's the next Vioxx and that investors have priced into the stock a high likelihood that GSK will eventually pull the drug from the market. Others compare it to what happened with Pfizer's painkiller Celebrex in the wake of the Vioxx withdrawal.
Pharmaceutical stocks is the place to invest in the current market, according to Kris Jenner, portfolio manager for the T. Rowe Price Health Sciences Fund. The medical doctor told "Morning Call" viewers he likes large-cap Wyeth and small-cap Alexion Pharmaceuticals, in particular. "There is no more valuable opportunity in the pharmaceutical industry today than bringing forward an Alzheimer's product," Jenner said of Wyeth, which has made advances in treating the disease.
In the wake of ASCO (the American Society of Clinical Oncology's annual meeting) where Genentech reported mixed clinical trial results, the stock is trading at a new intra-day low...it's lowest level since May 2005. And in the wake of yesterday's hearing on Avandia where the stage may have been set for a black-box or severe safety warning being put on the diabetes drug's label, GlaxoSmithKline is actually trading up.
Shares of London-based pharmaceutical giant AstraZeneca made modest gains (down 0.9%), reversing a recent downward trend thanks to positive momentum generated by rival GlaxoSmithKline (down 0.7%).
Paul Brown, consumer healthcare advocate at the U.S. Public Interest Research Group, told CNBC’s “Morning Call” that the Food and Drug Administration’s post-market safety program is “broken.”
All studies to date provide inconsistent data about the potential contribution of GlaxoSmithKline's diabetes drug Avandia to heart attack risk, the head of the Food and Drug Administration said in testimony prepared for a congressional hearing on Wednesday.
In an exclusive interview on CNBC, GlaxoSmithKline’s CEO J.P. Garnier defended the company's diabetes drug Avandia, saying recent safety questions are based on statistical analysis, not medical evidence.
AstraZeneca's Chief Financial Officer Jon Symonds, who lost out in a 2005 race for the CEO job, is to leave the company at the end of July to join investment bank Goldman Sachs.
With three great drugs and some good data points on the horizon, Cramer thinks the stock could turn a profit in the short term.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.
The maker of the controversial diabetes pill Avandia published preliminary results of a study that the company claims show the drug does not raise heart risks. However, experts say the results are inconclusive and even seem to suggest more risk from the drug.
GlaxoSmithKline, its shares off 12% in the past fortnight due to a safety scare over diabetes drug Avandia, is under growing pressure to increase cash returns to mollify shareholders.
Amgen said on Monday it has agreed to buy privately held Ilypsa, which is developing a drug for chronic kidney disease, for $420 million in cash.
A roundup of the most actively traded biotech and pharma stocks following the annual American Society of Clinical Oncology conference in Chicago.
Onyx Pharamaceuticals shares rose sharply after its partner Bayer said results of a Phase 3 study showed that Nexavar significantly extended overall survival in patients with liver cancer by 44%.
The American Society of clinical Oncology is underway in Chicago and the high profile, annual cancer conference is producing its usual combination of scientific and financial excitement.