Some of Wednesday's midday movers:» 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.
Waiting Room: The rush to get breaking news on the air is one big, stress-filled, exciting adrenaline rush. A logical person (i.e. one who does not work in television) would think that if you know in advance that something might break at a given time, that makes life easier. Well, in many ways it does, but it sometimes can drag into an arduous wait. Sometimes for naught!
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.
Bristol-Myers Squibb reported a fourth-quarter net loss because of special charges and generic competition for its Plavix blood-clot drug, but operating results beat expectations.
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.
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.
Amylin Pharmaceuticals has felt the pressure of late since Merck released a diabetes drug to rival its own Byetta. And there’s no relief in sight with Novartis not far behind in getting approval for its Galvus treatment. CNBC’s Mike Huckman spoke with Amylin CEO Ginger Graham about how the competition is affecting the company.
An ovarian cancer drug under development by Genentech that many investors had written off showed promise in a midstage trial, even though the trial may not have met its main goal.
Eli Lilly said it entered into settlement agreements with 14 groups involved in Zyprexa liability suits and will take a fourth-quarter charge of up to $500 million related to the litigation.
During the final week of the year, CNBC spoke with analysts to get their top picks for 2007. Large cap names and private equity were winners in 2006, and many analysts are expecting more of the same next year. But look for some picks that may be surprising as well.
Zyprexa, the drug at the center of a patent dispute, is Eli Lilly's top seller and most profitable product.
Wondering how to make big money in drug stocks next year? Two analysts told us their winning prescription for your 2007 portfolio on today’s “Morning Call.” Their advice: Look for (positive) newsmakers and buy into generics.
Lilly and Icos today postponed the Icos shareholder vote on the new-and-improved, $34-a-share buyout offer until January 25th. The vote was supposed to take place today, but after Lilly raised the bid -- somewhat reluctantly -- yesterday, the companies wanted to give investors more time to mull it over. At least one big shareholder is still complaining that Lilly didn't go high enough.
The bulls caught their breath today after a run-up last week. All major indexes ended the day in the red. The Dow Jones Industrial Average closed slightly lower today by 4 points, even as two of its biggest components – General Electric and Citigroup – surged with both stocks hitting highs (Citigroup closed at an all-time high, GE at a 52-week high). The Nasdaq and S&P 500 also faced selling pressure, closing down 22 and 5 points, respectively.
I jinxed myself. That closing statement in my last posting about things quieting down on the beat: fuggedaboutit. Yesterday and today, "The New York Times" ran above-the-fold, front-page stories on Lilly's marketing of Zyprexa. It's the company's top-selling drug and its biggest profit-maker -- analysts estimate the schizophrenia/bipolar disorder drug is responsible for one-third to as much as one-half of the company's bottom line.
Eli Lilly has downplayed for about 10 years the risks associated with Zyprexa, which treats schizophrenia, The New York Times said on its Web site Sunday, citing internal documents from the drug maker and e-mail messages of its managers.
The revised price of $34 a share follows objections from HealthCor, a big Icos shareholder, to the earlier $32-a-share offer. HealthCor argued that Icos was worth more than $40 a share.
Big pharma company Eli Lilly is coming under fire. CNBC's Pharmaceuticals Reporter Mike Huckman had the late breaking details on this morning’s “Squawk Box.” Huckman reported that Eli Lilly said sales of its top selling drug Zyprexa would be “stable” next year (the drug is used for schizophrenia and bipolar disorder).
U.S. stocks look set to spring higher, as of now, as the year end rally pulls in buyers and takeover activity supports prices. Japanese stocks closed at a seven month high ahead of tomorrow's rate decision by the Bank of Japan. European markets are flat to higher, helped by takeover activity.
At the Merck annual analyst day here in company headquarters in central New Jersey, the company revealed for the first time what many on the Street had suspected: it has a so-called CETP inhibitor in the drug development pipeline. That's the same type of drug that Pfizer pulled the plug on last week because of an increased risk of death.