TD Ameritrade's IMX survey of retail investors points to bullishness, Managing Director Nicole Sherrod says.» Read More
China has more than 1.3 billion people and has become the 9th largest drug market in the world--with $9.5 billion in annual sales. So--it should come as no surprise that Big Pharma is furiously trying to grab a piece of that market--which by some estimates could be wroth $25 billion in the next three years.
From the Pfizer shocker about Torcetrapib, to new guidance from Merck and Lilly, to the FDA Advisory Committee meeting on the safety of drug-coated stents -- it was an incredibly busy week. Some final thoughts on the stent meeting...
Here's our last look at the markets today--U.S. stocks rallied modestly after a better-than-expected U.S. jobs report sparked the first weekly gain in equities in the last month. Also--market moving comments heard on CNBC today from Treasury Secretary Hank Paulson sent the U.S. dollar higher. Mary Thompson has all the winners and loser - she's CNBC's "Eye On The Floor."
While I'm in the car--not driving--on my way to the airport to go to the FDA Advisory Committee meeting on drug-coated stents I wanted to pass along some news from the Eli Lilly analyst meeting this morning in New York that I just left.
In a "First on CNBC-TV" Eli Lilly CEO and Chairman Sidney Taurel sat down with Mike Huckman on "Squawk Box" to talk about the company--as it meets with analysts today and issued new guidance. The pharmaceutical company says sales growth for 2007 will be in the low end of the 7-9% range--versus 6% for 2006.
The once "invincible" Pharmaceuticals sector is showing new signs of weakness. Today Merck announced that it expects slightly higher profits in 2007. Yet in spite of that--Merck shares fell 1.5 percent in heavy early trading. And just days ago, Pfizer hit a roadblock and stopped development of what was thought to be its most promising drug.
So, it took the torpedoeing of torcetrapib to get new Pfizer CEO Jeff Kindler to finally talk to us. He came on "Power Lunch" today for his first TV interview since taking the helm more than four months ago. A former litigator, he is media savvy, telegenic and a smooth-talker. I don't know why he didn't come on before he was put in the position of serious crisis management with a major hole to fill in the company's drug pipeline and about a ten percent decline in the stock price.
Investors in the pharmaceuticals industry have now turned their attention to possible acquisitions by Pfizer after the drug-maker halted trials of a new cholesterol drug.
U.S. stocks staged a powerful rally as another string of deals boosted momentum and sent a number of indexes to new highs. Mary Thompson is CNBC’s Eye on the Floor at the NYSE and had all the final details with a look at the markets on "Closing Bell." Today’s flurry of mergers and acquisitions exceeded $20 billion dollars.
We've been telling you about Pfizer's troubles today--that it stopped development of what was supposed to be its blockbuster drug--torcetrapib. Unfortunate deaths during clinical testing forced Pfizer to cancel the drug. It was supposed to be the successor to Lipitor. And as a result of the failure--a question is being raised--will the failed tests change the way pharmaceutical drugs are approved?
Stocks closed sharply higher on a big day for corporate mergers, but investors may turn their attention back to the economy on Tuesday.
Mergers and acquisitions momentum has driven the markets today. Four big deals were initiated: Bank of New York and Mellon Financial; LSI Logic and Agere Systems; Pilgrim’s Pride and Gold Kist; and Station Casinos got a buyout offer from a group including its chairman for $4.7 billion.
Greetings from the Breaking News Desk. It’s one of the most exciting areas of CNBC and at the same time, the scariest. “Get it on” and “get it right” are our two most important and often conflicting requirements. That’s, in part, why I’ve subtitled our internal guide to working at this desk “How To Break News Before It Breaks You”.
Saturday night Pfizer dropped a bombshell. Two days after the company announced it planned--if all went well--to file for FDA approval of its developmental cholesterol pill Torcetrapib in the second half of next year, Pfizer suddenly pulled the plug on the drug. Tests had shown this pill raises good cholesterol and lowers bad. But the FDA says early Saturday morning Pfizer's Independent Data Safety Monitoring Board told the company about people who died in a clinical trial.
Earlier this year a crew working for documentary filmmaker Michael Moore "crashed" the major scientific oncology conference in Atlanta. Moore's reportedly working on a movie with the working title of "Sicko" about the country's healthcare system and the pharmaceutical industry.
Pfizer CEO Jeffrey Kindler expressed disappointment about the failure of the company's new cholesterol drug but said Pfizer plans to continue growing through strategic acquisitions.
This past Saturday night--Pfizer announced it's stopping production of its new anti-cholesterol drug torcetrapib. Unfortunately--clinical test results showed more deaths than were expected from taking the experimental drug. Catherine Arnold is a pharmaceutical analyst from Credit Suisse..
Pfizer stock is down 13% so far today on news that development of its Lipitor successor – torceptrapib – has been halted. Analysts have downgraded the stock and cut price targets as a result. Barbara Ryan – managing director and senior analyst at Deutsche Bank – disagrees though. She appeared on “Morning Call” to say that the dip in price today is a buy-in opportunity.
The world's biggest drug company is seeing its market value get much smaller this morning. Shares of Pfizer are getting hammered after the company dropped a bombshell over the weekend about clinical trials of torceptrapib/atorvastatin (T/A), a drug thought to be a promising new way to lower cholesterol. CNBC’s Mike Huckman sorted out all the details on this morning’s “Squawk Box.”
At 12 p.m. ET, shares of Pfizer were trading about 13% lower - largely because the company halted development of torcetrapib--a new cholesterol treatment. The drug was supposed to fill the void when Lipitor--its best-selling drug--loses patent protection in 2010. (Lipitor sales totaled $12.2 B last year.)