European shares closed higher on Tuesday, starting a shortened trading week on a positive note.» Read More
French drugmaker Sanofi-Aventis on Thursday reported declining first-quarter profits, citing adverse currency movements, generic competition and a strong quarter in 2006.
Bristol-Myers Squibb's recent agreements with rival drug companies to develop and sell drugs is a signal that the company is committed to staying independent, reports CNBC's David Faber.
Pharmacia and Upjohn Company, a unit of Pfizer, pleaded guilty to one count of offering a kickback to a pharmacy benefit manager and was sentenced to pay a criminal fine of $19.68 million, federal prosecutors said on Wednesday.
The U.S. dollar inched lower Wednesday -- as the euro approached its historic high. What does the transatlantic currency gap mean for America's economy? "Upside surprises," for one thing. David Gilmore, partner at Foreign Exchange Analytics, and Robert Lynch, currency analyst at HSBC, joined "Morning Call" to explain why the ever-weaker dollar may boost parts of the U.S. economy.
Several other major drug companies were apparently interested in buying MedImmune, including Merck, Eli Lilly and possibly Novartis, CNBC’s David Faber reported Tuesday.
M&A news and earnings updates provided some of the catalysts for Monday's most actively traded stocks.
Stocks closed lower as cautious comments from GM and Pfizer snapped the Dow's seven-day winning streak. "We've seen a really good move in the market and a little consolidation is healthy," said Bill Nichols, managing director of equity trading for Bear Stearns. "After being higher so much, a little profit-taking is only natural."
Pfizer said quarterly earnings fell 18%, hurt by one-time charges and anemic sales of inhaled diabetes drug Exubera, plunging demand for drugs facing generic competition. The world's largest drugmaker also warned its 2007 earnings will be below Wall Street expectations due to the unexpectedly swift introduction of cheaper generic forms of its hypertension treatment Norvasc.
What many see as outrageous or obscene compensation for chief executive officers is back in the limelight after some high profile pay packages lately. The contrarian view is that there is little or no direct link between pay and performance and coupling the two might be detrimental because CEOs would cut corners to boost their pay, eroding the company’s long-term prospects.
Johnson & Johnson beat the Street and raised its outlook for this year, but the hybrid Pharma/Consumer Products/Medical Devices company posted a much bigger drop in sales of its highly profitable drug-coated stents than analysts expected. Stents are the expensive, little wire mesh tubes that prop open clogged arteries. Recently, sales of stents coated with drugs have come under increasing scrutiny over safety.
Healthcare giant Johnson & Johnson reported quarterly earnings above Wall Street estimates and raised 2007 earnings guidance, sending shares up almost 3%.
Health care and insurance are two of the fastest-growing segments of the booming pet market. And big drug makers such as Pfizer, Novartis and Eli Lilly have taken note.
The maker of the FluMist vaccine said it was putting istself up for sale, causing its shares to surge more than 10%. MedImmune also said that certain major drugmakers had already indicated they might be interested in a takeover.
Merck shares rose sharply Friday after the drugmaker raised its outlook for first-quarter and full-year earnings, citing strong sales across its range of products, and said a federal court judge dismissed a class-action securities lawsuit against the company.
Merck's new pain reliever drug Arcoxia, which was proposed as a successor to Vioxx, was rejected by a federal health advisory panel. A Food and Drug Administration drug safety expert earlier told the panel that the drug may increase substantially the risk of stroke and heart attack and is no more effective for pain relief than other medicines in the same class.
Since another pharmaceutical industry blog has already posted an item about this under the title, "Son of Vioxx...." and since I don't want to be accused of plagiarism or sexism I've opted for "Daughter of Vioxx".
Mylan Laboratories raised its fiscal 2007 earnings forecast, citing the strong performance of its generic drugs business, pushing its shares up as much as 4%.
The AFL-CIO, the largest U.S. union federation, is targeting Verizon Communications in a campaign against high executive pay, and will vote against the company's compensation committee at the company's May 3 annual meeting.
Despite a volatile first quarter, stocks aren't much above where they were at the beginning of the year. But even if the major averages aren't showing big gains, smart investors know where to look for growth opportuntities.
So it was the second night of Passover and I was driving to a seder in New Jersey Tuesday evening when I get the call. My producer, Ruth, said she'd just heard at approximately 6 p.m. ET from a Pfizer spokesman who told her that a front page article in "USA Today" (which had been on newsstands and on the web since early that morning) contained an error: