Company: Novartis AG

The Indian government announced an inquiry on Friday into the operations of the country's main drug regulator, just days after a parliamentary report exposed dysfunction within the agency and alleged serious irregularities in the drug approval process. 

Shares of Idenix Pharmaceuticals Inc. rose Monday after a JMP Securities analyst upgraded the stock, saying it should trade higher as Idenix reports new data on its experimental hepatitis C drugs.

Johnson & Johnson's incoming CEO said that he plans to present himself as a "realistic optimist" when he addresses shareholders for the first time at the heath care giant's annual meeting on Thursday.

Watson Pharmaceuticals said on Wednesday it agreed to buy Actavis Group for at least 4.25 billion euros ($5.60 billion), making it the world's biggest suppliers of generic drugs.

Drug maker Novartis is taking legal action in Britain to make state-run hospitals use an eye drug that costs about 700 pounds ($1,130) per shot instead of a cheaper one that costs 60 pounds ($97).

Swiss pharmaceutical company Novartis AG reported an 18 percent drop in earnings for the first quarter Tuesday, citing strong competition in the generic drugs market and manufacturing problems at a plant in the United States.

India’s mass production of generic versions of drugs patented elsewhere helps poor people with treatment that would otherwise be too costly, but drug companies say the knockoffs stifle innovation. The New York Times reports.

AstraZeneca is cutting a further 7,300 jobs and expects earnings to fall 14-18 percent this year as patents on key drugs expire and governments in Europe and the United States squeeze prices.

Novartis AG is bracing for lower profitability this year as key products like top-selling blood pressure drug Diovan face competition from cheaper rivals, the Swiss drugmaker said as it posted an 8 percent rise in quarterly earnings.

Stocks bounced off their lows Friday, but still ended in negative territory amid expectations of an imminent S&P ratings downgrade of several euro zone countries. Despite the day's losses, stocks still posted a gain for the week.

Novartis is cutting nearly 2,000 jobs in the United States ahead of the patent loss of top-selling blood pressure drug Diovan as it braces for tough market conditions and a slump in sales of another key drug.