The U.S. Food and Drug Administration has approved top-selling Abilify as a treatment for autism-related irritability in children from the ages of 6 to 17, drug maker Bristol-Myers Squibb Co. said Friday.

Moody's Investors Service issued a negative opinion on the pharmaceutical industry Thursday, saying drugmaker credit ratings will be under pressure until early 2012 because they won't be able to fully replace revenue from best-sellers that go off-patent.

Shares of InterMune Inc. fell Tuesday after the biotechnology company said it would discontinue a high-dose of its experimental Hepatitis C treatment in a study because of potential liver damage.

For top analysts from investment banks, including JPMorgan  and Credit Suisse , or some of their minions, the destination is a cardiology conference where on Monday morning medical researchers are expected to present a study with potentially significant implications for multibillion-dollar cholesterol medications from the drug giant Merck.

The new Merck becomes the world's second-biggest drugmaker overnight, and it's boasting a fat wallet to fund future deals.

Stocks relinquished earlier gains Friday as investors began to lock in some profits after an earnings-fueled rally this week.

Stocks relinquished earlier gains Friday as investors began to lock in some profits after an earnings-fueled rally this week.

Tech stocks shot out of the gate Friday after Microsoft and Amazon blew past earnings expectations. The Dow was up a few points at the start but the tech-heavy Nasdaq jumped 1 percent as Microsoft gained 10 percent and Amazon soared 20 percent.

A late Thursday rally puts Wall Street on pace to chalk up its third consecutive week of gains, but as always, the positive momentum is subject to the whims of earnings and economic numbers once again this morning. 

Merck announced plans Monday for a reorganization once its acquisition of Schering-Plough closes later this year, including naming leaders for five main divisions.

Sen. Edward M. Kennedy's 15-month battle with brain cancer demonstrated how quality of life is increasingly the focus for people with a terminal illness, experts said.

U.S. drugmaker Schering-Plough said on Tuesday its second-quarter earnings rose after lower special charges, but global revenue declined as the weak dollar hurt sales in overseas markets.

Drugmakers Merck & Co. and Schering-Plough Corp. say they will pay $5.4 million to settle civil claims that the companies hid test results that cast doubt on the effectiveness of two blockbuster cholesterol drugs.