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J&J Announces Massive Restructuring 03 Nov 2009
Johnson & Johnson has announced a restructuring and that it will cut 6-7 percent of its global workforce. CNBC's Mike Huckman has the latest details.

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CNBC ON DIGG

Pharma's Market

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Dec.29

12:46 PM ET

Monday, 29 Dec 2008

Biopharma Stock Bucks Trend, Beats Market

Posted By:Mike Huckman

Topics:Stock Market | Corporate News | Pharmaceuticals

Sectors:Pharmaceuticals

Companies:Schering Plough Corp | Vertex Pharmaceuticals Incorporated

As promised, I will reveal the top-performing Nasdaq 100 stock of 2008--barring some 11th-hour stock-moving event in the last few days of the year.

The Nasdaq is down 42 percent this year. Its worst year ever. The Nasdaq biotech index has held up significantly better, but it still fell 16 percent.

And then there's Vertex Pharmaceuticals [VRTX Loading... () ]. As of Friday's close it was up 27 percent in 2008. The stock's been on a roller-coaster as investor sentiment swings back and forth over the perceived prospects for VRTX's drug for hepatitis C. So, I was surprised when I read our stock statistician's email last Friday evening pointing out that VRTX's 27 percent rise makes it the best performing stock in the Nasdaq 100 this year.

Vertex is in a race with Schering-Plough [SGP Loading... () ] to bring a good new drug for hep C to market. Investors could get another update on Vertex's progress when it presents at the JPMorgan Healthcare Conference in a few weeks.

As always, we'll be at the San Francisco event with a full lineup of live interviews with C-suite execs, including Vertex's Joshua Boger. I guess he'll get to take a victory lap for VRTX's whopping 70 percent outperformance of the Nasdaq this year.

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