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Good News for Pharma Stocks
by Megan Barnett
Apr 19 2007
Apr 19 2007
The sector soars after three companies blow away expectations, and Amgen reports positive research news on its biggest seller.
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A global research-driven pharmaceutical company that discovers, develops, manufactures and markets a range of innovative … View More
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A biotechnology company, which discovers, develops, manufactures and markets human therapeutics based on advances in cellular and molecular biology. View More
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The Company discovers, develops and manufactures pharmaceuticals for three customer markets - human prescription, animal health, and consumer. View More
Pharmaceutical stocks jumped on Thursday after rosy earnings reports from Wyeth, Merck, and Schering-Plough. Separately, Amgen shared good news from a study of patients taking its anemia drug Aranesp, which sent its shares up as much as 7 percent.
Merck announced last week that it expected its first-quarter income to come in well above Wall Street estimates, and it kept its promise. Strong sales of some of its new drugs accounted for the upside. Its controversial cervical cancer drug, Gardasil, posted $365 million in sales.
Schering-Plough shares soared 9 percent after the company posted a 52 percent rise in net income. It beat estimates by about 24 percent due to strong sales of its allergy and arthritis drugs, as well as cholesterol treatments it markets in a joint venture with Merck.
Wyeth also benefited from sales of its major arthritis drug during the quarter, especially internationally. The company posted earnings per share of 92 cents, handily outperforming the Street's forecast of 87 cents.
Amgen's anemia study showed that chemotherapy patients have no greater risk of dying when they take it. Aranesp is the company's leading product, and this latest study removes doubts about the drug that came from earlier research suggesting a greater risk of death.
This week already saw positive earnings results from Johnson & Johnson, Eli Lilly, and Abbott Laboratories.
Merck announced last week that it expected its first-quarter income to come in well above Wall Street estimates, and it kept its promise. Strong sales of some of its new drugs accounted for the upside. Its controversial cervical cancer drug, Gardasil, posted $365 million in sales.Schering-Plough shares soared 9 percent after the company posted a 52 percent rise in net income. It beat estimates by about 24 percent due to strong sales of its allergy and arthritis drugs, as well as cholesterol treatments it markets in a joint venture with Merck.Wyeth also benefited from sales of its major arthritis drug during the quarter, especially internationally. The company posted earnings per share of 92 cents, handily outperforming the Street's forecast of 87 cents.
Amgen's anemia study showed that chemotherapy patients have no greater risk of dying when they take it. Aranesp is the company's leading product, and this latest study removes doubts about the drug that came from earlier research suggesting a greater risk of death. This week already saw positive earnings results from Johnson & Johnson, Eli Lilly, and Abbott Laboratories.
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