Abbott and GSK Team on Skin Cancer Test
Abbott announced today that it has entered into an agreement with GlaxoSmithKline
(GSK) to develop a molecular diagnostic test intended for use as an aid in
selecting patients who may benefit from a skin cancer treatment in development
"This is an exciting continuation of our important collaboration with GSK, a leading company in cancer immunotherapy research," said Stafford O'Kelly, head of Abbott's molecular diagnostics business. "The agreement is indicative of our commitment to personalized medicine and our focus on developing innovative companion diagnostic tests that can be used to identify patients most likely to benefit from specific cancer therapies."
Pfizer and Medivation Alzheimer's Results
Pfizer and Medivation announced
results from two Phase 3 trials of the investigational drug dimebon
(latrepirdine*) in patients with Alzheimer`s disease (AD). In the CONNECTION
trial, dimebon did not meet its co-primary or secondary efficacy endpoints
compared to placebo. Co-primary endpoints were measures of cognition and global
Dr. David Hung, president and chief executive officer of Medivation, described the results as "unexpected" and said they are "disappointed". That's not good. Pfizer is under a lot of pressure to replace sales from Lipitor, which goes off patent next year.
J&J to Cut Bonus Targets for Some
The Wall Street Journal is reporting that Johnson & Johnson plans to cut the yearly performance-bonus maximums for 38% of its employees and freeze salaries for certain workers, according to an internal announcement and other company documents. J&J reported a 19% drop in fourth-quarter earnings, largely because of charges related to cost restructuring. The company had announced in November that it was eliminating 8,200 jobs, mostly overseas.
"The cost savings from this program are minimal. It is not why we implemented the program. This program is about creating a global compensation program that is consistent and equitable for our employees across the company," a J&J spokeswoman said.
Genzyme Reports 4th Qtr and Full 2009 Results
Genzyme reported fourth-quarter GAAP net income was $23.2 million, or $0.09 per diluted share, compared with $86.7 million, or $0.31 per diluted share, in the same period in 2008. Non-GAAP net income was $83.5 million, compared with $118.2 million in the fourth quarter of 2008. Non-GAAP earnings were $0.31 per diluted share, compared with $0.42 per diluted share in the prior fourth quarter.
Non-GAAP earnings in 2010 are expected to increase to $2.80 – $3.20 per diluted share. GAAP earnings are expected to reach $1.90 – $2.27 per diluted share. Revenue is expected to reach $5.23 – $5.53 billion in 2010, compared with $4.52 billion in 2009.
Quest Diagnostics Declares Dividend
Quest Diagnostics today announced that its Board of Directors declared a quarterly cash dividend of $0.10 per share, payable on April 20, 2010, to shareholders of record of Quest Diagnostics common stock on April 6, 2010.
Quest Diagnostics is the world's leading provider of diagnostic testing, information and services that patients and doctors need to make better healthcare decisions. The company offers the broadest access to diagnostic testing services through its network of laboratories and patient service centers, and provides interpretive consultation through its extensive medical and scientific staff. Quest Diagnostics is a pioneer in developing innovative new diagnostic tests and advanced healthcare information technology solutions that help improve patient care.
Cephalon Record Sales and Adjusted Net Income
Cephalon today reported 2009 net sales of $2.152 billion, an 11 percent increase compared to net sales of $1.943 billion for 2008. The company is introducing new guidance for 2010. Total sales guidance for 2010 is $2.610-$2.690 billion.
Cephalon has a growing presence in Europe, the Middle East and Africa. Cephalon currently employs approximately 3,000 people in the United States and Europe. U.S. sites include the company's headquarters in Frazer, Pennsylvania, and offices, laboratories or manufacturing facilities in West Chester, Pennsylvania, Salt Lake City, Utah, and suburban Minneapolis, Minnesota.
Merck Earnings Preview
This earnings preview is from Zacks Investment Research, according to IStockAnalyst.com: Merck is scheduled to report its fourth and 2009 results on Feb 16. The Zacks Consensus Estimate for the quarter and full year is pegged at a profit of 78 cents and $3.27 per share, respectively. Earnings estimates for the fourth quarter and 2009 have moved down over the past 30 days as 4 out of the 14 analysts lowered their estimates. In contrast, only 2 analysts raised their expectations.
For 2010, the current Zacks Consensus Estimate is $3.46 per share, representing an approximate growth of 5.8%. However, we witness a clear negative trend with respect to estimate revisions for 2010. Seven of the 17 analysts covering the stock have reduced their estimates over the past 30 days while only 1 analyst revised upward. We believe the loss of patent exclusivity of two of Merck's key drugs has prompted the analysts to lower estimates.
Boston Scientific 4th Qtr Results
Reported net loss for the fourth quarter of 2009 was $1.075 billion, or $0.71 per share. Reported net loss for the fourth quarter of 2008 was $2.394 billion, or $1.59 per share, which included a $2.613 billion, or $1.74 per share, goodwill write-down. Net sales for the fourth quarter of 2009 were $2.079 billion, as compared to net sales of $2.002 billion for the fourth quarter of 2008. Excluding the impact of foreign currency and net sales from divested businesses, net sales were flat with the prior period. Net sales for the full year 2009 were $8.188 billion, as compared to net sales of $8.050 billion for the full year 2008
The Company estimates net sales for the full year 2010 of between $8.100 billion and $8.500 billion. Adjusted earnings, excluding acquisition-related credits, restructuring and restructuring-related costs, and amortization expense, are estimated to range between $0.62 and $0.72 per share. The Company estimates net income on a GAAP basis of between $0.37 and $0.49 per share.
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|J&J Reaffirms Fiscal 2010 Guidance (JNJ)|
|Abbott and GSK Team on Skin Cancer Test (ABT)|
|Pfizer and Medivation Alzheimer's Results (PFE)|
|J&J to Cut Bonus Targets for Some (JNJ)|
|Boston Scientific to Cut Over 1000 Jobs (BSX)|
|Genzyme Reports 4th Qtr and Full 2009 Results (GENZ)|
|Quest Diagnostics Declares Dividend (DGX)|
|Cephalon Record Sales and Adjusted Net Income (CEPH)|
|Merck Earnings Preview (MRK)|
|Boston Scientific 4th Qtr Results (BSX)|
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