Market News

Merck (MRK)

Reuters reported that Merck has agreed to make corporate governance changes and create internal committees to address potential safety issues with its products under a proposed settlement of shareholders lawsuits related to its withdrawn Vioxx painkiller. Merck also agreed to amend its code of conduct and pay as much as $12.2 million in legal fees as part of the settlement, which resolves all derivative litigation against Merck over Vioxx. Many terms of the settlement, such as filling the position of chief medical officer and registering clinical trials with the government, have already been accomplished or are in the process of being completed, a Merck spokesman said.
The Superior Court of New Jersey approved the derivative lawsuit settlement on a preliminary basis on February 8, 2010. A hearing to determine whether the settlement should win final approval has been scheduled for March 22, in New Jersey Superior Court in Atlantic City.

Feb 11 · 1:02:00 PM · Source: Reuters.com
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by Rich Pike

Cardinal Health (CAH)

Benzinga is reporting that Zacks recently upgraded Cardinal Health to “Outperform" with a target price of $37 based on approximately 15.7x their fiscal 2011 EPS estimate of $2.36.
I like Cardinal Health. They have produced a ROE consistently in the teens over the past 10 years. Debt to Equity under 50%. Consistent dividends. Good, solid company. But, I am not comfortable with placing an almost 16 times earnings multiple on the company, especially using 2011 earnings.

Feb 10 · 12:47:00 PM · Source: Benzinga.com
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by Rich Pike

Medtronic (MDT)

Medtronic announced today it will report financial results for its third fiscal quarter on Tuesday, Feb. 23, 2010. The earnings news release will include summary financial information for Medtronic’s third quarter ended Jan. 29, 2010.
In November, 2009, Medtronic raised its fiscal 2010 earnings guidance to a range of $3.17 to $3.22 per share, up from prior guidance of $3.10 to $3.20 per share. The company also backed its goal of increasing sales by 5% to 8%, excluding the impact of foreign currency, for the second half of the fiscal year and beyond.

Feb 10 · 12:31:00 PM · Source: Company Press Release
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by Rich Pike

Abbott Labs (ABT)

A new diagnostic tool physicians can use to monitor patients for the most common form of ovarian cancer may soon be available in the United States. Abbott’s ARCHITECT HE4 assay uses a simple blood test to help in monitoring for the recurrence or progression of epithelial ovarian cancer. If approved, this important immunoassay would be the first automated HE4 test available in the United States.
"The ability to monitor the recurrence or progression of ovarian cancer is a critical part of patient care. The ARCHITECT HE4 assay has the potential to be a powerful tool for both physicians and patients in the management of the disease," said Michael Warmuth, senior vice president, diagnostics, Abbott.

Feb 9 · 2:36:00 PM · Source: Company Press Release
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by Rich Pike

Biogen Idec (BIIB)

Biogen Idec announced today the submission of a marketing authorization application (MAA) to the European Medicines Agency for Fampridine Prolonged Release (Fampridine-PR) tablets, a novel oral therapy for the improvement of walking ability in adult patients with multiple sclerosis (MS). The company also has filed a New Drug Submission (NDS) to Health Canada.

Jan 12 · 11:29:00 AM · Source: Company News
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by Larry Etter

Gilead Sciences (GILD)

Gilead Sciences received a major pipeline setback with disappointing results from a phase III trial of darusentan in which it failed to achieve its primary endpoint.
The drug was being studied under an international clinical trial (DAR-312) for the treatment of resistant hypertension. As a result of the setback, Gilead is considering the option of dropping the program so that its resources can be utilized for other potential candidates rather than conducting another intensive phase III study.

Dec 31 · 3:59:00 PM · Source: Zacks
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by Michael Oliveto

Pfizer (PFE)

Pfizer announced that the U.S. Food and Drug Administration (FDA) has not yet completed its review of the Biologics License Application (BLA) for Prevnar 13, (Pneumococcal 13-valent Conjugate Vaccine [Diphtheria CRM197 Protein]), the Company`s candidate 13-valent pneumococcal conjugate vaccine.
As a result, the review will continue beyond the prescription drug user fee (PDUFA) action date of December 30, 2009.

Dec 31 · 1:38:00 PM · Source: Reuters
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by Michael Oliveto

Pfizer (PFE)

Pfizer announced the discontinuation of A4021016 (also known as ADVIGO 1016), a Phase 3 trial examining the effects of investigational compound figitumumab (CP-751,871) as first-line treatment in patients with advanced non-adenocarcinoma non-small cell lung cancer due to the study meeting predefined boundaries for early termination.
An analysis by an independent Data Safety Monitoring Committee (DSMC) showed that the addition of figitumumab to paclitaxel plus carboplatin would be unlikely to meet the primary endpoint of improving overall survival compared to paclitaxel plus carboplatin alone.

Dec 31 · 1:36:00 PM · Source: Reuters
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by Michael Oliveto

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