Market News

Merck (MRK)

Merck & Co., Inc. (MRK) announced today that the U.S. Food and Drug Administration (FDA) has approved GARDASIL® [Human Papillomavirus Quadrivalent (Types 6, 11, 16, and 18) Vaccine, Recombinant] for use in boys and men 9 through 26 years of age for the prevention of genital warts caused by human papillomavirus (HPV) types 6 and 11.
FDA approval is the first step in an important two-step process. The next step in the process is an Advisory Committee on Immunization Practices vote on whether to recommend administration of GARDASIL for use in males.

Oct 16 · 2:04:00 PM · Source: Business Wire
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by Larry Etter

Bristol-Myers Squibb (BMY)

Bristol-Myers Squibb slashed about 25% of its sales force for the antipsychotic Abilify on Friday.
The job cuts resulted from an evaluation the New York drug maker conducted after it extended its co-marketing pact with Otsuka Corp. for Abilify earlier this year. Most major drug companies have steadily reduced their sales forces in recent years to save costs and address doctors' complaints that they were being bombarded by too many sales representatives. The company declined to specify how many jobs were cut, saying the size of its Abilify sales force was proprietary.

Oct 16 · 11:18:00 AM · Source: The Wall Street Journal
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by Michael Oliveto

Gilead Sciences (GILD)

Gilead Sciences Chairman and CEO John C. Martin sold 100,000 shares of his company’s stock at an average price of $45.40 per share on October 13.

Oct 15 · 2:42:00 PM · Source: Guru Focus
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by Michael Oliveto

Baxter International (BAX)

Baxter International reported earnings of $0.87 per share versus $0.74 per share for the year ago quarter. Sales for the quarter were $3.15 billion which is flat for the year ago quarter.
Baxter attributes the earnings growth on flat sales to lowered expenses, improved margins, and a stock buyback program.

Oct 15 · 11:31:00 AM · Source: Market Watch
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by Michael Oliveto

Amgen (AMGN)

Amgen’s new osteoporosis drug, Denosumab, which is scheduled for FDA approval on October 19, may now be delayed.
Denosumab is viewed by some as the most significant biotech launch in years. Analysts are now expecting a possible 3-month delay in approval because the FDA may want more time to study the drug’s safety record.

Oct 15 · 11:17:00 AM · Source: Easy Bourse
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by Michael Oliveto

Abbott Labs (ABT)

Abbott Labs on Wednesday reported Q3 earnings of $0.92 beating estimates of $0.90. They also declared a quarterly dividend of $0.40 per share.
Shares soared 3.5% on the news.

Oct 15 · 10:55:00 AM · Source: Market News Video
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by Michael Oliveto

Pfizer (PFE)

Pfizer Inc. has won U.S. and Canadian regulatory approval for its $68 billion acquisition of Wyeth. The companies plan on closing the deal tomorrow. Pfizer won U.S. clearance after agreeing to sell half of Wyeth’s animal health business to Boehringer Ingelheim GmbH within 10 days of the acquisition’s closing, the Federal Trade Commission said today in a statement.
Pfizer agreed in January to buy Wyeth in a stock-cash transaction that would give it access to the depression treatment Effexor and pneumonia vaccine Prevnar.

Oct 14 · 2:13:00 PM · Source: Bloomberg · Related: Wyeth
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by Larry Etter

Abbott Labs (ABT)

Abbott Laboratories (ABT) reported a 36% increase in third-quarter profit, exceeding Wall Street expectations. The company also also boosted its financial forecast for 2009. The company's Q3 profit was boosted by higher sales of nutritional products and heart devices and accelerating sales growth for its top drug, arthritis treatment Humira.
Abbott's good news was another factor in the Dow Jones heading to 10,000.

Oct 14 · 11:36:00 AM · Source: Dow Jones News Wire
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by Larry Etter

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