Genentech Beats Forecast but Slips on a Core Drugâs Sales
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Genentech reported a 6 percent rise in fourth-quarter profit, but its stock slipped after news that its cancer drug, Avastin, failed to meet sales expectations.
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BASEL, Switzerland  - Swiss drugmaker Novartis AG  missed forecasts with a 42 percent drop in fourth-quarter net profit, hit by generic competition and a one-off restructuring charge, sending its shares lower.
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QLT announces sales results for its lead drug.
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Schering-Plough Corp  on Monday reported third-quarter profit and sales that fell short of Wall Street's target, sending shares down more than 10 percent amid concerns about its flagship cholesterol drugs.
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Genentech Inc. DNA.N on Wednesday  posted a 50 percent rise in quarterly profit and raised its  full-year earnings forecast on strong sales of its new colon  cancer drug, sending its shares higher in after-hours trading.
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Novartis AG lowered its full-year  results outlook as generic competition pressured sales of a key  blood-pressure drug, and said U.S. regulators had delayed the  approval process for an important cancer treatment.
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Shares dropped as the company forecast a decline in 2008 earnings due to generic competition and weaker sales for its diabetes pill.
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Genentech Inc said on Tuesday its cancer drug, Avastin, met the primary goal of prolonging progression-free survival when combined with chemotherapy in a breast cancer study, sending its shares up more than 3 percent.
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BASEL, Switzerland  - Novartis AG fourth-quarter net profit fell 42 percent to $931 million, missing forecasts, hit by generic competition and a one-off restructuring charge, the Swiss drugmaker said on Thursday.
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Teva Pharmaceutical Industries Ltd.,  the world's largest generic drugmaker, reported higher  fourth-quarter profit on Tuesday, helped by the weak U.S.  dollar and European sales of gabapentin, its version of Pfizer  Inc.'s epilepsy drug Neurontin.
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Pfizer Inc.  on Wednesday reported lower-than-expected quarterly earnings on competition with generics, and said global sales of cholesterol fighter Lipitor fell 13 percent amid slipping demand for the company's flagship product.
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The beleaguered drug giant&#39;s lowered forecast isn&#39;t as bad as Wall Street expected. But investors still await the long-term prognosis.
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Stocks of branded and generic drug makers closed down a bit Tuesday as clinical study results mixed with merger updates. One of the big winners on the day was Nektar Therapeutics, on news that Exubera, the
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Drug-maker posts tepid results as it bides time before new products hit the market.
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Merck & Co. on Wednesday maintained its forecast of flat earnings for 2006 and slightly higher 2007 results as the drugmaker grapples with generic competition, sending its shares down about 1.4 percent.
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Boston Scientific Corp. , the state's largest life-science company, lost $3.6 billion last year thanks to its expensive acquisition of heart-device maker Guidant Corp. , and executives said yesterday they weren't certain when sales of its most important products would begin to recover from their slump.
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I thought things were looking bad for Genta (Nasdaq: GNTA) back in May when the Food and Drug Administration&#39;s oncologic drugs advisory committee said the efficacy didn&#39;t