Novartis tops Q3 forecast, Schering ups EPS view
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LONDON (CBS.MW) -- European drugmakers Novartis, Schering and Sanofi-Aventis on Thursday all posted rising third-quarter sales, helped by sales lifts in the companies&#39; key products.
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Biotechnology firm Genentech Inc. said Wednesday that its third-quarter profit topped Wall Street expectations on a sharp rise in drug sales, and raised its yearly forecast to meet current targets.
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Schering-Plough Corp.  on Monday said quarterly earnings more than doubled on growing demand for its Zetia and Vytorin cholesterol drugs and its treatments for arthritis and allergies, lifting shares 3.5 percent.
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The biotech company reported net income of $833 million, or 71 cents per share, for the latest quarter.
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Merck & Co  on Monday said its third-quarter profit rose sharply, helped by sales of its vaccines and cholesterol drugs, and raised its 2007 profit forecast in view of strong current trends.
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Pfizer Inc. PFE.N on Wednesday said  third-quarter earnings rose on higher sales of cholesterol and  arthritis drugs, but the company cautioned that 2005 results  will likely be hurt by generic competition for four other  popular medicines.
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Stocks edged higher on Tuesday as a favorable court ruling for the pharmaceutical sector lifted shares of drugmakers, including Bristol-Myers Squibb Co. , while a pullback in benchmark bond yields tempered interest rate worries.
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Strong sales of key products drove third quarter earnings at Pfizer Inc. up 50 percent, the world&#39;s largest drug company said Wednesday.
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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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Novartis AG  cut 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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Schering-Plough Corp  said on Thursday that it expects to report higher sales of its cholesterol drugs Vytorin and Zetia in the fourth quarter of 2007 and in 2008 even though they face growing competition.
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Schering continues its strong sales and earnings growth.
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BASEL, Switzerland  - Net profits at Novartis AG  rose by a lower-than-expected 15 percent last year as  restructuring costs weighed, the company reported on Thursday,  but the world's sixth biggest drugmaker said it expects record  sales in 2005.
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German and Swiss drug makers Schering and Novartis are developing a new anti-cancer drug with annual sales potential of up to two billion euros (2.7 billion dollars), Schering chief Hubertus Erlen said.
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Stocks rose at the open on Monday, boosted by takeover news and stronger-than-expected earnings in the pharmaceutical sector.
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Pfizer Inc, Novartis AG and Wyeth all  saw quarterly earnings hit by charges on Thursday, while Eli  Lilly and Co exceeded Wall Street expectations as third-quarter  sales of several of its drugs outpaced analysts' estimates.
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European equities moved higher on Wednesday thanks to a number of solid earnings releases, but gains were capped by losses in the heavily weighted pharmaceuticals sector.