Amgen Misses Expectations
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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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Sometimes the innovation elves just miss the mark. Without a doubt, 2004 saw the debut of some great new products, like the cellphone that keeps track of blood sugar levels
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An experimental antidiarrhea drug made by Genzyme Corp. failed its first large test in humans, the company said yesterday, the second disappointment for the Cambridge biotechnology giant in two days.
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Credit Suisse First Boston lowered estimates for Analog Devices (nyse: ADI - news - people ) after the maker of integrated circuits provided disappointing guidance.
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Be very wary of biotech IPOs from companies lacking drugs.
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(InfoWorld) - Advanced Micro Devices (AMD) will miss its revenue goal for the first quarter of 2007 because the chip maker grew so fast that it couldn't keep up with demand from its customers, company CEO Hector Ruiz said Monday. The company is unlikely to meet its estimated revenue target of $1.6 billion to $1.7 billion for the quarter, the company said. For the same period last year, AMD brought in $1.33 billion, or $780 million excluding revenue from its Spansion memory products unit, which AMD spun off in an IPO (initial public offering) in December 2005. Although the company has gained market share for 10 consecutive quarters -- principally from rival Intel -- that trend is both good news and bad news, Ruiz told an audience of financial investors at the Morgan Stanley Technology Conference in San Francisco. "We went from being a player whose majority of sales were in the distribution channel as opposed to OEMs, to one that has changed in a very short time to having a majority of sales going to OEM buyers," he said in a reference to original equipment manufacturers. That transition happened probably faster than we had planned. A larger number of OEMs wanted our products faster than we were prepared to meet, so we were not able to feed the channel." Despite AMD's success in gaining market share, even Ruiz admitted that it may be too late to retain some disgruntled customers. "A channel partner needs a commitment for a 30- to 60-day supply of products. I couldn't give it to them, so they decided to get it somewhere else. We let down our channel partners by not being able to support them as much as they needed us. We need to get our distribution business back on track." Ruiz was contrite about the "glitch," but promised the company would quickly spring back by increasing production, particularly of its "Barcelona" quad-core Opteron chip due out in the second half of 2007. The chip will compete against Intel's "Clovertown" quad-core Xeon chip, which launched at the end of 2006. AMD has been aggressive in boosting its market share in the processor industry to nearly 25 percent and by acquiring graphics chip maker ATI in 2006. But investors have begun to grow wary since the company has not yet been able to turn those moves into profits. AMD posted a loss of $574 million in its fourth quarter, ended Dec. 31, 2006.
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Shares drop after regulators ask company to prove drug is not inferior to other existing treatments. NEW YORK  - US regulators won&#39;t approve Allergan Inc.
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Stock falls on news treatment failed a mid-stage trial, company will cease developing drug. NEW YORK  - AtheroGenics Inc.
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Not every drug invented in the laboratory is worth developing into a marketable product.
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MedImmune's shares sank nearly 9 percent yesterday after the company reported weaker-than-expected fourth-quarter revenue for two high-profile products and disclosed a delay in filing for federal approval of a new version of Synagis, its lead drug.
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Amgen  reported on Thursday that its fourth-quarter profit edged higher as cost cutting helped offset sharply declining sales of its anemia drugs that have been hit with safety concerns and new restrictions on use and insurance reimbursements.
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Amgen Inc. AMGN.O, the world's  biggest biotechnology company, on Wednesday reported a lower  third-quarter net profit as a result of expenses related to the  acquisition of Tularik Inc.
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Good operating results at Hormel are not good enough.
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A day late and possibly several millions of dollars short. That's the scenario facing one drug manufacturer unless it can get a helping hand from Congress.
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NEW YORK - Today at the UBS Global Life Sciences Conference, AtheroGenics was met with pointed skepticism over trial results for its drug, AGI-1067.
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Patients taking an experimental multiple sclerosis drug developed by Biogen Idec Inc.  and Elan Corp.  experienced far fewer relapses in a clinical trial, data that analysts say could give the drug a dominant market position.
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Biogen releases its third-quarter financial results.