Novartis profit plummets, pressures shares
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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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Novartis  missed  expectations with a 4 percent rise in second-quarter net income  to &#36;1.713 billion on Monday, as heavy charges from the Swiss  drug giant&#039;s acquisition of U.S. biotech firm Chiron weighed.
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Bristol-Myers Squibb Co.  on Friday said quarterly profit fell 16 percent on special charges and lower U.S. sales amid competition from rival brands and cheaper generics.
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Boston Scientific Corp.  posted a lower-than-expected quarterly profit on Friday as sales of its flagship drug-eluting heart stents fell by 32 percent.
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The companyâs shares plunged 15.9 percent to a nearly four-year low of $10.36 in morning trading after its net profit fell 84 percent in the fourth quarter.
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Drug company MedImmune Inc. said Thursday that fourth quarter earnings fell by a third as higher sales of a childhood respiratory drug were dampened by swelling research and development expenses.
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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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The virtualization market leader saw its stock price drop sharply after reporting fourth-quarter financial results that fell short of Wall Street's profit forecasts.
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Slashed earnings estimate pulls down shares.
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MedImmune Inc.&#39;s cancellation of trials for an arthritis and psoriasis treatment sent the company&#39;s stock lower Monday and helped drag down the entire biotechnology sector.
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Merck & Co. MRK.N on Thursday said  its third-quarter profit fell, hurt by negative effects of the  recall last month of its Vioxx arthritis drug.
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Wine and spirits company Constellation Brands Inc.  said on Thursday that quarterly profit fell sharply, hurt by a plan to cut the amount of wine it ships to U.S. distributors and lower results from its British business.
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Merck & Co. MRK.N on Thursday said  its quarterly profit fell 28 percent due to last month's recall  of its Vioxx arthritis drug, and the company predicted 2004  earnings will fall as much as 11 percent because of the recall.
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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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Citing its acquisition of MedImmune and falling demand for its ulcer treatment,  the drugmaker said earnings fell to $1.27 billion in the fourth quarter.
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Switzerland's Novartis AG will slash 2.5  percent of its global workforce, aiming for annual savings of  $1.6 billion in 2010, becoming the latest major drugmaker to  undertake a deep restructuring.
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Merck &amp; Co. profits plunged in the third quarter in the wake of the recall of its Vioxx arthritis drug and Eli Lilly &amp; Co.