Victoza boosts Novo as Elan, Biogen profits drop
Another mixed slate of pharma earnings today. Novo Nordisk's results shine, with an increase in both profits and sales; the Danish diabetes specialist even raised its outlook for the year. But Elan and Biogen Idec both posted profit declines, and while Mylan reported positive earnings, its sales failed to meet analyst expectations. Here are the details.
- Novo touted strong sales of its new diabetes treatment Victoza as one driver of its 3.59 billion kroner ($665.7 million) in profits. Overall, sales grew 25 percent to 15.58 billion kroner. The company boosted its 2010 outlook, too. But Novo warned that 2011 could be a tough year, because of new generic competition for its oral diabetes drugs and new healthcare reforms. News | Item
- Elan's multiple sclerosis drug Tysabri's sales grew by 13 percent in the third quarter, but total revenue dropped by 2 percent to $281.4 million, slightly lower than analysts' estimates. The Irish drugmaker managed to grow adjusted earnings by 61 percent, however, aided by cost-cutting. Article | Report
- Biogen Idec's profits fell by 8.5 percent on one-time charges, but sales grew by 5 percent and earnings per share beat analyst estimates, aided by the company's stock repurchase plan. Sales of the MS drug Tysabri came in below expectations, the Wall Street Journal reports, but attempts to grow Avonex sales started to bear fruit. Article
- Mylan posted street-beating earnings of 43 cents per share, or $108.4 million, and affirmed its forecast for the year. But third-quarter sales lagged estimates, coming in at $1.36 billion rather than the $1.40 billion expected. U.S. sales grew an impressive 17.3 percent to $573 million on the launch of three new products. Story | Report
- Hospira reported a higher-than-expected third-quarter profits of $71.4 million, helped by an ongoing cost-cutting drive that offset a sales decline to $943.3 million. Report