No fewer than 10 drug companies reported new numbers over the last 24 hours. Bayer's pharma sales are up. Allergan's Botox drug is still defying the economic crisis. Elan saw an earnings hike on the sale of its drug technologies unit, while Novo Nordisk's new-generation diabetes drug Victoza amped up its sales. Here's more:
- Bayer's pharma unit posted strong results, helping to offset weakness in its usual champion, Materials Science. Commerzbank analyst called the profitability at Bayer Healthcare "outstanding." But all wasn't rosy on the healthcare front: Reforms and budget-cutting are still dampening drug sales, and that's not expected to let up soon. Item
- Allergan posted better-than-expected profits and street-beating sales, partly because of 10% percent growth in specialty drug sales, including Botox, which has racked up a bunch of new indications lately. Full-year revenue projections disappointed market-watchers, however, sending shares down. News
- Novo beat its third-quarter forecast with a whopping 121% rise in sales of its diabetes drug Victoza to about $285 million. The company narrowed its 2011 guidance to the upper end of its range, but called 2012 projections "uncertain" because of the "current challenging economic environment." Q3 sales came in at about $3.1 billion. Article
- Elan's multiple sclerosis drug Tysabri, which it sells in partnership with Biogen Idec, helped fuel a 17% rise in third-quarter revenues. The Irish company posted sales of $328.5 million, while operating income more than tripled to $46.3 million. Earnings leaped on the sale of the Elan Drug Technologies business. Report