Genentech Beats Forecast but Slips on a Core Drugâs Sales
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Genentech reported a 6 percent rise in fourth-quarter profit, but its stock slipped after news that its cancer drug, Avastin, failed to meet sales expectations.
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Amgen Inc. AMGN.O, the world's  biggest biotechnology company, on Wednesday said quarterly net  profit fell on acquisition charges but adjusted earnings rose  21 percent on strong sales of its drugs for anemia and  arthritis.
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Bristol-Myers Squibb, reeling from the incursion of a generic competitor to its top-selling drug Plavix, lowered its earnings forecast for the year.
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Genentech and Biogen Idec's drug shows positive results against multiple sclerosis.
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Swiss pharmaceutical giant Novartis on Thursday announced record earnings over the first nine months of the year, but third quarter profits fell 12 percent on sharper competition from generic drugs.
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Shares of pharmaceutical companies OSI  Pharmaceuticals Inc. OSIP.O and Genentech Inc. DNA.N fell  sharply before the bell on Friday on concerns about the price  and a warning label on a key new drug the two collaborated to  produce.
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Drugmakers Merck & Co.  and Schering-Plough Corp.  reported second-quarter results that handily topped Wall Street expectations on Monday, helped by increased sales of the cholesterol-lowering drugs they co-market and other medicines.
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Schering-Plough Corp  reported on Monday that third-quarter profit and sales rose, but still fell short of estimates, sending shares down 13 percent amid concerns about its flagship cholesterol drugs.
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YESTERDAY Close $75.73 Change +$2.22 52-WEEK High $76.90 Low $58.71 Genzyme Corp. of Cambridge said profit jumped tenfold as sales increased for its medicines for rare genetic disorders, some of the world's costliest drugs. The company gained 3 percent in New York trading.
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Pfizer Inc. reaffirmed its full-year guidance Wednesday despite a 48 percent drop in second-quarter profit because of lagging sales of cholesterol drug Lipitor and generic competition for Zoloft and Norvasc.
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Stocks of branded and generic drug makers closed down a bit Tuesday as clinical study results mixed with merger updates. One of the big winners on the day was Nektar Therapeutics, on news that Exubera, the
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September quarter was a good one, but software maker's revenue forecast for current period falls short of analysts' expectations.
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Novartis AG lowered 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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Genentech announces positive second-quarter results, but investors remain worried.
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BASEL, Switzerland  - Novartis AG's  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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Eli Lilly and Co.  on Thursday forecast profit gains next year below its expected 2006 growth and offered few big surprises at a meeting to describe its experimental drugs, sending shares lower.
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Genentech Inc.  said on Wednesday that second-quarter profit rose 41 percent, fueled by growth from cancer drugs Rituxan and Avastin.