Pharmaceutical stocks were swinging dramatically on Friday on earnings releases and drug approval news.
Merck (MRK) rode strong sales of its diabetes drugs Januvia and Janumet to better than expected earnings. EPS of $1.05 beat expectations by 3 cents, and the company reiterated its full year guidance. Sales of top-selling asthma and allergy medication Singulair rose 6%, but generic versions of the drug are likely to eat into profits going forward. Merck shares rose 3.3%.
Shares of antiviral-maker Gilead (GILD) rose 5.4% on better than expected earnings. The company also said it’s close to starting a study of a new Hepatitis C drug.
Biotech giant Amgen (AMGN) beat expectations and issued much stronger than expected guidance, sending shares up 3.9% in morning trading.
Amarin (AMRN) received approval for its drug Vascepa for people with high triglyceride levels, but it was not approved for as wide a range of uses as many had hoped. Shares fell 8.6%.
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