Merck KGaA Chief Financial Officer- designate Matthias Zachert may make his first task repairing the German company’s relationship with investors and analysts as he seeks to revive one of Europe’s worst-performing drug stocks.
Roche Holding AG, the world’s biggest maker of cancer drugs, forecast high single-digit percentage growth in earnings per share this year, disappointing some investors as new products start to contribute to sales.
Merck KGaA, the German maker of the Erbitux cancer drug, rose the most almost three years in Frankfurt trading after third-quarter profit beat analysts’ estimates on growth at the Merck Serono pharmaceutical and Millipore equipment businesses.
Roche Holding AG will maintain a strategy of “targeted acquisitions” and isn’t seeking a mega- merger, Chief Executive Officer Severin Schwan said in comments that may rule out a bid for Abbott Laboratories’ prescription- drug spinoff.
Charles Plosser, president of the Federal Reserve Bank of Philadelphia, said the Fed will probably need to raise interest rates before mid-2013 and that policy makers should have waited to see how the economy performed before pledging to hold rates at record lows for two years.