Europe’s financial crisis is leading Johnson & Johnson , Sanofi-Aventis SA and Merck & Co. to lower forecasts and reduce spending, adding pressure on drugmakers already squeezed by generic competition.
MannKind Corp.’s inhaled diabetes treatment won the backing of a U.S. advisory panel, moving the company another step closer in its long-running effort get its first product on the market. The shares rose 74 percent.
Orexigen Therapeutics Inc. ’s success in winning the first U.S. panel recommendation for a long-sought prescription diet pill led its shares to almost double and shows the company benefited from its rivals’ earlier difficulties.
Regeneron Pharmaceuticals Inc., maker of the eye medicine Eylea, rose the most in three weeks on drug-development partner Sanofi’s plans to raise its stake in the company by buying shares on the stock market.
U.S. stocks rose for a seventh day, extending a record for the Standard & Poor’s 500 Index, as better-than-estimated bank earnings overshadowed a reduced profit forecast from United Parcel Service Inc.
Orexigen Therapeutics Inc. plunged as much as 73 percent after U.S. regulators said the company must submit more data before its diet pill Contrave may be cleared for sale. Diet-drug developer Vivus Inc. also fell.