Abbott Laboratories, which plans to separate into two companies, said the tax rates of the new companies will rise in order to support the higher dividend payouts after the split. The shares fell the most in 14 months.
Eli Lilly & Co. said costs for Barack Obama’s health-care law were 12 times higher than one analyst estimated. That result may be the first of such surprises from pharmaceutical companies this earnings season.
Pfizer Inc. Chief Executive Officer Ian Read said he is reviewing the possible sale or spinoff of four divisions with $18.3 billion in annual revenue, led by the company’s third-biggest unit, established products.
Bristol-Myers Squibb Co. rose the most of any company in the Standard & Poor’s 500 Index after studies showed two of its cancer drugs could change the standard of care for patients with deadly skin and blood malignancies.