Mark Purcell News
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Sanofi said profit may drop as much as 5 percent this year as generic competition to the Plavix blood thinner crimps sales and it spends to introduce new medicines. The stock fell the most in nine months.
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Novartis AG will cut 1,960 jobs in the U.S. and take $1.22 billion of charges to prepare for lower sales of two blood-pressure drugs.
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Novartis AG, Europe’s second-biggest pharmaceutical company, plans to eliminate 2,000 jobs in Switzerland and the U.S. and add employees in China and India to offset the effect of drug-price reductions.
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Bayer AG fell in trading after U.S. regulators recommended that the blood thinner Xarelto it markets with Johnson & Johnson not be approved to prevent stroke in people with the most common abnormal heart rhythm.
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Bayer AG rose the most in 10 months in Frankfurt trading after its blood thinner Xarelto won an advisory panel’s support as a treatment to prevent stroke in patients with the most common abnormal heart rhythm.
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GlaxoSmithKline Plc agreed to pay $3 billion to resolve U.S. criminal and civil investigations into whether the U.K. company marketed drugs for unapproved uses and other matters, its biggest legal settlement.
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GlaxoSmithKline Plc, the U.K.’s largest drugmaker, increased a share buyback plan by 15 percent and raised the quarterly dividend as the company prepares to seek approval to sell new products next year.
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Sanofi won U.S. backing to sell the multiple sclerosis pill Aubagio, enabling the drugmaker to enter a $12 billion industry, even as analysts said the medicine may be overshadowed by more effective products.
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ImmunoGen Inc. rose the most in a month after partner Roche Holding AG said a breast cancer drug delayed the disease worsening in a patient study.
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Sanofi, France’s largest drugmaker, said first-quarter profit rose 13 percent, helped by the purchase of U.S. biotechnology Genzyme Corp. and higher sales of diabetes medicine Lantus.
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