Weekly Movers: Teva, Midatech, Allergan…
pharmafile | May 16, 2016 | Feature | Research and Development, Sales and Marketing | Allergan, Ariad Pharmaceuticals, Lundbeck, Midatech Pharma, Stock, Teva Pharmaceutical, markets
We have hit the tail end of the earnings season and the near last batch of movers follow result pronouncements by companies.
Here’s a quick look at some of the biggest movers of the week:
Shares in Teva Pharmaceutical (NYSE: TEVA) dropped nearly 7% after the company reported a 12% drop in first-quarter profit as sales for generics dropped.
Adjusted profit fell to $1.20 a share from $1.36 as the number of outstanding shares rose following a share offering last year.
The results include adjustments of $536 million primarily from impairment of net monetary assets in Venezuela and other expenses.
The world’s largest maker of generics, said sales from copycat drugs dropped in the US.
Shares in Midatech Pharma (Nasdaq: MTP) gained over 3% after the company said trading in the first four months of 2016 has been slightly ahead of expectations ahead of its annual meeting.
Chairman Rolf Stahel said: “In the first four months of 2016 we have seen strong revenues from our marketed products and as a result the Group is trading slightly ahead of consensus market expectations.
“The key product candidates in our clinical pipeline have each seen favourable results that support further development.
“Our recently acquired US commercial arm has been successfully integrated within Midatech and its recent product launch of Zuplenz continues to make good progress. “
The company said it has a revenue-generating US commercial operation marketing a growing portfolio of oncology supportive care products.
Botox-maker Allergan’s (NYSE: AGN) stock gained over 5% after it announced plans to buy back as much as $10 billion in shares after completing the $40 billion sale of its generics business to Teva Pharmaceutical Industries.
The Dublin-based company said sale of its generics business will close in June and that it plans to use $8 billion of the total to write off its debts.
The company said it will purchase $4 billion to $5 billion in stock over four to six months, depending on market conditions. The company also reported first-quarter adjusted earnings ahead of estimates.
Shares in Ariad Pharmaceuticals (Nasdaq: ARIA) fell over a percent after brokers changed ratings on the company.
The company reported per share loss of $0.23 for the quarter against a loss of $0.28 for the same period last year. Revenue rose 48% to $35.60 million year on year.
Denmark-based Lundbeck’s (CPH: LUN) stock rose over 2% after the company swung to profit in the first quarter.
The company reported operating profit of 483 million Danish crowns ($73.2 million) against a loss of 32 million Danish crowns for the same period last year.
Lundbeck reported revenue of 3.77 billion, ahead of estimates. The company also raised it outlook for the full year on solid sales performance and improved profitability.
For the full-year the company now sees revenue of around 14.2-14.6 billion crowns and EBIT of 1.3-1.5 billion crowns against 13.8-14.2 billion crowns and 1.0-1.2 billion crowns forecast earlier.
Anjali Shukla
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