EUROPEAN: bourses were generally stronger over the holiday-shortened reporting week to May 7 (mainland Continental markets were closed May 1), though ZURICH and MILAN were both up just 0.3%. In the latter, Recordati increased 4.7%, after the firm posted first-quarter results which, although seeing flat sales, reported 10.4% growth in net income. Speedel was the worst performer in Switzerland, with a 3.7% drop, despite recording a narrowed first-quarter loss (see page 4). Roche gained 1.7%. Analysts at Lehman Brothers, reviewing patent loss risk for the drug sector, noted that Roche emerges as the clear winner, with only 1.2% of pharmaceutical sales expected to be subject to generic competition through 2013. In FRANKFURT, Altana which had been rising rapidly ahead of an expected, special dividend pay-out following the sale of its pharmaceutical business to Nycomed, succumbed to heavy profit-taking after the event, falling 17.6%. Bayer was up 3.0% after posting good preliminary first-quarter results (Marketletter May 7).
LONDON: saw a disappointing showing from the drug sector, with majors AstraZeneca and GlaxoSmithKline down 1.6% and up 0.4%, respectively. Shire closed the week just 0.9% lower, having fallen 1.4% on May 1 on expectations of the firm announcing a large bond issue to strengthen its balance sheet after buying New River Pharmaceuticals of the USA (Marketletters passim), said the Financial Times. Phytopharm encountered profit-taking, falling 5.7%, having risen a massive 33% the previous week ahead of its first-quarter results, while Elan gained 8.5% on narrowing its loss (Marketletter May 7). London markets were closed May 7.
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Stock Commentary - Europe - week to May 7, 2007
EUROPEAN: bourses were generally stronger over the holiday-shortened reporting week to May 7 (mainland Continental markets were closed May 1), though ZURICH and MILAN were both up just 0.3%. In the latter, Recordati increased 4.7%, after the firm posted first-quarter results which, although seeing flat sales, reported 10.4% growth in net income. Speedel was the worst performer in Switzerland, with a 3.7% drop, despite recording a narrowed first-quarter loss (see page 4). Roche gained 1.7%. Analysts at Lehman Brothers, reviewing patent loss risk for the drug sector, noted that Roche emerges as the clear winner, with only 1.2% of pharmaceutical sales expected to be subject to generic competition through 2013. In FRANKFURT, Altana which had been rising rapidly ahead of an expected, special dividend pay-out following the sale of its pharmaceutical business to Nycomed, succumbed to heavy profit-taking after the event, falling 17.6%. Bayer was up 3.0% after posting good preliminary first-quarter results (Marketletter May 7).
LONDON: saw a disappointing showing from the drug sector, with majors AstraZeneca and GlaxoSmithKline down 1.6% and up 0.4%, respectively. Shire closed the week just 0.9% lower, having fallen 1.4% on May 1 on expectations of the firm announcing a large bond issue to strengthen its balance sheet after buying New River Pharmaceuticals of the USA (Marketletters passim), said the Financial Times. Phytopharm encountered profit-taking, falling 5.7%, having risen a massive 33% the previous week ahead of its first-quarter results, while Elan gained 8.5% on narrowing its loss (Marketletter May 7). London markets were closed May 7.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
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