Today's Health Winners and Losers
Looking ahead, Kensey Nash sees third-quarter earnings of 13 cents to 15 cents a share, or 19 cents to 21 cents a share before items. Net sales, meanwhile, are expected to be between $9 million and $9.5 million, while royalties are projected at $5.8 million to $6 million. Analysts project earnings of 23 cents a share on total sales, which includes net sales and royalties, of $17.2 million. Shares were down $1.34 to $24.94.
Shares of Schering-Plough (SGP) fell 2% after the drugmaker posted fourth-quarter results that fell below expectations. The company earned $104 million, or 7 cents a share, on sales of $2.32 billion. Analysts expected earnings of 8 cents a share and sales of $2.39 billion. During the year-earlier quarter, the company posted a loss of $856 million, or 58 cents a share, on sales of $2.18 billion. Last year's loss included a tax charge of $807 million, or 55 cents a share, related to the repatriation of foreign earnings. Shares were trading down 38 cents to $19.70.
Shares of Misonix (MSON) jumped 57% after the medical-device maker received Food and Drug Administration clearance to market and sell its Sonatherm 600 product in the U.S. The product is used for removing soft tissue lesions during surgical procedures. The product, which will first be launched in areas outside of the U.S., should be ready for the U.S. market around 2007 or 2008, the company said. Shares were trading up $2.61 to $7.17.
CombinatoRx (CRXX) gained 18% after the biopharmaceutical company's osteoarthritis drug showed positive results in a phase II clinical trial. CombinatoRx said the trial met its endpoint of reducing pain by a statistically significant amount when compared to a placebo. The drug was well tolerated and there were no serious adverse events reported, the company said. "We look forward to completing the secondary analyses, presenting the data in an appropriate medical forum, and finalizing our further development plans for this product candidate," the company said. Shares were up $1.89 to $12.50.Other health care volume movers included Pfizer (PFE), up 9 cents to $26.08; Boston Scientific (BSX), down 44 cents to $21.19; Johnson & Johnson (JNJ), down 41 cents to $58.30; Amgen (AMGN), up $1.26 to $72.57; NMT Medical (NMTI), up $4.66 to $21.92; Genta (GNTA), up 19 cents to $2.39; Nektar Therapeutics (NKTR), down $1.04 to $19.71; Guidant (GDT), down 79 cents to $72.93; Bristol-Myers Squibb (BMY), down 12 cents to $22.87; Merck (MRK), down 61 cents to $34.09; Teva Pharmaceutical Industries (TEVA), up 76 cents to $42.06; and Elan (ELN), up 7 cents to $14.62.
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