Wednesday's Health Winners & Losers

Tanox(TNOX Quote - Cramer on TNOX - Stock Picks) lost $2.3 million, or 5 cents a share, in the second quarter, much narrower than the loss of 10 cents that had been expected. Revenue reached $12.7 million compared with $7.4 million a year ago. Shares were up 2.5% to $13.84.

Allion Healthcare(ALLI Quote - Cramer on ALLI - Stock Picks) plummeted after it posted lower-than-expected earnings and received an analyst's downgrade.

The company also withdrew its guidance for the full year and its outlook for 2007. Shares of Allion sank 41.5% to $3.50.

Hospira(HSP Quote - Cramer on HSP - Stock Picks) shares plunged after the company announced that its profit sank on an increase in expenses. The injectable-drug maker earned $54.2 million, or 34 cents a share, in the second quarter, compared with $72 million and 44 cents a share a year earlier. Excluding charges, Hospira earned 43 cents a share, about 13 cents short of estimates.

Net sales were $671.1 million, 1.4% higher than the year-ago quarter but below the $688.1 million Wall Street expectation. Shares fell $7.55, or 17.6%, to $35.25.

Onyx Pharmaceuticals(ONXX Quote - Cramer on ONXX - Stock Picks) dropped following a wider-than-expected loss in the second quarter. The company reported a loss of $31.5 million, or 76 cents a share, compared with a loss of $18.1 million, or 51 cents a share, last year. Analysts were expecting a loss of 57 cents a share. Onyx fell 11.8% to $13.70.

Millennium Pharmaceuticals(MLNM Quote - Cramer on MLNM - Stock Picks) edged lower despite the Food and Drug Administration granting priority review to its drug Velcade for the treatment of the blood cancer mantle cell lymphoma.

Velcade is already approved to treat multiple myeloma patients in which at least one prior drug therapy failed to work. Shares slipped 3 cents to $9.75.