Wednesday's Health Winners & Losers
Then Applera's (ABI) Celera Group (CRA) reported net income of $700,000, or one cent a share, for the first quarter of 2008, compared with a net loss of $7.1 million, or 9 cents a share, in the year-ago period that included a pretax charge of $3.5 million. Revenue increased by 58% to $16.1 million from $10.2 million. Celera predicts revenue between $135 million and $145 million for its fiscal 2008.
Separately, Celera said after Tuesday's close that it has completed the acquisition of substantially all of the assets of Atria Genetics for roughly $33 million in cash. It anticipates the acquisition will be accretive by the second half of its fiscal 2008.
Celera shares fell 55 cents, or 3.5%, to $15. Applera was up a slight 0.3% at $35.34.
One winner, Genzyme (GENZ) beat estimates. Excluding items, the company reported earning $241.3 million, or 90 cents a share, compared to $195.9 million, or 73 cents a share, in the comparable 2006 period. Revenue climbed 19% to $960.2 million from $808.6 million in the year-ago period. The Thomson Financial consensus target was 87 cents a share on revenue of $954 million. Genzyme shares rose $2.24, or 3.1%, to $75.75.Meanwhile, away from earnings, Oncolytics Biotech (ONCY) said Wednesday that it received a letter of approval from the U.K. Medicines and Healthcare products Regulatory Agency (MHRA) to begin a clinical trial using IV-administered Reolysin with cyclophosphamide (a chemtherapeutic agent and immune modulator) in patients with advanced cancers. Shares gained 19 cents, or 8.2%, to $2.52. Also up, Cephalon (CEPH) announced Tuesday after close that a phase III trial of Treanda in patients with indolent non-Hodkin's lymphoma (NHL) met its primary endpoints of overall response rate and median duration of response. The company said that Treanda also had a manageable tolerability profile in the study, which was conducted on patients whose cancer was no longer responsive to treatment with rituximab. Cephalon's shares rose $2.97, or 4.2%, to $74.05.
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