Health Winners & Losers: Cephalon

According to the Thomson Financial consensus target, analysts were expecting a loss of 6 cents a share on revenue of $11.7 million. After opening the session on a gap higher, shares shed 5.7% to $ 35.79 Wednesday.

In other earnings, OSI Pharmaceuticals (OSIP Quote - Cramer on OSIP - Stock Picks) got a quarterly boost from strong sales of its partnered cancer drug Tarceva. The company earned $29.2 million, or 49 cents a share, on revenue of $90.7 million. Analysts were looking for earnings of 45 cents a share on $88.9 million in revenue.

OSI shares rose 4.4% to $ 36.41 Wednesday.

Meanwhile, ZymoGenetics (ZGEN Quote - Cramer on ZGEN - Stock Picks) reported a widened loss on Tuesday after market close but still beat Wall Street estimates. The company reported a loss of $40.9 million, or 60 cents a share, vs. a loss of 49 cents a share a year prior. Revenue increased to $13.5 million from $5.2 million, surpassing the Thomson Financial consensus target of a loss of 57 cents a share on revenue of $10.9 million.

Citigroup upgraded the stock to hold from sell. Shares traded up 2.1% at $8.42.

Moving the other direction, development stage biotechnology company Exelixis (EXEL Quote - Cramer on EXEL - Stock Picks) saw shares fall 11.7% to $6.90, after reporting a widened loss. On Tuesday post close the company reported a net loss of $41.3 million, or 39 cents a share, compared with a loss of $24.2 million, or 25 cents a share, in the year-ago period due to increased R&D spending. Revenue was $27.9 million, down from $28.1 million a year prior.

In other health stocks, Steris (STE Quote - Cramer on STE - Stock Picks) earned $26.1 million, or 42 cents a share, in its fourth quarter, down from $29.8 million, or 45 cents a share, in the year-ago period. But the company reported adjusted profit of $36.4 million, or 59 cents a share, on revenue of $375 million, topping Wall Street analyst estimates of earnings of 50 cents a share on $361.6 million in revenue. Shares ended up 8.5% at $29.90.

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