Health stocks edged upward -- amid a slew of earnings -- but lagged the broader indices Tuesday.
First, after Monday's market close,
reported a 2% decline in
profit but skated past Wall Street views
with adjusted EPS of $1.14 a share on revenue of $3.76 billion, vs. expectations for $1.02 a share on revenue of $3.58 billion. The company also raised profit and revenue guidance for the full year.
The earnings came just three days after the company announced positive top-line results for a pivotal late-stage study on its lead pipeline prospect, bone drug denosumab, in women with post-menopausal osteoporosis.
Shares rose $1.74, or 2.9%, to $62.22 Tuesday. The stock is a component of the Nasdaq and Amex biotechnology indices as well as the Amex pharmaceutical index, which were up 1%, 1%, and 0.6%, respectively.
Not faring as well, pharmaceutical company
shares fell $3, or 14.7%, to $17.41. The company reported adjusted profit of 6 cents a share on revenue of $294 million, missing Wall Street views of 23 cents a share on revenue of $303 million. Sepracor raised its profit guidance to between $4.20 and $4.60 a share, based on a tax benefit. But the company scaled back revenue guidance slightly to between $1.28 billion and $1.38 billion, down slightly from prior guidance of $1.35 billion to $1.45 billion.
reported profit of $539 million, or 65 cents a share, up from 63 cents a share a year prior on revenue that climbed 18% to $2.82 billion. Analysts were looking for earnings of 64 cents a share on revenue of $2.68 billion, according to Thomson Reuters. The company's board issued a 13-cent dividend for the second quarter, to be paid on Aug. 20 with tax withheld at a 16.5% rate.
Teva's shares were off by $1.19, or 2.6%, at $44.58.
Elsewhere, biotechnology company
, which swung to a profit in the second quarter, got a boost, climbing $6.82, or 8.5%, to $86.77. The company raised its guidance to between $235 million and $245 million, from prior guidance of $215 million to $225 million, and announced a 2-for-1 stock split Tuesday that's effective Aug. 22.
More earnings, device-maker
said Monday after the close that its net loss widened to $27.4 million, or 26 cents a share, from a loss of 20 cents a share a year prior -- despite a 65% rise in revenue. The company also said its licensing and collaboration agreement with
has been terminated. It incurred a one-time impairment charge of $10.5 million in the second quarter associated with the contract termination. Shares were down 52 cents, or 5.3%, at $9.26.
And in non-earnings news,
said Tuesday that it priced its offering for nearly 6.7 million units of one common share and a warrant to purchase a half share at $2.68 per unit. The warrants are exercisable at $3.62 a share and have a five-year term. The company anticipates net proceeds of $17.6 million from the offering, which is expected to close July 31. Its shares gave up 29 cents, or 10.4%, to $2.49.