Updated from 2:50 p.m. EDT
SeraCare Life Sciences
were among the best-performing health and pharmaceutical stocks Tuesday, rising 21.3% after the company reported fourth-quarter earnings that more than tripled the year-ago results.
The research and diagnostics company posted a profit of $1.6 million, or 16 cents a share, on sales of $10.6 million. A year ago, the company earned $476,000, or 6 cents a share, on sales of $4.9 million. Looking ahead, the company forecast 2005 earnings of 65 cents to 70 cents a share on sales of $55 million to $60 million. Shares traded up $2.46 to $14.
fell 12.8% after the company agreed to sell its cancer treatment to
and said that it would cut 43% of its workforce. The company said the sale of its cancer treatment, Bexxar, would allow it to focus on its growing adjuvant business and development of its immunity product portfolio.
As a result of the change in business focus, the company said it would cut about 160 jobs in its San Francisco and Seattle offices. Corixa is expected to transfer the rights, responsibilities, and costs associated with the commercial and clinical development of Bexxar on Dec. 31. Shares traded down 59 cents to $4.01.
Pharmaceutical Product Development
rose 1% after the company said it would post first-quarter earnings results above expectations. Excluding stock option expenses, the drug developer forecast earnings of 55 cents to 56 cents a share during the first quarter. Analysts polled by Thomson First Call had been expecting earnings of 45 cents a share. For all of 2005, the company expects earnings of $1.85 to $1.93, which reflects dilution of 17 cents to 21 cents a share from its discovery sciences segment. Sales for 2005 are expected to come in at $885 million to $900 million. Analysts had been expecting full-year earnings of $1.94 a share on sales of $874.9 million. Shares traded up 34 cents to $39.83.
fell 7.5% after the maker of contact lenses posted mixed fourth-quarter financial results and cut its financial outlook for the next several years because of accounting changes related to its convertible senior debentures. Excluding items, the company turned in fourth-quarter earnings of 72 cents a share on sales of $130.8 million. Analysts were expecting earnings of 72 cents a share on sales of $132.7 million. Looking ahead, assuming accounting changes and an acquisition, Cooper expects 2005 earnings of $3.05 to $3.15 a share on sales of $870 million to $883 million.
Previously, the company had forecast earnings of $3.25 to $3.35 a share. Analysts had been expecting 2005 earnings of $3.04 a share. For 2006, the company said it expects earnings of $4 to $4.10 a share, down from its previous guidance of $4.20 to $4.30 a share. Shares traded down $5.59 to $68.78.
Other health care volume movers included
, up 17 cents to $27.33;
, up 57 cents to $29.62;
, down 59 cents to $7.27;
Johnson & Johnson
, up 79 cents to $61.43; and
, up 41 cents to $64.36.