Updated from 3:02 p.m. EST
were among the best-performing health-related stocks Tuesday, rising 16.9% after the company posted fourth-quarter earnings and sales that beat expectations. The company also guided 2006 earnings above estimates.
The drugmaker posted earnings of $63.2 million, or 24 cents a share, on sales of $509.2 million in the latest fourth quarter. Analysts surveyed by Thomson First Call expected earnings of 19 cents a share on sales of $466.6 million. A change in the way the company accounts for convertible debt shaved a penny from fourth-quarter earnings. A year ago the company earned $29.3 million, or 12 cents a share, on sales of $399 million.
Looking ahead, Ivax forecast 2005 earnings of 76 cents to 86 cents a share. The estimate does not include sales from generic Flonase or from any new product launches that are currently subject to patent challenges. For 2006, the company forecast earnings of $1.35 to $1.55 a share. Analysts are expecting earnings of 83 cents a share during 2005 and earnings of $1.01 during 2006. Shares traded up $2.66 to $18.45.
rose 19.9% after the announced a collaboration agreement with
related to diabetes. Over the next 18 months, Genzyme will conduct research on islet stem cells and perform studies for the transplantation of adult islet cells that are derived from donated pancreatic tissue. ViaCell, meanwhile, will work with Genzyme and perform complementary preclinical research. Financial details were not disclosed. ViaCell also announced the issuance of a new patent that covers methods for treating type I insulin-dependent diabetes mellitus and other conditions using nestin-positive islet derived progenitor cells. Shares of ViaCell traded up $1.45 to $8.75.
fell 21.5% after the company posted fourth-quarter results that fell below expectations and warned of a possible cash crunch during 2005. The biopharmaceutical company reported a loss of $10.3 million, or 26 cents a share, on product sales of $2.2 million. Analysts expected a narrower loss of 23 cents a share on sales of $4.3 million. A year ago the company posted a smaller loss of $3.1 million, or 10 cents a share, on sales of $3.7 million. At the end of 2004, the company had cash and cash-equivalents of $17.9 million, down from $27.6 million a year ago. Novavax said it would need to obtain a marketing partner or raise additional finances, otherwise it "may not have sufficient cash flows to finance the business operations in 2005 as currently contemplated," it said. Shares traded down 45 cents to $1.64.
Other health care movers included
, down 75 cents to $54.25;
, down 40 cents to $7.21;
, down 24 cents to $26.29;
Protein Design Labs
, up 86 cents to $17.27;
, down $1.82 to $58.61;
, down 29 cents to $32;
, down 26 cents to $18.30; and
Johnson & Johnson
, down 56 cents to $67.26.