Pharmaceutical Product Development
were among the best-performing health-related stocks Thursday, rising 20% after the company posted second-quarter results that topped forecasts and raised its third-quarter guidance.
The company earned $23.7 million, or 41 cents a share, on sales of $245.1 million. Analysts polled by Thomson First Call were expecting earnings of 40 cents a share on sales of $219.1 million. A year ago, PPD earned $23.3 million, or 41 cents a share, on sales of $200.5 million.
Looking ahead, PPD now expects third-quarter earnings of 67 cents to 69 cents a share, up from previous guidance of 43 cents to 45 cents a share. Analysts had been expecting earnings of 44 cents a share on sales of $228.6 million. Shares were trading up $9.64 to $58.18.
rose 6% after the drugmaker posted second-quarter earnings that glided past expectations. The company earned $123.6 million, or 46 cents a share, on sales of $668.1 million. Excluding items, the company would have earned $149 million, or 57 cents a share. Analysts were expecting earnings of 53 cents a share on sales of $651.6 million. A year ago, the company earned $78.2 million, or 33 cents a share, on sales of $549.6 million. Excluding items, the company would have earned $102.2 million, or 44 cents a share, a year ago. Looking ahead, Genzyme expects third-quarter pro forma earnings of 55 cents to 57 cents a share. Analysts are expecting earnings of 55 cents a share on sales of $675.3 million. Shares were trading up $3.65 to $64.98.
rose modestly after its generic version of
Allegra allergy drug was granted final approval by the Food and Drug Administration. Barr is the first company to file an application to market the generic version, which gives it 180 days of marketing exclusivity on the product. Although the company could begin to market the drug now, it's likely the company will wait until a court rules on five patents related to Allegra tablet and capsule products. Barr said that no trial date has been set, but it believes the case may be ready for trial in early 2006. Shares were trading up 34 cents to $48.58.
fell 3% after the company said it would sell 8.5 million shares of stock for $7.05 a share. The company expects to net about $56.6 million from the sale. The price represents a 7% discount from Wednesday's closing price of $7.56. The sale is being made as part of an effective shelf registration statement the company has filed with the
Securities and Exchange Commission
. Merrill Lynch is managing the stock sale. Shares were trading down 25 cents to $7.31.
traded actively on its first day of trading as a public company. The medical device maker sold 3.7 million shares at $11 apiece. Pricing came in at the low end of the deal's proposed range of $11 to $13 a share. WR Hambrecht & Co. led the underwriting syndicate. Shares were recently trading up 3 cents to $11.03 on volume of more than 1.4 million shares.
Other health-care volume movers included
, up 29 cents to $27.52;
, down $1.04 to $46.61;
, up 49 cents to $5.86;
, up $1.19 to $70.15;
, down 83 cents to $50.57;
, up 53 cents to $20.02;
, up 29 cents to $27.12;
, up 21 cents to $31.83;
Johnson & Johnson
, up 4 cents to $64.46; and
, up 15 cents to $25.05.