American Home Products
suspended dosing in their study of an experimental Alzheimer's treatment after four patients developed symptoms consistent with inflammation of the central nervous system. The companies said they're working with clinical investigators to determine the cause of the symptoms, which occurred in a Phase 2A study in France of their AN-1792 immunotherapeutic. Elan and AHP called the suspension a standard approach to protecting the safety of patients in such a study.
Earnings Reports & Outlooks
confirmed suspicions that its holiday season was stronger than expected, saying profits and revenue in the fourth fiscal quarter would top forecasts. The PC direct-marketer said it expects to earn 17 cents a share on revenue of $8 billion in the quarter, which ends Feb. 1. The company had previously forecast earnings of 16 cents on revenue of $7.6 billion.
posted a loss of $99 million, or 3 cents a share, before items in its second quarter, slightly narrower than analysts were predicting, but down from a profit of $494 million, or 15 cents a share, a year ago. After several charges the company lost $431 million, or 13 cents a share. Sales dropped to $3.1 billion, in line with expectations, compared with $5.1 billion a year ago.
Minnesota Mining & Manufacturing
earned $387 million, or 98 cents a share, before items in the fourth quarter, a penny above estimates. Sales fell 6.6% to $3.86 billion. The company also named former
executive Patrick Campbell chief financial officer, succeeding Robert J. Burgstahler, who was named senior vice president of business development.
( GNSS) topped analysts' third-quarter earnings expectations, reporting net income of $10.1 million, or 42 cents a share, up from $1.98 million, or 10 cents a share, in the year-ago quarter. Wall Street analysts had been expecting 34 cents a share, according to Thomson Financial/First Call. Sales for the quarter rose to $49.8 million from $17.3 million a year ago.
said third-quarter earnings fell short of analyst expectations and dropped more than 90% from last year due to a decline in demand for its telecommunications and fiber-optic products. The electronics component maker said it earned $4.3 million, or 2 cents a share, down from $67.8 million, or 34 cents a share, in the year-ago quarter. Wall Street analysts had been expecting 13 cents a share, according to Thomson Financial/First Call.
( MROI) reported better-than-expected first-quarter pro forma earnings of $2 million, or 8 cents a share, compared with a loss of $800,000, or 3 cents a share, in the year-ago quarter. Wall Street analysts had been expecting 1 cent a share, according to Thomson Financial/First Call. On a GAAP basis, the company reported a loss of $1.9 million, or 9 cents a share, compared with a loss of $7.7 million, or 35 cents a share, a year ago.
Mergers, Acquisitions & Joint Ventures
( PCOP) and Eos Biotechnology called off their merger agreement. The news comes just 12 hours before Pharmacopeia shareholders were scheduled to vote on the $160 million deal, which was announced last August. No reason was given for the termination, but the deal had been opposed by Pharmacopeia's largest shareholder.