rose 6.9% after the company reported third-quarter earnings that exceeded analysts' estimates. The company's loss narrowed to $13.7 million, or 4 cents a share, from a loss of $73.8 million, or 24 cents a share, a year ago. Excluding certain charges, the company earned 2 cents a share, topping estimates by 3 cents, mostly because of lower expenses and higher U.S. Velcade sales.
The biotech's sales were $104.1 million in the quarter compared with the $111 million expected by analysts surveyed by Thomson First Call. However, sales of its multiple myeloma drug Velcade grew 18% in the quarter. Millennium expects adjusted earnings for the full year of between $30 million and $35 million and a loss, after all items are accounted for, of $50 million to $60 million. Shares of Millennium were up 72 cents to $11.18.
surged after it swung to a profit in the third quarter. The shares were recently up 7.4% to $52.87. Sepracor's revenue of $289.3 million in the third quarter exceeded the $274.9 million expected by analysts surveyed by Thomson First Call.
Sepracor earned $64.4 million, or 56 cents a share, in the third quarter, including costs of $10.5 million, or 9 cents a share, for stock-based compensation. The company lost $2.5 million, or 2 cents a share, on revenue of $205.7 million in the year-ago period.
was soaring 12% after its revenue exceeded Wall Street's estimates in the third quarter. Revenue reached $244.8 million in the quarter, up 89.1% and surpassing analysts' estimates of $228.5 million. Product sales were $223.1 million, with $101.3 million in sales of its blood cancer drug Revlimid and $108.4 million in sales of its older drug Thalomid.
The company earned $20.4 million, or 5 cents a share, in the quarter, including stock-based compensation expenses, compared with $700,000 in the prior year. Excluding certain charges, the company earned $59.4 million, or 15 cents a share. Shares of Celgene were rising $5.35 to $49.49 after the quarterly report.
raised its full-year profit guidance, lifted its dividend and said it would buy back billions of dollars of its stock during the next three years, but still the stock was lower.
The U.K. drug giant posted third-quarter revenue of 5.64 billion British pounds ($10.62 billion), up 3% from 5.47 billion pounds ($10.30 billion) in the same period a year ago. Glaxo had an operating profit of 2.02 billion pounds, representing 13% growth from last year's 1.78 billion pounds. On a per-share basis, Glaxo earned 24.7 pence, up 16% from 21.3 pence last year.
Looking ahead, Glaxo projected that this year's earnings will grow at a mid-teens percentage pace when measured using a constant exchange rate. Additionally, the company declared a dividend of 12 pence a share and said it should pay out 48 pence for 2006, up 4 pence from a year ago. As for its repurchase program, Glaxo expects to buy back 6 billion pounds ($11.30 billion) worth of stock during the next three years. Shares of Glaxo were down 2.4% to $54.79.
fell after it said it was abandoning work on an experimental stroke treatment following a disappointing late-stage clinical trial. The company's stock slid 7.5% to $61.37.
Even harder hit was
, from whom AstraZeneca licenses the drug. Renovis was plunging 75% to $3.57.