At least 12 biotechs and pharmas reported earnings last week. Despite the impact of generic competition on key drugs, Bristol-Myers Squibb Co. (NYSE:BMY) and Novartis AG (NYSE:NVS; SIX:NOVN) added $7 billion in aggregate market cap on the week. Both pharmas beat the Street's revenue and earnings estimates. Novartis also announced that Chairman Daniel Vasella decided not to stand for reelection at the pharma's annual general meeting on Feb. 22. The pharma's board expects Joerg Reinhardt to become chairman, effective Aug. 1. Reinhardt, who was COO at Novartis during 2008-10, is slated for election as a director at the upcoming meeting. Novartis said Vice Chairman Ulrich Lehner will lead the board in the interim. Molecular diagnostic company Cepheid Inc. (NASDAQ:CPHD) closed up 6% on the week after swinging to profitability on earnings and revenue figures that outpaced the Street. (A) Fiscal 3Q; Mcap in $M

Company

4Q12 EPS est

4Q12 EPS actual

Outcome

Growth from 4Q11

1/25 cls

Wk chg

% chg

Mcap Chg

1/25 Mcap

Abbott Laboratories (NYSE:ABT)

$1.50

$1.51

Beat by $0.01

4%

$32.79

$0.05

0%

$79.0

$51,808.2

4Q12 revenues, before spinning out its research-based pharmaceutical business AbbVie Inc. (NYSE:ABBV), were $10.8B, up 6% over 4Q11, and above the Street's estimate of $10.6B. Sales of proprietary pharmaceuticals increased 9% to $5.1B. Global sales of autoimmune drug Humira adalimumab, which will be an AbbVie product going forward, increased 25% to $2.7B. Percent changes for revenues and sales are in constant currency. SG&A spending was up 10% in the quarter to $3.2B, while R&D was down 1% to $1.1B. Abbott said while 2012 sales in developed markets felt the impact of austerity measures, sales in emerging markets generated strong growth. The AbbVie spinout was completed on Jan. 1. The company expects 2013 EPS of $1.98-$2.04.

Amgen Inc. (NASDAQ:AMGN)

$1.38

$1.40

Beat by $0.02

16%

$83.42

$1.34

2%

$1,022.4

$63,649.5

4Q12 revenues grew 11% to $4.42B, slightly above the Street's estimate of $4.37B. 4Q12 sales of Xgeva denosumab to prevent skeletal-related events increased to $215M from $134M in 4Q11, while sales for Prolia denosumab for osteoporosis increased to $154M from $81M. 4Q12 sales of neutropenia products Neulasta pegfilgrastim and Neupogen filgrastim decreased 1% to $1.3B. Sales of autoimmune drug Enbrel etanercept grew 23% to $1.2B. Amgen repurchased $1.2B in shares in 4Q12 and has $300M remaining under its buyback program. The company expects 2013 revenues of $17.8-$18.2B and adjusted EPS of $6.85-$7.15.