At least seven biotechs and pharmas reported earnings last week. Astellas Pharma Inc. (Tokyo:4503) tacked on more than $700 million to its market cap after reporting EPS and revenues for the fiscal year ended March 31, 2013 that were up over the prior period. The pharma also announced it would close its OSI Pharmaceuticals LLC and Perseid Therapeutics LLC units and scale back its Astellas Research Institute of America LLC unit to focus on CNS therapies as part of an R&D restructuring. Merck KGaA (Xetra:MRK) fell 3% last week, trimming $900 million from its valuation, despite beating the Street's EPS estimate. The company provided 2013 revenue guidance of €10.7-€10.9 billion and adjusted EPS guidance of €8.50-€9. The Street is expecting 2013 EPS of €8.51 on revenues of €11.3 billion. (A) Fiscal 4Q earnings; Mcap in $M

Company

1Q13 EPS est

1Q13 EPS actual

Outcome

Growth from 1Q12

5/17 cls

Wk chg

% chg

Mcap chg

5/17 Mcap

Astellas Pharma Inc. (Tokyo:4503) (A)

NA

NA

NA

NA

¥5,830

¥160.00

3%

$736.8

$26,845.6

The pharma did not report quarterly earnings. EPS for the fiscal year ended March 31, 2013 increased 7% to ¥180.40 from ¥169.38 on a 4% increase in net sales to ¥1,006B ($10.7B) from ¥969B. Sales for the year included ¥9B ($95.5M) due to favorable currency exchange. Sales of immunosuppressant Prograf tacrolimus were up 6% to ¥157.3B ($1.7B), while sales of benign prostatic hyperplasia (BPH) drug Harnal tamsulosin fell 11% to ¥50B ($530.5M) due to generic competition. Sales of prostate cancer drug Xtandi enzalutamide, which was launched in the U.S. last September and is partnered with Medivation Inc. (NASDAQ:MDVN), were ¥12.2B ($129.4M). The company provided net sales guidance for the fiscal year ending March 31, 2014 of ¥1,170B.