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Monday, October 21, 2013
At least six biotechs and pharmas reported earnings
last week. Sales of new products helped big pharmas Johnson & Johnson
(NYSE:JNJ) and Roche (SIX:ROG; OTCQX:RHHBY) beat the Street's revenue
estimates. For instance, J&J reported a 73% increase in sales of Zytiga
abiraterone to $464 million in 3Q13. The drug was approved for metastatic
castration-resistant prostate cancer (CRPC) in the U.S. and EU in 2011. The
label was expanded to chemotherapy-naïve patients in the U.S. in 2012 and in
the EU earlier this year. J&J added $6.1 billion to its market cap last
week. In its 3Q13 update, Roche CEO Severin Schwan highlighted uptake of breast
cancer drugs Perjeta pertuzumab and Kadcyla ado-trastuzumab emtansine. Perjeta
sales in 3Q were CHF78 million ($86 million), while sales of Kadcyla were CHF73
million ($80 million). Perjeta was launched in the U.S. in 2012 and in the EU
in March, and Kadcyla was launched in the U.S. in February. Kadcyla uses
antibody-drug conjugate technology from ImmunoGen Inc. (NASDAQ:IMGN).
Roche added $2.8 billion to its market cap last week, while shares of
ImmunoGen were up 4% on the week. Abbott Laboratories (NYSE:ABT) tacked
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