Monday, February 3, 2014
At least 20 biotechs and pharmas reported earnings
last week. Alexion Pharmaceuticals Inc. (NASDAQ:ALXN) was up 19%, adding
nearly $5 billion in market value last week, after beating the Street's revenue
and EPS estimates. The company, which markets rare blood disorder drug Soliris
eculizumab, also guided to a lower 2014 non-GAAP tax rate than had been
modelled by analysts.
Fellow large-cap biotech Celgene Corp.
(NASDAQ:CELG) lost $3.8 billion in market value last week. The company
announced EPS that missed the consensus estimate and 2014 EPS and revenue
guidance below analyst estimates. Also last week, researchers from Memorial
Sloan-Kettering Cancer Center questioned the risk-benefit profile of Celgene's
Abraxane nab-paclitaxel in comparison to the added cost of its use in
pancreatic cancer patients in a letter to the editor in the New England
Journal of Medicine. Celgene also disclosed that FDA accepted for review an
application for Otezla apremilast to treat moderate to severe psoriasis, with a
Sept. 23 PDUFA date (see B12).