ARTICLE | Financial News

Noven slides on financial forecast

November 2, 2001 8:00 AM UTC

Noven (NOVN) was off $7.05 (32%) to $15.20 on 11 million shares on Friday on news that it expects little if any growth in fourth quarter EPS and revenues, reflecting a decline in orders for Estalis estrogen/progestin transdermal system. NOVN also announced that it expects international sales to decline substantially in 2002 compared to 2001, and thus expects 2002 revenues to be comparable with the $52 million of revenues expected in 2001. Street consensus for '02 was $131 million, prior to the announcement. ...