Merck & Co. (NYSE:MRK) reported its third quarter net income rose to $1.69 billion (55 cents per share) vs. $341.6 million (11 cents per share) in the same quarter a year earlier. This represents more than a fourfold rise. The company’s revenue rose 8.1 percent to $12.02 billion from the year earlier quarter.
With an adjusted net income of 94 cents per share, the company beat the mean estimate of 91 cents per share and the average revenue estimate of $11.61 billion.
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Medtronic Inc. (NYSE:MDT) received good and bad news from the U.S. Food and Drug Administation’s (FDA) Circulatory Systems Devices advisory panel. It rejected the company’s Medtronic Phase RF Ablation System, a therapy to treat a heart rhythm disorder, on safety assurances. However, the panel unanimously voted in favor on the device’s effectiveness. The panel’s recommendation is not binding and will be included in the FDA’s continued review for pre-market approval.
NuVasive Inc.’s (NASDAQ:NUVA) suffered a sell-off after its third quarter earnings report included a 10.5 percent revenue increase of $132.9 million as compared to the previous year and earnings per share share of $0.26, beating estimates by $0.03; revenue missed estimates by $1.3 million.
Adding to its woes with the Medtronic Inc. (NYSE:MDT) patent legal battle, the company’s guidance has 2011 revenue at $538 million to $540 million and earnings per share of $1.01-$1.02; the comes in below analysts’ $542 million and $1.05 consensus.
Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) announced its third quarter earnings report saw record-breaking numbers. The company reported its earnings per share of $0.34 and $51 million in revenues. This blew analysts’ expectations out of the ballpark with earnings per share of $0.10 and $40 million in revenue estimates.
Looking ahead to 2012, Spectrum is on track for two new drug applications.
Universal Health Services Inc. (NYSE:UHS) reported its third quarter earnings per share at $0.86 beat analysts estimates by $0.01 from its gains in bottom line operating margins. The quarter’s profit rose 53 percent as compared to the previous year from increases in same-facility revenues from acute-care and behavioral health facilities.
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