Healthcare Business Recap: Insmed Rockets on Good News, Abbott Labs Settlement
The FDA removes its clinical hold on Insmed’s (NASDAQ:INSM) Arikace drug for lung infections in cystic fibrosis patients, and shares soared in early trading.
Roche’s (RHHBY.PK) termination of its efforts to take its heart drug dalcetrapib to market causes its shares to fall, possibly along with those firms who have similar drugs in trial, such as Merck’s (NYSE:MRK) anacetrapib and Eli Lilly’s (NYSE:LLY) evacetrapib. The move by Roche comes after disappointing results from a late stage evaluation, and a similar outcome last week by Pfizer (NYSE:PFE).
A settlement costing $800 million is reached by Abbott Labs (NYSE:ABT) and the U.S. government, that should resolve all remaining claims concerning an investigation of past sales and marketing practices relating to its neurologic medication Depakote, from as far back as 1998. In addition, Abbott now says that it will divide into two separately traded companies.
Mako Surgical (NASDAQ:MAKO) misses its first quarter estimates across the board, and shares are very much down, late. Earnings per share slid 28 cents on a revenue post of $19 million, contrasted with consensus of a loss of 20 cents on revenues of $24 million.
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Earnings Report: Express Scripts Holding First Quarter Earnings Sneak Peek.