Healthcare Business Recap: Sunshine Heart Shoots The MOON, Lilly Says To Not EXTRAPOLATE
GlaxoSmithKline (NYSE:GSK) posts earnings per share of pence, with sales down 3.9 percent to £6.46 billion against consensus of £6.65 billion. Net profit rose by 13 percent to £1.25 billion, versus a. consensus of £1.34 billion. Meanwhile, the company increased its dividend by 6% to 17 pence. Glaxo said that its second quarter earnings were impacted by government austerity in Europe, where sales dropped by 8 percent, and also by rivalry from cheaper generics in the United States. However, the firm expects its 2012 fiscal year sales to be in line with those of 2011, and to buy back £2 billion to 2.5 billion in shares.
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Sunshine Heart, Inc. (SSH) shares shoot the moon on word that it has received CE Mark approval for its C-Pulse Heart Assist System for the treatment of heart failure, which should provide for the commercialization of the tech in Europe and countries in Asia and Latin America that recognize the CE Mark. The firm expects 3.7 milion potential patients for the device in the European Union.
Eli Lilly and Company (NYSE:LLY) Chief Executive John Lechleiter warns that caution should be observed when extrapolating the failed clinical trials of Pfizer, Inc. (NYSE:PFE) and Johnson & Johnson’s (NYSE:JNJ) Alzheimer’s candidate, bapineuzumab, to solanezumab, the one which the former has in its pipeline. The CEO stresses that “We’ve got to be very careful before we draw conclusions. There are differences between the drugs, how they bond for example, that could allow for different outcomes.” Lilly expects to report clinical data for solanezumab later in the current quarter.
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