Swedish consumer goods company Svenska Cellulosa reported first-quarter results that largely tracked our longerterm expectations. SCA’s hygiene operations (personal care and tissue) were once again steady performers while the forest product division lagged as a result of still-weak European demand for paper and solid-wood products. After reviewing the results, we are maintaining our fair value…
With second quarter earnings season coming to an end, focus in the biotech sector is back on pipeline and regulatory updates. Last week’s highlights included Achillion Pharmaceuticals, Inc.’s (ACHN) impressive interim data on its experimental hepatitis C virus (HCV) treatment, Gilead Sciences’ (GILD – Analyst Report) legal victory and Amgen’s (AMGN – Analyst Report) hit…
Biogen Idec’s (BIIB) shares were up slightly (0.62%) on the FDA approval of multiple sclerosis (MS) product, Plegridy (peginterferon beta-1a). The FDA approved Plegridy for the treatment of people with relapsing forms of multiple sclerosis (RMS). Plegridy Pen, a ready-to-use autoinjector, or a prefilled syringe can be used to administer Plegridy subcutaneously. Plegridy’s less frequent…
TNT Express’ first-quarter consolidated revenue fell 4.5% from the same period last year (down 4% excluding foreign exchange). The decline was partly the result of softer Asia Pacific business, including sluggish export activity to Europe. Price competition and a continued mix shift to loweryielding shipments in Europe also contributed. Excluding foreign exchange, revenue was down…
Amgen (AMGN) suffered a major setback when its phase III study, FOCUS (CarFilzOmib for AdvanCed Refractory MUltiple Myeloma European Study) on multiple myeloma treatment, Kyprolis did not meet its primary endpoint. The open-label study evaluated Kyprolis versus an active control regimen of low-dose dexamethasone, or equivalent corticosteroids, plus optional cyclophosphamide in patients suffering from relapsed…
On Monday, Banco Santander SAN announced that Alfredo Saenz has resigned as CEO ahead of a decision by Spanish regulators that would have effectively decided whether his criminal conviction should disallow him from working in banking. Until recently, Spain’s rules had prevented anyone with a criminal conviction from holding a senior position in banking. Saenz…
