Next week will bring a passel of earnings reports from large-cap drugmakers, as both biotech and pharma stocks are trading at new highs yet again. Novartis, Bristol-Myers Squibb, Eli Lilly, Valeant Pharmaceuticals, AbbVie and Biogen are all on tap in a busy earnings week. Here’s a quick rundown: It will be an especially big week of news for Biogen (BIIB), which is not only reporting Q2 earnings early Friday but also unveiling some crucial drug
Big-cap biotech Biogen (BIIB) was down 3% in afternoon trading Friday as its R&D head departed, and Cowen issued a cautious note about upcoming Alzheimer’s disease data. Biogen said Douglas Williams is leaving at the end of July to head a biotech startup “with potential in cancer diagnostics and therapy.” Chief Medical Officer Alfred Sandrock and Chief Scientific Officer Spyros Artavanis-Tsakonas will take over his duties. Williams joined Biogen
Biotech Applied Genetic Technologies Corp. (AGTC) inked a gene-therapy collaboration with Biogen (BIIB) that could be worth more than $1 billion, sending Applied Genetic stock soaring in massive volume. Biogen will pay $124 million upfront, including a $30 million purchase of AGTC stock at 20.63 a share, a 27% premium on Wednesday’s closing price. Applied Genetic stock jumped as much as 24% and was up 15%, near 19, in morning trading on the