Big biotech Gilead Sciences (GILD) got a price-target increase Tuesday as big pharma Merck (MRK) released new data on its hepatitis C regimen that could be a rival to Gilead’s blockbuster franchise. Oppenheimer analyst Wendy Lam lifted her price target on Gilead to 124 from 120, writing that after the stock’s considerable sell-off — it’s down 17% from its June 24 high — investors are due to revisit Gilead’s strong fundamentals. She acknowledged
Drug stocks took a pounding in the third quarter, but the leading drug companies’ pipelines have kept flowing with potentially blockbuster new drugs. Here are three key products — from Merck, Shire and Gilead Sciences — expected to be approved by the FDA in the next month or so: By Friday, Merck (MRK) is expecting to hear whether the agency will approve Keytruda for advanced non-small-cell lung cancer. Keytruda has already been on the market for a
Big pharmas Pfizer (PFE) and Merck (MRK) both beat Q2 estimates and raised guidance Tuesday, while Merck and French counterpart Sanofi (SNY) entered into separate deals to develop immunotherapy drugs for cancer. Pfizer’s earnings dipped 3% to 56 cents a share, but topped analysts’ consensus by 4 cents, according to Thomson Reuters. Sales declined 7% to $11.85 billion, more than $400 million ahead of the Street’s number. Pfizer now sees full-year