Stockwatch: No Earnings Disappointments Are The New Black
As the first-quarter 2016 earnings season got underway for life science companies last week expectations were not high. In the event the first week of announcements was not as bad as many had feared. The stock market typically over-reacts to both good and bad news so in the absence of a wholesale missing of analysts' consensus estimates, by Thursday April 21, the market had gotten a little ahead of itself.
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Biogen’s poor third-quarter results cannot be blamed solely on the pandemic. Pipeline attrition and underperformance in most franchises pushes all the risk onto a dubious throw of the regulatory dice.
Early in 2020, company guidance was that pandemic-related effects would have dissipated in the third quarter. Issues specific to J&J and Roche leave this broad conclusion still up in the air.