Stockwatch: Third-Quarter Earnings Portents
Negative third-quarter earnings announcements from Vertex and Illumina are not good portents for an end of year life science rally and the absence of helpful positive announcements from Valeant and Gilead does not bode well either.
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Johnson & Johnson, Actelion and Roche launched the 2016 third-quarter earnings season with a somewhat mixed opening salvo. The harsh investor response probably reflected an awareness of the inevitability of generic competition.
Endo, Valeant, Mylan and Perrigo all reported second-quarter results last week. Only maintenance of full-year guidance was needed for stock price outperformance but guidance cuts for all look like just a matter of time.
After the differing second-quarter financial performances of Roche, AstraZeneca and Pfizer’s oncology franchises, the reports by Merck & Co and BMS should have helped define the effects of the pandemic on oncology businesses.