Stockwatch: Has Sentiment Left the Biopharma Sector?
Nothing deters investors more than missed quarterly financial expectations, pipeline attrition and formulary restrictions. Allergan, Pfizer and Shire contributed all three to the sector's investment proposition last week.
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Allergan’s net product revenue in the third quarter fell slightly below analyst consensus, but revenue from the company’s 2015 purchase of Botox, Restasis and other products softened declines for established products Namenda and Asacol.
Gilead reported an expected and continued sales decline in HCV – an area in which the company soon will be done with R&D, since unmet needs have been filled or will be soon by drug regimens from Gilead and its competitors. The company is hunting new assets, but taking a disciplined approach on price and quality.
Launched in August for dry eye disease, Xiidra already has seen nearly 65,000 prescriptions written and has captured 16% market share in the US. Overall quarterly sales came in below Wall Street expectations for Shire, but the firm says it was a strong quarter of execution.