…the current prediction of earnings of 77 cents a share. Wall Street projections are down 11.5% year-over-year, as the company reported earnings of 87 cents per share. Analysts are expecting earnings of $3.64 per share for the fiscal year. Analysts project revenue to fall 7.7% year-over-year to $9.79 billion for the quarter, after being $10.61 billion a year ago.
New Product from Abbott Labs (Zacks.com)
Abbott Laboratories (NYSE:ABT) recently announced that the company has gained approval from the US Food and Drug Administration (FDA) for its TECNIS Toric 1-Piece intraocular lens (IOL). The company gained approval for treating cataract patients with pre-existing corneal astigmatism. Abbott Labs has launched the product following the approval. Corneal astigmatism results in blurred vision as it prevents light rays from focusing clearly on the retina. We note that the new product from Abbott Laboratories (NYSE:ABT) is superior to conventional IOLs since it has the ability to correct the loss of focus due to pre-existing corneal astigmatism of one diopter or greater.
Amarin’s Fish Oil Pill Faces Even More Exclusivity Risks (TheStreet.com)
More market exclusivity woes for Amarin Corporation plc (ADR) (NASDAQ:AMRN) and its prescription fish oil pill Vascepa. New Molecular Entity (NME) exclusivity is supposed to be the consolation prize awarded by FDA to new drugs refused the preferred New Chemical Entity (NCE) status. But not in this case. If you look at the FDA Orange Book, Vascepa is listed as having “no unexpired exclusivity.” No NCE. No NME.
GlaxoSmithKline suspected of paying to delay release of generics (Europolitics.info)
The UK’s largest pharmaceuticals group, GlaxoSmithKline plc (ADR) (NYSE:GSK), is suspected by the national competition authority, the Office of Fair Trading (OFT), of having paid generic drug manufacturers to delay the release of a generic version of one of its anti-depressants. This is a typical example of a ‘pay for delay’ arrangement, in which an originator pharmaceuticals firm concludes an agreement with one or more generic firms to delay the market release of a generic (a less expensive copy of one of its drugs for which the patent is about to expire or has already expired – see ‘Big pharma’ Insight section in Europolitics 4553). The European and US authorities are investigating several other similar transactions.
Abbott Laboratories PT Raised to $38.00 (ABT) (Daily Political)
Abbott Laboratories (NYSE:ABT) had its price target increased by RBC Capital from $37.00 to $38.00 in a research note released on Friday morning, Stock Ratings Network.com reports. They currently have an outperform rating on the stock. Shares of Abbott Laboratories traded up 0.89% during mid-day trading on Friday, hitting $37.22. Abbott Laboratories has a one year low of $28.4107 and a one year high of $37.55. The stock’s 50-day moving average is currently $35.39. The company has a market cap of $58.461 billion and a P/E ratio of 11.24.
