Healthcare Review: IPC The Hospitalist Company, Biogen Idec, Supernus Pharmaceuticals, AmerisourceBergen, Bristol Myers Squibb Print E-mail
By Staff and Wire Reports   
Thursday, 25 April 2013 13:41
U.S. stocks edged higher on Thursday, as investors digested a raft of earnings and a drop in initial jobless claims, though declines in Economic data showed initial claims for state unemployment benefits in the latest week dropped 16,000 to a seasonally adjusted 339,000 versus expectations for 351,000. Earnings season has been largely positive, with 68.4 percent of S&P 500 companies that have reported results through Wednesday morning beating expectations, according to Thomson Reuters data through Tuesday morning. Since 1994, 63 percent have surpassed estimates on average, while the beat rate is 67 percent for the past four quarters.

Following are notable movers:-

IPC The Hospitalist Company Inc. (NASDAQ:IPCM) stock jumped 14.34% to $45.53. The company on April 24 announced financial results for the first quarter ended March 31, 2013. The company said its first quarter net revenue increased 18% to $153.1 million. First quarter adjusted income from operations increased 17% to $16.0 million. Adjusted net income increased 15% to $9.8 million, or $0.57 adjusted diluted earnings per share.

Biogen Idec Inc. (NASDAQ:BIIB) shares gained 3.48% to $213.35. The company on April 25 reported first-quarter 2013 GAAP net income of $426.75 million, or $1.79 a share, from $302.66 million, or $1.25 a share, a year earlier. Non-GAAP net income attributable to Biogen Idec was $469.4 million, or $1.97 a share. Analysts expected earnings per share of $1.61 for the quarter. Quarterly total revenues of $1.42 billion, were 10% higher than $1.29 billion in the first quarter of 2012. Analysts estimated revenues of $1.42 billion for the quarter.

Additionally, Investment analysts at Deutsche Bank increased their target price on shares of Biogen Idec to $240.00 in a note issued to investors on April 22.

Supernus Pharmaceuticals Inc. (NASDAQ:SUPN) shares decreased 9.25% to $4.71. The company on April 24 announced that it intends to offer, subject to market and other considerations, $75.0 million aggregate principal amount of Convertible Senior Notes due 2019 (the "Convertible Notes") in a private offering. Supernus also intends to grant to the initial purchasers of the Convertible Notes a 30-day option to purchase up to an additional $15.0 million aggregate principal amount of the Convertible Notes.

AmerisourceBergen Corp. (NYSE:ABC) shares fell 1.45% to $55.01. The company on April 25 said its second-quarter net income plunged to $45.63 million or $0.19 per share from last year's $212.11 million or $0.81 per share. On a continuing operations basis, income declined 6.8 percent to $204.14 million, while earnings per share improved 3.6 percent to $0.87 from $0.84 last year, driven by the 10.6 percent reduction in share count. Analysts expected earnings of $0.88 per share for the quarter. Revenue in the quarter was $20.52 billion, 4.1 percent higher than last year's $19.71 billion. Analysts expected revenues of $21.33 billion.

Bristol Myers Squibb Co. (NYSE:BMY) shares declined 2.73% to $40.32. The company on April 25 said its first-quarter profit fell 45% to $609 million, or 37 cents a share, from $1.1 billion, or 64 cents a share, a year earlier. Net sales fell 27% to $3.83 billion, from $5.25 billion a year earlier. Adjusted earnings were 41 cents per share. Analysts had expected earnings per share of 41 cents on revenue of $3.88 billion.

Additionally, the company on April 23 said its combination of three experimental medicines for hepatitis C successfully cleared the virus in 15 of 16 patients. The results of the 24-week trial were released today before the start of the European Association for the Study of the Liver’s annual meeting in Amsterdam. The company plans to pick a dose for the treatment and move it into final-stage trials later this year.

 




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