Healthcare Review: Cyclacel Pharmaceuticals, Tenet Healthcare, Isis Pharmaceuticals, Keryx Biopharmaceuticals, Regeneron Print E-mail
By Staff and Wire Reports   
Tuesday, 05 November 2013 15:34
U.S. stocks were little changed on Tuesday following two days of gains on Wall Street as investors weighed the implications of strong economic data on the path of monetary policy over the next several months. The Institute for Supply Management said its services index rose a point to 55.4 in October despite a partial government shutdown during the first half of the month. The reading came in higher than September's 54.4, handily beating expectations for a slight deceleration.

Cyclacel Pharmaceuticals ($CYCC) jumps on sapacitabine patent news Cyclacel Pharmaceuticals (CYCC +7.8%) rallies on heavy volume. The company says the U.S. Patent Office has "issued two patents extending the exclusivity of sapacitabine. "The first patent covers "methods of treating cancer comprising sapacitabine together with DNA methyltransferase inhibitors," while the second covers "methods of use for sapacitabine for the treatment of AML and MDS."

Tenet Healthcare ($THC -7.7%) is trading sharply lower out of the gate following its Q3 report. For the period, adjusted EBITDA growth was 7.1%, compared to 16.7% growth in Q2 and 16.6% growth in Q1. In Q3 2012, adjusted EBITDA rose 40% (the most in a decade) so this might have been a tough compare. Adjusted admissions fall 0.5% while emergency department visits and outpatient visits rise 3.1% and 3.5% respectively.

Isis Pharmaceuticals' ($ISIS) pro forma operating loss narrows from Q3 2012.Revenue — which is of course largely dependent upon the timing of payments from partners — comes in at $23.6M for the period, up from $11.6M in Q3 2012. As expected, opex prints a bit higher for the period at $46.3M due to development costs. Cash position as of September 30 was $670.9M (stock offerings and payment from Biogen).

Keryx Biopharmaceuticals ($KERX) jumps 15.6% as Zerenex meets all primary and key secondary endpoints in a Phase 2 study. The trial tested Zerenex in non-dialysis dependent chronic kidney disease patients with elevated serum phosphorus and iron deficiency anemia. Mean changes in serum phosphorus: Baseline was 4.7 for placebo and 4.5 for Zerenex, EOT was 4.4 for placebo and 3.9 for Zerenex. Mean changes in TSAT: Baseline was 21 for placebo and 22 for Zerenex, EOT was 20 for placebo and 32 for Zerenex. KERX says it "plans to meet with the FDA to discuss these data with the goal of defining a path forward towards obtaining a labeled indication."

Regeneron ($REGN) is 5.8% higher trading after the company easily tops estimates for Q3.Revenue rises 39% Y/Y. Eylea U.S. net product sales come in at $363M, that's up 49% Y/Y. Ex-U.S., Eylea sales print at $125M, up 23%.Zaltrap worldwide net sales: $18M. Collaboration revenues rise 29% to $223M.R&D $224M versus $158M in Q3 2012. SG&A of $98M, up from $47M last year.




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