7/26 We will review all large cap earnings by Saturday 7/28. IBB flat to down over 5 days at $117.87; XBI down 3.2% over 5 days. Technicals do not look good.
AstraZeneca (AZN) up 1.9% to $38.15 on $1B new product growth. Stock is at 2018 highs.
Biogen (BIIB) stock drops 10% to $344.75 as speculators sell on the news.
Updates 7/25 am: GILD and VRTX earnings after close.
Lilly (LLY) delivers strong results with 9% Q2 revenue increase. New products drove 12% revenue growth, Elanco Animal Health unit to be spun off. Stock pops 4.5% on news to $93 level.
Update: 7/24 am
Biogen (BIIB) up 4.8% to $375 level.on earnings, Q2 revenues up 9% and profit beat. GAAP diluted EPS up 3%. Revenue growth was driven by SPINRAZA which contributed $433M in global revenues. MS (multiple sclerosis) revenues were $2.3B.
Update: 7/23/18 After Close
Biogen (BIIB) will present data from their Alzheimer Disease Portfolio on a 7/25 WebCast.
Biotech Stocks Hold and Ignore Rocky Week of Political Drama
Will Q2 Earnings be Bellwether for Top Line Growth?
Roche ADR (RHHBY) Gains on Alzheimer Disease News
Earnings for Large Caps: Begin This Week with: Biogen (BIIB), Lilly (LLY),Astra Zeneca (AZN), Gilead Sciences (GILD), Vertex Pharmaceuticals (VRTX), Bristol-Myers (BMY), Amgen (AMGN), Abbvie ABBV) and Merck (MRK).
Biotech and Tech stocks teetered near highs for the year despite all the political drama of Putin and Trump at Helsinki, Russian “Spy” at the NRA, Tariffs and Trade War, Brexit Uncertainty, currency volatility and the Powell FED rate hike policy. And some large cap drug companies offered price cuts to appease Trump tough talk.Major averages were near flat, Dow led up 0.25%, but some high fliers took a hit: NFLX,TSLA. Earnings helped support the market: HON, JNJ, MSFT. Here are biotech ETFs for the past week:
FBT up 1.5%
IBB up 0.7%
QQQ up 0.7%
No major trends emerged but there was significant news items among some companies we follow:
Agios Pharmaceuticals (AGIO) one of the hot mid-caps on our watch list received FDA approval for their Acute Myeloid Leukemia drug TIBSOVO, a targeted therapy for adults with relapsed/refractory disease and an IDH1 mutation. AGIO is up 52.2% YTD at $91 but peaked on 6/20/18.
Roche ADR (RHHBY) was up 1.94% to $29.47 this past week on news that they will present new data this week on their broad portfolio of Alzheimer Disease therapies. The Roche ADR is still down 7.21% YTD. The FDA gave Roche accelerated review for their Alzheimer Disease Diagnostic Elecsys in cerebrospinal fluid. RHHBY is one of our large cap portfolio picks with a dividend of 3.84%.
More updates will be coming on Monday.
Disclosure long CELG, RHHBY