Embattled specialty drugmaker Allergan (AGN) beat Wall Street’s Q1 estimates and raised its guidance Wednesday, but shares remained flat in the stock market today. Allergan reported earnings of $1.18 a share, up 20% from the year-earlier quarter and beating analysts’ consensus by 5 cents. Sales rose 13% to $1.62 billion, in line with estimates. Guidance followed a similar pattern. For the full year, the company set a sales range of $6.78 billion
Valeant Pharmaceuticals (VRX) and hedge fund Pershing Square early Tuesday officially announced an unsolicited takeover bid for Allergan (AGN) that values the Botox-maker at more than $47 billion. News of the pending deal broke late Monday, but in a Tuesday SEC filing, Valeant and Pershing said they are offering $48.30 in cash and 0.83 Valeant shares for each Allergan share. Valeant stock was up more than 5%, near 132.50, in midday trading in the
Growth stocks are taking a hit now that the market is in a correction. Biotechs saw a recent sell-off over concerns that the sector was overheating, but biotechs and medical stocks are among leading big-cap stocks. IBD’s Big Cap Screen of the Day lists large stocks with strong earnings and price performance. Actavis (ACT), Alexion Pharmaceuticals (ALXN), Biogen (BIIB), Allergan (AGN) and Novo Nordisk (NVO) are featured on the screen. “If you look