Pharma Stock Roundup: JNJ's Q3 Earnings, RHHBY's Sales, FDA Nod To Lilly's Reyvow
Zacks Investment Research | Oct 17, 2019 10:57PM ET
This week marked the start of the third-quarter earnings season for the pharma space with J&J (NYSE:JNJ) releasing its earnings. Roche (OTC:RHHBY) reported sales results for the first nine months of the year. Meanwhile, the FDA granted approval to Lilly’s (NYSE:LLY) Reyvow (lasmiditan) oral tablets for migraine as well as J&J/Bayer’s (OTC:BAYRY) oral anticoagulant, Xarelto and Roche’s flu treatment Xofluza for expanded patient populations.
Recap of the Week’s Most Important Stories
J&J Surprises in Q3: J&J pending merger with AbbVie (NYSE:ABBV) for a transaction value of nearly $63 billion. Allergan said that approximately 68.6% of shareholders eligible to vote at Allergan’s extraordinary general meeting of shareholders as well as a special court-ordered meeting of shareholders voted in favor of the transaction. Allergan announced the definitive transaction to be acquired by AbbVie in a cash-and-stock deal in June this year. The acquisition is expected to be closed by early 2020, if all necessary approvals are obtained.
The NYSE ARCA Pharmaceutical Index rose 2.4% in the last five trading sessions.
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