The primary soft spot I saw was the fact that net revenue for the company's top seller, the antidepressant Effexor, decreased by 6% on a year-over-year basis. This slip is understandable, given that Effexor and many of its name-brand counterparts have come under siege from generics in the U.S. and Canada. However, Wyeth was able to fire back with a 43% increase in sales of its No. 2 seller, Prevnar, a vaccine for infants. The company also rang up double-digit sales growth for six of its top 10-selling drugs.
In the past two weeks, Eli Lilly
It now has two drugs whose New Drug Applications (NDA) are under review by the Food and Drug Administration and a phase 3 drug that's on track to reach NDA status by the end of this year. Despite a 10% run-up in price to a new 52-week high this month, this stock still looks attractive to me.
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