Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Despite beating Wall Street's estimates for first-quarter results, shares of Elan
So what: Elan earned $0.12 per diluted share on $313 million in Q1. Analysts had been calling for a $0.03 loss on $297.04 million, according to Yahoo! Finance data.
Now what: It didn't matter. Biogen Idec
Investors' fears of Tysabri, which accounted for 78% of Elan's first-quarter revenue, being replaced may be justified someday. For now, it's important to remember that Elan easily beat estimates while Biogen's BG-12 remains in a phase 3 trial. Mr. Market is likely overreacting.
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