Two Down and One to Go
Two of the big three biotech stocks in my portfolio have reported earnings. Last week we had the good results from Genentech. This morning Genzyme reported strong earnings, which beat analyst estimates. The company reported revenues of $708 million and earnings of $0.61 per share. The stock just nudged a little higher due to the overall weakness in the overall market. Tomorrow, Amgen, the last of my big three biotech holdings will report earnings. I also expect Amgen to report solid numbers. Overall this has been a very good quarter for the life science companies. The big cap pharmas are also starting to report and Novartis really impressed with their numbers today. I wish I didn't sell Novartis; it's still one of my favorite big cap pharmas.
posted by Money Turtle @ 5:44 PM
4 comments
4 Comments:
Heard anything about Amgen yet?
Any particular reason for life science companies doing well this quarter?
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Amgen posted revenues of $3.15 billion vs expectations of $3.26 billion. The earnings per share was $0.85, which beat expectations by $0.03. Amgen is going to trade down on the weaker than expected revenue numbers. Still a pretty good quarter.
These companies have the revenues and earnings momentum. Q4 has traditionally been the strongest quarter for biotechs.
Here's a link from Business Week, which talks about the Q3 biotech performance: click here
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