Top Health Care Stocks
Health care stocks were broadly higher in afternoon trade, with the NYSE Health Care Index climbing almost 1.2% while shares of health care companies in the S&P 500 also were up 1.2% as a group.
In company news, Johnson & Johnson ( JNJ ) remained underwater deep into Tuesday trading, with shares of the health care conglomerate still holding near their session low after rival Pfizer ( PFE ) late yesterday said it will begin selling a biosimilar medication to J&J's Remicade arthritis treatment late next month.
Remicade generated around $1.22 billion in sales for Johnson & Johnson during the three months ended Sept. 30, up 9.4% over the same quarter last year, and is projected to produce over $5 billion in sales this year. Pfizer plans to market its Inflectra medication as a treatment for Crohn's disease, ulcerative colitis and severe plaque psoriasis in addition to certain forms of arthritis.
Worries over the new competition for Remicade upstaged better-than-expected Q3 financial results at Johnson & Johnson earlier today, with the company reporting net income of $1.68 per share on $17.82 in revenue. That beat a year-ago profit of $1.49 a share on $17.1 billion in revenue and topping the Capital IQ consensus expecting earnings of $1.66 per share and revenue of $17.74 billion.
JNJ shares finished 2.7% lower at $115.30 apiece, recovering slightly from a session low of $115.16 a share. PFE shares rose nearly 1% at $32.69 each, easing from a prior advance to $32.87 a share.
In other sector news,
(+) ABEO, Receives orphan drug designation by European regulators for its ABO-102 gene therapy in patients with Sanfilippo syndrome type A.
(-) ICCC, Launches $3.5 mln private placement of 659,880 shares of its common stock at $5.25 each.