Healthcare stocks were generally lower in afternoon trading,
with the S&P/TSX Healthcare index down 0.7%.
Catamaran (CCT.TO): -1.4%
ProMetic Life Sciences (PLI.TO): +4.9%
Valeant Pharmaceuticals (VRX.TO): -0.1%
Tekmira Pharmaceuticals (TKM.TO): +4.7%
Merus Labs (MSL.TO): -4.9%
In corporate news, Catamaran Friday reported
better-than-expected results for Q2 ended June 30, prompting the
dual-listed provider of pharmacy benefit management services to
update its full-year 2014 financial guidance.
Net income attributable to shareholders was US$71.4 million, or
US$0.34 per diluted share, compared to US$63.4 million, or US$0.31
per diluted share, in the same period last year. Net earnings on an
adjusted basis came in at US$111.1 million, or US$0.54 per diluted
share, up slightly from adjusted earnings of US$100.6 million, or
US$0.49 per diluted share, and ahead of the Capital IQ consensus of
Revenue increased 58% to $5.4 billion during the period, as a
result of new customer implementations and additional income
generated following Restat acquisition. Analysts were expecting
Following "strong" quarterly results, the company is updating
its full-year 2014 guidance. It now sees adjusted diluted EPS in
the range of US$2.12 to US$2.22 from the prior range of US$2.10 to
US$2.22. Revenues are now estimated to be US$20.5 to US$21.0
billion versus the previous guidance of US$20 to US$21 billion. And
GAAP diluted EPS is now expected to be US$1.40 to US$1.50 from
US$$1.38 to US$1.50 previously.
Elsewhere, ProMetic Life Sciences has secured a follow-on
investment from Thomvest Seed Capital, consisting of a $20 million
loan, in exchange for 16.7 million warrants in the
bio-pharmaceutical company's shares. The loan is secured by the
company's assets, excluding its patent portfolio.
Part of the net proceeds from the investment will be used for
the development and manufacture of both additional and existing
plasma-derived orphan drugs, the advancement of the ongoing
PBI-4050 clinical program as well as the repayment of secured debt
provided by certain shareholders.