| AstraZeneca 4Q Profit Rises 17 Percent
AstraZeneca PLC said Thursday its fourth-quarter profit rose 17 percent, boosted by strong sales of its top five products and cost cutting. But the company said its focus remained on strengthening its weak pipeline of future drugs. The company, which is facing patent challenges and escalating generic competition, also said that it plans to cut 3,000 jobs over the next three years despite predicting continued sales momentum this year. Net profit for the three months to Dec. 31 was $1.4 billion, up from $1.2 billion a year earlier, AstraZeneca said. Revenue rose 14 percent to $7.2 billion. For the full year, profit rose 28.5 percent to $6.04 billion, while sales lifted 11 percent to $26.8 billion. The 2006 results were driven by a 23 percent increase in combined sales of its five key products -- heartburn drug Nexium, schizophrenia treatment Seroquel, cholesterol-lowering treatment Crestor, asthma drug Symbicort and breast cancer treatment Arimidex -- to $13.3 billion.
Report Finds Over-the-Counter Drug for Heartburn, Acid Reflux as ...
WASHINGTON, Jan. 22 /PRNewswire-USNewswire/ -- A widely available nonprescription drug -- Prilosec OTC -- is as effective a treatment for heartburn and acid reflux disease as prescription drugs costing almost 10 times more, according to an analysis from Consumer Reports Best Buy Drugs, a public education project of Consumers Union. "Many people with heartburn and acid reflux could save $1,000 to $2,000 a year by taking an over-the-counter drug that's just as effective as high-priced prescription drugs," said Gail Shearer, director of the Consumer Reports Best Buy Drugs project. "These are dramatic savings, and illustrate why consumers should talk to their doctors about identifying effective, lower-cost medicines," Shearer added. The over-the-counter drug Prilosec costs $19 to $26 a month on average nationwide, and can be even cheaper at large discount stores.
Eight Great Predictions: Dusting off the crystal ball for 2007
Once again, we offer market structure predictions for 2007 to bring in the New Year. A reckoning of last year's predictions follows this year's list. 1. NYSE and Nasdaq Continue to Converge. Already begun with NYSE's ECN-ification via Hybrid, the convergence between our two major equities markets accelerates in 2007. In Q1, NYSE closes its Euronext deal; Nasdaq's path to merge with LSE is rockier, but equally successful. (In fact, more successful longer-term, given deeper integration versus the NYSE-Euronext "Franken-exchange.") By June, Nasdaq offers listings in one-, two-, and three-letter ticker symbols, blurring the lines between the two from the vantage of corporate clients. The NASD-NYSE regulatory merger happens. On the trading side, at year-end, Nasdaq is flat at 50 percent share.
Florida Lawmakers Near Agreement; Vote Expected Today on Insurance ...
Florida lawmakers tentatively agreed Saturday on a comprehensive proposal aimed at lowering Floridians' skyrocketing property insurance rates, saying they'd finalize the plan with a vote on the package on Monday. The proposal hits at high rates for wind coverage in several ways, including making more state backup coverage available to insurance companies at discount prices and calling for a direct rate rollback for the state's largest insurer, state-created Citizens Property Insurance. It was on track to be voted on Monday and sent to Gov. Charlie Crist for his signature. Lawmakers said making cheaper reinsurance from the state available for private insurance companies would lower rates for customers in the private market, although the amount of savings is still unknown.
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