Update 12:40p NASDAQ Up 2%
Biotech Rally Resumes With Large Caps-IBB up 3.2%
Product sales increased 37% to $1.55B, GAAP Net Income was $252.9M or $1.27/share Guides above consensus. The stock was added to the Rayno Portfolio on 2/2/09 at a price of $35.
Biogen (BIIB $313) back up 2.4%on 2013 Earnings, Conservative guidance.
Vertex (VRTX $83.50) up 5.94% on disappointing guidance? 2013 Revenues of $1.21 B. 2013 GAAP loss of $445M. Incivek HCV sales were down.We added VRTX in November at a price of $63.However Q$ was profitable because of a royalty deal in Europe on Incivek. Guidance for revenue for 2014 is $570M-600M.
Disclosure: I am long CSII, RHHBY.
Additional disclosure: I am long FBIOX Fidelity Select Biotechnology Fund