Market Currents

• Thursday, October 15, 2009

• 12:07 PM Nine months after announcing it, Pfizer (PFE +0.4%) wraps its $68B acquisition of Wyeth (WYE). The deal adds diversity for Pfizer - who will see a sales drop when $13B/year Lipitor faces generic competition - as well as some likely cost-cutting. Comment!

• Thursday, July 23, 2009

• 07:39 AM Wyeth (WYE): Q2 EPS of $0.94 beats by $0.09. Revenue of $5.7B (-4%) vs. $5.6B. Issues upside FY '09 EPS guidance of $3.48-3.58 vs. prior guidance of $3.33-3.53. (PR) Comment!
• 00:05 AM Notable earnings before Thursday's open: ALXN, BG, BLL, BMY, CBE, CELG, CLS, CME, DHR, DO, ECA, EMC, ESI, ESV, F, FITB, FLIR, GR, HBAN, HOT, HSY, IGT, JBLU, KMB, LCC, LLL, MMM, NCR, NEM, NIHD, NOC, NUE, NYT, OMC, ORI, OXY, PLD, PM, PNC, POT, R, RAI, RS, RTN, RX, SIAL, SPNC, T, TIN, TMO, TRA, UNP, UPS, WYE, XRX, ZMH Comment!

• Monday, July 20, 2009

• 10:14 AM As expected, Wyeth (WYE 0.0%) shareholders approve the Pfizer (PFE -0.3%) takeover. Comment!

• Saturday, May 30, 2009

• 15:50 PM A study finds Wyeth's (WYE) Prempro menopause treatment increases the risk of lung cancer death. Sales of the pills were already falling after an earlier study linked treatment to heart attack, stroke and breast cancer. Comment!

• Tuesday, May 19, 2009

• 10:19 AM The Justice Department and 16 states join two whistleblower lawsuits alleging Wyeth (WYE) defrauded the government by offering hospitals discounts on two drugs that it didn't offer to Medicaid. Shares -0.4%. Comment!

• Tuesday, May 12, 2009

• 13:28 PM Pfizer (PFE +5.3%) climbs after positive comments from Credit Suisse. After meeting with management, firm says Pfizer's acquisition of Wyeth (WYE) significantly improves its earnings and revenue outlook, not to mention $4B in synergies. Sees Pfizer boosting dividend. Comment!

• Wednesday, April 29, 2009

• 07:20 AM Wyeth (WYE): Q1 EPS of $0.89 beats by $0.01. Revenue of $5.4B (-5.8%) vs. $5.5B. Reaffirms FY '09 guidance, sees EPS of $3.33-$3.53 vs. $3.50 consensus. (PR) Comment!
• 00:05 AM Notable earnings before Wednesday's open: ABX, AET, AMG, AMT, ARW, BHI, BKC, CNP, ENDP, FCN, GD, GT, HES, IACI, JNY, MCO, MHS, MT, MTG, MWV, NYB, PX, Q, RAI, RDS.A, ROK, SAP, SEE, SI, SO, SPIL, SPW, TEL, TLM, TWC, TWX, UMC, VPHM, WMI, WYE, WYN Comment!

• Wednesday, April 8, 2009

• 09:08 AM Pfizer (PFE) will break its R&D into two separate units, one for traditional chemical pills and the other for biologic drugs made from living cells. The move is part of its efforts to quickly integrate Wyeth (WYE) and move ahead with drug development. Comment!

• Monday, March 30, 2009

• 16:00 PM Abbott (ABT) held preliminary discussions about taking over Wyeth (WYE) but decided not to pursue a deal. (WSJ) Comment!

• Thursday, March 19, 2009

• 08:37 AM Pfizer (PFE) may have to sell some of its animal-health business to gain antitrust clearance for its planned purchase of Wyeth (WYE). CFO Frank D'Amelio says potential asset sales would probably be immaterial. Comment!

• Wednesday, March 4, 2009

• 11:16 AM In a closely watched case, U.S. Supreme Court rules against Wyeth (WYE) - holding that FDA warning labels do not shield pharma companies from liability claims. 1 Comment

• Monday, March 2, 2009

• 09:16 AM Wyeth (WYE) wins approval for its top-selling vaccine Prevenar in Russia and expects to launch the product there later this year. Comment!

• Monday, February 9, 2009

• 08:51 AM UBS upgrades Pfizer (PFE +1.2%) to Buy, saying the selloff since agreeing to buy Wyeth (WYE +0.8%) is overdone, making shares "very attractive." Also upgrades WYE to Buy, seeing "very little risk" of deal falling through. Comment!

• Friday, January 30, 2009

• 04:55 AM Pfizer (PFE) will pay Wyeth (WYE) a $4.5B breakup fee if the lenders pull out of the deal. Wyeth will pay $2B if it drops the deal to accept a higher bid from a different company. 1 Comment