Medimmune Shares Tumble on Bad News
Make a commentBy Ed Silverman // February 7th, 2007 // 10:28 am
It’s a one-two punch kind of thing.
First, fourth-quarter sales of its Synagis respiratory drug were $457 million, up from $439 million, but lower than the $555 million expected by Wall Street.
Then, the company drops a bomb by saying it won’t seek FDA approval of Numax, a follow-up to Synagis, until the second half of the year. Investors thought that would happen before June.
The company posted a profit, but investors reacted with shock and awe by sending shares down 10 percent this morning. You can see the full earnings report here.
[tags]MedImmune[/tags]