Health Care Drops Amid Mixed Earnings — Health Care Roundup
Health-care companies fell after mixed earnings.
Bristol-Myers Squibb shares tumbled after the drug giant said it would lay off roughly 2,200 people in an effort to compensate for a slowdown in the sales of some major drugs such as oncology drug Opdivo, and save $1.5 billion a year.
Merck shares rose after the Big Pharma company posted a 9% incease in revenue to $15.78 billion, surpassing the Wall Street target.
Shares of European drug giants Sanofi and AstraZeneca rose sharply after logging sanguine earnings data.
AstraZeneca reported strong sales of its cancer drugs.
West Pharmaceutical shares fell after the provider of tools and services to drug makers posted a decline in quarterly revenue.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
April 25, 2024 17:30 ET (21:30 GMT)
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