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Drug companies post solid results, offer bullish view
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| Contributor | RP |
| Last Edited | RP Jul 22, 2009 06:36pm |
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| Category | Report |
| Author | Lewis Krauskopf |
| Media | News Service - Reuters |
| News Date | Wednesday, July 22, 2009 08:40:00 PM UTC0:0 |
| Description | Three of the world's biggest drugmakers posted better-than-expected quarterly earnings on Wednesday and gave bullish forecasts for the rest of the year, demonstrating the industry's resilience in the weak economy.
Results from the world's top two drugmakers -- Pfizer Inc and GlaxoSmithKline -- and Eli Lilly and Co follow the upbeat report earlier this week from another industry titan, Merck & Co.
"The big theme is that pharmaceutical sales are largely holding up in this economic downturn," Morningstar analyst Damien Conover said. "It reiterates the point that healthcare and pharmaceuticals specifically are largely resilient to economic downturns." |
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