Zacks Analyst Blog Highlights: Biogen Idec, Elan Corp., France Telecom, Telefonica and Vodafone - Press Releases
For Immediate Release
Chicago, IL – March 2, 2010 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Biogen Idec (BIIB), Elan Corp. (ELN), France Telecom (FTE), Telefonica (TEF) and Vodafone (VOD).
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Here are highlights from Monday’s Analyst Blog:
Stronger Label for BIIB’s Tysabri
The US Food and Drug Administration (FDA) recently issued a notice on its website regarding the risk of developing progressive multifocal leukoencephalopathy (PML) with increased use of Tysabri. Tysabri, which is marketed by Biogen Idec (BIIB) and Elan Corp. (ELN), is approved in the U.S. for the treatment of relapsing forms of multiple sclerosis (MS) and moderately to severely active Crohn's disease.
The decision to update the safety information on Tysabri’s label is based on reports of 31 confirmed cases of PML, a rare but serious brain infection. The agency’s move comes a couple of weeks after the European Medicines Agency (EMEA) Committee for Medicinal Products for Human Use (CHMP) arrived at the conclusion that the risk of a patient developing PML increases after having taken the drug for two years or more, though the risk remains low. However, like the FDA, the CHMP maintained that the benefits of the drug outweigh its risks.
Tysabri is administered as a single intravenous infusion every four weeks. It has been observed that the overall worldwide cumulative rate of PML in patients who have received one or more infusions is 0.5 cases per 1,000 patients. This rate increases with the number of infusions received.
France Telecom Misses
French telecom giant France Telecom (FTE) has reported results for full year 2009 with earnings per ADS of $1.58 missing the Zack Consensus Estimate of $2.65.
Net income fell 26% year-over-year to €3 billion (US$4.18 billion), largely due to a €964 million (US$1.3 billion) charge stemming from a dispute with EU competition authorities related to an illegal tax exemption received by the carrier prior to 2003. The bottom-line was also hit by lower mobile termination rates (inter-operator fees) in key markets.
Revenue in France, the company's largest market with 51% of group sales, declined 0.4% year-over-year to €23.6 billion (US$33 billion) in 2009. For the fourth quarter, revenue fell 2.3% to €5.9 billion (US$8.7 billion). The decline is largely due to erosion in the legacy fixed-line business, partly offset by growth in wireless and data services.
The UK, the company's second-largest market, posted a 13.8% year-over-year decline in revenue to €5.1 billion (US$7.1 billion) as a result of beleaguered economic conditions, adverse exchange rate impact and regulatory pressure. Revenue for the fourth quarter fell 8.5% to €1.29 billion (US$1.9 billion).
France Telecom's UK operation (Orange UK) remains challenged by the cutthroat price competition as bigger rivals like Telefonica’s (TEF) O2 UK and Vodafone (VOD) continue to boost their market shares. Revenue in Spain and Poland fell by 4.4% and 26%, respectively, in 2009.
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