Zacks Analyst Blog Highlights: United States Steel Corporation, Merck, Forest Laboratories, GlaxoSmithKline and Pfizer - Press Releases
For Immediate Release
Chicago, IL – April 28, 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: United States Steel Corporation (X), Merck (MRK), Forest Laboratories (FRX), GlaxoSmithKline (GSK) and Pfizer (PFE).
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Here are highlights from Tuesday’s Analyst Blog:
Loss Narrows at U.S. Steel
United States Steel Corporation (X) reported a net loss of $157 million or $1.10 per share in the first quarter of 2010 compared to a net loss of $267 million or $1.86 per share in the fourth quarter and a net loss of $439 million or $3.78 per share in the year-ago quarter. This was the fifth consecutive quarter that the company has reported a net loss.
The net loss per share came in at much lower than the Zacks Consensus Estimate of a loss of $1.44. Sales came in at $3.9 billion, up 16.1% sequentially and up 42% year over year. United States Steel reports in four segments including Flat-Rolled Product, U.S. Steel Europe (USSE), Tubular Products and Other Businesses.
Management stated that overall loss reduced significantly sequentially due to improving business conditions and a strong operating performance. U. S. Steel returned to profitability in Europe and results were strong for the Tubular segment.
Merck Acquires Daxas Rights
Recently, Merck (MRK) entered into a co-promotion agreement with Nycomed for the commercialization of Daxas (roflumilast) in Canada and certain European countries. The drug is meant to treat patients with chronic obstructive pulmonary disease (COPD). The two companies have also signed a distribution agreement for Daxas in the UK. The drug has been developed with Forest Laboratories (FRX).
Nycomed will receive undisclosed upfront fees and payments on the achievement of certain milestones. The marketing application for Daxas was submitted in Europe, Canada and the US in 2009.
Last week, Nycomed received a positive opinion from the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP), recommending the approval of Daxas in the EU.
Given the huge unmet medical need in the COPD market, Daxas could generate substantial revenues once approved and commercialized. Currently marketed therapies in the COPD market include GlaxoSmithKline's (GSK) Advair and Pfizer's (PFE) Spiriva
Although the favorable opinion in Europe is a positive development for commercialization of Daxas, its approval in the US encountered a roadblock recently. Earlier this month, the US Food and Drug Administration’s (FDA) Pulmonary-Allergy Drugs Advisory committee voted 10-5 against granting approval to Daxas.
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