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Health Care Roundup: Market Talk

10 Feb 2018 9:20 am

The latest Market Talks covering the Health Care sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1726 GMT--The Bel-20 closes 0.9% lower at 3876.33 on Friday, as European and Asian equity markets dropped and US stocks continued on a downward path after Thursday's 1000 point-plus sell-off. Pharmaceutical research firm Galapagos NV led the benchmark's slump with a 3.1% decline, followed by a 2.7% drop in the stocks of another pharmaceutical company, UCB SA. Five companies ended the day higher, led by a 7.8% jump in the shares of Brussels-based materials-technology company Umicore and a 1.4% gain in the stock of Telenet Group Holding NV, Belgium's largest provider of cable broadband services. (emre.peker@wsj.com)

1602 GMT - Investors will get a chance to quiz Shire PLC on potential M&A when the rare-disease and blood-disorder specialist reports final results on Wednesday Feb. 14. The company declined to comment in December on reports claiming it was in the sights of U.S. and European rivals such as Pfizer Inc, sparking speculation that it could be part of the next big drug industry merger. It is also splitting itself into two divisions, one in rare diseases and the other in neuroscience. Liberum Capital, which has a hold rating on Shire, said in a note last month that there are no major upcoming share catalysts. "Depending on hemophilia out-turn, we see a valuation range GBP37-GBP40, which does not offer compelling enough upside to be a buyer," says the broker. Shares fall 1.3% to 3054 pence. (philip.waller@wsj.com)

1506 GMT - The global stock sell-off is a correction and the upward trend is supported by strong profit growth, say analysts at Danske Bank. Data this week adds to the picture of a robust global recovery underpinning profits. The Danish bank adds that bond yields are set to increase further and the euro against the dollar is in a range before the next move higher. The Dow Jones Industrial Average is up 197 points in early deals, while the euro climbs 0.08% to $1.2257. (philip.waller@wsj.com)

1445 GMT - Aggressive cost-cutting may be setting Teva Pharmaceutical up for trouble later on, UBS says, particularly in terms of topline growth in years to come and European sales. "The real problem is that the Teva story is much more about cost cutting to survive this difficult period than it is about reinvesting for the future," UBS says. R&D investment is the "key indicator" of future sales growth, UBS says, and Teva is cutting back on R&D spending for both generics and branded drugs. The effects of cuts will also likely be felt in Europe, UBS says, where Teva's business model relies on a robust sales and marketing infrastructure to support its branded generics.

(sonia.amaralrohter@dowjones.com)

(END) Dow Jones Newswires

February 10, 2018 04:20 ET (09:20 GMT)

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