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BUSINESS
March 8, 2007 | From Reuters
The Food and Drug Administration has approved expanded use of Pfizer Inc.'s blockbuster cholesterol-lowering medicine Lipitor by five new categories, including one to reduce the risk of non-fatal heart attacks and strokes, the company said Wednesday. The expanded label for the world's top-selling prescription drug will also include its approval for use in reducing the risks of certain types of heart surgery, hospitalization for heart failure and chest pain in patients with heart disease.
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BUSINESS
July 24, 2007 | From the Associated Press
Pharmaceutical companies Merck & Co. and Schering-Plough Corp., partners in a lucrative cholesterol drug joint venture, posted hefty jumps in second-quarter profit Monday and beat analysts' expectations. Merck, which again raised its 2007 earnings forecast, got a pat on the back from Wall Street, with its shares jumping nearly 9% at one point. But Schering-Plough, whose profit more than doubled, saw its initial 2% rise in share price fizzle and ended the day flat, puzzling analysts.
BUSINESS
July 22, 2008 | From the Associated Press
The stock market's rebound from the depths stalled Monday as the price of oil climbed, offsetting optimism engendered by better-than-expected earnings at Bank of America. Although the market's major indexes showed modest losses Monday, the number of stocks advancing outpaced decliners by almost 2 to 1 on the New York Stock Exchange and by about 4 to 3 on Nasdaq.
BUSINESS
October 21, 2006 | From the Associated Press
Drug makers Schering-Plough Corp. and Merck & Co., partners on their crucial cholesterol drugs, saw their shares climb Friday after posting third-quarter earnings. But they pleased Wall Street for different reasons. Schering-Plough reported double-digit sales growth and a nearly sevenfold leap in profit, compared with a quarter depressed by a hefty charge. Chief Executive Fred Hassan told analysts that the Kenilworth, N.J.
BUSINESS
July 25, 2006 | From the Associated Press
Shares of Merck & Co. and Schering-Plough Corp. jumped Monday as both reported higher sales and much-improved earnings compared with a year earlier, when they had hefty charges and Schering posted a loss. The pharmaceutical companies, struggling with slumping sales and profits and other problems for a couple of years, each beat analysts' forecasts by a whopping 8 cents a share, and Merck significantly raised its profit forecast for the year.
BUSINESS
July 19, 2007 | From Times Wire Services
Pfizer Inc. on Wednesday reported a 48% drop in second-quarter earnings on lower sales of the cholesterol pill Lipitor, while Abbott Laboratories showed a 62% increase on a revenue surge for the arthritis drug Humira. Competition from cheaper generic copies of Merck & Co.'s rival cholesterol drug Zocor contributed to a 25% plunge in Pfizer's U.S. revenue from Lipitor, the world's best-selling medicine. Abbott, the third-largest U.S.
ENTERTAINMENT
September 6, 2006 | Paul Brownfield, Times Staff Writer
She referred to the Taliban in Afghanistan as "Al Qaeda's best friends," as if the two groups schedule play dates. Oh, God, you thought, here it comes, what's been brewing for months and what the pundits have been pundit-ing about. It's the Katie-ing of the evening news; let the infantilizing begin. Al Qaeda's best friends? Would Murrow have said that? Cronkite? Rather? That last guy? And yet, nobody can turn a frown upside down the way Katie Couric can.
BUSINESS
April 4, 2008 | From Times Wire Services
Stocks notched a modest gain Thursday as a Wall Street giant's assurance that it could weather credit losses overshadowed growing unemployment claims and loan delinquencies. Shares dipped early in the session after the Labor Department reported a jump in initial jobless claims to a level not seen since September 2005 and the American Bankers Assn. reported that late payments on car, credit card and home-equity loans had climbed to a 15-year high.
BUSINESS
December 5, 2006 | From the Associated Press
Wall Street surged higher Monday as investors put aside Pfizer's decision to halt development of a key drug and focused instead on another series of takeover deals. Pfizer shares fell about 12% after the company stopped the development of the cholesterol drug torcetrapib because of deaths and cardiovascular problems among people taking the drug during clinical trials. The stock was also downgraded by several Wall Street analysts on concern that Pfizer's revenue growth would weaken.
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