Health-care companies rose slightly amid mixed earnings.
Pfizer shares were flat as the Big Pharma company reiterated growth projections for the year despite posting a wider-than-expected third-quarter loss amid weakness in Covid-19 product sales. Investors are eagerly awaiting updates on Pfizer’s attempt to develop an obesity drug in pill form, following the popularity of injectable obesity drugs such as Novo Nordisk’s Ozempic.
Amgen shares fell after third-quarter revenue of $6.9 billion lagged Wall Street estimates. Shares of oncology drug developer Kintara Therapeutics plunged after it suspended development of a brain-cancer treatment candidate in a late-stage trial, prompting the company to suspend development of the product.
GE Healthcare Technologies rose after the maker of medical technology reported better-than-expected third-quarter earnings and profit margins.
Write to Rob Curran at [email protected]