Drugmakers see mixed results for shares in Q3

Pfizer Inc., the world's biggest drugmaker, saw shares jump 13 percent to $18.44 from $17.47 between June 30 and Sept. 30. Its second-quarter profit, reported in late July, more than doubled as restructuring charges declined, but the New York company decided three weeks ago to withdraw its approval request for an antibiotic and to do another time-consuming, late-stage human study before reapplying.

Abbott Laboratories saw shares rise 8.7 percent, to $57.58; FDA approved its drug-coated Xience V stent, likely to grab a big market share, in July.

Johnson & Johnson had shares jump 7.7 percent, to $69.28, possibly because it beat Wall Street expectations with an 8 percent jump in second-quarter profit; meanwhile, FDA stretched out the review time for two experimental drugs.

Bristol-Myers Squibb Co. saw shares edge up just 1.6 percent, to $20.85.

Other top drugmakers fared much worse.

Merck & Co. and Schering-Plough Corp., partners on cholesterol drugs including Vytorin, took a hit over new concerns about a possible cancer risk for that drug. Merck shares dropped 16.3 percent to $31.56, and Schering-Plough shares dropped 6.2 percent to $18.47.

Wyeth took an even worse hit, with shares plunging 23 percent to $36.94. Among other problems, it was ordered to put a new warning about possibly fatal fungal infections on its arthritis biotech drug, Enbrel, and an osteoporosis drug it has had rejected three times by the FDA, Viviant, had disappointing results in a large study reported in September. Its second-quarter profit fell 6.3 percent on charges for costs related to ongoing job cuts, but it still raised its full-year outlook.

Eli Lilly & Co. had shares fall 4.6 percent to $44.03. While it just got a drug for the most common form of lung cancer, Alimta, approved on Monday, last Friday FDA delayed a decision for the second time on a crucial drug for Lilly, the blood thinner prasugrel.