Biogen Idec cut the outlook for its blockbuster drug sending shares plummeting. The biotech giant lowered its forecast for full-year earnings and sales because it doesn’t expect its key multiple sclerosis drug to sell as hoped. Also, in the quarter just completed, total sales fell short of consensus. Shares tumbled 22 percent to $300.03, making Biogen the worst performer in the S&P 500 today.
Positive news on the other hand for GlaxoSmithKline. The firm got approval from European regulators for the first malaria vaccine ever. The vaccine does still face hurdles before being rolled out for use in Africa. Shares were off 1.5 percent to $41.39.
Xerox saw its revenue and profit tumble in the second quarter, as currency fluctuations and the firm’s document technology business dragged down results. Its earnings outlook also coming in at the lower end of the expected range. Still, shares rose one percent to $10.94.
VF Corp easily beating Wall Street’s estimates on both the top and bottom lines. The maker of North Face, Wrangler and other apparel brands also hiked its full-year outlook. Shares were off a fraction on this down day to close at $74.50.