RHHBY.PK - Looks like a very compelling buy after earnings and breast cancer drug statistics out
April 15th Roche sales up 6% on cancer drugs, top forecasts - Reuters.com (41.20 ) :
Reuters.com reports the co beat first-quarter sales forecasts and confirmed its full-year outlook as demand for key cancer drugs picked up after destocking by wholesalers at the end of last year.
Roche posted a 6% rise in sales to 12.2 billion Swiss francs ($11.61 billion), compared with the average estimate of 11.88 billion francs in a Reuters poll. "The important message is that underlying growth trend of key cancer drugs has been confirmed, which is important following the low sales in Q4 2009 on inventory reduction across the Roche group," said Helvea analyst Karl-Heinz Koch. Roche also said it planned to seek U.S. approval for the breast cancer medicine trastuzumab-DM1 this year, based on strong phase II data in women who have not responded to prior treatments, underlining the strength of its late-stage pipeline.
The news is also a boost for ImmunoGen (IMGN) as the drug comprises ImmunoGen's DM1 cancer-cell killing agent linked to the HER2-targeting antibody trastuzumab, or Herceptin, and would be the first product developed by ImmunoGen filed for approval. ImmunoGen announces favorable update provided by Roche related to its Trastuzumab-DM1 regulatory plans :
Co announces that Roche has provided a favorable update related to its plans to apply for marketing approval of trastuzumab-DM1 in the US. T-DM1 comprises ImmunoGen's DM1 cancer-cell killing agent linked to the HER2-targeting antibody, trastuzumab, developed by Genentech, a wholly owned member of the Roche Group (RHHBY.pk). In its quarterly release issued earlier today, Roche disclosed that co representatives have had discussions with the FDA and that, based on these discussions, Genentech/Roche plans to submit a marketing application to the FDA in 2010 for use of T-DM1 in the treatment of advanced HER2-positive metastatic breast cancer.