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	<title>Stock Blog Hub &#187; Amgen</title>
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		<title>(AMGN) Amgen&#8217;s Vectibix Offers Mixed Data From Trial</title>
		<link>http://www.stockbloghub.com/2009/09/24/amgn-amgens-vectibix-offers-mixed-data-from-trial/16024</link>
		<comments>http://www.stockbloghub.com/2009/09/24/amgn-amgens-vectibix-offers-mixed-data-from-trial/16024#comments</comments>
		<pubDate>Thu, 24 Sep 2009 20:20:16 +0000</pubDate>
		<dc:creator>vitalstocks</dc:creator>
				<category><![CDATA[Biotechnology]]></category>
		<category><![CDATA[Healthcare]]></category>
		<category><![CDATA[Amgen]]></category>
		<category><![CDATA[AMGN]]></category>
		<category><![CDATA[BMY]]></category>
		<category><![CDATA[Bristol-Myers Squibb Company]]></category>
		<category><![CDATA[Eli Lilly & Company]]></category>
		<category><![CDATA[LLY]]></category>

		<guid isPermaLink="false">http://www.stockbloghub.com/?p=16024</guid>
		<description><![CDATA[Yesterday, Amgen (AMGN) presented data from a phase III trial of its Vectibix in combination with Folfiri (an irinotecan based chemotherapy) as a second-line treatment for metastatic colorectal cancer at the 2009 ECCO 15 &#8211; ESMO 34 European Multidisciplinary Congress in Berlin. In the trial, Vectibix significantly improved progression-free survival (PFS) in patients with tumors containing a specific gene known as KRAS. Tumor KRAS status was confirmed in 91% of the 1,186 patients enrolled in the trial, the highest number ever reported for a second-line trial. The combination treatment of Vectibix and Folfiri achieved the co-primary endpoint by improving the median PFS by 2 months (5.9 months versus 3.9 months) compared to Folfiri alone. The combination also showed significant improvement (35% versus 10%) in tumor response rate in patients. However, ]]></description>
		<wfw:commentRss>http://www.stockbloghub.com/2009/09/24/amgn-amgens-vectibix-offers-mixed-data-from-trial/16024/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>(AMGN) Good News for Amgen&#8217;s Pipeline</title>
		<link>http://www.stockbloghub.com/2009/09/22/amgn-good-news-for-amgens-pipeline/15815</link>
		<comments>http://www.stockbloghub.com/2009/09/22/amgn-good-news-for-amgens-pipeline/15815#comments</comments>
		<pubDate>Tue, 22 Sep 2009 20:27:09 +0000</pubDate>
		<dc:creator>vitalstocks</dc:creator>
				<category><![CDATA[Biotechnology]]></category>
		<category><![CDATA[Healthcare]]></category>
		<category><![CDATA[Amgen]]></category>
		<category><![CDATA[AMGN]]></category>
		<category><![CDATA[Glaxosmithkline plc]]></category>
		<category><![CDATA[GSK]]></category>
		<category><![CDATA[Hanover Capital Mortgage Holdi]]></category>
		<category><![CDATA[HCM]]></category>
		<category><![CDATA[Novartis AG]]></category>
		<category><![CDATA[NVS]]></category>
		<category><![CDATA[Sempra Energy]]></category>
		<category><![CDATA[SRE]]></category>

		<guid isPermaLink="false">http://www.stockbloghub.com/?p=15815</guid>
		<description><![CDATA[Amgen (AMGN) maintained a strong presence at the 2009 ECCO 15 &#8211; ESMO 34 European Multidisciplinary Congress in Berlin, Germany where the company presented data on lead pipeline candidate, denosumab. The company presented solid data on denosumab from a phase III study that was conducted in 1,776 advanced cancer patients with solid tumors (not including breast and prostate cancer) or multiple myeloma. Top-line results from this study were presented in August 2009. Overall results were good, with denosumab not causing any imbalance in overall survival (OS) or disease progression. Results showed that the median time to first on-study skeletal-related event (SRE) was 20.6 months for patients receiving denosumab and 16.3 months for patients receiving Novartis’ (NVS) Zometa. These results are statistically significant for non-inferiority. Denosumab also delayed the median time ]]></description>
		<wfw:commentRss>http://www.stockbloghub.com/2009/09/22/amgn-good-news-for-amgens-pipeline/15815/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>(IMGN) Amgen Taps ImmunoGen License</title>
		<link>http://www.stockbloghub.com/2009/09/18/amgn-amgen-taps-immunogen-license/15555</link>
		<comments>http://www.stockbloghub.com/2009/09/18/amgn-amgen-taps-immunogen-license/15555#comments</comments>
		<pubDate>Fri, 18 Sep 2009 17:25:38 +0000</pubDate>
		<dc:creator>vitalstocks</dc:creator>
				<category><![CDATA[Biotechnology]]></category>
		<category><![CDATA[Healthcare]]></category>
		<category><![CDATA[Amgen]]></category>
		<category><![CDATA[AMGN]]></category>
		<category><![CDATA[IMGN]]></category>
		<category><![CDATA[Immunogen Inc]]></category>

		<guid isPermaLink="false">http://www.stockbloghub.com/?p=15555</guid>
		<description><![CDATA[Yesterday, ImmunoGen Inc. (IMGN) announced that it has licensed its technology to Amgen Inc. (AMGN) to develop anticancer drugs. The deal allows Amgen exclusive rights to use ImmunoGen’s maytansinoid targeted antibody payload [TAP] technology for developing anticancer therapeutics to an undisclosed target found on solid tumors. According to the terms of the deal, ImmunoGen will receive $1 million in an upfront license payment. Furthermore, it is entitled to receive milestone payments of up to $34 million coupled with royalties on the sales of any resulting products. The responsibility for the development, manufacturing and marketing of any products resulting from the deal lies with Amgen. This license was taken under an agreement established in September 2000 between ImmunoGen and Abgenix, Inc. The latter has since been acquired by Amgen. The agreement ]]></description>
		<wfw:commentRss>http://www.stockbloghub.com/2009/09/18/amgn-amgen-taps-immunogen-license/15555/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>(WYE) Wyeth Pharmaceuticals Reports Positive Drug Data</title>
		<link>http://www.stockbloghub.com/2009/09/16/wye-positive-data-from-wyeth-drug/15379</link>
		<comments>http://www.stockbloghub.com/2009/09/16/wye-positive-data-from-wyeth-drug/15379#comments</comments>
		<pubDate>Wed, 16 Sep 2009 22:30:45 +0000</pubDate>
		<dc:creator>vitalstocks</dc:creator>
				<category><![CDATA[Featured]]></category>
		<category><![CDATA[Amgen]]></category>
		<category><![CDATA[AMGN]]></category>
		<category><![CDATA[WYE]]></category>
		<category><![CDATA[Wyeth]]></category>

		<guid isPermaLink="false">http://www.stockbloghub.com/?p=15379</guid>
		<description><![CDATA[Yesterday, Wyeth Pharmaceuticals, a division of Wyeth (WYE), announced data from a placebo-controlled late-stage study of its drug candidate bazedoxifene 20 mg in postmenopausal women with osteoporosis. The results indicated that women who took bazedoxifene had a lower risk of new fractures to their vertebrae. As a reminder, 20 mg and 40 mg doses of the drug were initially tested, along with raloxifene 60 mg and a placebo, over a three-year period in 7,492 postmenopausal women aged between 55 and 85 and with moderate to severe osteoporosis. The results were disclosed in 2007. They revealed that the three-year incidences of new vertebral fracture were 2.3%, 2.5%, 2.3% and 4.1% in the bazedoxifene 20 mg, bazedoxifene 40 mg, raloxifene 60 mg and placebo groups, respectively. On conclusion of the three-year study, ]]></description>
		<wfw:commentRss>http://www.stockbloghub.com/2009/09/16/wye-positive-data-from-wyeth-drug/15379/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>(AMGN) Amgen&#8217;s Kidney Drug Fails Phase III Study</title>
		<link>http://www.stockbloghub.com/2009/08/27/amgn-amgens-kidney-drug-fails-phase-iii-study/13550</link>
		<comments>http://www.stockbloghub.com/2009/08/27/amgn-amgens-kidney-drug-fails-phase-iii-study/13550#comments</comments>
		<pubDate>Thu, 27 Aug 2009 20:08:07 +0000</pubDate>
		<dc:creator>vitalstocks</dc:creator>
				<category><![CDATA[Biotechnology]]></category>
		<category><![CDATA[Healthcare]]></category>
		<category><![CDATA[Amgen]]></category>
		<category><![CDATA[AMGN]]></category>
		<category><![CDATA[JNJ]]></category>
		<category><![CDATA[Johnson & Johnson]]></category>

		<guid isPermaLink="false">http://www.stockbloghub.com/?p=13550</guid>
		<description><![CDATA[Yesterday, Amgen (AMGN) said that Aranesp failed in a large, randomized, double-blind, placebo-controlled, phase III study that was conducted in patients with chronic kidney disease (not requiring dialysis), anemia and type II diabetes. The study, referred to as the Trial to Reduce Cardiovascular Endpoints with Aranesp Therapy (TREAT), had two primary endpoints. The first evaluated time to all-cause mortality or cardiovascular morbidity including heart attack, congestive heart failure, hospitalization for angina, or stroke. The second primary endpoint evaluated time to all-cause mortality or chronic dialysis. Aranesp could not show statistically significant improvement in either. While a higher number of strokes were observed in the Aranesp-treated group compared to the placebo arm, we note that drug’s label already carries a warning regarding the stroke events. Full efficacy and safety analyses are ]]></description>
		<wfw:commentRss>http://www.stockbloghub.com/2009/08/27/amgn-amgens-kidney-drug-fails-phase-iii-study/13550/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>(AMGN) Anemia Drugs Under Review for use in patients with chronic kidney diseases</title>
		<link>http://www.stockbloghub.com/2009/08/21/amgn-anemia-drugs-under-review-for-use-in-patients-with-chronic-kidney-diseases/13162</link>
		<comments>http://www.stockbloghub.com/2009/08/21/amgn-anemia-drugs-under-review-for-use-in-patients-with-chronic-kidney-diseases/13162#comments</comments>
		<pubDate>Sat, 22 Aug 2009 03:13:50 +0000</pubDate>
		<dc:creator>vitalstocks</dc:creator>
				<category><![CDATA[Biotechnology]]></category>
		<category><![CDATA[Healthcare]]></category>
		<category><![CDATA[Amgen]]></category>
		<category><![CDATA[AMGN]]></category>
		<category><![CDATA[JNJ]]></category>
		<category><![CDATA[Johnson & Johnson]]></category>

		<guid isPermaLink="false">http://www.stockbloghub.com/?p=13162</guid>
		<description><![CDATA[In a latest development, the U.S. Medicare agency will seek an advisory panel’s recommendation regarding the use of anemia drugs developed by Amgen (AMGN) as well as Johnson &#38; Johnson (JNJ), in patients with chronic kidney diseases. The advisory committee is likely to review the use of erythropoiesis-stimulating agents (ESAs) for anemia in patients with chronic kidney disease at a meeting to be held on March 24, 2010. While, Johnson &#38; Johnson has one ESA, Procrit, Amgen has two ESAs in its product portfolio, Aranesp and Epogen. Further review of these drugs became necessary as recent studies conducted over the past few years have shown that high doses could lead to heart complications or death in some cases. Accordingly, the FDA ordered strong warnings to be added to the labels. ]]></description>
		<wfw:commentRss>http://www.stockbloghub.com/2009/08/21/amgn-anemia-drugs-under-review-for-use-in-patients-with-chronic-kidney-diseases/13162/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>(XLV) Healthcare Debate &#8211; Some Potential Stock Winners</title>
		<link>http://www.stockbloghub.com/2009/08/21/xlv-healthcare-debate-some-potential-stock-winners/13059</link>
		<comments>http://www.stockbloghub.com/2009/08/21/xlv-healthcare-debate-some-potential-stock-winners/13059#comments</comments>
		<pubDate>Fri, 21 Aug 2009 19:10:04 +0000</pubDate>
		<dc:creator>vitalstocks</dc:creator>
				<category><![CDATA[ETF]]></category>
		<category><![CDATA[AET]]></category>
		<category><![CDATA[Aetna Inc.]]></category>
		<category><![CDATA[Amgen]]></category>
		<category><![CDATA[AMGN]]></category>
		<category><![CDATA[BMY]]></category>
		<category><![CDATA[Bristol-Myers Squibb Company]]></category>
		<category><![CDATA[GENZ]]></category>
		<category><![CDATA[Genzyme Corporation]]></category>
		<category><![CDATA[GOOG]]></category>
		<category><![CDATA[Google Inc.]]></category>
		<category><![CDATA[Health Care Select Sector SPDR]]></category>
		<category><![CDATA[Hewlett-Packard Company]]></category>
		<category><![CDATA[HPQ]]></category>
		<category><![CDATA[IBM]]></category>
		<category><![CDATA[International Business Machine]]></category>
		<category><![CDATA[Life Time Fitness Inc.]]></category>
		<category><![CDATA[LTM]]></category>
		<category><![CDATA[Microsoft Corporation]]></category>
		<category><![CDATA[MSFT]]></category>
		<category><![CDATA[Nike Inc.]]></category>
		<category><![CDATA[NKE]]></category>
		<category><![CDATA[UNH]]></category>
		<category><![CDATA[Unitedhealth Group]]></category>
		<category><![CDATA[Weight Watcher's International]]></category>
		<category><![CDATA[WTW]]></category>
		<category><![CDATA[XLV]]></category>

		<guid isPermaLink="false">http://www.stockbloghub.com/?p=13059</guid>
		<description><![CDATA[The ongoing debate about health care has become more focused on ideological lines than on what realistically can and should be done. Though not surprising, it is unfortunate. It would be wonderful if the conversation shifted to what changes can realistically be made and what changes should be made to prevent a worsening crisis. Here are some ideas, along with potential investment plays. Big Pharma Is Not Going Away Regardless of what you think about the drug companies, they are not going anywhere. The pharmaceutical lobby has made certain that it has a seat at the table and it seems probable that any new laws will benefit them. Even though some concessions will be made, the Obama Administration has quietly signaled a willingness not to pursue the most beneficial cost-saving ]]></description>
		<wfw:commentRss>http://www.stockbloghub.com/2009/08/21/xlv-healthcare-debate-some-potential-stock-winners/13059/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>(AMGN) Mixed Results for Amgen&#8217;s Vectibix</title>
		<link>http://www.stockbloghub.com/2009/08/19/amgn-mixed-results-for-amgens-vectibix/12659</link>
		<comments>http://www.stockbloghub.com/2009/08/19/amgn-mixed-results-for-amgens-vectibix/12659#comments</comments>
		<pubDate>Wed, 19 Aug 2009 22:50:07 +0000</pubDate>
		<dc:creator>vitalstocks</dc:creator>
				<category><![CDATA[Biotechnology]]></category>
		<category><![CDATA[Healthcare]]></category>
		<category><![CDATA[Amgen]]></category>
		<category><![CDATA[AMGN]]></category>
		<category><![CDATA[Eli Lilly & Company]]></category>
		<category><![CDATA[LLY]]></category>

		<guid isPermaLink="false">http://www.stockbloghub.com/?p=12659</guid>
		<description><![CDATA[Yesterday, Amgen Inc. (AMGN) reported mixed top-line results from a phase III study evaluating Vectibix in combination with FOLFIRI (an irinotecan-based chemotherapy) as a second-line treatment for metastatic colorectal cancer (mCRC). The trial had two primary endpoints &#8211; progression-free and overall survival. Results showed that Vectibix, in combination with FOLFIRI, significantly improved progression-free survival (compared to FOLFIRI alone) in mCRC patients with tumors harboring the wild-type or un-mutated forms of KRAS. KRAS is a protein, which plays an important role in cell growth regulation. While the results were numerically greater, the Vectibix arm failed to achieve statistical significance. Meanwhile, the addition of Vectibix did not have any effect on the progression-free or overall survival in patients with tumors harboring the mutated form of KRAS. Earlier this month, Amgen presented positive ]]></description>
		<wfw:commentRss>http://www.stockbloghub.com/2009/08/19/amgn-mixed-results-for-amgens-vectibix/12659/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>(AMGN) Mixed Ruling for Amgen&#8217;s Drug</title>
		<link>http://www.stockbloghub.com/2009/08/14/amgn-mixed-ruling-for-amgens-drug/12573</link>
		<comments>http://www.stockbloghub.com/2009/08/14/amgn-mixed-ruling-for-amgens-drug/12573#comments</comments>
		<pubDate>Fri, 14 Aug 2009 23:30:53 +0000</pubDate>
		<dc:creator>vitalstocks</dc:creator>
				<category><![CDATA[Biotechnology]]></category>
		<category><![CDATA[Healthcare]]></category>
		<category><![CDATA[Amgen]]></category>
		<category><![CDATA[AMGN]]></category>
		<category><![CDATA[Glaxosmithkline plc]]></category>
		<category><![CDATA[GSK]]></category>
		<category><![CDATA[Merck & Company Inc.]]></category>
		<category><![CDATA[MRK]]></category>

		<guid isPermaLink="false">http://www.stockbloghub.com/?p=12573</guid>
		<description><![CDATA[Yesterday, the U.S. Food and Drug Administration&#8217;s (FDA) advisory panel ruled in favor of Amgen’s (AMGN) osteoporosis drug denosumab (proposed trade name: Prolia), but with certain exceptions. While the advisory panel unanimously gave its stamp of approval to the injectable drug for prevention of bone fractures in women with postmenopausal osteoporosis, it stated that the drug should only be used by patients facing the highest risk of fractures. The ruling was based on safety and efficacy data from 30 studies of the drug involving more than 12,000 patients. However, the panel did not approve use of the drug in the prevention and treatment of bone loss in women with breast cancer undergoing hormone ablation. It demanded additional data to ensure that denosumab would not hasten tumor growth in such patients, ]]></description>
		<wfw:commentRss>http://www.stockbloghub.com/2009/08/14/amgn-mixed-ruling-for-amgens-drug/12573/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>(PFE) Pharmaceuticals &amp; Biotech &#8211; Zacks Analyst Interviews</title>
		<link>http://www.stockbloghub.com/2009/06/09/pfe-pharmaceuticals-biotech-zacks-analyst-interviews/8072</link>
		<comments>http://www.stockbloghub.com/2009/06/09/pfe-pharmaceuticals-biotech-zacks-analyst-interviews/8072#comments</comments>
		<pubDate>Tue, 09 Jun 2009 18:48:22 +0000</pubDate>
		<dc:creator>vitalstocks</dc:creator>
				<category><![CDATA[Drug Manufacturers - Major]]></category>
		<category><![CDATA[Healthcare]]></category>
		<category><![CDATA[Abbott Laboratories]]></category>
		<category><![CDATA[ABT]]></category>
		<category><![CDATA[Amgen]]></category>
		<category><![CDATA[AMGN]]></category>
		<category><![CDATA[AstraZeneca plc]]></category>
		<category><![CDATA[Auxilium Pharmaceuticals Inc.]]></category>
		<category><![CDATA[AUXL]]></category>
		<category><![CDATA[AZN]]></category>
		<category><![CDATA[BIIB]]></category>
		<category><![CDATA[Biogen Idec Incorporated]]></category>
		<category><![CDATA[BMY]]></category>
		<category><![CDATA[Bristol-Myers Squibb Company]]></category>
		<category><![CDATA[Elan Corp. plc]]></category>
		<category><![CDATA[Eli Lilly & Company]]></category>
		<category><![CDATA[ELN]]></category>
		<category><![CDATA[Glaxosmithkline plc]]></category>
		<category><![CDATA[GSK]]></category>
		<category><![CDATA[JNJ]]></category>
		<category><![CDATA[Johnson & Johnson]]></category>
		<category><![CDATA[LLY]]></category>
		<category><![CDATA[Merck & Company Inc.]]></category>
		<category><![CDATA[MRK]]></category>
		<category><![CDATA[PFE]]></category>
		<category><![CDATA[Pfizer Inc.]]></category>
		<category><![CDATA[Sanofi-Aventis]]></category>
		<category><![CDATA[Schering-Plough Corp.]]></category>
		<category><![CDATA[SGP]]></category>
		<category><![CDATA[SNY]]></category>
		<category><![CDATA[WYE]]></category>
		<category><![CDATA[Wyeth]]></category>

		<guid isPermaLink="false">http://www.stockbloghub.com/?p=8072</guid>
		<description><![CDATA[The pharmaceutical industry is entering a period of substantial change in 2009. Most of the names in the industry are facing significant patent challenges in the years to come. U.S.-based firms are facing foreign exchange headwinds, as well. Revenue growth is non-existent, and earnings growth is being driven primarily by mergers, cost-cutting and share buybacks. Knowing that investors rarely pay-up for this type of manufactured earnings growth, we struggle to see a broad-based out-performance for the large-cap pharmaceutical sector in 2009. Valuations, however, are attractive, with several of the largest players trading at PEs below 10x Incorporatedluding: Pfizer (PFE), 7.5x, Eli Lilly (LLY), 8.1x, Merck (MRK), 8.3x, Sanofi (SNY), 7.5x, AstraZeneca (AZN), 7.6x and GlaxoSmithKline (GSK), 9.3x based on our fiscal 2009 estimates. Attractive valuations, along with big dividend yields, ]]></description>
		<wfw:commentRss>http://www.stockbloghub.com/2009/06/09/pfe-pharmaceuticals-biotech-zacks-analyst-interviews/8072/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>(PFE) Pharmaceuticals &amp; Biotech &#8211; Industry Outlook</title>
		<link>http://www.stockbloghub.com/2009/06/08/wye-pharmaceuticals-biotech-industry-outlook/8043</link>
		<comments>http://www.stockbloghub.com/2009/06/08/wye-pharmaceuticals-biotech-industry-outlook/8043#comments</comments>
		<pubDate>Mon, 08 Jun 2009 22:05:06 +0000</pubDate>
		<dc:creator>vitalstocks</dc:creator>
				<category><![CDATA[Drug Manufacturers - Major]]></category>
		<category><![CDATA[Healthcare]]></category>
		<category><![CDATA[Abbott Laboratories]]></category>
		<category><![CDATA[ABT]]></category>
		<category><![CDATA[Amgen]]></category>
		<category><![CDATA[AMGN]]></category>
		<category><![CDATA[AstraZeneca plc]]></category>
		<category><![CDATA[Auxilium Pharmaceuticals Inc.]]></category>
		<category><![CDATA[AUXL]]></category>
		<category><![CDATA[AZN]]></category>
		<category><![CDATA[BIIB]]></category>
		<category><![CDATA[Biogen Idec Incorporated]]></category>
		<category><![CDATA[BMY]]></category>
		<category><![CDATA[Bristol-Myers Squibb Company]]></category>
		<category><![CDATA[Elan Corp. plc]]></category>
		<category><![CDATA[Eli Lilly & Company]]></category>
		<category><![CDATA[ELN]]></category>
		<category><![CDATA[Glaxosmithkline plc]]></category>
		<category><![CDATA[GSK]]></category>
		<category><![CDATA[JNJ]]></category>
		<category><![CDATA[Johnson & Johnson]]></category>
		<category><![CDATA[LLY]]></category>
		<category><![CDATA[Merck & Company Inc.]]></category>
		<category><![CDATA[MRK]]></category>
		<category><![CDATA[PFE]]></category>
		<category><![CDATA[Pfizer Inc.]]></category>
		<category><![CDATA[Sanofi-Aventis]]></category>
		<category><![CDATA[Schering-Plough Corp.]]></category>
		<category><![CDATA[SGP]]></category>
		<category><![CDATA[SNY]]></category>
		<category><![CDATA[WYE]]></category>
		<category><![CDATA[Wyeth]]></category>

		<guid isPermaLink="false">http://www.stockbloghub.com/?p=8043</guid>
		<description><![CDATA[The pharmaceutical industry is entering a period of substantial change in 2009. Most of the names in the industry are facing significant patent challenges in the years to come. U.S.-based firms are facing foreign exchange headwinds, as well. Revenue growth is non-existent, and earnings growth is being driven primarily by mergers, cost-cutting and share buybacks. Knowing that investors rarely pay-up for this type of manufactured earnings growth, we struggle to see a broad-based out-performance for the large-cap pharmaceutical sector in 2009. Valuations, however, are attractive, with several of the largest players trading at PEs below 10x Incorporatedluding: Pfizer (PFE), 7.5x, Eli Lilly (LLY), 8.1x, Merck (MRK), 8.3x, Sanofi (SNY), 7.5x, AstraZeneca (AZN), 7.6x and GlaxoSmithKline (GSK), 9.3x based on our fiscal 2009 estimates. Attractive valuations, along with big dividend yields, ]]></description>
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