Shares of health-care companies fell amid mixed earnings.
Valeant Pharmaceuticals shares initially surged after the maker of specialty drugs posted quarterly sales ahead of Wall Street targets. But Valeant also cut its 2017 revenue projection and analysts at brokerage Wells Fargo warned the company is still heavily indebted, making growth prospects bleak.
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"The Senate passed ... the right-to-try bill allowing patients with life-threatening diseases to request access to unapproved treatments in the clinic, as long as the FDA is continuing to oversee its development," said analysts at brokerage Nomura Securities, in a note to clients. Fears that "right to try" would hurt sales of competing commercial products are likely unfounded, according to the brokerage. While the bill could satisfy family members and others campaigning for access to medication, "companies can still withhold providing treatments outside of trials," said the Nomura analysts.
Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
August 08, 2017 17:53 ET (21:53 GMT)