Health Care Up After Mixed Earnings -- Health Care Roundup
Shares of health-care companies rose slightly after mixed earnings. Aetna rose as better-than-expected revenue from Affordable Care Act exchanges and relatively low medical treatment for enrollees boosted the health insurer's quarterly earnings. Still, Aetna's chief executive warned that costs on the health exchange plans could rise this year and said the company still plans to effectively pull out of the exchanges because of their unpredictable nature.
Shares of Teva Pharmaceuticals tumbled after the Israeli generic drug maker cut its earnings projection, hurt by intensified competition and falling prices in the U.S.
Executives at Allergan, the company that acquired 10% of Teva during the deal in which it sold its U.S. generics unit to Teva, said Allergan would try to sell its stake in the Israeli company during the coming months.
Shares of British drug exporters such as Shire and AstraZeneca rose, helped by a drop in the relative value of the pound.
(END) Dow Jones Newswires
August 03, 2017 16:28 ET (20:28 GMT)