For Immediate Release
Chicago, IL – August 31, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Mylan (MYL), Sanofi-Aventis (SNY), Gilead Sciences (GILD), GlaxoSmithKline (GSK) and Freddie Mac (FRE).
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Here are highlights from Friday’s Analyst Blog:
Mylan’s Portfolio Strengthens
We are pleased to hear that Mylan (MYL) has begun to market the generic version of BenzaClin (1% Clindamycin and 5% Benzoyl Peroxide Gel) for acne treatment, which was originally manufactured by Sanofi-Aventis (SNY). The drug has been developed under an agreement between its subsidiary, Mylan Pharmaceuticals and Dow Pharmaceutical Sciences, a subsidiary of Valeant Pharmaceuticals International.
Earlier this month, Dow received the US Food and Drug Administration (FDA) approval for the generic drug. Although the approval is good news for the company, we do not expect it to contribute significantly to the top line since BenzaClin had total U.S. sales of about $221 million for the 12 months ending June 30 (as per IMS data).
This is the third approval for Mylan in the month of August. A few days back, Mylan’s subsidiary Matrix Laboratories received tentative approval from the FDA under the President’s Emergency Plan for AIDS Relief (PEPFAR) for launching the generic version of Gilead Sciences’ (GILD) Atripla meant for HIV treatment. This means Matrix’ product meets all the agency’s standards related to manufacturing quality, safety and efficacy. Although Matrix will not be able to market the product in the U.S. due to Gilead’s existing patents, the drug can be sold in many developing countries. Atripla is one of the best selling HIV drugs, which recorded $1.6 billion sales in 2008.
Apart from this, Mylan also received the FDA approval earlier this month for the generic version of GlaxoSmithKline’s (GSK) migraine treatment drug Imitrex, which recorded ₤687 million (about $1120 million) sales in 2008.
FRE Marks Rising Mortgage Rates
Freddie Mac (FRE) announced Thursday that U.S. mortgage rates for 30-year fixed home loans rose 0.02 basis points this week, as the year’s record low borrowing costs produced the biggest jump in new home purchases in four years.
The average 30-year rate increased to 5.14% from 5.12% in the previous week. The mortgage rate was significantly higher than the record low of 4.78% set at the week ending April 2.
Long-term mortgage rates remained flat this week, near historical lows, which is helping sustain a high level of affordability in the home-purchase market.
Climbing mortgage rates may threaten a gain in home sales spurred by falling home prices, a government tax credit for first-time buyers, and a Federal Reserve program designed to lower borrowing costs. New home sales jumped more than expected in July and sales of existing homes rose to their highest level in almost two years.
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