Business Services Industry
Stock in drug maker IVAX plummets 23 percent in generics price war.
Knight Ridder/Tribune Business News, November, 2004
By John Dorschner, The Miami Herald Knight Ridder/Tribune Business News
Nov. 2--Miami drug maker IVAX reported Monday that third-quarter net income more than doubled over the same period last year, but the stock plummeted 23 percent because of price wars in the generic drug market.
"Cheaper generics create cheaper generic stocks," said Andrew Forman, an analyst with Advest.
The firm reported revenue of $439.1 million for the quarter, up 22 percent from the same period in 2003. Net income was $44.4 million -- more than double the $21.6 million for the third quarter last year.
But analysts had been expecting more. "They came in below expectations," said Herman Saftlas, an analyst with Standard & Poor's, which downgraded IVAX...
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