Health-care companies fell as coronavirus treatments and vaccines remained in focus.
Pfizer logged a smaller profit year over year in the latest quarter as reduced demand during the coronavirus pandemic dragged on the company's sales. The company also said a global late-stage trial evaluating its Covid-19 vaccine is almost fully enrolled with participants, but the drugmaker hasn't conducted the first review of whether it works safely.
Eli Lilly reported lower-than-expected quarterly earnings due to pricing pressure on top products, while the drugmaker said it would proceed with plans to introduce a new Covid-19 antibody treatment despite a setback in one of several clinical studies of its uses.
The National Institute of Allergy and Infectious Diseases said late Monday that it would close a study of that drug, named LY-CoV555, being tested in combination with other treatments. The institute concluded the antibody drug didn't provide a clinical benefit to hospitalized patients. Eli Lilly Chief Executive David Ricks said Tuesday that the halted study doesn't signal significant concerns for LY-CoV555's safety.
Merck & Co. said its profit and sales for the September quarter rose as it continued to work on treatments and vaccines for Covid-19, while Novartis said its third-quarter net profit fell while sales grew, and the Swiss pharmaceutical major raised its 2020 outlook for core operating income.
Meanwhile, a large English study showed the number of people with Covid-19 antibodies declined significantly over the summer, suggesting that getting the virus might not confer long-lasting immunity from future infection.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
10-27-20 1717ET
