Health Care Up After Mixed Earnings -- Health Care Roundup

Health-care companies rose after mixed earnings in the sector.

Marijuana producer Tilray rose sharply after it posted second-quarter revenue in excess of Wall Street targets.

Pfizer shares were more or less flat after the drug giant posted a 47% increase in second-quarter revenue to $27.7 billion, with $8.1 billion coming from global sales of Covid 19 treatment Paxlovid, and another $8.8 billion from the vaccine the company developed with German peer BioNTech. Investors fear that demand for Covid 19 products will gradually taper.

Teladoc Health plunged after the telemedicine provider warned that the stronger dollar and trends in chronic care would weigh on earnings in the second half of the year.

Specialty drugmaker Bausch Health fell by 50% before a trading halt, after Bloomberg News reported that some of the drug and medical device maker's patent claims tied to its treatment for irritable bowel syndrome, Xifaxan, were invalid.

New York Attorney General Letitia James said she sued CVS Health for violating antitrust laws and hurting New York safety-net hospitals and clinics.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

07-28-22 1705ET