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Apparel maker PVH Corp. (PVH: Quote) reported better-than-expected results for the second quarter, boosted by continued momentum in Tommy Hilfiger North American and European businesses.
- Sees Q3 revenue to decline 2% - 3% versus prior year's amount of $1.654 billion.
- On a constant currency basis and excluding the impact of the exited businesses, Q3 revenue is expected to increase about 3% - 4%. Consensus - $1.66 bln.
- Projects Q3 adj. EPS in range of $2.20 - $2.25. Consensus - $2.21/Shr.
- Lifts FY12 adj. EPS target to $6.25 - $6.32 from prior guidance of $6.15 - $6.25 per share. Consensus - $6.22/Shr.
- Still expects FY12 revenues to increase 1% - 2% versus last year's revenue of $5.891 billion. Consensus - $6.01 bln.
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Incyte Corp. (INCY: Quote) announced its strategic collaborator, Novartis, received approval from the European Commission for Jakavi, or INC424, ruxolitinib, an oral JAK 1 and JAK 2 inhibitor discovered by Incyte, for the treatment of disease-related splenomegaly or symptoms in adult patients with primary myelofibrosis, or chronic idiopathic myelofibrosis, post-polycythemia vera myelofibrosis or post-essential thrombocythemia myelofibrosis.
Incyte entered into a worldwide collaboration and license agreement with Novartis in 2009. Novartis received exclusive rights to the development and potential commercialization of ruxolitinib in all hematology-oncology indications outside of the United States. Incyte retained exclusive rights for the development and commercialization of ruxolitinib in the United States, and received approval from the U.S. Food and Drug Administration in November 2011 for ruxolitinib, marketed in the United States under the brand name Jakafi.
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Gilead Sciences Inc. (GILD: Quote) said the FDA has approved Stribild as a new once-daily single-tablet regimen for HIV-1 infection in treatment-naive adults. The FDA approval places Stribild as the only once-daily, single-tablet regimen containing an integrase inhibitor, which unlike other classes of antiretroviral drugs, interfere with HIV replication by blocking the ability of the virus to integrate into the genetic material of human cells.
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Depomed, Inc. (DEPO: Quote) said Janssen Pharmaceuticals Inc. has licensed rights to Depomed's Acuform gastric retentive drug delivery technology.
As per the deal, Janssen received a non-exclusive license and other rights to certain Acuform patents. In return, Depomed will receive an upfront payment of $10 million and will receive a low single digit royalty on net sales of NUCYNTA ER in the U.S., Canada and Japan from and after July 2, 2012 through December 31, 2021.
In addition, Depomed is eligible for a one-time sales milestone upon achievement of a specified level of quarterly net sales.
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Sanderson Farms Inc. (SAFM: Quote) said it swung to a profit of $28.7 million or $1.25 per share in the third quarter of fiscal 2012 from a loss of $55.7 million or $2.51 per share in the prior year quarter, reflecting strong demand. Analysts expected EPS of $1.20.
Q3 net sales rose to $624.9 million from $511.2 million last year. Consensus - $619.93 million.
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Movado Group Inc. (MOV: Quote) reported an increase in second-quarter profit, reflecting growth in the company's Movado and licensed brands.
Lifts FY13 Guidance
- Now expects FY13 net income to increase nearly 45% to a range of $35.5 million - $36.0 million, or about $1.40 per share, from prior outlook of $29.0 million - $29.7 million or EPS of about $1.15. Consensus - $1.24/Shr.
- FY13 net sales is now projected to increase 10% to $510 mln.
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by RTT Staff Writer
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