Bloomberg News

Abbott, Lilly Lead Gain in Drug Index From Bottom

March 17, 2008

Abbott Laboratories (ABT:US), Eli Lilly & Co. (LLY:US) and Schering-Plough Corp. helped pull a gauge of drug- company shares out of a one-year low.

The companies belong to the Standard & Poor's 500 Pharmaceuticals Index (S5PHAR), which gained 1.3 percent after sinking earlier today to the lowest in 52 weeks. The entire S&P 500 fell almost 1 percent.

Pharmaceuticals rose as the full S&P 500 was weighed down by investor concern that the Federal Reserve will be unable to stop credit losses from spreading. Lehman Brothers Holdings Inc. and Goldman Sachs Group Inc. led financial shares to almost a five-year low.

Only seven of the 14 members of the pharmaceuticals index rose. Pfizer Inc. (PFE:US), the world's largest drugmaker, fell 7 cents to $20.57, its lowest price since 1997. Analysts say Pfizer doesn't have enough new products in development to replace the more than $11 billion in revenue it may lose from treatments going off patent through 2012.

To contact the reporter on this story: Shannon Pettypiece in New York at spettypiece@bloomberg.net.

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net.


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Companies Mentioned

  • ABT
    (Abbott Laboratories)
    • $45.7 USD
    • -0.02
    • -0.04%
  • LLY
    (Eli Lilly & Co)
    • $70.16 USD
    • 0.42
    • 0.6%
Market data is delayed at least 15 minutes.
 
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