Wells Fargo Beat Wall Street’s Expectations and Biogen Idec Released Positive Results for Eloctate
Wells Fargo & Company (NYSE: WFC) reported 14% higher first quarter earnings, which exceeded well beyond Wall Street's expectations. The fourth-largest U.S. bank by assets earned $5.89 billion, or $1.05 per share. That compared to $5.17 billion, 92 cents a share, in last year’s first quarter. Revenue declined 3% to $20.63 billion. According to a Thomson-Reuters poll, the consensus of financial analysts had been for per-share earnings of 97 cents on revenue of $20.6 billion.
Wells Fargo & Company provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The companys Community Banking segment offers checking and market rate accounts, savings and time deposits, individual retirement accounts, and remittances; and lines of credit, auto floor plan lines, equity lines and loans, equipment and transportation loans, education and residential mortgage loans, and credit and debit cards. This segment also provides equipment leases, real estate and other commercial financing, small business administration financing, venture capital financing, cash management, payroll services, retirement plans, health savings accounts, and merchant payment processing and private label financing solutions, as well as purchases retail installment contracts.
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Biogen Idec Inc. (NASDAQ: BIIB) and its partner Swedish Orphan Biovitrum released positive results for Eloctate, an experimental hemophilia A drug. The companies said in a statement that in a late-stage study, the blood-clotting drug "was generally well-tolerated, and no inhibitors (interfering antibodies) were detected.” Blood in patients with the genetic disorder has little ability to clot which can lead to excessive, sometimes fatal, bleeding when the skin is cut.
Biogen Idec Inc. discovers, develops, manufactures, and markets therapies for the treatment of neurodegenerative diseases, hemophilia, and autoimmune disorders in the United States and internationally. Its marketed products include AVONEX for the treatment of relapsing multiple sclerosis (MS); TYSABRI to treat relapsing MS; RITUXAN for treating relapsed or refractory, CD20-positive, and B-cell Non-Hodgkin’s lymphoma (NHL); FUMADERM for the treatment of severe plaque psoriasis in adult patients; and FAMPYRA, an oral compound for the improvement of walking in adult patients with MS with walking disability.
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