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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly)

PFE 25.71

+1.9%

Nov 25 3:59 PM EST

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To: 993racer who wrote (351)	6/18/1998 5:38:00 PM
From: Anthony Wong	Read Replies (1) of 1722

Pfizer edges up on Schneider sale, earnings hopes Thursday June 18, 4:16 pm Eastern Time NEW YORK, June 18 (Reuters) - Shares of Pfizer Inc (PFE - news) edged higher Thursday on enthusiasm for the drugmaker's plan to sell its Schneider medical devices unit and optimism of solid second-quarter earnings, analysts said. Boston Scientific Corp (BSX - news) on Tuesday agreed to pay $2.1 billion in cash for the Pfizer unit whose strong suit is stents, small wire-mesh tubes used to strengthen weak blood vessels in the heart. The unit, based in Switzerland, reported sales of about $330 million in 1997. Pfizer shares ended 2-3/16 higher at 114-3/8 on the New York Stock Exchange. OrbiMed Advisors drug analyst Arvind Desai said the Schneider deal seemed to please investors who support Pfizer's continuing efforts to remove itself from the medical devices market, a business with lower margins than pharmaceuticals. Desai added there was some expectation Pfizer's second quarter earnings, to be announced next month, will be higher than the mid-teen year-on-year percentage growth some analysts had projected in recent months amid a lack of earnings guidance from Pfizer. "I expect at least 18 percent growth," Desai said. biz.yahoo.com

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