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Goldman Sachs upgraded Johnson & Johnson to “buy” from “neutral” in a new report.The stock has underperformed for two years but the company is expected to boost its earnings through new products. In specific the company is expected to launch three new drugs.
Zytiga is a pill used to treat prostate cancer was approved by the FDA in April this year. The drug (abiraterone acetate) in combination with prednisone (a steroid) will be used to treat patients with late-stage (metastatic) prostate cancer who have undergone chemotherapy.
Telaprevir is an oral inhibitor of the hepatitis C virus protease, an enzyme essential for viral replication. The FDA’s decision on telaprevir’s approval status is expected by May 23, 2011. Vertex Pharma has combined with J&J to commercialize the drug outside North America and the Far East.
Xarelto essentially a blood thinner is used to prevent venous thromboembolism (VTE) in adult patients undergoing hip or knee replacement surgery. It’s unclear if this pill will be successful since its effects were similar to standard injections administered to prevent blood clots in critically ill patients and in another study it was revealed to raise bleeding, according to Businessweek. The market was expected to reach $2.8 billion in sales.