On Tuesday, Shares of Amicus Therapeutics, Inc. (NASDAQ:FOLD), added 6.12% and closed at $7.89 in the last trading session. The last trading range of the stock ranges between $7.29 and $7.91. Amicus Therapeutics (FOLD), a global biotechnology company at the forefront of therapies for rare and orphan diseases, recently declared financial results for the third quarter ended September 30, 2016. The Company also offered program updates and reiterated full-year 2016 net cash spend guidance.
“During the third quarter we continued to execute toward our vision to build a leading global biotechnology company delivering meaningful benefits to people living with devastating rare diseases,” stated John F. Crowley, Chairman and Chief Executive Officer of Amicus Therapeutics, Inc. “We are most happy with the continued strong momentum in the very early stages of our product launch in Europe. Fifty patients, most of whom have switched from existing approved ERT products, have been prescribed Galafold as of the end of October. The vast majority of these new Galafold patients are in Germany, which is the only nation in the EU where Galafold is fully commercially available. It is wonderful to be able to begin to offer a new therapeutic option to Fabry patients and physicians with our oral, precision small molecule medicine, Galafold. We also remain sharply focused on additional key planned priorities, counting: 1) further global regulatory submissions for migalastat, counting a Japanese NDA and clarity on the optimal U.S. regulatory pathway; 2) the advancement of our clinical programs in Pompe and epidermolysis bullosa (EB); 3) a strong balance sheet, and 4) the expansion of our biologics pipeline. We continue to believe that we have one of the best portfolios within the rare and orphan diseases that is exclusively differentiated by our strong science, novel technology platforms, and our incorporation of the patient’s perspective at every stage of the drug development process.”
Eaton Corporation, PLC Ordinary Shares (NYSE:ETN), jumped 0.91% and closed at $63.00 in the last trading session. The last trading range of the stock ranges between $61.95 and $63.34. The company’s Market capitalization is $28.20 Billion with the total Outstanding Shares of 451.70 million. Power administration company Eaton Corporation plc (ETN) recently declared that net income and operating earnings per share were $1.15 for the third quarter of 2016. Net income per share in the third quarter of 2016 was up 20 percent over the third quarter of 2015. Operating earnings per share, which exclude $1 million of acquisition integration charges in the third quarter of 2016 and $10 million in the third quarter of 2015, were up 19 percent over the third quarter of 2015.
Sales in the third quarter of 2016 were $5.0 billion, down 4 percent from the same period in 2015. The sales decline consisted of 3 percent from a decline in organic sales and 1 percent from negative currency translation.
Craig Arnold, Eaton chairman and chief executive officer, said, “Our third quarter operating earnings per share were at the midpoint of our guidance despite third quarter sales coming in 1 percent lower than our expectations. We had formerly expected organic sales for the third quarter to be the same as in the second quarter.
“Our segment margins were strong, at 16.0 percent, and apart from restructuring costs incurred in the quarter, 16.5 percent,” said Arnold. “Our strong margins were a result of tight cost control and higher restructuring savings. Our restructuring costs in the quarter came in at $23 million, slightly under our estimate at the start of the quarter.