Financial News

HOFFMAN ESTATES, Ill. — "Integrated retail" was the dominant theme as executives discussed Kmart operator Sears Holdings' plans to restore confidence in the company after a fourth quarter 2011 that even the company's chief executive called "unacceptable" during an earnings call Thursday.

NEW BRUNSWICK, N.J. — Johnson & Johnson on Tuesday named Alex Gorsky CEO of the company, effective April 26, the date of the company’s annual meeting of shareholders. Gorsky also has been nominated for election to the board of directors at the meeting.

IRVINGTON, N.Y. — Prestige Brands will take an acquisition offer from Genomma Lab Internacional under advisement, the company announced Tuesday evening.

Prestige Brands confirmed the company's receipt of a non-binding letter from Genomma Lab Internacional, proposing to acquire all outstanding common shares of Prestige Brands at a price of $16.60 per share in cash.

The economy doesn’t seem to be hurting the As Seen On TV category. A.J. Khubani, CEO of Telebrands, said the company’s business is ahead 20% in 2011 over the previous year, and fourth-quarter sales were up 30%.

“One major drug chain told us that as a nonpharmacy revenue producer, the category is second only to the OTC cold and flu category,” Khubani said. That’s why chain drug retailers continue to devote more space to the category — and not just in the most profitable fourth quarter.

WATERTOWN, Mass. — Novartis plans to pay up to $440 million for rights to a drug for treating hepatitis C made by Enanta Pharmaceuticals, Enanta said.

Enanta said it had made a licensing agreement with the Swiss drug maker for the worldwide development, manufacturing and commercialization of the drug EDP-239, which works by inhibiting NS5A, a protein that is key to the virus' replication.

Sales of hot and cold breakfast cereals have been flat. “Consumers are faced with many breakfast options each day,” said David Browne, senior analyst at Mintel International Group. “While most do eat breakfast, it may mean a cereal/snack bar, yogurt, eggs, toast/bagels, baked goods or fast food restaurant options.” The popularity of egg-based breakfast sandwiches, particularly those available at fast food outlets, has surged. Consumers increasingly are buying breakfast outside the home.

PITTSBURGH — Mylan on Friday announced that the company and its subsidiary, Mylan Pharmaceuticals, have resolved the defamation and other related litigation filed by Mylan against the Pittsburgh Post-Gazette and two of its reporters.

"The litigation has been resolved to the satisfaction of both parties," the parties said in a joint statement. "The Post-Gazette did not find and did not intend to report that Mylan had manufactured or distributed any defective drugs. The Post-Gazette regrets if any reader of the article thought otherwise."

BENTONVILLE, Ark. — Walmart’s U.S. stores division regained customer traffic during the fourth quarter to post a 1.5% same-store sales increase, and continues to gather momentum as familiar strategies and effective marketing are resonating with customers, the company said Tuesday morning in conjunction with the release of quarterly results.