Biotech Values

[DewDiligence]

BAX 2Q10 EPS hit by Greece writedown:

http://finance.yahoo.com/news/Greece-woes-hit-Baxter-apf-1423200197.html?x=0&.v=1

BAX appears to be jinxed. They were the main target of the contaminated Chinese heparin in 2008, they botched the manufacturing of Gammagard IVIG and HALO’s Hylenex, and they recently had to write off $600M for an FDA recall of defective infusion pumps that BAX had still not fixed four years after the problem was discovered.

Now Greece says it doesn’t have the money to pay BAX for its antibodies and plasma proteins.

Nothing has gone wrong yet with BAX’s Alzheimer’s program, but it may be only a matter of time.