Merger and accounting scandals hit sector

Fernando Luque 20 August, 2002 | 3:04PM
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After losing 11.2% (in euros) during June, the MSCI Healthcare index registered a better than average return in July when it fell by 4.1% compared with a loss of 7.1% for the MSCI World index.

Investor sentiment

Financial scandals are not exclusively affecting the technology or telecoms sector. Some large biotech and pharmaceutical companies – such as Bristol Myers, ImClone and Merck - have also been accused of accounting irregularities. Merck in particular has acknowledged booking $14.1 billion (£9.2 billion) in revenue it did not receive during the last three years.

The other news that affected the sector in recent weeks was the announcement by Pfizer that it will acquire Pharmacia for $60 billion in shares - which represents a

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Fernando Luque

Fernando Luque  is Senior Financial Editor at Morningstar Spain 

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