Financial News

ISSAQUAH, Wash. — Costco had a big pickup in sales during fourth quarter 2010 and the fiscal year as a whole, according to an earnings report released Wednesday.

The membership-based mass-merchandise retailer reported fourth-quarter sales of $23.59 billion, an 8% increase over $21.89 billion in last year's fourth quarter. Sales for the entire fiscal year were $76.25 billion, a 9% increase over $69.89 billion in fiscal year 2009.

NEW YORK A few weeks after Johnson & Johnson announced it would purchase the remainder of Dutch biotech firm Crucell it doesn't already own for about $2.4 billion, J&J received backing for the bid.

Crucell recommended the offer to the shareholders but not without receiving some criticism from shareholders Delta Lloyd Asset Management, Robeco and the Van Herk Group, which said the offer from J&J "undervalued" Crucell's worth. The fund managers jointly control at least 15.5% of Crucell, according to Reuters.

NEW YORK Pfizer on Wednesday announced the completion of its acquisition of a privately held drug discovery and clinical development company.

FoldRx now is a wholly owned subsidiary of Pfizer, Pfizer said. FoldRx's portfolio includes clinical and preclinical programs for investigational compounds to treat diseases caused by protein misfolding, which increasingly is recognized as an underlying cause in many chronic degenerative diseases.

The acquisition was announced Sept. 1.

LONGUEUIL, Quebec The Jean Coutu Group on Tuesday reported revenues of $611.4 million, up 2.2%, for its second quarter ended Aug. 28.