TAKING THE PULSE: The biotech sector remains under pressure as the credit crunch leaves smaller firms scrambling to raise cash to ensure survival. On the heels of Roche Holding AG's (RHHBY) $46.8 billion purchase last month of the rest of Genentech Inc. (DNA), dealmaking is likely, spurred by larger firms' hunt for lucrative new drugs to replace those coming off patent.

COMPANIES TO WATCH:

Biogen Idec Inc. (BIIB) - reports April 16

Wall Street Expectations: The mean estimate of analysts surveyed by Thomson Reuters is for earnings, excluding items, of $1.01 a share on revenue of $1.08 billion. Prior-year net income, including acquisition-related and stock-compensation costs, was 54 cents on revenue was $942 million.

Key Issues: The focus remains on whether Biogen can successfully re-invigorate growth of multiple-sclerosis drug Tysabri, which is sold under restrictions after being linked with a serious brain infection in several patients. Meanwhile, Biogen early this month kicked off its second proxy fight with billionaire Carl Icahn, who has long argued the biotechnology concern should be sold to a large pharmaceutical company.

Gilead Sciences Inc. (GILD) - reports April 21

Wall Street Expectations: The largest U.S. supplier of AIDS-fighting drugs is seen posting earnings of 60 cents a share on revenue of $1.5 billion, up from 51 cents and $1.26 billion, respectively.

Key Issues: Strong growth is expected for treatments of HIV, the virus that causes AIDS. Meantime, things are moving along in the company's effort to expand its emerging portfolio of heart-related drugs. Its announcement early this month that experimental hypertension drug darusentan was effective in a late-stage study sent shares surging. The company expects to close its $1.4 billion acquisition of heart-drug maker CV Therapeutics Inc. (CVTX) this quarter.

Genzyme Corp. (GENZ) - reports April 22

Wall Street Expectations: Analysts predict Genzyme will report earnings, excluding items, of $1.05 a share on revenue of $1.22 billion. Year-earlier net income, including investment and other charges, was 52 cents on revenue of $1.1 billion.

Key Issues: Investors remain focused on Genzyme's efforts to boost production of its promising Pompe disease treatment Myozyme/Lumizyme and resolve a warning letter concerning deficiencies found at a Boston manufacturing facility. Genzyme's acquisition last month of three cancer drugs from Germany's Bayer AG (BAYRY), is seen as helping the biotech sustain long-term earnings growth without adding much near-term risk.

Amgen Inc. (AMGN) - reports April 23

Wall Street Expectations: Analysts predict earnings, excluding items such as stock compensation, of $1.15 a share on revenue of $3.64 billion. A year ago, net income was $1.04 a share on revenue of $3.61 billion.

Key Issues: Sales of Amgen's anti-anemia drugs, which accounted for more than one-third of its fourth-quarter sales, have been hurt since 2007 studies showed the drugs were overused, increased cardiovascular risks and fueled certain kinds of cancer. Amgen is looking to its experimental denosumab bone drug, for treating post-menopausal osteoporosis, as a key future growth driver that could take some of the pressure off the anemia franchise.

Celgene Corp. (CELG) - reporting May 4

Wall Street Expectations - Earnings, excluding items, are pegged at 44 cents a share on revenue of $609 million. Celgene had a prior-year net loss caused by acquisition charges of $3.98 a share on revenue of $463 million.

Key Issues: Celgene, a traditionally high-growth drug maker, shocked investors in late March with a first-quarter earnings warning it blamed on economic issues while it tried to dismiss concerns about slowing growth of its flagship Revlimid blood-cancer drug. Revlimid, whose widened European rollout helped boost Celgene's results last year, is facing a competitive challenge from Velcade, a rival product made by Japan's Takeda Pharmaceutical Co. (4502.TO).

 
  (The Thomson Reuters financial estimate and year-ago net may not be 
comparable due to one-time items and other adjustments.)

-By Mike Barris, Dow Jones Newswires; 201-938-5658; mike.barris@dowjones.com

(Thomas Gryta contributed to this article)