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☆ Bristol Myers Squibb beats on revenue, launches $1.5 billion cost cuts as it posts quarterly loss
▼ + stars: | 2024-04-25 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

The Bristol Myers Squibb research and development center at Cambridge Crossing in Cambridge, Massachusetts, US, on Wednesday, Dec. 27, 2023. Bristol Myers Squibb on Thursday reported first-quarter revenue that topped expectations as its blockbuster blood thinner Eliquis and several new drugs posted sales growth. Two-thirds of savings are associated with drug research and development, Bristol Myers Squibb executives said during an earnings call on Thursday. Those deals come as Bristol Myers faces pressure to launch new drugs and offset the potential loss of revenue from top-selling treatments. Shares of Bristol Myers fell more than 1% in premarket trading Tuesday.

Persons: Bristol Myers, Samit Hirawat, Chris Boerner, Boerner, Revlimid Organizations: Bristol Myers Squibb, Bristol Myers, Karuna Therapeutics, SystImmune, Bristol, LSEG Locations: Cambridge, Cambridge , Massachusetts, Here's

☆ Ozempic, Mounjaro and hundreds of other drugs become even more expensive in 2024
▼ + stars: | 2024-02-15 | by ( Tami Luhby | ) edition.cnn.com time to read: +8 min

Novo Nordisk boosted the list price of Ozempic by 3.5% to $969 for a four-week supply. Eli Lilly last month raised the list price of Mounjaro by 4.5% to $1,069 for a four-week supply. However, they may have to pay the list price if they are uninsured or have not yet hit their annual deductible. Former President Donald Trump, who is running for election again, also unveiled several proposals and issued executive orders aimed at lowering drug costs during his administration. Another factor is the recent policies that penalize pharmaceutical manufacturers for raising list prices faster than inflation.

Persons: Drugmakers, Eli Lilly, Eli Lilly’s Zepbound, Ozempic, Eli Lily, Marlene Foss, Foss, “, ”, Mark Rapp, Rapp, ’ ”, Mark Rapp's, grandkids, ” Rapp, Joe Biden’s, Donald Trump, We’ve, Antonio Ciaccia, we’ve Organizations: New, New York CNN, Ozempic, Novo Nordisk, CNN, Food and Drug Administration, Nordisk’s, Mounjaro, Medicare, ”, White House Locations: New York, Portugal, Doylestown , Pennsylvania, Italy, Mansfield , Ohio, Ohio, Idaho

☆ Under Bernie Sanders’s Glare, Pharmaceutical Chiefs Will Testify on Drug Prices
▼ + stars: | 2024-02-08 | by ( Noah Weiland | Rebecca Robbins | ) www.nytimes.com time to read: +1 min

The chief executives of three major pharmaceutical companies are set to appear in front of the Senate health committee on Thursday to defend how much they charge for drugs in the United States, drawing them further into a confrontation with lawmakers and the Biden administration over the cost of some of the most widely used prescription medications. The three executives scheduled to testify — Joaquin Duato of Johnson & Johnson, Robert M. Davis of Merck and Christopher Boerner of Bristol Myers Squibb — are expected to clash with the health committee’s chairman, Senator Bernie Sanders of Vermont, an independent who has made reining in drug prices a signature cause of his late-career years in Congress. Mr. Sanders plans to focus the hearing on why drug prices are higher in the United States than in other wealthy countries. His staff has singled out several widely used drugs, including Eliquis, a blood thinner made by Bristol Myers Squibb, and Januvia, a diabetes drug from Merck, that can be bought for much less in Canada and Europe than in the United States.

Persons: Biden, — Joaquin Duato, Johnson, Robert M, Davis, Christopher Boerner, Bernie Sanders of, Sanders Organizations: Merck, Bristol Myers Squibb Locations: United States, Bernie Sanders of Vermont, Canada, Europe

☆ Senators to question Merck, J&J and Bristol Myers Squibb CEOs over high U.S. drug pricing
▼ + stars: | 2024-02-08 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Senators will question the CEOs of Johnson & Johnson , Merck and Bristol Myers Squibb on U.S. drug prices at a hearing Thursday, as lawmakers on both sides of the aisle work to rein in high health-care costs for Americans. Prescription drug prices in the U.S. are also more than 2.5 times as high as those in other high-income nations, another federal report showed. The Senate Health, Education, Labor and Pensions Committee says that's especially true for some of the top drugs from J&J, Merck and Bristol Myers Squibb. ET and include testimony from J&J CEO Joaquin Duato, Merck CEO Robert Davis and Bristol Myers Squibb CEO Chris Boerner. A spokesperson for Bristol Myers Squibb did not immediately respond to a request for comment ahead of the hearing.

Persons: Sen, Bernie Sanders, Ed Markey, Joaquin Duato, Robert Davis, Chris Boerner, Duato, Davis, Bristol Myers, Eli Lilly's, J Organizations: Capitol, Johnson, Merck, Bristol Myers Squibb, U.S, Health, Education, Labor, Pensions, Bristol Myers, CNBC, J, Bristol Locations: U.S

☆ Medicare now negotiating price of drug that costs $7,100 in US vs. $900 in Canada
▼ + stars: | 2024-02-06 | by ( Tami Luhby | ) edition.cnn.com time to read: +3 min

The annual list price of Bristol Myers Squibb’s Eliquis, a blood thinner that reduces the risk of stroke, is $7,100 in the US. Johnson & Johnson’s arthritis drug Stelara carries an annual list price of $79,000 in the US. Johnson & Johnson declined to comment on Sanders’ report. Medicare launches drug price negotiationsOther nations typically pay far less for medications, in large part because their governments often determine the cost. Those who have yet to meet their deductible and the uninsured may have to pay the full list price.

Persons: CNN — Sen, Bernie Sanders, Bristol Myers, it’s, Johnson, Sanders, drugmakers, Biden, Donald Trump, Sanders ’, Bristol Myers Squibb, Merck Organizations: CNN, Bristol, Health, Education, Labor, Pensions, Johnson, Merck, Bristol Myers Squibb, Medicare, Bristol Myers Locations: Japan, Canada, Germany, United Kingdom, France, Vermont

☆ If You’re on Medicare, You Could Save Money on Drugs This Year
▼ + stars: | 2024-02-04 | by ( Mark Miller | ) www.nytimes.com time to read: +1 min

It’s the best news that few people seem to know about: Prescription drug costs are falling this year for more than a million seniors — in many cases, by thousands of dollars. Its changes to Medicare, which will help people who are enrolled in the prescription drug coverage plans known as Part D, are significant. expands eligibility for financial assistance with Part D costs for low-income seniors. The law has also authorized Medicare to negotiate prices for expensive drugs with pharmaceutical companies for the first time. The first negotiations will be over 10 drugs, including the blood thinners Eliquis and Xarelto and the diabetes drugs Jardiance and Januvia.

Persons: Biden, Jardiance Organizations: Medicare

☆ Bristol Myers Squibb results top estimates as new drugs post strong sales growth
▼ + stars: | 2024-02-02 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Bristol Myers Squibb reported quarterly earnings and revenue that topped expectations on Friday as its portfolio of new drugs posted strong sales growth. That group raked in $1.07 billion in sales for the quarter, up 66% from the $645 million for the year-earlier period. While its revenue outlook was in line with Wall Street estimates, it anticipates higher than expected earnings for the year. Analysts surveyed by LSEG expect full-year adjusted earnings of $7 per share and sales growth of 1.9%. Bristol Myers said Eliquis and Opdivo also contributed to the slight sales growth in the fourth quarter.

Persons: Bristol Myers, Revlimid, Eliquis, Opdivo, FactSet Organizations: Bristol Myers Squibb, LSEG, Bristol Myers, Wall, Bristol, Pfizer, Medicare

☆ US Government Sends Initial Offers for Medicare Drug Price Cuts
▼ + stars: | 2024-02-01 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - The Biden administration is sending drugmakers opening offers for the U.S. Medicare program's first ever price negotiations on Thursday, the White House said in a statement. President Joe Biden's signature Inflation Reduction Act (IRA) allows Medicare, which covers 66 million Americans mostly aged 65 and older, to negotiate prices for some of its most costly drugs. The initial offers have been sent to manufacturers of 10 high-cost medicines, which include Bristol Myers Squibb and Pfizer's blood thinner Eliquis, Merck & Co's diabetes drug Januvia and Johnson & Johnson's blood thinner Xarelto. The HHS and White House did not disclose details on the offers. (Reporting by Urvi Dugar and Sriparna Roy in Bengaluru; Editing by Toby Chopra and Sriraj Kalluvila)

Persons: Biden, Medicare program's, Joe Biden's, Januvia, Johnson, Urvi Dugar, Sriparna Roy, Toby Chopra, Sriraj Organizations: Reuters, U.S, Medicare, U.S . Department of Health, Human Services, Bristol Myers Squibb, Merck, HHS, White Locations: Bengaluru

Three names in the industry – Johnson & Johnson , Merck and Bristol Myers Squibb – face a pivotal few weeks ahead. They join Bristol Myers Squibb CEO Chris Boerner, who agreed to the panel's initial invitation to appear. But why is the committee targeting Merck, J&J and Bristol Myers Squibb in the first place? J&J, Merck and Bristol Myers Squib are all suing to halt the talks, which will establish new prices that will go into effect in 2026. Bristol Myers Squibb's Opdivo is an immunotherapy used to treat cancers, including melanoma and lung cancer.

Persons: Annika Kim Constantino, – Johnson, Sen, Bernie Sanders, Joaquin Duato, Robert Davis, Chris Boerner, Sanders, Eli Lilly's, Januvia, Bristol Myers, He's, Biden, Merck's, Myers, Eliquis, Mike Perrone, it's Organizations: CNBC.com, Johnson, Merck, Bristol Myers Squibb, Bristol Myers, Medicare, Bristol, CNBC, pharma Locations: U.S, drugmakers

☆ Big pharma is at a crossroads, as J&J, Merck and others prepare to lose heaps of revenue from blockbuster drugs
▼ + stars: | 2024-01-28 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +12 min

Bristol Myers Squibb's Eliquis is a blood thinner used to prevent clotting, to reduce the risk of stroke. Bristol Myers Squibb's Opdivo is an immunotherapy used to treat cancers, including melanoma and lung cancer. Investors will get updates on Merck and Bristol Myers Squibb's plans for the years ahead when they report earnings on Thursday and Friday, respectively. That's unlike generics, which are cheaper copycats of small-molecule drugs like Bristol Myers Squibb's Eliquis. Bristol Myers Squibb is also testing a new form of Opdivo, which is currently administered into a patient's veins.

Persons: Johnson, William Blair, Matt Phipps, Bristol Myers, Johnson's, Merck's Keytruda, J's Stelara, Opdivo, Phipps, biosimilars, Eliquis, Biosimilars, Humira, JB Reed, Samsung's, Piper Sandler, Christopher Raymond, AbbVie, Raymond, Chris Schott, Schott, Robert Davis, Keytruda, Davis, JPMorgan's Schott, Bristol Myers Squibb, George Frey, J, Amgen, J confidentially, Mike Perrone, It's, Anna Moneymaker Organizations: New York Stock Exchange, Johnson, NYSE Big, Bristol Myers Squibb, Merck, Biden, William Blair & Company, CNBC, Guggenheim, Bristol, Leerink Partners, Bloomberg, Getty, Bioepis, JPMorgan, JPMorgan Health Care, Moderna, Bristol Myers, Karuna Therapeutics, Hardy, Huntsman Cancer Institute, University of Utah, Reuters, Teva Pharmaceuticals, Pharma, U.S . Department of Health, Human Services Locations: drugmakers, EY, Europe, U.S, Cambridge , Massachusetts, Arda, EY's Americas, Bristol, Salt Lake City , Utah, Washington , DC

☆ Merck, Johnson & Johnson CEOs agree to testify in Senate hearing on high drug prices
▼ + stars: | 2024-01-26 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Sen. Bernie Sanders, I-Vt., holds his news conference with Sen. Ed Markey, D-Mass., in the Capitol on Thursday, January 25, 2024, on issuing subpoenas for pharmaceutical company CEOs to testify regarding drug prices. The CEOs of Merck and Johnson & Johnson have voluntarily agreed to testify at an upcoming Senate hearing on high drug prices in the U.S., Sen. Bernie Sanders announced Friday, as lawmakers ramp up efforts to rein in health-care costs for Americans. Meanwhile, Bristol Myers Squibb CEO Chris Boerner and another unnamed pharmaceutical CEO agreed to initial invitations to testify. The push to cut drug prices is one of the rare issues that has united both major political parties in recent years — though they have often backed different approaches to doing so. Last year, the Senate Health Committee similarly heard testimony from the CEOs of Moderna , Eli Lilly , Novo Nordisk and Sanofi on high drug prices.

Persons: Sen, Bernie Sanders, Ed Markey, Johnson, Joaquin Duato, Robert Davis, Chris Boerner, Sanders, Januvia, Bristol Myers, Joe Biden's, J, Eli Lilly Organizations: Merck, Johnson, Health, Education, Labor, Pensions, Bristol Myers, Bristol, J, Moderna, Novo Nordisk, Sanofi Locations: U.S

☆ Blackstone explores sale of Anthos Therapeutics -sources
▼ + stars: | 2023-12-04 | by ( David Carnevali | ) www.reuters.com time to read: +2 min

Signage is seen outside the Blackstone Group headquarters in New York City, U.S., January 18, 2023. Anthos, which does not generate any revenue because its products have not yet hit the market, could be worth several billion dollars in a potential sale, significantly more than the $250 million that Blackstone invested when it founded Anthos in 2019, the sources said. The company's anticoagulants have made significant progress in late-stage clinical trials, the sources added. Blackstone is working with investment bankers to explore a sale of Anthos, the sources said, cautioning that no deal is certain and requesting anonymity because the matter is confidential. Anthos has licensed from Novartis an antibody used in the development of its blood thinners and granted it a minority stake.

Persons: Blackstone, Anthos, Bayer, Eliquis, David Carnevali, Leslie Adler Organizations: Blackstone Group, REUTERS, Blackstone Inc, Anthos Therapeutics, Novartis AG, Novartis, Myers Squibb, Alnylam Pharmaceuticals, Thomson Locations: New York City, U.S, Cambridge , Massachusetts, Anthos, Bristol, German, New York

☆ Bayer stops blood thinner drug trial due to lack of effect, in major setback
▼ + stars: | 2023-11-20 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

Logo and flags of Bayer AG are pictured outside a plant of the German pharmaceutical and chemical maker in Wuppertal, Germany August 9, 2019. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsNov 19 (Reuters) - Germany's Bayer (BAYGn.DE) has aborted a large late-stage trial testing a new anti-clotting drug due to lack of efficacy, dealing a fresh blow to the embattled drugmaker and throwing its most promising medium-term development project in doubt. The trial halt, which followed recommendation of independent trial supervisors, marks another setback for a company burdened by a weak herbicide business, high debt and by U.S. lawsuits over the alleged carcinogenic effect of its commonly used Roundup weedkiller. Bayer said it will further analyse the data of the discontinued trial, known as OCEANIC-AF, which was initiated in August 2022. It said the independent trial supervisors recommended the continuation of a separate phase III trial, OCEANIC-STROKE, testing asundexian to prevent repeated strokes in participants who have already suffered one.

Persons: Wolfgang Rattay, Germany's Bayer, Bill Anderson, Bayer, Stefan Oelrich, Johnson, Ludwig Burger, Jose Joseph, Miranda Murray, Christopher Cushing Organizations: Bayer AG, REUTERS, Bristol, Myers Squibb, Johnson, Thomson Locations: Wuppertal, Germany, United States, asundexian, U.S, Frankfurt, Bengaluru

☆ Bristol Myers says it needs another year to hit target for new drugs
▼ + stars: | 2023-10-26 | by ( Michael Erman | ) www.reuters.com time to read: +2 min

Bristol Myers reported that it earned $4.1 billion, or $2 per share, in the third quarter, down from $4.3 billion, or $1.99 a share, a year earlier. Analysts, on average, had expected earnings per share of $1.76. It now expects earnings per share in the range of $7.50 to $7.65, up from its previous target of $7.35 to $7.65. Chief Operating Officer Chris Boerner is expected to become chief executive of Bristol Myers next month, replacing current CEO Giovanni Caforio. Earlier in October, BMS agreed to buy cancer drugmaker Mirati Therapeutics (MRTX.O) for up to $5.8 billion, in an attempt to diversify its oncology business.

Persons: David Elkins, Bristol Myers, Chris Boerner, Giovanni Caforio, Michael Erman, Sriparna Roy, Leslie Adler Organizations: Bristol Myers Squibb, BMS, Bristol, Therapeutics, Thomson Locations: The New Jersey

☆ Bristol Myers Squibb earnings top estimates even as top-selling drug fights generic competition
▼ + stars: | 2023-10-26 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Bristol Myers Squibb on Thursday reported quarterly adjusted earnings that topped expectations and posted revenue in line with estimates, even as sales of the company's popular blood cancer drug Revlimid plummeted due to generic competition. Bristol Myers also reiterated its full-year revenue guidance of a low single-digit percentage decline. Bristol Myers said both older and new drug products helped offset the lower sales of Revlimid for the third quarter. Eliquis, which Bristol Myers shares with Pfizer , is among the first ten drugs selected to face price negotiations with the federal Medicare program. Bristol Myers will hold an earnings call with investors at 8 a.m. E.T.

Persons: Revlimid, Bristol Myers, –, Eliquis, FactSet, Opdualag Organizations: Bristol Myers Squibb, Bristol, LSEG, Pfizer, FactSet, Therapeutics Locations: Wednesday's

☆ Bristol-Myers Squibb to acquire Mirati in up to $5.8 billion deal
▼ + stars: | 2023-10-09 | by ( Michael Erman | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 8 (Reuters) - Bristol-Myers Squibb (BMY.N) on Sunday said it will acquire cancer drugmaker Mirati Therapeutics (MRTX.O) for up to $5.8 billion, diversifying its oncology business and adding drugs it hopes can help offset expected lost revenue from patent expirations later this decade. Bristol will pick up Mirati's portfolio drugs that target the genetic drivers of specific cancers including its lung cancer drug, Krazati, which was approved in December. The company said that it will buy Mirati for $58 per share in cash, or around $4.8 billion. Mirati has around $1.1 billion in cash on hand, so "we're paying essentially $3.7 billion enterprise value...we think with that we've gotten a very attractive deal," Lenkowsky said. Last year, Bristol acquired drug developer Turning Point Therapeutics for $4.1 billion in cash to help bolster its arsenal of cancer drugs.

Persons: Bristol Myers, Dado Ruvic, Adam Lenkowsky, Mirati, we've, Lenkowsky, Chris Boerner, Giovanni Caforio, Boerner, Lavanya Ahire, Lisa Shumaker, Diane Craft, Andrea Ricci, Michael Perry Organizations: Bristol, Bristol Myers Squibb, REUTERS, Myers Squibb, Therapeutics, U.S . Food, Drug Administration, Bristol Myers, Thomson Locations: Bristol, U.S, New York

☆ Bristol-Myers Squibb to acquire Mirati in $5.8 billion deal
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 8 (Reuters) - Bristol-Myers Squibb (BMY.N) on Sunday said it will acquire Mirati Therapeutics (MRTX.O) in a transaction that values the cancer drugmaker at up to $5.8 billion. The company said that it will buy Mirati for $58 per share in cash. Mirati stockholders will receive one non-tradeable contingent value right for each Mirati share held, potentially worth $12.00 per share in cash, representing an additional $1 billion of value opportunity, the company added. Bristol-Myers Squibb will finance the transaction with a combination of cash and debt, the company said in a statement. Last year, Bristol-Myers acquired drug developer Turning Point Therapeutics for $4.1 billion in cash to help bolster its arsenal of cancer drugs.

Persons: Bristol Myers, Dado Ruvic, Myers, Chris Boerner, Giovanni Caforio, Boerner, Lavanya Ahire, Lisa Shumaker, Diane Craft, Andrea Ricci Organizations: Bristol, Bristol Myers Squibb, REUTERS, Myers Squibb, Mirati Therapeutics, Bristol Myers, Therapeutics, Thomson Locations: Bristol, U.S, New York

☆ The Biden administration is negotiating lower prices for 10 medications with drug manufacturers
▼ + stars: | 2023-10-04 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

AdvertisementAdvertisementThe Biden administration announced Tuesday it is beginning talks with drug makers behind 10 expensive medications to lower prices for recipients of Medicare, the national health insurance program for older Americans and people with disability status. The negotiations are expected to last until 2024, with the lower prices expected to go into effect in 2026. The Congressional Budget Office "estimated that price negotiation will lower average drug prices paid by Medicare and will reduce the budget deficit by $25 billion in 2031." "Negotiating provides us a critical tool to ensure they get those prescription drugs at lower prices – just as the U.S. Department of Veterans Affairs has done for years." AdvertisementAdvertisementThe Biden administration has recently taken aim at high drug prices and high profits at pharmaceutical companies.

Persons: —, Biden, Juliette Cubanski, Harris, Xavier Becerra, Jardiance, Eli Lilly Organizations: Service, Congressional, Medicare, Biden, Harris Administration, Human Services, U.S . Department of Veterans Affairs, HHS, Centers, Services

Also included is diabetes treatment Jardiance, which was used by nearly 1.6 million Medicare enrollees and had a 2022 out-of-pocket cost per enrollee of $490. In all last year, 9 million seniors and other Medicare beneficiaries paid more than $3.4 billion on these 10 drugs alone, the White House said. “For decades, drug companies in America made record profits while big pharma worked to block Medicare from being able to negotiate lower drug prices for seniors. Even with with Tuesday's prescription drugs announcement, however, the process could still be complicated by lawsuits from drugmakers and sharp criticism from Republicans. Biden noted that the drug manufacturers' agreeing to participate followed a court decision allowing Medicare price negotiation plans to move forward.

Persons: Joe Biden, White, “, ” Biden, Biden, ” Organizations: WASHINGTON, Medicare, Services, Democratic, Biden Locations: America, Atlanta

☆ Drugmakers opt in to Medicare drug price negotiations – here's what happens next
▼ + stars: | 2023-10-02 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

A pharmacist holds a bottle of the drug Eliquis, made by Pfizer Pharmaceuticals, at a pharmacy in Provo, Utah, January 9, 2020. All drugmakers of the first 10 medicines selected for Medicare drug price negotiations have agreed to participate in the talks, even after many of them sued to halt the process last month. The Centers for Medicare & Medicaid Services did not immediately respond to a request to confirm that all drugmakers agreed to the talks. President Joe Biden's Inflation Reduction Act, which passed last year, empowered Medicare to negotiate drug prices for the first time in the program's six-decade history. The pharmaceutical industry also argues that the process will threaten revenue growth, profits and drug innovation.

Persons: Joe Biden's, Boehringer Ingelheim, Johnson Januvia, Merck Farxiga, Novartis Enbrel, Amgen Imbruvica, AbbVie Stelara, Janssen, Bristol Myers, Biden Organizations: Pfizer Pharmaceuticals, CNBC, Medicare, Services, Sunday, Bristol Myers Squibb Jardiance, Johnson, Merck, AstraZeneca Entresto, Novartis, Novo Nordisk, U.S, CMS, Bristol, Bristol Myers Squibb Locations: Provo , Utah

☆ Federal judge declines to block Medicare drug price negotiations
▼ + stars: | 2023-09-29 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

A pharmacist holds a bottle of the drug Eliquis, made by Pfizer Pharmaceuticals, at a pharmacy in Provo, Utah, January 9, 2020. A federal judge on Friday declined to block the Biden administration from implementing Medicare drug price negotiations, upholding for now a controversial process that aims to make costly medications more affordable for older Americans. That date is the deadline for manufacturers of the first 10 drugs selected for negotiations to agree to participate in the talks. Newman also gave the Biden administration until Oct. 27 to renew its motion to dismiss the case. The ruling from Newman is a blow to the pharmaceutical industry, which views the process as a threat to its revenue growth, profits and drug innovation.

Persons: Biden, Judge Michael Newman, Newman, Donald Trump, Joe Biden's, Johnson Organizations: Pfizer Pharmaceuticals, Southern, Southern District of Ohio, Chamber of Commerce, Chamber, Merck, Johnson Locations: Provo , Utah, Southern District

U.S. President Joe Biden delivers remarks on Social Security and Medicare at the University of Tampa in Tampa, Florida, U.S. February 9, 2023. The ruling is the first to come from multiple lawsuits by drug companies and industry groups challenging the program. The drug price negotiation program is part of the Inflation Reduction Act, which Biden, a Democrat, signed last year. The Biden administration has repeatedly said there is nothing in the Constitution that prohibits drug price negotiations. Many other countries already negotiate drug prices.

Persons: Joe Biden, Jonathan Ernst, vindicating, Joe Biden's, Michael Newman, Biden, drugmakers, Newman, Karine Jean, Pierre, Donald Trump, Johnson, Januvia, Bristol Myers, Boehringer, Brendan Pierson, Nate Raymond, Costas Pitas, Alexia Garamfalvi, Bill Berkrot, Chris Reese, Leslie Adler Organizations: Social Security, University of Tampa, REUTERS, U.S, District, U.S . Chamber of Commerce, Medicare, Commerce, U.S . Justice, Republicans, Big Pharma, Republican, U.S . Centers, Medicaid Service, CMS, Bristol Myers Squibb, Pfizer, Johnson, Merck, Co's, Pharmaceutical Research, Manufacturers of America, Companies, Thomson Locations: Tampa , Florida, U.S, Dayton , Ohio, New York, Boston

☆ Medicare's drug-price negotiations will save the government billions in healthcare spending — but patients may not feel the benefits
▼ + stars: | 2023-09-25 | by ( Natalie Rahhal | ) www.businessinsider.com time to read: +6 min

Patients with private health insurance aren't likely to see a drop in costs from the negotiations. Longo said the price-setting provisions will drive research and investment away from treatment options for Medicare patients. If drug companies won't come to the negotiating table to lower drug prices paid by private insurers, those insurers could take the companies' drugs off their lists of covered medications. Or, if private insurance companies don't negotiate drug prices down for their patients, patients in some cases could seek out different insurance. "These are not full solutions, but they are the beginning of cracks in the facade" of drug companies' constant price hikes, Feldman said.

Persons: Biden, Juliette Cubanski, Jeffrey Davis, Davis, Richard Frank, —, Nicole Longo, Longo, it's, — aren't, Robin Feldman, Feldman, Cuban's Organizations: Medicare, Healthcare, Morning, Centers, Services, Congressional, McDermott, Consulting, Brookings Schaeffer Initiative, Health, Pharmaceutical Research, Manufacturers of America, PhRMA, University of California Law School, Costco, Pharmaceutical Locations: Lower

Three-quarters of Americans, or 76%, favor allowing the federal health care program for the elderly to negotiate prices for certain prescription drugs. Americans are split on how Biden is handling the issue of prescription drug prices — 48% approve, making it a relative strong point for Biden, but 50% disapprove. Even among the Americans who support allowing Medicare to negotiate drug prices, approval of Biden’s handling of the issue remains relatively tepid. "They kept prescription drug prices high to increase their profits. “Well, we did it.”Ellen Daily, a 73-year-old retiree in Carrollton, Texas, said she strongly favors allowing Medicare to negotiate on drug prices.

Persons: Joe Biden, trumpeting, drugmakers, Biden, it's, Esperanza Baeza, I'm, ”, “, ” Biden, Ellen Daily, Annie Lok, Lok, doesn’t Organizations: WASHINGTON, Associated Press, NORC, for Public Affairs Research, —, Big Pharma, ”, Medicare, Pharmaceutical Research, Manufacturers of America, Services, Republican Locations: Chicago, Baeza, Carrollton , Texas, Queens , New York

☆ Analysis: US healthcare stocks roiled by investor tug of war over economy
▼ + stars: | 2023-09-05 | by ( David Randall | ) www.reuters.com time to read: +5 min

Many view healthcare as a defensive sector because it has constant demand and is somewhat insulated from the economy. In the latest week, investors pulled a net $1.4 billion from the sector, the biggest weekly outflow since May 2022. Overall, the healthcare sector - which ranges from health insurers like UnitedHealth to pharmaceutical companies like Pfizer to small biotechs - has received the third largest inflows of any sector year to date, BofA's data showed. This would weaken the case for loading up on healthcare stocks. Overall, healthcare sector earnings are expected to lag this year as COVID-related revenues decline 13% versus a 1.8% rise for the overall S&P 500.

Persons: Brendan McDermid, Bob Kalman, Emily Roland, Dan Lyons, Janus Henderson, you've, Lyons, Kalman, Joe Biden's, Margie Patel, Patel, David Randall, Ira Iosebashvili, Megan Davies, David Gregorio, Richard Chang Organizations: New York Stock Exchange, REUTERS, Atlanta Federal, BofA Global Research, Pfizer, Miramar Capital, Healthcare, John Hancock Investment Management, Janus Henderson Investors, U.S, Bristol Myers Squibb, Allspring Global Investments, Thomson Locations: New York City, U.S

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