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☆ AbbVie to buy cancer drugmaker ImmunoGen for $10 billion as Humira faces heat
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brian Snyder/File Photo Acquire Licensing RightsNov 30 (Reuters) - AbbVie (ABBV.N) will buy ImmunoGen (IMGN.O) for $10.1 billion in cash, it said on Thursday, the latest major drugmaker to buy a developer of 'guided missile' cancer therapies as the company's top-seller Humira grapples with fierce competition. ImmunoGen's Elahere belongs to a new class of treatments called antibody-drug conjugates (ADC) that precisely targets cancer cells, potentially reducing toxicity for other cells. The drug, approved for ovarian cancer patients who have received previous therapies, is also being tested in earlier lines of treatment. AbbVie will also get access to Immunogen's follow-on pipeline of ADCs, including early-stage ovarian cancer candidate IMGN-151 and a mid-stage drug pivekimab sunirine for a rare type of blood cancer. Meanwhile, AbbVie's cancer drugs sales declined more than 8% in the third quarter to $1.51 billion, primarily due to increased competition to Imbruvica.

Persons: Brian Snyder, ImmunoGen's Elahere, AbbVie, IMGN, pivekimab, Immuogen stock's, Immunogen's, Elahere, Imbruvica, Manas Mishra, Leroy Leo, Shinjini Ganguli Organizations: REUTERS, Pfizer, Merck, U.S, Thomson Locations: Cambridge , Massachusetts, U.S, Bengaluru

An upswing in the use of GLP-1 drugs has had a notable impact on the higher growth of pharmacy benefit costs under such health insurance plans, Mercer said. GLP-1 drugs, which work by suppressing hunger and making a person feel full longer, are typically priced around $1,000 per patient per month. While employers cover the use of GLP-1 drugs as a treatment for diabetes, the debate around providing coverage for them as an obesity treatment lingers. "It may take another couple of years for price increases stemming from higher healthcare sector wages and medical supply costs to be felt across all health plans." Despite rising health-plan costs, large employers have avoided shifting additional costs to employees through higher deductibles, co-pays, or out-of-pocket maximums in 2023.

Persons: Victoria Klesty, Mercer, Health Actuary, Sunit Patel, Eli Lilly's, Patel, Beth Umland, Khushi Mandowara, Leroy Leo, Pooja Desai Organizations: REUTERS, U.S . Food, Drug, Health, Reuters, Novo Nordisk's, Mercer, Thomson Locations: Oslo, Norway, August31, Victoria, United States, Bengaluru

☆ Walgreens to close nearly all pharmacies on Thanksgiving for first time
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

People walk by a Walgreens, owned by the Walgreens Boots Alliance, Inc., in Manhattan, New York City, U.S., November 26, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 16 (Reuters) - Walgreens Boots Alliance (WBA.O) will close nearly all of its stores and pharmacies on Thanksgiving Day for the first time in the chain's history to give staff "time with their loved ones", the company said on Thursday. However, nearly all of its 700 24-hour locations will remain open on Thanksgiving, along with certain distribution centers and other sites including supply chain and centralized teams, Walgreens said. Many big box stores such as Walmart (WMT.N) and Target (TGT.N) are closed on Thanksgiving, but pharmacies and grocery stores typically remain open with adjusted hours. However, CVS and Walgreens had said the work action had minimal impact on their operations, with most stores remaining open.

Persons: Andrew Kelly, —, Tracey Brown, RiteAid, Leroy Leo, Devika Organizations: Walgreens, Walgreens Boots Alliance, Inc, REUTERS, Walgreens Retail, Walmart, IAM Healthcare, CVS, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ Medical device stocks rise in relief after Wegovy heart benefits data
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023. To be sure, the full results presented on Saturday at a major medical meeting gave analysts even more confidence in the heart protective benefits of the hugely popular drug. That lifted shares of Penumbra (PEN.N), which makes devices used in surgeries for stroke patients, 13% in morning trading. Its shares have tumbled about 28% as of last close since Novo in August said Wegovy had also shown a clear cardiovascular benefit. "The full detailed results ... do not shift our outlook that MedTech device stocks appear broadly oversold," said Leerink analyst Mike Kratky.

Persons: Victoria Klesty, Wegovy, Baird, Jeff Johnson, Eli Lilly's, Mike Kratky, Leroy Leo, Medha Singh, Sriraj Organizations: REUTERS, Novo, Devices, Abbott Laboratories, Thomson Locations: Oslo, Norway, Victoria, MedTech, Penumbra, Novo, Friday's, Bengaluru

The FDA approved tirzepatide for weight loss under the brand name Zepbound. It has been available as Mounjaro for type 2 diabetes since 2022 and had increasingly been used "off-label" for weight loss while the obesity approval was pending. Zepbound will be available in the U.S. by the end of the year at a list price of $1,059.87 a month, according to Lilly. That compares with a list of $1,349 per-package for Novo Nordisk's (NOVOb.CO) wildly popular weight-loss drug Wegovy. After Wednesday's FDA approval, Lilly can now promote the drug for weight loss.

Persons: Eli Lilly, Mike Segar, Eli Lilly's, ” John Sharretts, Lilly, Morningstar, Damien Conover, Conover, drugmaker, Robert Kushner, Mounjaro, Patrick Wingrove, Leroy Leo, Bhanvi, Shinjini Ganguli, Bill Berkrot Organizations: Company, REUTERS, U.S . Food, Drug Administration, U.S, FDA, FDA’s Center, Drug, Research, Novo Nordisk's, Reuters, Northwestern University Feinberg School of Medicine, Thomson Locations: Branchburg , New Jersey, U.S, Indianapolis, United States, New York, Bengaluru

People walk by a CVS pharmacy store in Manhattan, New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies CVS Health Corp FollowNov 1 (Reuters) - CVS Health Corp (CVS.N) beat Wall Street estimates for quarterly profit on Wednesday as strength in its drugstores and pharmacy benefit management business offset higher-than-expected medical costs at its insurance unit. CVS' medical benefit ratio, or the percentage of claims paid compared to premiums collected, was 85.7% in the third quarter, compared with analysts' estimates of 85.1%. CVS' pharmacy and consumer wellness segment recorded 6% revenue growth to $28.87 billion, boosted by higher drug prices and prescription volume. The company reported an adjusted profit of $2.21 per share, beating estimates of $2.13 per share, according to LSEG data.

Persons: Andrew Kelly, Julie Utterback, Mariam Sunny, Leroy Leo, Saumyadeb Chakrabarty, Vinay Dwivedi Organizations: REUTERS, CVS Health, CVS Health Corp, CVS, Morningstar, PBMs, Revenue, Walgreens, Thomson Locations: Manhattan , New York City , New York, U.S, United States, Bengaluru

☆ Amgen sales rise, but shares off as investors await obesity data
▼ + stars: | 2023-10-31 | by ( Deena Beasley | ) www.reuters.com time to read: +3 min

Third quarter sales of Horizon's gout drug Krystexxa rose to $253 million from $192 million. Amgen raised its post-acquisition forecast for full-year sales to between $28 billion and $28.4 billion from a previous estimate of $26.6 billion to $27.4 billion. Total revenue for the quarter rose 4% to $6.9 billion, in line with analyst expectations. Sales of cancer drug Lumakras fell 31% to $52 million and sales of psoriasis drug Otezla fell 10% to $567 million. Sales of Amjevita, Amgen's new biosimilar version of AbbVie's (ABBV.N) blockbuster arthritis drug Humira, rose 30% to $152 million.

Persons: Robert Galbraith, Amgen, Jefferies, Michael Yee, Bill Smead, Tepezza, We're, we've, Peter Griffith, AMG340, William Blair, Matt Phipps, Lumakras, Otezla, Deena Beasley, Leroy Leo, Bill Berkrot Organizations: REUTERS, Horizon Therapeutics, Smead Capital Management, Wall Street, U.S . Federal Trade Commission, Thomson Locations: South San Francisco , California, California, Los Angeles, Bengaluru

☆ Pharmacy staff from CVS, Walgreens stores in US start 3-day walkout
▼ + stars: | 2023-10-30 | by ( Leroy Leo | ) www.reuters.com time to read: +3 min

The walkout, which the organizers have dubbed "Pharmageddon", is the third strike by pharmacists in a little over one month. In September, some staff from CVS stores in Kansas City went on a two-day strike, while there was another by Walgreens store employees earlier this month. Pharmacy staff in New York and Pennsylvania were planning to participate, including workers at some of Walgreens' Duane Reade stores in New York, he said. Some pharmacists were also planning to conduct rallies outside CVS' headquarters at Woonsocket, Rhode Island and at Walgreens at Deerfield, Illinois, according to social media posts. "Our ongoing efforts are focused on how we recruit, retain, and reward our pharmacy staff," a spokesperson for Walgreens told Reuters, adding that they have also centralized some operations to reduce pharmacists' workload.

Persons: Walgreens Boots Alliance's, Shane Jerominski, Duane Reade, Jerominski, Kaiser, Leroy Leo, Shinjini Organizations: CVS Health Corp, Walgreens Boots, Kansas City, Walgreens, Reuters, Jerominski, Pharmacy, CVS, Kaiser Permanente, Thomson Locations: U.S, Kansas, New York, Pennsylvania, Woonsocket , Rhode Island, Deerfield , Illinois, Bengaluru

The logo for AbbVie is displayed on a screen at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. Morningstar analyst Damien Conover said he had already factored in a hit to Imbruvica from the Medicare price negotiations, so the update on impairment was not "overly significant to our view." Humira's global third-quarter sales fell 36% to $3.55 billion, but topped analysts' estimates of $3.48 billion, according to LSEG data. AbbVie in July trimmed its 2023 view for Humira sales erosion to 35%, from 37% earlier. The company's newer immunology drugs Skyrizi and Rinvoq generated sales of $2.13 billion and $1.11 billion, respectively, ahead of analyst expectations of $2.10 billion and $1.02 billion.

Persons: Andrew Kelly, girding, AbbVie, Imbruvica, Morningstar, Damien Conover, Humira, Piper Sandler, Christopher Raymond, Ingelheim, Leroy Leo, Christy Santhosh, Maju Samuel, Bill Berkrot Organizations: New York Stock Exchange, REUTERS, U.S, Medicare, Analysts, Sandoz, AbbVie, Thomson Locations: New York City , New York, U.S, The Illinois, Bengaluru

☆ Merck quarterly profit tops expectations on COVID pill surprise
▼ + stars: | 2023-10-26 | by ( Michael Erman | ) www.reuters.com time to read: +2 min

The Merck logo is seen at a gate to the Merck & Co campus in Rahway, New Jersey, U.S., July 12, 2018. Merck raised Lagevrio full-year sales forecast to $1.3 billion. Third-quarter sales of Merck's top-selling cancer immunotherapy, Keytruda, stood at $6.34 billion, surpassing analysts' average estimate of $6.22 billion. Gardasil, its vaccine to prevent cancers caused by human papillomavirus (HPV), generated sales of $2.59 billion, rising 13% but missing analysts' average estimate of $2.69 billion. The company posted sales of $15.96 billion in the reported quarter, compared to the average analyst estimate of $15.3 billion.

Persons: Brendan McDermid, Molnupiravir, Merck, Wells, Mohit Bansal, drugmaker, Michael Erman, Leroy Leo, Bill Berkrot Organizations: Merck, Co, REUTERS, Merck & Co, Pfizer's, Thomson Locations: Rahway , New Jersey, U.S, Japan, United States, EU

☆ Bristol Myers' injectable form of Opdivo meets main goal in kidney cancer trial
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

Test tubes are seen in front of a displayed Bristol Myers Squibb logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 19 (Reuters) - Bristol Myers Squibb (BMY.N) said on Thursday the injectable form of its blockbuster cancer drug Opdivo met the main goal in trial that had patients with a type of kidney cancer. "We believe this new option, given as a single injection administered in less than five minutes, could transform the treatment experience for both patients and physicians," Gina Fusaro, an executive at Bristol Myers Squibb, said. The trial also showed a non-inferior response rate to the subcutaneous drug, compared to its intravenous form. Bristol Myers now plans to discuss with regulators the next steps for submission and approval of subcutaneous injections for multiple types of cancers.

Persons: Bristol Myers, Dado Ruvic, Opdivo, Gina Fusaro, Roche, Johnson, Helen Torley, Leroy Leo, Anil D'Silva, Shinjini, Shounak Organizations: Bristol, Bristol Myers Squibb, REUTERS, Therapeutics, U.S, Thomson Locations: Bengaluru

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 18 (Reuters) - Abbott Laboratories (ABT.N) said the market was overestimating the hit to sales of its glucose monitoring products from growing popularity of new diabetes drugs, adding the treatments could end up boosting sales of the medical device maker. The company's shares have dropped 16% this year, mainly on concerns that new GLP-1 diabetes drugs such as Novo Nordisk's Ozempic and Eli Lilly's Mounjaro could eat into the sales of its continuous glucose monitoring (CGM) devices. Hurdles in health insurance reimbursement and pricing could, however, keep market growth for GLP-1 drugs limited to a small number of patients in the near term, Abbott CEO Robert Ford said on Wednesday. Third-quarter sales of FreeStyle Libre, Abbott's CGM device used by diabetes patients, jumped 30.5% to $1.4 billion, lifting Abbott's shares 3% in morning trade. The numbers helped Abbott's medical device sales that stood at $4.25 billion, beating analysts' estimates of $4.16 billion, according to LSEG data.

Persons: Brendan McDermid, Nordisk's Ozempic, Eli Lilly's, Abbott, Robert Ford, Ford, Vijay Kumar, Pratik Jain, Leroy Leo, Anil D'Silva, Shounak Dasgupta, Shinjini Organizations: Abbott, New York Stock Exchange, REUTERS, Abbott Laboratories, Nordisk's, Thomson Locations: New York City, U.S, GLP, Bengaluru

☆ Abbott profit beats on strong sales of medical devices, diagnostics
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

Abbott Laboratories logo is displayed on a screen at the New York Stock Exchange (NYSE) in New York City, U.S., October 18, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 18 (Reuters) - Abbott Laboratories (ABT.N) on Wednesday tightened its profit forecast for the year after beating estimates for third-quarter earnings on strong demand for its medical devices and diagnostics products. The company is seeing a recovery in sales of its medical devices such as heart valve devices and pacemakers as more older people opt for surgeries that were put off due to the pandemic. Abbott posted a near 17% rise in quarterly sales of its medical devices to $4.25 billion, beating analysts' estimates of $4.16 billion. Excluding items, Abbott earned $1.14 per share, above analysts' estimates of $1.10 per share, according to LSEG data.

Persons: Brendan McDermid, Abbott, Nordisk's Ozempic, Eli Lilly's, Mounjaro, Pratik Jain, Leroy Leo, Anil D'Silva Organizations: Abbott, New York Stock Exchange, REUTERS, Abbott Laboratories, Libre, Nordisk's, Thomson Locations: New York City, U.S, Bengaluru

☆ Drug retailer Rite Aid files for bankruptcy amid rising debt, opioid litigation
▼ + stars: | 2023-10-16 | by ( Abinaya V | ) www.reuters.com time to read: +2 min

A woman shops inside a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. Rite Aid, which began as a thrift shop in 1962, became the third largest U.S. chain of drugstores in less than two decades with more than 2,000 retail stores in 17 states. Rite Aid had a total debt of $8.60 billion as of June 3, according to a filing with the U.S. Bankruptcy Court for the District of New Jersey, some of which is due in 2025. It said it will transfer employees at underperforming stores that would be closed to other locations where possible. Rite Aid joins several companies, including Mallinckrodt, that have filed for bankruptcy due to lawsuits over the U.S. opioid crisis.

Persons: Lucas Jackson, Jeffrey Stein, Elizabeth Burr, Leroy Leo, Abinaya Vijayaraghavan, Mariam Sunny, Simon Cameron, Moore, Arun Koyyur Organizations: REUTERS, Rite, U.S, Bankruptcy, District of, Aid, Thomson Locations: New York City , New York, U.S, United States, District of New Jersey, Bengaluru

☆ Rite Aid joins companies going bankrupt amid opioid litigation
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

A woman shops inside of a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. REUTERS/Lucas Jackson/File Photo Acquire Licensing RightsCompanies Rite Aid Corp FollowOct 16 (Reuters) - Drugstore chain Rite Aid (RAD.N) is the latest U.S. company to seek bankruptcy protection following pressure from lawsuits alleging that they helped fuel the opioid crisis. Litigation against drugmakers, pharmacies and distributors, claiming that drugmakers downplayed the risks of opioids and that distributors and pharmacies failed to prevent them from being diverted to the illegal market has resulted in more than $50 billion in total settlements. Here is a list of companies forced to file for bankruptcy protection, mainly due to U.S. opioid lawsuits and settlements. Reporting by Pratik Jain and Leroy Leo in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Lucas Jackson, drugmakers, Pratik Jain, Leroy Leo, Arun Koyyur Organizations: Rite, REUTERS, Companies Rite Aid, U.S . Centers for Disease Control, Prevention, drugmakers, Thomson Locations: New York City , New York, U.S, Bengaluru

Rite Aid, one of the largest U.S. pharmacy retailers, stumbled under its high debt, revenue declines, increased competition, and opioid litigation, according to its court filings. Founded in 1962, Rite Aid employs 45,000 people at more than 2,000 retail stores in 17 states, and will remain open for business during the bankruptcy. Rite Aid, which has denied wrongdoing, said it hopes to reach an "equitable" settlement of opioid litigation in bankruptcy. A woman shops inside a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. Rite Aid closed 200 stores before its bankruptcy, and it expects to close more as its Chapter 11 case proceeds.

Persons: Lucas Jackson, McKesson, Jeffrey Stein, Elizabeth Burr, Leroy Leo, Abinaya Vijayaraghavan, Mariam Sunny, Arun Koyyur, Marguerita Choy, Bill Berkrot Organizations: Rite Aid, Rite, Endo International, REUTERS, Bankruptcy, District of, MedImpact Healthcare Systems, Elixir ., Rite Aid . Rite, Aid, Thomson Locations: U.S, New York City , New York, District of New Jersey, Bengaluru

Oct 13 (Reuters) - A union coalition for Kaiser Permanente healthcare workers reached a tentative labor deal with the hospital system on Friday that included across-the-board wage increases after 75,000 members took part in a three-day strike last week. The strike was the largest recorded among medical workers and included nurses, medical technicians and support staff at hundreds of Kaiser hospitals and clinics from California to Virginia. "I’m heartened to see healthcare workers and their employers take this critical step towards securing the pay, benefits, and working conditions these heroes deserve," President Joe Biden said in a statement. The Kaiser union coalition had threatened to strike again for a week starting Nov. 1. The union had said Kaiser would need to hire 10,000 new healthcare workers to fill current vacancies.

Persons: Julie Su, Biden, Joe Biden, Kaiser, Su, Manas Mishra, Leroy Leo, Steve Gorman, Arun Koyyur, Shinjini, Maju Samuel, Jonathan Oatis Organizations: Kaiser Permanente, Labor, Tenet Healthcare, District of Columbia, Writers Guild of America, United Auto Workers, Detroit, Thomson Locations: California, Virginia, San Francisco Bay, Bengaluru, Los Angeles

☆ Kaiser Permanente, union reach tentative agreement after biggest healthcare strike
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

"We are excited to have reached a tentative agreement with the frontline health care workers of the @UnionCoalition this morning," Kaiser Permanente said on social media platform X. Kaiser Permanente and its coalition of healthcare workers unions did not immediately respond to requests for details on the agreement. The unions had said Kaiser outsourcing healthcare duties to third-party vendors and subcontactors also was a major sticking point in talks that have dragged on for six months. Company and union spokespersons had said on Thursday the two sides met in person late in the day at a San Francisco Bay-area hotel. "We are thankful for the instrumental involvement of Acting U.S. Labor Secretary," Kaiser said on X.

Persons: Kaiser, Kaiser Permanente, subcontactors, Julie Su, Manas Mishra, Leroy Leo, Steve Gorman, Shounak Dasgupta, Sriraj Organizations: Kaiser Permanente, Labor, U.S, Unions, U.S . Bureau of Labor Statistics, Thomson Locations: U.S, San Francisco Bay, Bengaluru, Los Angeles

☆ Kaiser Permanente, workers union reach tentative agreement
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Oct 13 (Reuters) - Kaiser Permanente's healthcare workers union has reached a tentative deal with the company, the union said in a social media post on Friday, moving toward settling a dispute over staffing levels and pay that sparked the largest strike in the U.S. medical sector. Terms of the agreement were not immediately disclosed, but higher pay and increased hiring to address what union officials called crisis-level staffing shortages topped the workers' list of demands. The company has acknowledged staffing shortages plaguing the entire healthcare sector, a consequence of occupational "burnout" from the pandemic, leading to more than 5 million medical workers leaving their jobs. Kaiser Permanente and its coalition of healthcare workers unions did not immediately respond to Reuters' request for details on the agreement. Company and union spokespersons had said on Thursday the two sides met in person late in the day at a San Francisco Bay-area hotel.

Persons: Julie Su, Manas Mishra, Leroy Leo, Shounak Dasgupta Organizations: Kaiser Permanente, Reuters, Union, Kaiser, . Company, Labor, Unions, U.S . Bureau of Labor Statistics, Thomson Locations: U.S, San Francisco Bay, Bengaluru

Oct 13 (Reuters) - Kaiser Permanente's frontline healthcare workers union reached a tentative deal with the company on Friday, moving toward settling a payment and staffing dispute that had sparked the largest recorded strike in the U.S. medical sector. The strike by 75,000 workers last week had put Kaiser at the forefront of a growing labor unrest in the healthcare industry, including among employees of pharmacies and other hospital chains like Tenet Healthcare (THC.N). "What they've achieved here in Oakland (San Francisco Bay Area) is great news for frontline workers, for Kaiser and the patients in their collective care," Su said. Spokespersons for Kaiser Permanente and its coalition of healthcare workers unions said they would provide further details on the agreement later in the day. Kaiser is one of the largest U.S. medical employers with 24,000 doctors, 68,000 nurses, 213,000 technicians, clerical workers and administrative staff.

Persons: Kaiser, Julie Su, Su, Kaiser Permanente, Manas Mishra, Leroy Leo, Steve Gorman, Shounak Dasgupta, Sriraj Kalluvila, Arun Koyyur Organizations: Tenet Healthcare, Labor, Kaiser Permanente, District of Columbia, United Auto Workers, Detroit, U.S . Bureau of Labor Statistics, Thomson Locations: U.S, San Francisco Bay, Oakland, Bengaluru, Los Angeles

☆ Walgreens forecasts weak annual profit as COVID sales shrink
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

Signage is seen outside of a Walgreens, owned by the Walgreens Boots Alliance, Inc., in Manhattan, New York City, U.S., November 26, 2021. Walgreens' lower forecast comes at a time when the company tackles multiple challenges, like persistently weak prescription drug demand, reported walkouts by its pharmacy staff and a shift in focus towards integrated health services. It has also contended with weak sales of its consumer health products due to persistently high inflation. Walgreens announced a planned cost reduction of at least $1 billion and lowered capital expenditure by about $600 million. Excluding items, the company reported earnings of $0.67 per share for the quarter, compared to average analysts' estimate of $0.69 per share, according to LSEG data.

Persons: Andrew Kelly, Tim Wentworth, Khushi Mandowara, Leroy Leo, Pooja Desai Organizations: Walgreens, Walgreens Boots Alliance, Inc, REUTERS, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ U.S. employers covering weight-loss drugs could nearly double in 2024 - survey
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, August31, 2023. The survey of 502 employers by Accolade (ACCD.O), a company that provides healthcare programs for employers, and research firm Savanta said 43% of the employers it polled could cover GLP-1 drugs in 2024 compared to 25% that cover them now. Nearly all the companies that are covering GLP-1 drugs plan to keep covering them next year, according to the survey. Employers that cover weight-loss drugs are facing a spike in their healthcare costs because of the growing popularity of Wegovy. Benefits consultant Aon (AON.N) said 1 percentage point of the 8.5% increase in employer healthcare costs it predicted for next year would be driven by employee take-up of weight-loss drugs.

Persons: Victoria Klesty, Savanta, James Wantuck, Ozempic, Eli Lilly's, Leroy Leo, Shinjini Organizations: REUTERS, Novo Nordisk, Accolade, Employers, Novo, Novo Nordisk's Wegovy, Thomson Locations: Oslo, Norway, August31, Victoria, Novo, Novo Nordisk's, United States, Bengaluru

Healthcare workers strike in front of Kaiser Permanente Los Angeles Medical Center, as more than 75,000 Kaiser Permanente healthcare workers go on strike from October 4 to 7 across the United States, in Los Angeles, California, U.S. October 4, 2023. WHAT ARE KAISER WORKERS' DEMANDS AND WHAT IS THE COMPANY OFFERING? Some of the key demands by the workers include higher pay to keep up with the cost of living, a $25-per-hour minimum wage for all healthcare workers, and a reformed bonus structure. The union insists Kaiser needs to hire 10,000 new healthcare workers to fill current vacancies, as well as "fix broken hiring processes" that are preventing full staffing. The unions are asking Kaiser Permanente to make massive investment in the education and training of future healthcare workers, and for a diminished role for vendors and third-party contractors that the healthcare network relies on.

Persons: Julie Su, Kaiser, Kaiser Permanente, John August, Russ Richmond, Leroy Leo, Bhanvi, Ahmed Aboulenein, Steve Gorman, Shinjini Ganguli, Diane Craft Organizations: Kaiser Permanente Los Angeles Medical Center, Permanente, REUTERS, Kaiser Permanente, Labor, AMN Healthcare, District of Columbia, Cornell's School of Industrial and Labor Relations, Tenet Healthcare, Satellite Healthcare, Fresenius, Thomson Locations: United States, Los Angeles , California, U.S, Kaiser, California, Bengaluru, Washington, Los Angeles

A nurse fills a syringe with malaria vaccine before administering it to an infant at the Lumumba Sub-County hospital in Kisumu, Kenya, July 1, 2022. REUTERS/Baz Ratner/File photo Acquire Licensing RightsGENEVA, Oct 2 (Reuters) - The World Health Organization (WHO) recommended on Monday the use of a second malaria vaccine to curb the life-threatening disease spread to humans by some mosquitoes. recommended the broad use of the world's first malaria vaccine called RTS,S," WHO chief Tedros Adhanom Ghebreyesus told a briefing in Geneva. "Today, it gives me great pleasure to announce that WHO is recommending a second vaccine called R21/Matrix-M to prevent malaria in children at risk of the disease." "GSK has always recognised the need for a second malaria vaccine, but it is increasingly evident that RTS,S, the first ever malaria vaccine and the first ever vaccine against a human parasite, set a strong benchmark," GSK said in a statement.

Persons: Baz Ratner, Tedros Adhanom Ghebreyesus, Tedros, Poonawalla, Takeda, Hanna Nohynek, Gabrielle Tétrault, Farber, Leroy Leo, Gareth Jones, Mark Potter Organizations: Lumumba, REUTERS, Rights, World Health Organization, WHO, Britain's University of Oxford, UNICEF, Serum Institute of India, Reuters, GSK plc, United Nations, GSK, Takeda Pharmaceuticals, Thomson Locations: Kisumu, Kenya, Geneva, Ghana, Malawi, Bengaluru

☆ Walgreens considers former Cigna exec. Tim Wentworth as next CEO - Bloomberg News
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: 1 min

Sept 29 (Reuters) - Walgreens Boots Alliance Inc (WBA.O) is considering former Cigna Group (CI.N) executive Tim Wentworth to be its next chief executive, Bloomberg News reported on Friday, citing people familiar with the matter. The pharmacy giant has been searching for a new CEO after it announced the abrupt departure of Rosalind Brewer from the position earlier this month. A final decision has not been made and Wentworth may not wind up in the job, the report said. Wentworth was CEO of Cigna's Evernorth unit till he retired at the end of 2021. Reporting by Leroy Leo in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Tim Wentworth, Rosalind Brewer, Wentworth, Cigna's, Leroy Leo, Shinjini Organizations: Walgreens, Alliance, Cigna, Bloomberg, Thomson Locations: Bengaluru

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