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☆ The Adderall shortage highlights a key issue for voters in 2024. Here's what the Biden Administration is doing about it.
▼ + stars: | 2024-04-12 | by ( Allie Kelly | ) www.businessinsider.com time to read: +6 min

Adderall supply issues, which began in October 2022, are making the medication more expensive. The Biden Administration said it's focused on strengthening manufacturing supply chains for Adderall. AdvertisementIt's been 18 months since the US Food and Drug Administration announced an Adderall shortage. The prescription fill rate for ADHD medications fell from 44.5% in December 2022 to 40.7% in February 2023, the study found. Have you been impacted by the Adderall shortage or high prescription drug costs?

Persons: it's, —, It's, Biden, Biden's, Joe Biden's, Adderall —, aren't, Dr, David Goodman Organizations: Biden Administration, Service, Food and Drug Administration, KFF, Kaiser Family Foundation, Business, Drug, Biden's Administration, Department of Health, Human Services, Defense, FDA, CNN, USA, DEA, USA Today, Johns Hopkins University, Medscape Medical, Government

☆ Here are Thursday's biggest analyst calls: Nvidia, Meta, Tesla, Apple, CyberArk, Grindr, Estee Lauder & more
▼ + stars: | 2024-03-28 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Thursday's biggest calls on Wall Street: Wells Fargo reiterates Bank of America as overweight Wells Fargo raised its price target on Bank of America to $44 per share from $40. HSBC downgrades Bank of America to hold from buy HSBC downgraded Bank of America mainly on valuation. Benchmark reiterates Nvidia as buy Benchmark said it's standing by its buy rating on Nvidia. Bank of America reiterates Amazon as buy Bank of America said it's bullish on Amazon's investments in AI. "We are initiating coverage on CYBR with a Buy rating and a $317 PT."

Persons: Wells Fargo, Bernstein, it's, Goldman Sachs, Tesla, Goldman, Piper Sandler, Piper, Clark, Kimberly, Claude, Estee Lauder, BTIG, TD Cowen, Cowen, Grindr, William Blair, Bentley, Morgan Stanley, JPMorgan, KeyBanc, Oppenheimer, Monness Crespi Hardt downgrades Palantir, Palantir Organizations: Bank of America, FDIC, Apple, HSBC downgrades Bank of America, HSBC, of America, PNC, Tesla, EV, Kimberly, Nvidia, Amazon, Bentley Systems, Allstate, JPMorgan, Major Pharma, Citi, Boeing, Barclays, Meta, SNAP Locations: mkts, DraftKings

☆ Federal judge tosses lobbying group's lawsuit challenging Medicare drug price negotiations
▼ + stars: | 2024-02-13 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

The decision is an early win for the Biden administration as it grapples with a flurry of other legal challenges that drugmakers have filed against the Medicare drug price negotiations. The judge's ruling won't end the legal battle over the policy, which could end up at the Supreme Court. A slate of major companies with drugs selected for negotiations, including J&J, Merck , and Bristol Myers Squibb , have filed separate lawsuits challenging the constitutionality of the price talks. The suit also argued that the price talks violate the Eighth Amendment because they include a "crippling" excise tax aimed at forcing drugmakers to accept the government-dictated price of medicines. The groups also argued that the price talks violate due process by denying pharmaceutical companies and the public input on how Medicare negotiations will be implemented.

Persons: Biden, drugmakers, Judge David Ezra of, Ezra, NICA's, Nicole Longo, PhRMA, Eli Lilly, Johnson, NICA Organizations: U.S . Department of Health, Human Services, Supreme, Medicare, Western, Western District of Texas, Pharmaceutical Research, Manufacturers of America, Global Colon Cancer Association, National, Center Association, CNBC, Pfizer, Johnson, Merck, Bristol Myers Squibb, Chamber of Commerce, Department of Health, Department of Justice Locations: Washington ,, Western District, PhRMA, Ohio

UBS hiked its price target on Nvidia , citing an attractive valuation and strong demand for its chips. The firm upgraded shares to overweight from neutral and upped its target price by $17 to $68, which implies 24.3% potential upside. He upgraded shares to buy from neutral and increased his price target from £17 to £21. — Pia Singh 5:47 a.m.: UBS hikes Nvidia price target UBS is getting even more bullish on Nvidia ahead of the chipmaker's fiscal fourth-quarter earnings report. Despite the price target increase, Nvidia shares were down 1% in the premarket.

Persons: Riley Securities downgrades, Jeff Lick, Children's, Lick, — Pia Singh, Piper Sandler, Trimble, Clarke Jeffries, Mark Palmer, Palmer, Andrew Baum, Baum, GSK's, Timothy Arcuri, Arcuri, NVDA, Fred Imbert Organizations: CNBC, UBS, Nvidia, Citi, GSK, Riley Securities, Children's, Investment, Block Locations: Lick, Monday's, C2H

☆ 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

☆ 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

☆ These companies have earnings momentum heading into their reports next week
▼ + stars: | 2024-01-25 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

A fresh batch of earnings are set to come out next week, ranging from Big Tech companies to major pharmaceutical names, and analysts think some names could post stand-out results. Roughly 19% of S & P 500 companies are set to report next week, including megacap names such as Apple, Microsoft and Amazon. Thus far, about 22% of companies have reported earnings for the fourth quarter, with nearly 74% of those names surpassing expectations, FactSet data shows. Nearly 20 analysts have revised their quarterly earnings estimates upward. Other companies that have earnings momentum heading into next week include Hartford Financial Services and A. O. Smith Corporation , both of which have received roughly 20 earnings estimate revisions in the past three months.

Persons: FactSet, Brent Thill, Thill, AMZN, Tal Liani Organizations: Big Tech, Apple, Microsoft, CNBC, Jefferies, Amazon, MGM Studios, Royal, Qualcomm, Bank of America, Hartford Financial Services, Smith Corporation Locations: Wednesday's

Dec 5 (Reuters) - Eli Lilly (LLY.N) on Tuesday said its recently approved obesity treatment Zepbound is now available in U.S. pharmacies and could cost $550 a month for customers whose health insurance does not cover the drug, or half the list price. Wall Street analysts expect sales of Zepbound to reach about $2 billion in 2024, and for sales of Novo Nordisk's (NOVOb.CO) rival obesity drug Wegovy to hit around $7.5 billion. An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. When the U.S. Food and Drug Administration approved Zepbound in November, Lilly said it would launch after the U.S. Thanksgiving holiday. Lilly's obesity drug has the same active ingredient, tirzepatide, as its previously approved diabetes drug Mounjaro, which has been used off-label for weight loss since its 2022 launch.

Persons: Eli Lilly, Wegovy, danuglipron, Zepbound, Lilly, Mike Segar, Eli Lilly's, Patrick Wingrove, Manas Mishra, Khushi, Arun Koyyur, Alexander Smith, Bill Berkrot Organizations: Wall Street, Novo, Pfizer, Company, REUTERS, CVS, U.S . Food, Drug Administration, U.S, Thomson Locations: U.S, Branchburg , New Jersey, Indianapolis, New York, Bengaluru

CAPE TOWN, South Africa (AP) — South Africa, Colombia and other countries that lost out in the global race for coronavirus vaccines are taking a more combative approach towards drugmakers and pushing back on policies that deny cheap treatment to millions of people with tuberculosis and HIV. The pills are especially important for South Africa, where TB killed more than 50,000 people in 2021, making it the country’s leading cause of death. In July, J&J’s patent on the drug expired in South Africa, but the company had it extended until 2027, enraging activists who accused it of profiteering. Back then, President Nelson Mandela’s government in South Africa eventually suspended patents to allow wider access to AIDS drugs. Bedaquiline was not rolled out as a standard treatment in South Africa until 2018.

Persons: they’ve, ”, Brook Baker, Johnson, Christophe Perrin, Peter Maybarduk, Petro Terblanche, Afrigen, Nelson Mandela’s, “ Mandela, Terblanche, Lynette Keneilwe Mabote, Andy Gray, Gray, Zolelwa, Bedaquiline, “, Sifumba, ___ Cheng Organizations: Health Organization, Northeastern University, One, Johnson, J, Viiv Healthcare, WHO, Public Citizen, Pfizer, Moderna, Terblanche, Big Pharma, South, University of KwaZulu, World Health Organization, AP Locations: CAPE, South Africa, Colombia, Belarus, Ukraine, Colombian, Washington, Africa, Natal, South African, London

A sign is pictured outside an Eli Lilly and Company pharmaceutical manufacturing plant at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. Incretins are peptide-based drugs such as Mounjaro that mimic gut hormones to suppress appetite and stimulate insulin secretion. Lilly said it had announced investments of more than $11 billion in global manufacturing in the past three years. Major production sites that Lilly runs outside of its U.S. home market are in Ireland, France, Spain, Italy and China. The new Alzey site will employ up to 1,000 highly skilled workers such as engineers, technicians and scientists, said Lilly.

Persons: Eli Lilly, Mike Segar, Lilly, Karl Lauterbach, Lauterbach, generics, Patrick Wingrove, Matthias Williams, Jason Neely, David Evans Organizations: Company, REUTERS, Rights, Reuters, U.S ., Novo Nordisk, European Union, pharma, The U.S ., Thomson Locations: Branchburg , New Jersey, Germany, Alzey, U.S, United States, Danish, Berlin, Fegersheim, France, European, Indiana , North Carolina, Limerick, Ireland, Spain, Italy, China, The U.S

☆ AstraZeneca adds player to obesity drug race, but Eli Lilly remains in the lead
▼ + stars: | 2023-11-10 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +8 min

Eli Lilly (LLY) remains our favorite way to play the weight-loss drug market, despite a new entry this week from AstraZeneca (AZN). Eli Lilly shares had their worst day of the year Thursday, falling 4.5% in the session to close at $591.32. AstraZeneca's encroachment on turf currently dominated by Eli Lilly and Danish rival Novo Nordisk (NVO) may have contributed to Thursday's declines. That approval, despite being widely expected, pushed Eli Lilly to an all-time closing high Wednesday, at $619.13 per share. Our desire to own Eli Lilly over Novo Nordisk hinges, in part, on our confidence in Eli Lilly's other treatment opportunities, such as in Alzheimer's.

Persons: Eli Lilly, Jim Cramer, Jim, Lilly's, Eli Lilly's tirzepatide, Zepbound, Novo's, Eli Lilly's, Eli Lilly's GLP, Dave Ricks, Lilly, Ricks, AstraZeneca's, ECC5004, retatrutide, Jim Cramer's, David Ricks, Eli Lilly Scott Mlyn Organizations: AstraZeneca, Novo Nordisk, American Heart Association, Novo Nordisk's semaglutide, CNBC, Reuters, Citigroup Locations: Danish, GLP, North Carolina, Novo, Denmark, Zepbound, Alzheimer's

☆ Feds busted a 'high-end' brothel network serving politicians and pharma execs. Apparent clients are wondering if they'll be next.
▼ + stars: | 2023-11-09 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +5 min

The feds busted a "sophisticated" brothel network that serviced politicians, pharma executives, and other high-profile clientele. Clients worried that they would be arrested, while others urged people to "shut the fuck up and lawyer up." AdvertisementAdvertisementThe Justice Department announced charges Wednesday against three defendants accused of operating a "sophisticated" brothel network in the Boston area and in eastern Virginia. "I'm glad I never participated," the user wrote in the forum after laying out the requirements. A Justice Department spokesperson declined to comment when asked if prosecutors are planning on charging others connected to the brothel network.

Persons: —, — Han Lee, James Lee, Junmyung Lee —, Han Lee, Junmyung Lee, BTT, I'm Organizations: pharma, Service, Boston, Department, feds, Justice Locations: Virginia, Boston, Btt, Georgia, Massachusetts

☆ EU proposal may accelerate pharma innovation decline, industry group says
▼ + stars: | 2023-11-06 | by ( Julia Payne | ) www.reuters.com time to read: +3 min

"Any changes to our incentives system would equally affect EU-based and foreign-based companies which bring medicines to the EU and, therefore, it would not put EU firms at a disadvantage," an EU Commission spokesperson said. Medication was the single biggest contributor to the EU’s trade surplus, with 235 billion euro ($252.13 billion) worth of exports in 2021. The EFPIA said small biotech companies have already moved to the United States and China. The Commission said its proposal would reduce new medicine approval times to 180 days from 400 days. Germany, Belgium and France would be the hardest hit by the proposed rules, the EFPIA said citing research by Dolon that it commissioned.

Persons: EFPIA, Lars Fruergaard Jorgensen, Jorgensen, Ozempic, " Jorgensen, Julia Payne, Lisa Shumaker Organizations: European Commission, European Federation of Pharmaceutical Industries, EU, Commission, Novo Nordisk, Thomson Locations: BRUSSELS, United States, China, Danish, Boston, U.S, Europe, EU, Germany, Belgium, France

☆ FDA authorizes updated Novavax Covid vaccine as Pfizer, Moderna shots roll out in U.S.
▼ + stars: | 2023-10-03 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

"In the coming days, individuals in the U.S. can go to major pharmacies, physicians' offices, clinics and various government entities to receive an updated Novavax vaccine." Last month, the FDA and CDC greenlit XBB.1.5 shots from Pfizer and Moderna for all Americans ages six months and older. The end of that declaration means all three manufacturers will sell their updated shots directly to health-care providers and vie for commercial market share. That includes the Biden administration's Bridge Access Program, which will provide Covid vaccines at no cost to underinsured and uninsured people. It's unclear how many Americans will actually roll up their sleeves and take the new vaccines from Novavax, Pfizer and Moderna.

Persons: Novavax, John Jacobs, fends, Demetre Daskalakis, Biden, it's, Eris, Megan Wallace Organizations: Drug Administration, Pfizer, Moderna, Centers for Disease Control, Covid, FDA, CDC, EG, Biden Locations: U.S, Novavax

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

The Food and Drug Administration on Tuesday granted emergency use authorization to the updated COVID-19 vaccine from Novavax, marking the third new coronavirus shot that will be made available to the public ahead of the winter and the only not produced with messenger RNA technology. FDA authorized the shot for people ages 12 and older just weeks after shots from Moderna and Pfizer rolled out. “Today’s authorization provides an additional COVID-19 vaccine option that meets the FDA’s standards for safety, effectiveness and manufacturing quality needed to support emergency use authorization,” Peter Marks, director of the FDA’s Center for Biologics Evaluation and Research, said in a statement. Some individuals are skeptical of the new technology, instead opting for Novavax’s more traditional use of protein-based technology. “In the coming days, individuals in the U.S. can go to major pharmacies, physicians’ offices, clinics and various government entities to receive an updated Novavax vaccine.”

Persons: “, ” Peter Marks, ”, John Jacobs Organizations: Drug Administration, FDA, Moderna, Pfizer, FDA’s, Biologics, Research, Health, Covid Locations: U.S

But a person who worked closely with Ramaswamy said, "He thinks people are put on this earth to serve him." Roivant attracted investors including Masayoshi Son's SoftBank Vision Fund, Peter Thiel's Founders Fund, and the hedge fund Viking Global Investors. Former Roivant employees said Ramaswamy worked hard and expected the same of others. McLaughlin called the employee's recollection "inaccurate," adding that Ramaswamy "has never once raised his voice or used bad language with employees." At Roivant, Ramaswamy kept his politics largely to himself, former employees said.

Persons: Vivek Ramaswamy, Ramaswamy, He's, Donald Trump, Mike Pence, Nikki Haley, Ron DeSantis, Trump, George Soros, didn't, Taco Bell, he's, —, Vivek, Tricia McLaughlin, he'd, McLaughlin, takeout, Forbes, Vivek doesn't, they've, Roivant, Masayoshi, Peter Thiel's, Thiel, JD Vance, Bill Ackman, who'd, . Ramaswamy, Erik Gordon, Vance, John Phillips, Joyce Rosely, Phillips, Anson Frericks, they'd, Rosely, Frericks, They're, they're, Eric Balchunas, Todd Rosenbluth, Rosenbluth, Christopher Lenzo, Brandon Bell, Vivek Ramaswamy's, Katherine Long, Jack Newsham, Meghan Morris Organizations: pharma, Army Rangers, Biotech, Republican, nab, GOP, of Education, FBI, Nuclear Regulatory Commission, Federal Reserve, Florida, Roivant Sciences, General Electric, Yale Law School, Army, Rangers, Harvard, Yale, Fund, Viking Global, Leerink Partners, GlaxoSmithKline, Forbes, Big Pharma, Japan's Sumitomo Pharma Co, ., University of Michigan, FDA, US, Yale Law, ESG, The, Texas, Indiana, BlackRock, Vanguard, Bloomberg Intelligence, Fair, SEC Locations: Mexico, FiveThirtyEight, Roivant, Patagonia, Iowa, New York, Ohio, The Lever

☆ AstraZeneca succession sickness demands urgent fix
▼ + stars: | 2023-09-15 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

LONDON, Sept 15 (Reuters Breakingviews) - Can a CEO be worth $9 billion? That’s the question posed by the 4% fall in AstraZeneca’s (AZN.L) shares following an article stating boss Pascal Soriot may soon resign. The company has played down the report, and its stock has recovered, but the episode highlights its uncertain position were 64-year-old Soriot to leave. Without a clear succession plan, investors should prepare for further swings. Small wonder investors and analysts wonder whether AstraZeneca will be able to find a successor capable of replicating his success.

Persons: Pascal Soriot, AstraZeneca’s, Ivan Menezes, Debra Crew, Soriot, Susan Galbraith, David Fredrickson, Luke Miels, Soriot’s, Neil Unmack, Streisand Neto Organizations: Reuters, Pfizer, pharma, Novartis, Sanofi, GSK, AstraZeneca, Diageo, Thomson Locations: AstraZeneca’s, Swedish

☆ Rock ’n’ Roll According to the Chinese Communist Party
▼ + stars: | 2023-08-13 | by ( Vivian Wang | Weiyi Cai | ) www.nytimes.com time to read: +7 min

Rock ’n’ Roll According to the Chinese Communist PartyA man spends decades working a monotonous factory job. Then a local Communist Party group decided to rewrite it. Changed lyrics ORIGINAL REWRITE TITLE VERSE 1 VERSE 2 VERSE 3 CHORUS ORIGINAL TITLE VERSE 1 Changed lyrics VERSE 2 VERSE 3 CHORUS REWRITE TITLE VERSE 1 VERSE 2 VERSE 3 CHORUSChina’s government has long used censorship to control expression. As the Communist Party embraced market reforms in the 1990s, workers at state-run companies in Shijiazhuang, in northern China, faced mass layoffs. 日新月异二十年初心指向航向 Original aspiration: A common phrase in Chinese Communist Party propaganda about the party sticking to its founding principlesIt’s little surprise, then, that the two versions end in completely different places.

Persons: Ji Geng, ”, 用, 锈, 河北, worldviews, 如此, 翻天覆地, 日新月异, It’s, 迎风 Organizations: Communist Party, Chinese Communist Party, Society, Communist Youth League, Pharmaceutical, Hebei Normal University Locations: Shijiazhuang, Beijing, Shijiazhuang 杀死, Shijiazhuang 杀, China, Hebei Province, Hebei

☆ Trick That Helps Big Pharma Companies Avoid Paying Billons in US Taxes
▼ + stars: | 2023-08-03 | by ( Brad Setser | Tess Turner | ) www.businessinsider.com time to read: +11 min

But take a look at the corporate disclosures of America's largest pharmaceutical companies, and a puzzling hole opens. Large legal loopholesThe offshore migration of these pharmaceutical companies' profits may seem egregious, but the tax gymnastics are generally legal. On paper, America's corporate-tax rate is 21%, but the country's largest and most profitable pharmaceutical companies don't pay anything close to that. What's more, the superlow rate enjoyed by American pharmaceutical companies isn't necessary for these firms to be internationally competitive. A spoonful of medicine to make the taxes go downAmerica's pharmaceutical companies have made great contributions to medicine.

Persons: Democratic Sen, Ron Wyden, AbbVie, it's, Keytruda, Gilead, Eli Lilly, they've, Brad W, Whitney, Tess Turner Organizations: Merck, National Institutes of Health . Pharmaceutical, Democratic, Pfizer, US pharma, US Treasury, Trump, Treasury, US, Denmark's, Nordisk, Novartis, National Institutes of Health, Whitney Shepardson, Council, Foreign Relations Locations: Oregon, America, Caribbean, Europe, Bermuda, Puerto Rico, Germany, Ireland, Singapore, Switzerland, Belgium, Denmark

☆ Credit Suisse downgrades Pfizer, says pharma giant will struggle to keep up with competitors
▼ + stars: | 2023-06-29 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Pfizer 's underperformance could be here to stay, Credit Suisse warned. Analyst Trung Huynh downgraded the pharmaceutical stock to neutral from outperform and cut his price target by $7 to $40. Pfizer said it still has other plans for focusing on obesity, which has been a closely followed area in the pharmaceutical development world. Pfizer has been his worst performing call since the outperform rating at the end of November, with shares underperforming major pharmaceutical peers in the U.S. by 26%. He said concerns that have weighed on the stock include over-optimism on Covid vaccination and booster rates, "ambiguous" guidance on the drug pipeline and negative events for projects in the drug pipeline.

Persons: Trung Huynh, Huynh, CNBC's Michael Bloom Organizations: Pfizer, Credit Suisse Locations: U.S, Covid

☆ California, other states join FTC bid to block Amgen deal
▼ + stars: | 2023-06-22 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, June 22 (Reuters) - The states of California, New York, Illinois, Minnesota, Washington and Wisconsin have joined a Federal Trade Commission (FTC) lawsuit to stop Amgen's (AMGN.O) $27.8 billion deal to buy Horizon Therapeutics (HZNP.O), according to a court filing on Thursday. Washington Attorney General Bob Ferguson said his state had joined the lawsuit because "monopolies harm consumers" and the merger could allow Amgen to "dominate" prescription drug markets. The FTC acquisition marks a change for the agency, which previously had typically flagged therapeutic overlaps in companies and waved deals through after requiring one of the medicines to be divested. Amgen said in a statement last month it was disappointed by the FTC decision and it believed it had "overwhelmingly demonstrated" that the deal had no legitimate competitive issues. The last major pharmaceutical deal approved by the FTC was AstraZeneca's (AZN.L) $39 billion acquisition of Alexion Pharma in April 2021, about two months before FTC Chair Lina Khan was appointed by the Biden administration.

Persons: Bob Ferguson, Rob Bonta, Amgen, Lina Khan, Biden, David Shepardson, Jamie Freed Organizations: Federal Trade Commission, Horizon Therapeutics, . Washington, FTC, Horizon, Alexion Pharma, Thomson Locations: California , New York , Illinois, Minnesota, Washington, Wisconsin, California

☆ Catalent cuts annual forecast hurt by operational challenges
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Catalent Inc (CTLT.N) cut its full-year net revenue and profit forecast on Friday, reflecting operational challenges and higher-than-expected costs after it flagged an over $400 million hit to both its annual sales and core profit forecasts earlier this month. The contract drug manufacturer now sees its full-year revenue in the range of $4.25 billion to $4.35 billion compared with its prior forecast of $4.63 billion to $4.88 billion. Catalent said it now sees adjusted net income for the year in the range of $187 million to $228 million, compared with the previous forecast of $567 million to $648 million. Shares of Catalent reversed losses to be up 7.7% at $34.63 before the bell. Reporting by Bhanvi Satija, Sriparna Roy and Pratik Jain in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Eli Lilly, Novo Nordisk and Sanofi CEOs to testify before Senate on lowering insulin prices
▼ + stars: | 2023-04-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

In this photo illustration, an insulin pen manufactured by the Novo Nordisk company is displayed on March 14, 2023 in Miami, Florida. Those companies — Eli Lilly, Novo Nordisk and Sanofi — had announced in March that they will slash prices of their most widely used insulin products by 70% or more. The companies' versions of insulin cost at least $275 before the announced price slashes, Sanders noted. Novo Nordisk said its CEO looks forward to "a productive and collaborative discussion about this important issue." PBMs have come under criticism for inflating drug prices and not passing on all the discounts they negotiate to consumers.

[1/4] A pack of birth control pills is displayed in this illustration picture taken in Philadelphia, Pennsylvania, U.S., July 11, 2022. REUTERS/Hannah Beier/IllustrationApril 10 (Reuters) - Over 300 biotech and pharmaceutical industry executives, including Pfizer Inc (PFE.N) CEO Albert Bourla, signed an open letter on Monday calling for reversal of a federal judge's decision to suspend sales of the abortion pill mifepristone. Last week's ruling by Judge Matthew Kacsmaryk undermines the FDA's authority, the letter's authors wrote, adding that it ignores decades of scientific evidence and legal precedent. The ruling could open the possibility to the banning of vaccines and contraception for women, said Levin. "It's the single worst threat to the industry in over 50 years."

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