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☆ Pfizer beats revenue estimates, raises profit outlook on cost cuts and strong non-Covid sales
▼ + stars: | 2024-05-01 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Pfizer on Wednesday reported first-quarter revenue that beat expectations and hiked its full-year profit outlook, benefiting from its broad cost-cutting program and strong sales of its non-Covid products. Pfizer reiterated its previous revenue forecast of $58.5 billion and $61.5 billion, which it first outlined in mid-December. For the first quarter, Pfizer booked net income of $3.12 billion, or 55 cents per share. That compares with net income of $5.54 billion, or 97 cents per share, during the same period a year ago. Paxlovid booked $2 billion in revenue for the quarter, down 50% from the same period a year ago.

Persons: Pfizer's, Paxlovid Organizations: Pfizer, Wednesday, LSEG, Revenue, U.S, Paxlovid Locations: U.S, Seagen, China

☆ Hacked health care giant makes progress in recovery, but concerns for small clinics remain
▼ + stars: | 2024-03-18 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +3 min

Change Healthcare says it handles one in every three patient records in the US. Change Healthcare restored its electronic payments platform on March 15 and “is proceeding with payer implementations,” UnitedHealthGroup said in a statement on Monday. “Billions of dollars” stopped flowing to health care providers because of the hack, according to AHA, which represents thousands of hospitals across the country. The unprecedented pressure on a hacked US health care firm won’t go away with the restoration of billing services. HHS has opened an investigation into whether Change Healthcare has complied with federal law to protect patient data.

Persons: ”, ” UnitedHealthGroup, won’t Organizations: CNN, Biden, American Hospital Association, Healthcare, AHA, White House, Department of Health, Human Services, HHS Locations: United States, Colorado, Oregon

☆ Health insurance giant roiled by cyberattack sets up loan program for cash-strapped health providers
▼ + stars: | 2024-03-01 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +2 min

CNN —Change Healthcare, the health insurance IT giant disrupted for days by a cyberattack, on Friday announced plans for a temporary loan program to get money flowing to health care providers affected by the outage. It’s a stop-gap measure meant to give some financial relief to health care providers, which analysts say are losing millions of dollars per day because of the outage. Some US officials and health care executives told CNN it may be weeks before Change Healthcare returns to normal operations. The temporary loan program will help health care providers with “short-term cash flow needs,” Change Healthcare said in a statement. A unit of healthcare conglomerate UnitedHealth, Change Healthcare processes prescriptions to insurance for tens of thousands of pharmacies nationwide.

Persons: ” Carter Groome Organizations: CNN, Friday, Healthcare, White, Health, Human Services, Senior, American Hospital Association, First Health, Justice Department Locations: Maryland, Michigan

☆ Cyberattack leaves patients facing the choice to pay – or wait for their prescriptions
▼ + stars: | 2024-02-23 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +5 min

It is only the latest in long list of hacking incidents that have roiled the health care sector in the last few years. Mara FurlichPrescription insurance processing at big university health systems in Indiana and California have also been disrupted, according to internal email correspondence at the health systems reviewed by CNN. In a regulatory filing Thursday, Change Healthcare’s parent firm said “suspected nation-state associated” hackers had breached some of their computer systems. The Change Healthcare spokesperson declined to comment when asked on what information the company based its assessment that foreign government-linked hackers could be responsible. The FBI and CISA did not respond for requests for comment on whether they agreed with Change Healthcare’s assessment on who was responsible for the hack.

Persons: Mara Furlich, Furlich, ” Furlich, Camp Pendleton, Luke Bonczyk, Abi, ”, “, CISA, Max Henderson Organizations: CNN, FDA, Healthcare, Naval Hospital, American Hospital Association, FBI, Infrastructure Security Agency, Department of Health, Human Services, HHS, Optum, “ Locations: United States, Detroit, Camp Pendleton, Southern California, Indiana, California

☆ Here are Friday's biggest analyst calls: Rivian, DraftKings, Nio, Fox, Carvana, Pfizer and more
▼ + stars: | 2024-02-23 | by ( Alex Harring | ) www.cnbc.com time to read: +9 min

Here are Friday's biggest calls on Wall Street: UBS double-downgrades Rivian The firm said to sell the electric vehicle maker's stock, joining a growing group of concerned analysts following the company's earnings report. Raymond James upgrades Carvana The investment bank moved Carvana to market perform from underperform following the fourth-quarter earnings results. Guggenheim initiates Pfizer The firm opened coverage of the biopharmaceutical stock with a buy rating and $36 price target. " Rosenblatt initiates Adeia The firm began coverage with a buy rating and $15 price target. Roth MKM initiates CPI Card Group Roth MKM started coverage of the financial technology stock with a buy rating and $40 price target.

Persons: Ross, ROST, Raymond James, EBITDA, 4Q23, Guggenheim, ATNI, Morgan Stanley, Brighthouse, Rosenblatt, Roth MKM, Fred Imbert Organizations: UBS, Barclays, CNBC, Citi, Fox, JV, Ross, Price, Pfizer, DRG, Equitable, JPMorgan, Traction, JPMorgan downgrades Locations: 1Q24, Xperi, 4Q22

☆ When Covid-19 finally got me, here’s what I did next
▼ + stars: | 2024-02-12 | by ( Katia Hetter | ) edition.cnn.com time to read: +9 min

Story highlights Getting a Covid-19 vaccination reduces risk of hospitalization or death All should have a plan in the event of infection, our medical expert advises There are treatments available for patients not eligible for PaxlovidCNN —Covid-19 finally got me. There are more key points I want to emphasize: The Covid-19 vaccine is not going to protect you 100% from contracting the virus. That’s because the viral load may not be high enough initially to trigger a positive test. You should also consider getting tested for the flu, as antiviral treatments are available for influenza, too. Wen: Individuals who test positive should stay home for at least five days and isolate from others, according to CDC guidance.

Persons: Paxlovid CNN —, I’ve, “ Hamilton, Leana Wen, Wen, it’s, It’s, Joe Raedle, Covid Organizations: Paxlovid CNN, CNN Health, World Health, WHO, George Washington University, CNN, Covid, US Centers for Disease Control, Paxlovid Locations: naps, Covid

For some people with COVID-19, antiviral pills that can be taken at home can lessen the chances of winding up in the hospital. Here’s how to get the pills in the U.S.:— Take an at-home COVID-19 test and contact your health care provider. Photos You Should See View All 45 Images— Use a test-to-treat site, where pharmacists can check if you have COVID-19, write the prescription and give you the pills all in one stop. Find a test-to-treat site at treatments.hhs.gov. Paxlovid is the most commonly prescribed antiviral pill for COVID-19.

Persons: Paxlovid, Robert Wood Johnson Organizations: National Institutes of Health’s, Pfizer, Associated Press Health, Science Department, Robert Wood Johnson Foundation, AP Locations: U.S, treatments.hhs.gov

And yet, an antiviral treatment proven to lessen the chances of severe outcomes is going underused. The drug, Paxlovid, is lauded by experts as a powerful tool that can prevent hospitalization and death from COVID-19. One Centers for Disease Control and Prevention study found that Paxlovid can decrease hospitalization risks among adults by 51%. The study by Harvard researchers found that Paxlovid was disproportionately given to Medicare patients with lower risk of severe infection. “There are very few medications and very few patients whose potential medication interaction with Paxlovid is so severe that they’re better off not taking Paxlovid,” he said.

Persons: they’ve, ”, Amesh, Paxlovid, Kurt Proctor, Celise Ballow, Ballow, “ I’m, I’m, … I’m, ” Ballow, ’ ”, Sarah George, Michael Barnett, Robert Wood Johnson Organizations: Johns Hopkins University, Disease Control, Pfizer, National Community Pharmacists Association, St, Louis University, Harvard, Associated Press Health, Science Department, Robert Wood Johnson Foundation, AP Locations: COVID, U.S, Junction , Utah, Paxlovid, Harvard

☆ Pfizer beats earnings estimates as declining Covid business loses less revenue than expected
▼ + stars: | 2024-01-30 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Pfizer on Tuesday posted a surprise adjusted fourth-quarter profit, as the company's declining Covid business performed better than expected. The company reversed roughly $3.5 billion in revenue related to the expected return of 6.5 million doses of its Covid drug, Paxlovid, from the U.S. government. That hit is less than the $4.2 billion Pfizer initially expected for the return of nearly 8 million doses of Paxlovid. Pfizer's Covid vaccine raked in $5.36 billion in revenue for the quarter, down 53% from the same period last year. For the fourth quarter, Pfizer booked a net loss of $3.37 billion, or 60 cents per share.

Persons: Paxlovid, That's Organizations: Pfizer, U.S ., Analysts, LSEG Locations: U.S

The New York drugmaker also said Tuesday it's reaffirming its forecast for 2024, a month after surprising Wall Street with an initial outlook that missed consensus. In the fourth quarter, Pfizer said it booked 8% operational revenue growth outside its market-leading COVID vaccine, Comirnaty, and treatment, Paxlovid. Comirnaty sales tumbled 53% in the quarter to $5.4 billion, and Pfizer took a $3.1 billion hit from Paxlovid for a revenue reversal. It included sales expectations for its COVID-19 products that fell more than $5 billion short of expectations. The company had previously scaled back its sales expectations for 2023, which sent Pfizer shares plunging and contributed to a rough year for the stock.

Persons: Pfizer, York drugmaker, it's Organizations: Pfizer, Pfizer Inc Locations: York

☆ Covid Vaccine Hesitancy Took Off This Winter. Can We Fix It? - The New York Times
▼ + stars: | 2024-01-27 | by ( Danielle Ofri | ) www.nytimes.com time to read: +2 min

“It’s time for the flu shot,” I’ll say to my patients, “plus the updated Covid vaccine.” And that’s when the groans start. In the past, the flu shot elicited the most resistance. Health professionals everywhere are hearing this kind of hesitance among patients as Covid cases and hospitalizations have continued to rise during the winter. As of early January, the average number of Americans dying weekly from Covid was over 1,700. And yet, the Jan. 19 Centers for Disease Control and Prevention report indicated that only 21.8 percent of adults 18 and older have received the latest Covid vaccine — less than half of the percentage of those who have gotten the flu vaccine.

Persons: “, ”, Fine, There’s Organizations: New, for Disease Control Locations: New York City, Covid

COVID-19 is leading hospital admissions among the respiratory viruses, according to the U.S. Centers for Disease Control and Prevention. Last week, 25 U.S. states had high or very high levels for respiratory illnesses with fever, cough and other symptoms. Since the beginning of October, there have been at least 16 million illnesses, 180,000 hospitalizations, and 11,000 deaths from flu so far this season. With vaccination rates low, what can you do to protect yourself from respiratory viruses, including influenza, COVID-19 and RSV? That’s important to see if you need one of the medicines that can help prevent severe illness: Paxlovid for COVID-19 and Tamiflu for flu.

Persons: you’ve, Jennifer Sonney, Sonney, ” Sonney Organizations: U.S . Centers for Disease Control, CDC, HOME, University of Washington School of Nursing, National Association of Pediatric, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP Locations: U.S, United States, Seattle, COVID

☆ The free version of ChatGPT may provide false answers to questions about drugs, new study finds
▼ + stars: | 2023-12-05 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +4 min

Long Island University researchers challenged ChatGPT with real drug-related questions in the past year. OpenAI advises users not to use its tools including ChatGPT for medical information. The responses provided a base criteria according to which the answers produced by ChatGPT would be compared with. The researchers found that ChatGPT only provided a satisfactory response in accordance with the criteria to 10 of the 39 questions. For the other 29 questions ChatGPT either didn't directly address the question or provided an incorrect or incomplete answer.

Persons: OpenAI, —, ChatGPT, Sara Grossman, Grossman Organizations: Long Island University, Service, American Society of Health, University's, of Pharmacy, OpenAI, United, Stanford Medical Locations: Long, Anaheim , California, United States

☆ Unlike Pfizer, Moderna can meet 2023 COVID forecast, analysts say
▼ + stars: | 2023-11-01 | by ( Khushi Mandowara | ) www.reuters.com time to read: +3 min

Syringes with needles are seen in front of a displayed Moderna logo in this illustration taken, November 27, 2021. Around 20 million people need to be vaccinated with Moderna's updated COVID-19 vaccine for the company to reach $2 billion in 2023 sales from the private market, a figure four analysts told Reuters was achievable. The company has said it expects total U.S. COVID vaccine demand to be as much as 100 million doses in the fall season. Moderna forecast $6 billion to $8 billion for sales of its COVID-19 vaccine in 2023, $2 billion to $4 billion of which is expected to come from the commercial market. The COVID vaccine is Cambridge, Massachusetts-based Moderna's lone marketed product.

Persons: Dado Ruvic, Oppenheimer, Hartaj Singh, Michael Yee, Yee, Manas Mishra, Khushi, Patrick Wingrove, Bill Berkrot Organizations: REUTERS, Reuters, U.S, Moderna, Pfizer, Jefferies, GSK, Thomson Locations: Cambridge , Massachusetts, United States, Bengaluru, New

☆ Pfizer swings to quarterly loss as COVID product demand slump sparks charges
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +3 min

The company recorded a $5.6 billion charge in the third quarter related to Paxlovid and vaccine Comirnaty, most of which was disclosed earlier this month. Paxlovid sales slumped 97% in the third quarter to $202 million, while vaccine revenue came in at $1.31 billion, down from $4.4 billion a year earlier. Analysts had expected sales of $1.44 billion for the vaccine and $618.20 million for Paxlovid, according to LSEG data. Sales of its recently launched respiratory syncytial virus (RSV) vaccine, Abrysvo, came in at $375 million for the quarter. Overall revenue was $13.23 billion, compared to $22.64 billion a year earlier.

Persons: Wolfgang Rattay, Evan Seigerman, Bhanvi Satija, Michael Erman, Sriraj Organizations: REUTERS, Pfizer, U.S, BioNTech, Analysts, BMO Capital, U.S ., Thomson Locations: Bengaluru, New York

☆ Pfizer swings to quarterly loss due to Paxlovid, Covid vaccine write-offs
▼ + stars: | 2023-10-31 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Pfizer on Tuesday reported a narrower-than-expected adjusted loss for the third quarter as the drugmaker recorded charges largely related to struggles for its Covid antiviral treatment Paxlovid and the Covid vaccine. Pfizer said it recorded a $5.6 billion charge for inventory write-offs in the third quarter due to lower-than-expected use of Covid products. Of these write-offs, $4.7 billion is chalked up to Paxlovid and $900 million is attributed to the company's vaccine. For the third quarter, Pfizer booked a net loss of $2.38 billion, or 42 cents per share. Meanwhile, the pharmaceutical giant expects its Covid antiviral treatment Paxlovid to bring in $1 billion in revenue.

Persons: Paxlovid Organizations: Pfizer, LSEG, U.S . Locations: U.S, Monday's

☆ 'We are really keen to join forces with Seagen': Pfizer CEO on plans to acquire cancer drugmaker
▼ + stars: | 2023-10-31 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Pfizer CEO Albert Bourla discussed his company's plans to acquire cancer drugmaker Seagen in a Tuesday interview with CNBC's Jim Cramer. "We are really keen to join forces with Seagen," Bourla said. "We are going to kill cancer." The company plans to acquire Seagen in a $43 billion deal, and Bourla said he is "optimistic" it will close by year-end or early next year. Seagen is known for its antibody-drug conjugate treatments, which aim to kill only cancer cells, not healthy ones.

Persons: Albert Bourla, CNBC's Jim Cramer, Bourla Organizations: Pfizer, Federal Trade Commission, European Commission, CNBC Locations: U.S

Pfizer lost more than $2 billion in the third quarter as an expected COVID-19 product sales decline clipped revenue. Both the company and analysts who follow it expected revenue from those key products to tumble this year before eventually rebounding as commercial sales take hold. But two weeks ago, Pfizer Inc. warned that sales of its COVID-19 drugs were weaker than it had expected, and it cut its annual revenue expectations by $9 billion. Falling sales of both Paxlovid and Comirnaty also trimmed sales in the second quarter, but Pfizer said in August that it expected a rebound in the second half of 2023. Pfizer also had a revenue reversal of more than $4 billion in the third quarter.

Persons: Pam Eisele Organizations: Pfizer, Pfizer Inc, U.S ., New, FactSet, Analysts, Zacks Investment Research Locations: New York, _____

Paxlovid, Pfizer's anti-viral medication to treat the coronavirus disease (COVID-19), is displayed in this picture illustration taken October 7, 2022. Sales of Paxlovid and the vaccine Pfizer makes with German partner BioNTech (22UAy.DE) had boosted revenue to record levels the last two years. Reuters GraphicsPfizer continues to expect 2023 revenue growth of 6%-8% from non-COVID products, with a majority occurring in the second half. Paxlovid sales slumped 97% in the third quarter to $202 million, while vaccine revenue of $1.31 billion was down from $4.4 billion a year earlier. Analysts had expected $1.44 billion for the vaccine and $618.20 million from Paxlovid, according to LSEG data.

Persons: Wolfgang Rattay, Evan Seigerman, BioNTech, Albert Bourla, Angela Hwang, Paxlovid, Bhanvi Satija, Michael Erman, Sriraj Kalluvila, Bill Berkrot Organizations: REUTERS, Pfizer, BMO Capital, Reuters Graphics Pfizer, GSK, CVS, Analysts, U.S ., Thomson Locations: Europe, Paxlovid, Bengaluru, New York

☆ Pfizer RSV vaccine lags GSK’s as head-to-head competition underway
▼ + stars: | 2023-10-30 | by ( Michael Erman | ) www.reuters.com time to read: +4 min

[1/3] View of Pfizer's new respiratory syncytial virus (RSV) vaccine Abrysvo during its manufacture in this undated handout picture. "800 POUND GORILLAS"CVS, which has more than 9,000 U.S. locations, declined to comment on why it was only carrying GSK's vaccine. It was not immediately clear how many RSV shots were being administered in pharmacies versus doctors' offices. GSK declined to discuss its RSV vaccine contracts, but said customer relationships gives it a competitive advantage. Two independent pharmacists said they are being charged a lower price by wholesalers for the GSK vaccine, which comes in boxes of 10.

Persons: Price, Ben Link, Link, Pfizer's, Dovato, Morningstar, Damien Conover, We’ve, Alison Hunt, Michelle Vargas, Michael Erman, Caroline Humer, Bill Berkrot Organizations: Pfizer, Handout, REUTERS, GSK, Reuters, CVS Health, CVS, Walgreens, Walmart, Aid, Thomson Locations: United States, British, U.S, South Carolina

The government has been overseeing distribution of the treatments, alongside vaccines and tests, but has transferring that work to traditional commercial channels. Commercial ordering for the treatments is set to start on Nov. 1. Returns will begin on Nov. 15, the official said, and will be accepted through the end of the year. The government is recommending returns start in December enough time for the establishment of patient assistance programs and securing of commercially-labeled doses. Reporting by Ahmed Aboulenein Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Lagevrio, Ahmed Aboulenein, Marguerita Choy Organizations: U.S, Pfizer, Paxlovid, U.S . Department of Health, Human Services, Thomson Locations: U.S

WASHINGTON (AP) — The COVID-19 treatments millions of Americans have taken for free from the federal government will enter the private market next week with a hefty price tag. Pharmaceutical giant Pfizer is setting the price for a five-day treatment of Paxlovid at $1,390, but Americans can still access the pills at no cost -- for now. The less commonly used COVID-19 treatment Lagevrio, manufactured by Merck, also will hit the market next week. People on private insurance may start to notice copays for the treatments once their pharmacy or doctor's office runs out of the COVID-19 treatments they received from the government. Full-year revenue for Paxlovid and Pfizer's COVID-19 vaccine, Comirnaty, is expected to be approximately $12.5 billion.

Persons: “ Pfizer, Paxlovid, coronavirus, Pfizer's, “, Tom Murphy Organizations: WASHINGTON, Pharmaceutical, Pfizer, Merck, Health, Human Services, The Department of Veterans Affairs, Department of Defense, Indian Health Service, U.S, Associated Press, and Drug Administration, Paxlovid Locations: U.S, Indianapolis

☆ US Shifting COVID Antivirals to Commercial Market on Nov. 1
▼ + stars: | 2023-10-27 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

The government has been overseeing distribution of the treatments, alongside vaccines and tests, but has transferring that work to traditional commercial channels. Commercial ordering for the treatments is set to start on Nov. 1. The U.S. government paid around $530 per course for Paxlovid, the most commonly prescribed at home COVID-19 treatment in the country, and made it available at no cost. Returns will begin on Nov. 15, the official said, and will be accepted through the end of the year. The government is recommending returns start in December enough time for the establishment of patient assistance programs and securing of commercially-labeled doses.

Persons: Ahmed Aboulenein WASHINGTON, Lagevrio, Ahmed Aboulenein, Marguerita Choy Organizations: U.S, Pfizer, Paxlovid, U.S . Department of Health, Human Services Locations: U.S

☆ 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

☆ Stocks like Nvidia have 'earnings upside' ahead of quarterly reports, Wall Street analysts say
▼ + stars: | 2023-10-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Earnings season is in full swing, and Wall Street analysts named a slew of well-positioned stocks heading into quarterly results. CNBC Pro combed through recent Wall Street research to find stocks with earnings upside. They include Nvidia, Dover, Arista Networks , Xcel Energy, Pfizer and Costco. Analyst Amit Daryanani and his team added a tactical outperform to the stock ahead of earnings on Oct. 30. … We continue to see multiple paths to double digit growth for Arista in 2024 and their analyst day should confirm this outlook."

Persons: Oppenheimer, Bryan Blair, Blair, Dover's, Murphy, Dover, Amit Daryanani, Daryanani, Julien Dumoulin, Smith, Xcel, XEL, Dover – Oppenheimer, DOV, William Blair, Pfizer – Cantor Fitzgerald, PFE, …, Nvidia – Jefferies Organizations: Wall Street, CNBC, Nvidia, Arista Networks, Xcel Energy, Pfizer, Costco, Dover, ISI, Arista, Xcel Energy Bank of America, Energy – Bank of America, …, … Arista, Automotive, & $ Locations: Dover

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