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☆ Jim Cramer's quick thoughts on 5 stocks: Chevron, Snap, Intel, AbbVie and Colgate
▼ + stars: | 2024-04-26 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +1 min

Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. "I've been itching to buy Devon " again for the CNBC Investing Club portfolio . Snap : The social media company reported a much better-than-expected quarter with higher revenue and active users. Colgate-Palmolive : The consumer products giant had a strong quarter with organic sales up 9.8% and a full-year sales guidance raise. I admit that," Cramer said, referring to Procter & Gamble , which is a stock owned by the Investing Club.

Persons: Jim Cramer's, Jim Cramer, Cramer, Chevron, Botox, Colgate, — Organizations: CNBC, Club, Chevron, Intel, Colgate, Palmolive, Procter, Procter & Gamble, Investing Locations: Devon

☆ These stocks may have trouble living up to expectations for a big earnings turnaround this year
▼ + stars: | 2024-03-26 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

This in effect creates an 'implied' 2H of 2024 guidance that is perhaps excessively optimistic," CEO Adam Parker wrote Sunday. Parker's warning comes after S & P 500 reported earnings growth of 4.2% for the fourth quarter on a year-over-year basis, per FactSet. He also screened for stocks in which there's a big difference between earnings expectations for the first and the second half of the year. Parker surmises that these stocks may disappoint on these aggressive earnings turnarounds. Consensus estimates from analysts surveyed by FactSet suggest the stock, which is down nearly 5% this year, could gain 13.2% from Monday's close.

Persons: Adam Parker, Parker, AbbVie, FactSet, Wells Fargo, Estee Lauder Organizations: Research, Abbott Laboratories, Humana, Pharmaceutical, FactSet, Mondelez International, Procter, Gamble Locations: —, China, Monday's

☆ AbbVie taps longtime executive Robert Michael as new CEO, succeeding Richard Gonzalez
▼ + stars: | 2024-02-20 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Test tubes are seen in front of a displayed AbbVie logo in this illustration taken on May 21, 2021. AbbVie on Tuesday said longtime executive Robert Michael will become the company's new CEO, replacing Richard Gonzalez. Michael, who is AbbVie's president and chief operating officer, will become the company's second-ever CEO on July 1. Gonzalez, who has led the company since it spun out from Abbott Laboratories in 2013, will retire and become AbbVie's executive chairman. Now is the opportune time to hand the CEO role over to Rob," Gonzalez said in a release.

Persons: AbbVie, Robert Michael, Richard Gonzalez, Michael, Gonzalez, Rob Organizations: Abbott Laboratories, AbbVie, CNBC PRO Locations: Humira

☆ Cramer's Lightning Round: AbbVie is 'a very good company'
▼ + stars: | 2024-02-08 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Oxford Lane Capital's year-to-date stock performance. Oxford Lane Capital : "We don't know if they're any good at credit, and we don't know what they own. Stock Chart Icon Stock chart icon MercadoLibre's year-to-date stock performance. Stock Chart Icon Stock chart icon Freeport-McMoRan's year-to-date stock performance. Stock Chart Icon Stock chart icon AbbVie's year-to-date stock performance.

Persons: Oxford Lane Organizations: Oxford, Oxford Lane, Blackstone, Mercado Libre Locations: Mercado, McMoRan's, McMoRan

☆ Investors see a biotech comeback in 2024 as rates fall, deal-making picks up. Stocks to watch
▼ + stars: | 2023-12-28 | by ( Christina Cheddar Berk | In | ) www.cnbc.com time to read: +8 min

Many biotech stocks struggled in 2023 despite a robust year for U.S. drug approvals. "We expect this environment to continue but look forward to the prospect of lower interest rates in 2024." When that happens, Canaccord Genuity said to expect a "strong rally across the biotech sector rewarding innovative, but riskier assets." Analysts have said the rich price reflects the opportunity for ImmunoGen's Elahere cancer treatment , which has quickly established itself as the standard of care for types of ovarian cancer. 'Oversold and cheap' In a research note Friday, Jefferies analyst Michael Yee said "a significant short squeeze" was helping biotech stocks in the fourth quarter.

Persons: Dan Lyons, Janus Henderson, John Newman, Canaccord Genuity, Janus, Lyons, Bristol Myers Squibb, Karuna, AstraZeneca, Eli Lilly, AbbVie, Jonathan Miller, Miller, bode, Jonathan Krinsky, Krinsky, BTIG's, Jefferies, Michael Yee, Yee, NASH, Madrigal, we're, David Risinger, — CNBC's Michael Bloom Organizations: Drug, Federal, Bristol Myers, Karuna Therapeutics, CART, Bristol Myers Squibb, Cerevel Therapeutics, Securities and Exchange Commission, pharma, P Biotech, Nasdaq Biotech, Apogee Therapeutics, Madrigal Pharmaceuticals, Madrigal, resmetirom, Vertex Pharmaceuticals, Leerink Partners Locations: ImmunoGen

☆ 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

☆ Jim Cramer explains why it's hard to be bullish on the healthcare sector
▼ + stars: | 2023-11-30 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Thursday told investors why it's hard to be bullish about healthcare stocks, citing challenges stemming from government action and lack of innovation. According to Cramer, the healthcare sector is "in the crosshairs" of the U.S. government because of the upcoming election. Johnson & Johnson and Bristol Meyers are among several drug makers to file lawsuits against the government, broadly arguing that the pricing measures are unconstitutional. The Federal Trade Commission is doing its best to block mergers in the sector, Cramer said. Aside form drug makers, Cramer added that medical device companies haven't seen their business pick up since Covid, also hurting the sector overall.

Persons: CNBC's Jim Cramer, Cramer, Johnson, Bristol Meyers, Eli Lilly Organizations: Biden Administration, Johnson, Federal Trade Commission Locations: Cigna

☆ Biotech stocks jump on AbbVie deal to buy cancer drugmaker ImmunoGen for $10 billion
▼ + stars: | 2023-11-30 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +1 min

Biotech stocks rose Thursday as AbbVie announced plans to buy cancer drug developer ImmunoGen for $10.1 billion. ImmunoGen develops cancer drugs called antibody-drug conjugates, or ADCs, which are designed to directly kill cancer cells and spare healthy ones. Shares of other biotech companies developing ADCs, which are among the hottest areas in the pharmaceutical industry, jumped on the news of the buyout. The SPDR S&P Biotech ETF , which focuses on small and midsize biotech companies, rose 3% Thursday. Under the terms of the deal, AbbVie will pay $31.26 a share in cash for ImmunoGen, a roughly 95% premium to Wednesday's closing price.

Persons: AbbVie, ImmunoGen, Michael Schmidt Organizations: Biotech, Mersana Therapeutics, ADC Therapeutics, P Biotech ETF, Nasdaq Biotechnology, ImmunoGen, Pfizer, Merck, CNBC PRO Locations: ADCs

☆ 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

☆ Cramer's Lightning Round: Energy Transfer is a buy
▼ + stars: | 2023-10-13 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

Stock Chart Icon Stock chart icon Salesforce's year-to-date stock performance. Stock Chart Icon Stock chart icon Portillo's year-to-date stock performance. Stock Chart Icon Stock chart icon Energy Transfer's year-to-date stock performance. Stock Chart Icon Stock chart icon AbbVie's year-to-date stock performance. Stock Chart Icon Stock chart icon Oracle's year-to-date stock performance.

Persons: Salesforce, I'm, it's, you've, Let's Organizations: Communities, Energy, Realty, Realty Trust, Oracle

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

He said that once implemented, the prices on negotiated drugs will decrease for up to 9 million seniors who currently pay as much as $6,497 in out-of-pocket costs per year for these prescriptions. This kicks off the negotiation process for the 10 drugs whose new prices will go into effect in 2026. U.S. laws had prohibited Medicare from negotiating pharmaceutical prices as part of its prescription drug program that began about 20 years ago. CMS Director Dr. Meena Seshamani said Medicare plans to use a review process to make sure insurance companies keep clinically appropriate access to negotiated drugs. Two analysts said they expect the negotiated prices to move beyond Medicare and affect commercial markets for these drugs by 2026, when they come into effect.

Persons: Joe Biden, Jonathan Ernst, Biden, Joe Biden’s, Januvia, Xarelto, Johnson, Boehringer Ingelheim, Eli Lilly's, Jardiance, Mohit Bansal, Entresto, Eli Lilly, Merck, Bristol Myers, Giovanni Caforio, Caforio, enrollees, Meena Seshamani, Stelara, Amgen, Evan Seigerman, Patrick Wingrove, Mike Erman, Manas Mishra, Nandita Bose, Caroline Humer, Bill Berkrot Organizations: Social Security, University of Tampa, REUTERS, U.S, Bristol Myers Squibb, Pfizer, Merck, Co's, Johnson, Novo Nordisk, NYSE Arca Pharmaceutical, U.S . Centers, Medicare, Medicaid Services, Reuters Graphics Wells, Novartis, AstraZeneca, Bristol, J, U.S . Department of Health, Human Services, BMO Capital, Thomson Locations: Tampa , Florida, U.S, Amgen's, Jardiance, Germany, Bengaluru, Washington

☆ Explainer: Why the US is negotiating the price of 10 drugs
▼ + stars: | 2023-08-29 | by ( Patrick Wingrove | ) www.reuters.com time to read: +4 min

What are the Medicare drug price negotiations? The Medicare agency, known as the Centers for Medicare & Medicaid Services (CMS), was previously forbidden by law from bartering prices with manufacturers. The negotiations must end by Aug. 1, and Medicare will publish its list of new prices on Sept. 1. The process will begin again in February of 2025, when CMS selects another 15 costly prescription drugs for negotiations, with new prices on those going into effect in 2027. All the lawsuits seeking to avoid drug price negotiations argue that the new law is unconstitutional.

Persons: Joe Biden, Kevin Lamarque, Joe Biden’s, Patrick Wingrove, Bill Berkrot Organizations: Major Economies, White, REUTERS, U.S, Merck, Co's, Bristol Myers Squibb, Pfizer, Medicare, Medicaid Services, CMS, U.S . Chamber of Commerce, Thomson Locations: Energy, Washington , U.S

☆ US FDA approves Pfizer's blood cancer therapy
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Johanna Geron/File PhotoAug 14 (Reuters) - The U.S. Food and Drug Administration on Monday granted accelerated approval to Pfizer's (PFE.N) therapy for treating patients with a type of blood cancer that is difficult to treat, the company said. Multiple myeloma is a common type of blood cancer, which develops in the bone marrow and can spread throughout the body. The FDA approval is based on data from a mid-stage study that showed that 58% of patients treated with Pfizer's therapy had no signs of cancer or had seen a significant decrease in cancer cells in the body. Pfizer said it will continue testing the therapy in ongoing late-stage trials to expand its use in earlier lines of treatment for patients. The therapy's approval comes with a boxed warning for neurologic toxicity and cytokine release syndrome, a condition where the immune system reacts more aggressively.

Persons: Johanna Geron, Epkinly, Johnson, Pfizer's, Bhanvi Satija, Leroy Leo, Pratik, Shounak Dasgupta Organizations: Pfizer, REUTERS, U.S . Food, Drug Administration, FDA, Thomson Locations: Puurs, Belgium, U.S, Bengaluru

July 27 (Reuters) - AbbVie (ABBV.N) on Thursday raised its annual profit forecast after beating analysts' estimates for second-quarter earnings on a lower-than-expected fall in sales of blockbuster arthritis drug Humira and strong sales of newer treatments. Global Humira sales tumbled 25.2% to $4.01 billion while analysts had expected $3.94 billion, according to Refinitiv data. Still, Humira sales are expected to drop 37% in 2023, and the company has been leaning on newer immunology drugs Skyrizi and Rinvoq to drive growth. Excluding one-off items, AbbVie reported a profit of $2.91 per share, beating the average analyst estimate of $2.81. The company raised its 2023 adjusted profit forecast to $10.90 to $11.10 per share from $10.57 to $10.97 earlier.

Persons: Evan Seigerman, Richard Gonzalez, Leroy Leo, Patrick Wingrove, Sriraj Kalluvila, Jonathan Oatis Organizations: Global, BMO Capital, Reuters, Thomson Locations: U.S, Amgen, Bengaluru, New York

☆ Launch of arthritis drug biosimilars ramps up US pressure on pricing 'middlemen'
▼ + stars: | 2023-07-25 | by ( Patrick Wingrove | ) www.reuters.com time to read: +5 min

Seven drugmakers this month launched their own versions, known as biosimilars, of AbbVie's (ABBV.N) flagship arthritis drug Humira, once the world's top-selling prescription medicine. Three have kept their list price within 5%-7% of AbbVie's, two priced at an 85% discount and two have offered both types of prices. For insured patients who are often on the hook for co-pays of 10% to 25% of the list price, the savings have been minimal. Reuters GraphicsThe Biden administration has made lowering drug prices a priority. Amgen offered 5% and 55% discounts to AbbVie's $6,922 per month Humira price tag, and both were included on drug coverage lists at two large PBMs.

Persons: Dado Ruvic, Humira, Ameet Sarpatwari, Biden, PBMs, Cigna, UnitedHealth, Amgen, Robin Feldman, Ron Wyden, Wyden, Chuck Grassley, Grassley, Patrick Wingrove, Moira Warburton, Josephine Walker, Caroline Humer, Bill Berkrot Organizations: REUTERS, Association for Accessible Medicines, Harvard Medical School, Reuters, Lawmakers, Federal Trade Commission, FTC, CVS, Biosimilars, Healthcare, Novartis, Sandoz, Reuters Graphics Reuters, University California College of the, Democratic, Republican, Thomson Locations: U.S, Humira, San Francisco, New York, Washington

☆ Exclusive: MoonLake Immunotherapeutics explores sale-sources
▼ + stars: | 2023-07-14 | by ( David Carnevali | ) www.reuters.com time to read: +2 min

July 14 (Reuters) - MoonLake Immunotherapeutics (MLTX.O), a developer of an antibody-derived treatment for inflammatory skin conditions, is exploring a sale, according to people familiar with the matter. Immunology-focused companies have been coveted acquisition targets, as highlighted by recent deals such as Merck & Co's (MRK.N) $10.8 billion acquisition of Prometheus BioSciences Inc and Eli Lilly's (LLY.N) $2.4 billion purchase of Dice Therapeutics (DICE.O). MoonLake is testing Sonelokimab for the treatment of other inflammatory conditions, including psoriatic arthritis and psoriasis. If successful, MoonLake would encroach on a market dominated by bigger peers such as Novartis AG (NOVN.S) and AbbVie Inc (ABBV.N). In 2022, MoonLake went public through a merger with a special purpose acquisition company, which helped it raise more than $200 million in cash.

Persons: drugmakers, Eli Lilly's, MoonLake, hidradenitis suppurativa, hidradenitis, Merck KGaA, David Carnevali, Josie Kao Organizations: Nasdaq, Merck, Co's, Prometheus BioSciences, Dice Therapeutics, Novartis AG, AbbVie Inc, Citigroup, Thomson Locations: Zug, Switzerland, New York

☆ Coherus BioSciences launches biosimilar version of AbbVie's blockbuster Humira
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - Coherus BioSciences (CHRS.O) said on Monday it has launched a copycat version of AbbVie's (ABBV.N) Humira in the United States at a discount of more than 85% to the blockbuster arthritis drug. Coherus is the latest to launch a biosimilar to Humira in the U.S. market this month after Boehringer Ingelheim, Sandoz and Organon (OGN.N). Coherus said last month it would sell the biosimilar, branded as Yusimry, at $995 per carton, compared with the current list price of Humira of $6,922 per carton. The company has also partnered with billionaire entrepreneur Mark Cuban's pharmaceutical startup to sell the biosimilar at $569.27 plus dispensing and shipping fees. Usually prices fall, often dramatically, when multiple copycat versions of a widely-used medication enter the market.

Persons: Coherus, Boehringer Ingelheim, Mark, Sriparna Roy, Leroy Leo, Shounak Dasgupta, Arun Koyyur Organizations: Coherus BioSciences, Sandoz, Thomson Locations: United States, Humira, U.S, Organon, Bengaluru

☆ Sandoz launches rival version of AbbVie's arthritis drug Humira
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Swiss drugmaker Novartis and its divisions Sandoz and Alcon are seen at an office building in Rotkreuz, Switzerland, January 29, 2020. REUTERS/Arnd Wiegmann/Fle PhotoJuly 1 (Reuters) - Swiss drugmaker Sandoz said on Saturday it had launched a biosimilar version of AbbVie Inc's (ABBV.N) big selling arthritis treatment Humira, adding to U.S. competition for the drug that started in January. The Novartis (NOVN.S)-owned company said its drug, Hyrimoz, will be priced at a 5% discount off Humira’s current list price of $6,922 per month, but that it was also offering an unbranded version of Humira at an 81% discount. The lower-priced version may attract healthcare systems that act as both an insurer and a provider and typically do not seek after-market discounts, as pharmacy benefit managers do. Rival Amgen Inc (AMGN.O) was the first to launch a biosimilar of Humira earlier this year, which debuted at a 5% and 55% discount to Humira, depending on who was purchasing.

Persons: Arnd, drugmaker Sandoz, drugmakers, Patrick Wingrove, Edwina Gibbs Organizations: Swiss, Novartis, Sandoz, REUTERS, Amgen, Pfizer Inc, Thomson Locations: Rotkreuz, Switzerland, KS, United States

☆ Bausch + Lomb to buy Novartis dry-eye drug for $1.75 bln
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: 1 min

June 30 (Reuters) - Bausch + Lomb Corp (BLCO.TO) will purchase a dry-eye drug from Swiss pharma company Novartis (NOVN.S) for $1.75 billion, the companies said on Friday, as the contact lens maker seeks to capitalise on a growing market for the disease's treatment. Acquisition of the drug, Xiidra, will mark the first big deal by CEO Brent Saunders since he returned to the company in March. Sales of the anti-inflammation eye drop Xiidra, mainly from the U.S. market, were $487 million last year, up 4%. The deal will also include potential milestone payments worth up to $750 million. Reporting by Leroy Leo in Bengaluru and Ludwig Burger in Frankfurt; Editing by Anil D'Silva and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent Saunders, Leroy Leo, Ludwig Burger, Anil D'Silva, Vinay Dwivedi Organizations: Lomb, Swiss pharma, Novartis, Thomson Locations: U.S, Bengaluru, Frankfurt

☆ Cramer's Lightning Round: Get rid of ADT
▼ + stars: | 2023-06-22 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

Stock Chart Icon Stock chart icon Cummins' year-to-date stock portfolio. Stock Chart Icon Stock chart icon Simon Property Group's year-to-date stock performance. Stock Chart Icon Stock chart icon ADT's year-to-date stock performance. Stock Chart Icon Stock chart icon Abbvie's year-to-date stock performance. Stock Chart Icon Stock chart icon Evergy's year-to-date stock performance.

Persons: Cummins, Simon, it's, Abbvie's, Marten Transport's, Marten, I've, Jim Cramer's Organizations: Cummins, Simon Property, Realty, 3M, Trucking, Energy Solutions, Atlas Energy Solutions

Here's the latest:ELECTRIC VEHICLE FRICTIONBiden's domestic policy is embodied in working to electrify roadways across the United States. Getting more electric vehicles on the roads is central to his climate change agenda, ensuring the vehicles are "Made in America" is part of his commitment to restore manufacturing jobs. But the IRA's consumer tax credits are tightly linked to the cars' and batteries being made in the U.S., roiling allies in Europe and Asia whose companies sell into U.S. markets. Instead, Japanese and U.S. officials struck a trade deal on electric vehicle battery minerals that expands eligibility for the $7,500 per vehicle EV tax credits in the IRA. NEW RACE FOR SUBSIDIESThe promise of corporate tax credits has renewed interest in investing in the U.S., and Europe has responded with subsidies of their own.

The Biden Administration’s signature drug pricing reform, part of the Inflation Reduction Act (IRA), aims to save $25 billion through price negotiations by 2031 for Americans who pay more for medicines than any other country. The first ever Medicare drug price reduction process begins in September, when the Centers for Medicare and Medicaid Services(CMS) identifies its 10 most costly drugs. Reuters has seen responses to CMS from five of the world's top drugmakers raising legal concerns with the law and the agency's proposed roadmap. Former CMS head Andy Slavitt, who now works at a venture capital company focused on healthcare, said the Medicare agency would have consulted lawyers. One said the Medicare roadmap, which did not go through a formal process with proposed and final rules, could be challenged in court for being unlawful as well.

☆ AbbVie's weak newer drug sales fan worries as Humira faces rivals
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

April 27 (Reuters) - AbbVie Inc (ABBV.N) on Thursday missed quarterly revenue estimates for its newer treatments, fueling concerns over the drugmaker's attempts to cushion the blow to sales from blockbuster Humira losing patent exclusivity. The company's shares tumbled 6% in premarket trade as investors shrugged off a raised annual profit forecast. In the first quarter, Humira recorded sales of $3.54 billion, compared with analysts' average estimate of $3.58 billion. That helped Abbvie beat sales expectations. AbbVie had trimmed its full-year profit expectations earlier this month by 8 cents, citing a $150 million hit from acquired in-process research and development (IPR&D) and milestone expenses.

[1/3] A pharmacist holds a bottle of the drug Eliquis, made by Bristol Myers Squibb and Pfizer, at a pharmacy in Provo, Utah, U.S. January 9, 2020. The government will launch the negotiation process in September by naming the first drugs it plans to target. "We couldn't have the other parts of the IRA without this Medicare negotiation," said Sean Dickson, director of the West Health Policy Center, a non-partisan healthcare think tank. Eliquis, which Bristol Myers (BMY.N) shares with Pfizer (PFE.N), Ibrance, and Imbruvica, sold by AbbVie and Johnson & Johnson (JNJ.N), appear on every list. Pfizer, Novo Nordisk and J&J declined to comment on the likelihood their drugs would be included in the first round of negotiations.

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