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In 2023, it expects revenue to be $67 billion to $71 billion. Excluding the COVID-19 drugs, Pfizer expects 2023 revenue to grow 7% to 9%. Pfizer developed its COVID-19 vaccine with German partner BioNTech , and the companies split the profits. The U.S. drugmaker forecast 2023 sales of $13.5 billion from the shot, below Refinitiv estimates of $14.39 billion, and projected $8 billion in sales of Paxlovid, short of analysts' expectation of $10.33 billion. After that transition, the company hopes to roughly quadruple the U.S. price of the COVID-19 vaccine.
Pfizer forecasts weak 2023 sales of COVID products
  + stars: | 2023-01-31 | by ( )   time to read: +1 min
REUTERS/Eric GaillardCompanies Pfizer Inc FollowJan 31 (Reuters) - Pfizer Inc (PFE.N) on Tuesday forecast a steeper-than-expected drop in sales of its COVID-19 vaccine and pills in 2023, intensifying investor concerns over demand for the products as governments reduce orders. The forecast casts some uncertainty over future sales of Pfizer's biggest selling products this year, which are expected to come under pressure as government spending on COVID vaccines and treatments declines. The U.S. drugmaker said it expects sales of $13.5 billion from the vaccine for 2023, below Refinitiv estimates of $14.39 billion, and projected $8 billion in sales of its antiviral pill, Paxlovid, short of analysts' expectation of $10.33 billion. That compared with sales of $37.81 billion for the vaccine and $18.93 billion for Paxlovid in 2022. Reporting by Manas Mishra and Bhanvi Satija in Bengaluru; Editing by Sriraj Kalluvila and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.
Drugmaker Amgen lays off 300 U.S. employees
  + stars: | 2023-01-30 | by ( )   time to read: 1 min
Jan 30 (Reuters) - Drugmaker Amgen Inc (AMGN.O) said on Monday that it let go about 300 U.S. employees or about 1.2% of its total workforce, citing recent organizational changes to its commercial team. The company had about 24,200 staff members in over 50 countries, as of December 31, 2021, according to its latest annual regulatory filing with the U.S. Securities and Exchange Commission. Big Tech firms and Wall Street titans have led a string of layoffs across corporate America in recent weeks. Amgen's move to trim its workforce shows how rapid interest rate hikes and a fading boom in demand post pandemic has begun to weigh on the healthcare sector. Reporting by Bhanvi Satija in Bengaluru; Editing by Savio D'Souza and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.
Walmart, CVS Health adjust pharmacy hours amid labor crunch
  + stars: | 2023-01-27 | by ( )   time to read: +2 min
REUTERS/Mike Segar/File PhotoJan 27 (Reuters) - Walmart Inc (WMT.N) said on Friday it would adjust working hours for its U.S. pharmacy team and implement it nationwide in 4,600 locations, with drugstore operator CVS Health Corp (CVS.N) doing the same for about two-thirds of its retail pharmacies, amid a tight labor market. The United States has been experiencing a nationwide labor shortage since the COVID-19 pandemic which has forced retailers to offer attractive incentives and pay increases. Earlier on Friday, the Wall Street Journal first reported CVS Health Corp and Walmart were cutting pharmacy hours. CVS said the new hours of operation, which begin in March, at impacted pharmacies will vary, adding it periodically reviews operating hours to make sure peak customer demand was being met. Walgreens said in a statement that at times it had to adjust store or pharmacy hours at some places after staffing challenges impacted retailers and healthcare entities, among others, over the last 12 months.
But COVID-19 vaccine sales exceeded diminished expectations and demand for cancer drug Darzalex helped drive the fourth-quarter profit beat. The company reported $689 million in quarterly COVID-19 vaccine sales from outside the United States. J&J said it expects U.S. sales of Stelara to be flat to lower in 2023 due to competition from less expensive biosimilars in certain regions. It forecast adjusted 2023 earnings of $10.45 to $10.65 per share, above analysts' estimates of $10.35. Excluding items, J&J earned $2.35 per share for the quarter, topping analysts' estimates by 12 cents, according to IBES data from Refinitiv.
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J&J forecasts 2023 profit above expectations on pharma strength
  + stars: | 2023-01-24 | by ( )   time to read: +2 min
Shares of the drugmaker, however, fell 1% to $166.12 in premarket trading as fourth-quarter sales missed analysts' estimates due to lower demand for its medical devices. J&J expects to earn between $10.45 and $10.65 per share on an adjusted basis for 2023, above analysts' estimates of $10.35 per share profit at the midpoint. The higher 2023 profit forecast also reflects better-than-expected cost controls by J&J, Edward Jones analyst John Boylan said. Darzalex sales were $2.08 billion, while analysts were expecting $2.02 billion, according to Refinitiv. Excluding items, J&J earned $2.35 per share, above analysts' average estimates of $2.23 per share, according to IBES data from Refinitiv.
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J&J forecasts strong 2023 profit on strength in pharma unit
  + stars: | 2023-01-24 | by ( )   time to read: 1 min
Jan 24 (Reuters) - Johnson & Johnson (JNJ.N) on Tuesday forecast annual profit above Wall Street estimates as it bets on stronger demand for its pharmaceuticals products and a recovery in its medical devices business. J&J said it was expecting to earn between $10.45 and $10.65 per share on an adjusted basis for 2023, above analysts' estimates of $10.35 per share profit at midpoint. The healthcare conglomerate also beat estimates for fourth-quarter profit on Tuesday as increased sales of pharmaceutical products helped it weather a hit from a stronger dollarExcluding items, J&J earned $2.35 per share, above analysts' average estimates of $2.23 per share, according to IBES data from Refinitiv. Reporting by Manas Mishra and Bhanvi Satija in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.
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Teladoc Health cuts 300 jobs to shave costs
  + stars: | 2023-01-18 | by ( )   time to read: +1 min
Companies Teladoc Health Inc FollowJan 18 (Reuters) - Teladoc Health Inc (TDOC.N) said on Wednesday it has removed "redundant roles" and cut 300 jobs, or 6% from its non-clinician global workforce, as the company plans to prioritize its commercial businesses in a challenging demand environment. These job cuts have resulted from a combined implementation of the telehealth company's restructuring plans and previously announced cost-saving measures, some of which were implemented in the fourth quarter of 2022. The restructuring process has also resulted in a reduction of office spaces in certain markets, and Teladoc will further review its real estate footprint under the cost-management drive. Teladoc said it will record $4.4 million of the total $21.4 million of charges related to these measures taken in the fourth quarter, but does not expect them to have a material impact on its annual results. Reporting by Khushi Mandowara and Bhanvi Satija in Bengaluru; Editing by Nivedita Bhattacharjee and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.
Companies Pfizer Inc FollowJan 17 (Reuters) - U.S. drugmaker Pfizer Inc (PFE.N) said on Tuesday it will offer its full portfolio of drugs, including off-patent medicines such as chemotherapies and oral cancer treatments, on a not-for-profit basis to 45 low-income countries in the world. In an expansion of the company's "An Accord for a Healthier World" program, which is aimed at increasing access to innovative treatments in some of the world's poorest countries, Pfizer said it will now offer a total of 500 products. When the drugmaker launched the program in May 2022, it offered only its patented medicines including COVID-19 treatment Paxlovid and its big-selling breast cancer drug, Ibrance, at a not-for-profit price. Reporting by Bhanvi Satija in BengaluruOur Standards: The Thomson Reuters Trust Principles.
Jan 13 (Reuters) - A safety monitoring system flagged that U.S. drugmaker Pfizer Inc (PFE.N) and German partner BioNTech's updated COVID-19 shot could be linked to a type of brain stroke in older adults, according to preliminary data analyzed by U.S. health authorities. An ischemic stroke, also known as brain ischemia, is caused by blockages in arteries that carry blood to the brain. "Although the totality of the data currently suggests that it is very unlikely that the signal in VSD (Vaccine Safety Datalink) represents a true clinical risk, we believe it is important to share this information with the public," the health authorities said. Pfizer and BioNTech said in a statement that they have been made aware of limited reports of ischemic strokes in people 65 and older following vaccination with their updated shot. This safety concern has not been identified with Moderna's (MRNA.O) bivalent shot and both the CDC and FDA continue to recommend that everyone aged 6 months and older stay up-to-date with their COVID-19 vaccination.
Apple may add touch screens to Mac computers - Bloomberg News
  + stars: | 2023-01-11 | by ( )   time to read: 1 min
Jan 11 (Reuters) - Apple Inc (AAPL.O) is actively working on adding touch screens to its Mac computers, Bloomberg News reported on Wednesday, citing people familiar with the project. The first touch-screen Mac could be launched as soon as 2025 as part of an update to Apple's MacBook Pro, the report said. Apple did not immediately respond to a Reuters request for comment. Reporting by Bhanvi Satija in Bengaluru; Editing by Maju Samuel and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Starbucks' support staff to work from office thrice a week
  + stars: | 2023-01-11 | by ( )   time to read: +1 min
Jan 11 (Reuters) - Starbucks Corp (SBUX.O) said on Wednesday its U.S. support center employees have to work from office at least three days a week, compared with a previous commitment of at least one day per week. Ride-hailing service Uber (UBER.N) has also asked employees to work from office twice a week, while Elon Musk told Twitter employees that remote work would no longer be allowed. Starbucks said the thrice-a-week policy to come into work was a requirement for all support employees, after several of them failed to meet the previous "minimum promise" of one day a week in office. The policy change also applies to region-based support partners within commuting distance of a regional office. For regional staff, the third day would be one when all partners were in the office together, according to the coffee chain giant.
FDA warns Japan's Olympus units over testing violations
  + stars: | 2023-01-10 | by ( )   time to read: +1 min
Jan 10 (Reuters) - The U.S. Food and Drug Administration on Monday said it has issued warning letters to manufacturers of medical scopes used in surgical procedures, citing violations found during inspections of facilities in Japan. Warning letters pertain to a category of devices known as endoscopes, which allow doctors to see and access the urinary tract, gastrointestinal tract, and respiratory tract, during diagnostic and therapeutic procedures. The health regulator released the letters on Monday, which were sent to units of Japan's Olympus Corp (7733.T) - Olympus Medical System Corp and Aizu Olympus Co -in December and November, respectively. The agency added that Olympus Medical did not develop medical device reporting procedures as mandated and did not submit them to the regulator in the required timeframes. These warning letters add to a history of the U.S. FDA's compliance actions against Olympus related to testing and manufacturing requirements.
Qiagen acquires DNA-biometrics firm Verogen in $150 mln deal
  + stars: | 2023-01-09 | by ( )   time to read: +1 min
Jan 9 (Reuters) - Life sciences firm Qiagen said on Monday it has acquired DNA-biometrics firm Verogen in a $150-million cash deal, strengthening its forensics portfolio. Qiagen expects about $20 million of sales from the Verogen portfolio this year. The deal is expected to be dilutive to Qiagen's 2023 adjusted profit per share by about 3 cents and neutral to the firm's 2024 profit. San Diego-based Verogen, founded in 2017, provides DNA-based human identification products and services, which are used in forensic analysis and to help resolve criminal and missing persons cases. Verogen's portfolio will complement Qiagen's sample collection and preparation kits, which are used to separate human DNA from forensic investigation samples for analysis.
CVS Health in talks to buy Oak Street Health - Bloomberg News
  + stars: | 2023-01-09 | by ( )   time to read: +1 min
Jan 9 (Reuters) - CVS Health Corp (CVS.N) is exploring an acquisition of primary care center operator Oak Street Health Inc (OSH.N), Bloomberg News reported on Monday citing people familiar with the matter. Shares of Oak Street Health rose 27% in after-hours trading after closing 4.25% higher at $22.57 on Monday, earning the Chicago-based company a market cap of $5.5 billion. CVS declined to comment while Oak Street did not immediately respond to a Reuters request. Oak Street Health runs primary care centers across United States for recipients of Medicare, the U.S. government insurance program for Americans aged 65 and older, and has private equity firms such as General Atlantic and Newlight Partners among its shareholders. CVS had also expressed interest in expanding into the primary care space, and was reportedly among the bidders to acquire primary care provider Cano Health before backing out.
Metformin has been used off label to achieve weight loss in children. Of the 27 randomized trials of metformin for weight loss in children reviewed by the guidelines panel, 74% showed some positive effect of the medication. Wegovy last month won U.S. approval for chronic weight management in children ages 12 and older. For children ages 2 to 12 years, AAP said there was not currently enough evidence to recommend use of these medications. They also include recommendations for diagnosing obesity annually in children ages 6 years and older, through checks on BMI, and practices such as motivational interviewing.
Jan 6 (Reuters) - Japanese drugmaker Eisai Co Ltd (4523.T) said on Saturday it had submitted an application to the U.S. Food and Drug Administration for a standard review of its Alzheimer's drug Leqembi, which was recently approved under the agency's accelerated review process. Reporting by Bhanvi Satija in Bengaluru; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.
U.S. FDA approves Eisai, Biogen Alzheimer's drug
  + stars: | 2023-01-06 | by ( Deena Beasley | )   time to read: +2 min
[1/2] The logo of Eisai Co Ltd is displayed at the company headquarters in Tokyo, Japan, March 8, 2018. REUTERS/Issei KatoJan 6 (Reuters) - The U.S. Food and Drug Administration on Friday approved the Alzheimer's drug lecanemab developed by Eisai Co Ltd (4523.T) and Biogen Inc (BIIB.O) for patients in the earliest stages of the mind-wasting disease. Eisai said the drug would launch at an annual price of $26,500. Eisai officials have said the company also plans to submit data from a recent successful clinical trial in 1,800 patients as the basis for a full standard review of Leqembi. That trial found that Leqembi, which is given by infusion, slowed the rate of cognitive decline in patients with early Alzheimer's by 27% compared to a placebo.
Jan 5 (Reuters) - Moderna Inc (MRNA.O) on Thursday announced a $35 million licensing deal with cancer-focused drug developer CytomX Therapeutics (CTMX.O) to work on messenger RNA-based therapies for a wide range of diseases. The news comes a month after an experimental cancer vaccine from Moderna based on mRNA technology was shown to work against a type of skin cancer. The deal offers CytomX access to Moderna's mRNA technology, which has been used to develop COVID-19 vaccines, while Moderna would get access to CytomX's Probody platform, used in the development of cancer therapies targeting diseased tissues. Moderna said it will also pay tiered royalties to CytomX on global sales of any products which enter the market under the deal. The companies will work together to discover experimental therapies and Moderna will be responsible for human trials and commercial activities of products.
Jan 4 (Reuters) - Johnson & Johnson's (JNJ.N) consumer health unit Kenvue on Wednesday filed to be listed as an independent company, bringing the healthcare conglomerate a step closer to completing the biggest shakeup in its 135-year history. The filing, for Kenvue to list on the New York Stock Exchange under the ticker symbol "KVUE", comes more than a year after Johnson & Johnson announced its plan to break up into two companies. J&J's pharmaceutical and medical equipment units, which make cancer treatments and surgical tools, had recorded nearly $80 billion in sales in 2021, far ahead of its consumer products revenues. General Electric's (GE.N) spun-off healthcare unit, GE HealthCare Technologies , debuted as an independent company on Nasdaq on Wednesday. Kenvue said J&J will continue to own at least 80.1% of the voting power of the company's shares upon completion of the offering.
Dec 30 (Reuters) - The World Health Organization on Friday once again urged China's health officials to regularly share specific and real-time information on the COVID-19 situation in the country, as it continues to assess the latest surge in infections. The agency has asked Chinese officials to share more genetic sequencing data, as well as data on hospitalizations, deaths and vaccinations. COVID infections have risen across China this month after Beijing dismantled its zero-COVID policies including regular PCR testing on its population. The United States, South Korea, India, Italy, Japan and Taiwan have all imposed COVID tests for travellers from China in response. Senior Chinese health officials exchanged views with the WHO on the new coronavirus via a video conference, China's National Health Commission said in a statement earlier on Friday.
Although many public health experts are expressing concern about the rising COVID cases in China, infectious disease experts have been increasingly worried about the XBB.1.5 variant. Recombinants of the BA.2 variant, XBB and XBB.1.5, together accounted for 44.1% of the total cases in the country for the week ended Dec. 31. For the week ended Dec.24, XBB.1.5 had made up 21.7% of the total cases. The XBB variant has been driving up cases in parts of Asia, including Singapore. It accounted for 3.6% of the total cases in the U.S. this week compared with 4.2% in the previous week.
Pfizer's hemophilia B gene therapy succeeds in late-stage study
  + stars: | 2022-12-29 | by ( )   time to read: +1 min
Dec 29 (Reuters) - U.S. drugmaker Pfizer Inc (PFE.N) said on Thursday its experimental gene therapy for the treatment of hemophilia B, a rare inherited blood disorder, met its main goal in a late-stage study. The drugmaker licensed its hemophilia B gene therapy from Roche's (ROG.S) Spark Therapeutics unit in 2014 for a $20-million upfront payment. Pfizer plans to discuss the late-stage data with regulatory authorities in Europe and the United States and share additional data for the experimental therapy at a scientific conference in early 2023. According to government data, the estimated prevalence of hemophilia in the United States is 12 cases per 100,000 males for hemophilia A and 3.7 cases per 100,000 males for hemophilia B. In November, the U.S. health regulator approved the first gene therapy, CSL Ltd and uniQure's Hemgenix, to treat hemophilia B.Pfizer is also testing other experimental gene therapies in late-stage trials as potential treatments for the bleeding disorder hemophilia A and muscular disorder Duchenne muscular dystrophy.
Dec 27 (Reuters) - Gilead Sciences (GILD.O) will buy all the remaining rights for an experimental cancer therapy, GS-1811, from Jounce Therapeutics (JNCE.O) for $67 million, the drugmaker said on Tuesday. Shares of Jounce more than doubled to $1.68, while Gilead's shares fell marginally in after market trading. In 2020, the drugmakers had agreed to collaborate on development of GS-1811, when Gilead made an upfront payment of $85 million to Jounce. Under the initial terms, Jounce was eligible to get up to $685 million in milestone payments from Gilead, of which it has received $40 million so far. With the amendment, Jounce will no longer receive the remaining milestone payments or any of the sales-based royalties for the therapy.
Dec 16 (Reuters) - The U.S. Food and Drug Administration (FDA) said on Friday it planned to hold a meeting of outside experts next month to discuss whether initial doses of COVID-19 vaccines need to be updated to combat circulating variants. While updated booster doses from Pfizer (PFE.N) and Moderna (MRNA.O) are already approved for adults as well as children as young as five years, the FDA said it was important to weigh in on the composition of both initial and booster doses as new variants spread. The independent advisers, who are scheduled to meet on Jan. 26, are also expected to weigh in on whether the timing or composition of booster doses need to be adjusted. In June, advisers to the FDA had recommended a change in the composition of COVID-19 booster shots before fall to combat more recently circulating variants of the coronavirus. Reporting by Bhanvi Satija and Manas Mishra in Bengaluru; Editing by Sriraj Kalluvila and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.
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