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☆ Merck CEO Robert Davis discusses FDA approval of its pulmonary arterial hypertension drug
▼ + stars: | 2024-03-27 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Merck CEO Robert Davis discusses FDA approval of its pulmonary arterial hypertension drug'Mad Money' host Jim Cramer speaks with Robert Davis, chairman and CEO of Merck, after the FDA approved the pharmaceutical company's pulmonary arterial hypertension drug, Winrevair.

Persons: Robert Davis, Jim Cramer Organizations: Merck, FDA

☆ Senators to question Merck, J&J and Bristol Myers Squibb CEOs over high U.S. drug pricing
▼ + stars: | 2024-02-08 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Senators will question the CEOs of Johnson & Johnson , Merck and Bristol Myers Squibb on U.S. drug prices at a hearing Thursday, as lawmakers on both sides of the aisle work to rein in high health-care costs for Americans. Prescription drug prices in the U.S. are also more than 2.5 times as high as those in other high-income nations, another federal report showed. The Senate Health, Education, Labor and Pensions Committee says that's especially true for some of the top drugs from J&J, Merck and Bristol Myers Squibb. ET and include testimony from J&J CEO Joaquin Duato, Merck CEO Robert Davis and Bristol Myers Squibb CEO Chris Boerner. A spokesperson for Bristol Myers Squibb did not immediately respond to a request for comment ahead of the hearing.

Persons: Sen, Bernie Sanders, Ed Markey, Joaquin Duato, Robert Davis, Chris Boerner, Duato, Davis, Bristol Myers, Eli Lilly's, J Organizations: Capitol, Johnson, Merck, Bristol Myers Squibb, U.S, Health, Education, Labor, Pensions, Bristol Myers, CNBC, J, Bristol Locations: U.S

Three names in the industry – Johnson & Johnson , Merck and Bristol Myers Squibb – face a pivotal few weeks ahead. They join Bristol Myers Squibb CEO Chris Boerner, who agreed to the panel's initial invitation to appear. But why is the committee targeting Merck, J&J and Bristol Myers Squibb in the first place? J&J, Merck and Bristol Myers Squib are all suing to halt the talks, which will establish new prices that will go into effect in 2026. Bristol Myers Squibb's Opdivo is an immunotherapy used to treat cancers, including melanoma and lung cancer.

Persons: Annika Kim Constantino, – Johnson, Sen, Bernie Sanders, Joaquin Duato, Robert Davis, Chris Boerner, Sanders, Eli Lilly's, Januvia, Bristol Myers, He's, Biden, Merck's, Myers, Eliquis, Mike Perrone, it's Organizations: CNBC.com, Johnson, Merck, Bristol Myers Squibb, Bristol Myers, Medicare, Bristol, CNBC, pharma Locations: U.S, drugmakers

☆ Big pharma is at a crossroads, as J&J, Merck and others prepare to lose heaps of revenue from blockbuster drugs
▼ + stars: | 2024-01-28 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +12 min

Bristol Myers Squibb's Eliquis is a blood thinner used to prevent clotting, to reduce the risk of stroke. Bristol Myers Squibb's Opdivo is an immunotherapy used to treat cancers, including melanoma and lung cancer. Investors will get updates on Merck and Bristol Myers Squibb's plans for the years ahead when they report earnings on Thursday and Friday, respectively. That's unlike generics, which are cheaper copycats of small-molecule drugs like Bristol Myers Squibb's Eliquis. Bristol Myers Squibb is also testing a new form of Opdivo, which is currently administered into a patient's veins.

Persons: Johnson, William Blair, Matt Phipps, Bristol Myers, Johnson's, Merck's Keytruda, J's Stelara, Opdivo, Phipps, biosimilars, Eliquis, Biosimilars, Humira, JB Reed, Samsung's, Piper Sandler, Christopher Raymond, AbbVie, Raymond, Chris Schott, Schott, Robert Davis, Keytruda, Davis, JPMorgan's Schott, Bristol Myers Squibb, George Frey, J, Amgen, J confidentially, Mike Perrone, It's, Anna Moneymaker Organizations: New York Stock Exchange, Johnson, NYSE Big, Bristol Myers Squibb, Merck, Biden, William Blair & Company, CNBC, Guggenheim, Bristol, Leerink Partners, Bloomberg, Getty, Bioepis, JPMorgan, JPMorgan Health Care, Moderna, Bristol Myers, Karuna Therapeutics, Hardy, Huntsman Cancer Institute, University of Utah, Reuters, Teva Pharmaceuticals, Pharma, U.S . Department of Health, Human Services Locations: drugmakers, EY, Europe, U.S, Cambridge , Massachusetts, Arda, EY's Americas, Bristol, Salt Lake City , Utah, Washington , DC

☆ 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

Jews in communities far from Israel gathered at synagogues this weekend for their first Shabbat services since Hamas militants attacked Israel, igniting an ongoing war. PITTSBURGH RABBI SAYS HAMAS ATTACK RESURFACES GENERATIONS OF TRAUMA FOR JEWISH PEOPLEThe deadly Hamas attack is not just another geopolitical event for Jewish people, explained one U.S. rabbi. It is drudging up generations of visceral trauma, especially in Pittsburgh – the city scarred by the deadliest antisemitic attack in U.S. history. “More Jews were killed last Shabbat … than on any other day since the Holocaust,” said Rabbi Daniel Fellman of Temple Sinai, during the first service following the violence in Israel. “It isn’t that Hamas wants the destruction of Israel.

Persons: PITTSBURGH RABBI, ”, Daniel Fellman, It’s, –, “, ” Fellman, Abel, Cain –, Cain, Seth Adelson, Beth Shalom, ” Adelson, Adelson, — Peter Smith, Jessie Wardarski, Rabbi Yehuda Teichtal, ” Teichtal, — they’ve, Berliners, — Kirsten Grieshaber, ” Modechai Ben Avraham, Shaar, ” Shaar Hashamayim, hunkered, Juval Porat, I’m, Beth Sholom, Michael Conway, Gayle Pomerantz, Robert Davis, —, ” Davis, ” — Giovanna Dell'Orto Organizations: PITTSBURGH, Hamas, Beth, Pittsburgh IN, Police, Associated Press, MIAMI BEACH, Miami, Lilly Endowment Inc, AP Locations: Israel, Pittsburgh, Temple Sinai, Pittsburgh IN BERLIN, Germany's, Berlin, Gaza, Germany, Berlin’s Wilmersdorf, Indonesian, Shaar Hashamayim, Tondano, Indonesia, North Sulawesi, MIAMI, Miami Beach, Fla, Miami Beach , Florida

☆ Judge withdraws from Medicare drug price case after stock ownership is revealed
▼ + stars: | 2023-09-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Ohio Governor Mike DeWine, right, shakes hands with Judge Thomas Rose of the U.S. District Court Southern District of Ohio after taking his oath of office, Monday, Jan. 14, 2019, in Cedarville, Ohio. A federal judge on Friday withdrew from a case that could block Medicare from negotiating over drug prices, just hours after a watchdog group revealed his ownership of stock in two pharmaceutical companies that would be directly impacted by the new program. He also owns Moderna stock worth between $15,000 and $50,000, the filing shows. The suit asked the court to rule that for Medicare to negotiate drug prices would be unconstitutional. Merck, Bristol Myers Squibb, Johnson & Johnson, Boehringer Ingelheim, AstraZeneca and the drugmaker lobby PhRMA have all filed complaints in different districts courts.

Persons: Mike DeWine, Judge Thomas Rose, Judge Thomas M, Rose, Biden, George W, Bush, Johnson, Boehringer Ingelheim, Robert Davis, Davis Organizations: U.S, District Court Southern District of Ohio, Southern, Southern District of Ohio, Johnson, AstraZeneca, Republican, Moderna, U.S . Chamber of Commerce, Department of Health, Human Services, Centers, Medicare, Merck, Bristol Myers Squibb, Court, Circuit Court Locations: Cedarville , Ohio, Southern District

☆ Biden administration unveils first 10 drugs subject to Medicare price negotiations
▼ + stars: | 2023-08-29 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +7 min

Fiasp and NovoLog, insulins made by Novo Nordisk The Medicare negotiations are the centerpiece of the Biden administration's efforts to rein in the rising cost of medications in the U.S. Drugmakers such as Merck and Johnson & Johnson and their supporters aim to derail the negotiations, filing at least eight lawsuits in recent months seeking to declare the policy unconstitutional. Drugmakers' legal challengesMerck, Johnson & Johnson, Bristol-Myers Squibb and Astellas Pharma are among the companies suing to halt the negotiation process. The suits make similar and overlapping claims that Medicare negotiations are unconstitutional. Biden and his top health officials have embraced the lawsuits as evidence that they're making progress in the fight to cut drug prices.

Persons: Biden, Joe Biden's, Boehringer Ingelheim, Johnson Januvia, Merck Farxiga, Novartis Enbrel, Amgen Imbruvica, AbbVie Stelara, Janssen, insulins, Johnson, Leigh Purvis, Drugmakers, drugmakers, Robert Davis Organizations: Bristol, Myers Squibb Jardiance, Johnson, Merck, AstraZeneca Entresto, Novartis, Novo Nordisk, Medicare, Centers, Services, Biden, AARP Public, Institute, Congressional, Office, Myers Squibb, Astellas Pharma, U.S . Chamber, Commerce, Supreme, Court, Circuit Court, Pharma, White, Big Pharma Locations: U.S, Bristol

☆ Merck beats on revenue boosted by Keytruda sales, but posts quarterly loss due to Prometheus deal
▼ + stars: | 2023-08-01 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +1 min

Merck on Tuesday reported second-quarter revenue that topped expectations on strong sales of its blockbuster cancer drug Keytruda and HPV vaccine Gardasil. The pharmaceutical giant posted a quarterly loss, however, due to charges associated with the company's acquisition of Prometheus Biosciences earlier this year. Merck swung to a net loss of $5.98 billion, or $2.35 per share, from a net income of $3.94 billion, or $1.55 per share, during the year-earlier period. The loss reflects a $10.2 billion, or $4.02 per share, charge related to the company's acquisition of Prometheus, which specializes in treatments for autoimmune diseases. "What you really see...was long sustained underlying growth, and it was driven by oncology and vaccines, and the Gardasil franchise in vaccines," Merck CEO Robert Davis said in an interview on CNBC's "Squawk Box" on Tuesday.

Persons: Merck, Robert Davis Organizations: Merck, Prometheus Biosciences, Prometheus, Refinitiv Locations: U.S

☆ Merck to buy Prometheus Biosciences for about $11 billion
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +1 min

April 16 (Reuters) - Merck & Co (MRK.N) has agreed to acquire Prometheus Biosciences Inc (RXDX.O) for about $10.8 billion to bolster the company's presence in immunology, the companies said on Sunday. Prometheus had a market capitalization of $5.42 billion at Friday's close. "The agreement with Prometheus will accelerate our growing presence in immunology where there remains substantial unmet patient need. The deal, which was first reported by the Wall Street Journal, is expected to close in the third quarter of the year, the companies said. Merck in February forecast 2023 earnings below Wall Street estimates and an expected steep decline in sales of its COVID-19 antiviral treatment.

☆ A typical home in Vail, Colorado, is over $1 million, leaving workers with few living options. 4 people take us inside their housing crisis as home prices in tourist towns across the country spike.
▼ + stars: | 2023-02-20 | by ( Robert Davis | ) www.businessinsider.com time to read: +12 min

Vail is among the most expensive Colorado housing markets, with a median home price over $1 million. Weibel's struggle to find affordable housing in Vail speaks to similar issues playing out in other ski towns like Jackson, Wyoming, and Park City, Utah. In her spare time, Weibel works part time as a babysitter, a summer-school tutor, and a ski instructor at Vail Resorts. Getty ImagesSam Stevens, 25, has seen firsthand how Vail's expensive housing market is straining the town's budget for important infrastructure projects. He eventually moved in with one of his friends in Eagle-Vail, about 8 miles west of the Vail Ski Resort.

☆ Get paid up to $10,000 to move? That's great for remote workers, but economists say it's not a good investment for the cities footing the bill
▼ + stars: | 2023-02-19 | by ( Robert Davis | ) www.businessinsider.com time to read: +13 min

The more than 2,000 people who received Tulsa Remote grants have a median income of more than $85,000. For starters, he found the income generated by recipients of the Tulsa Remote program was just a sliver of the $80 billion the 468,000-plus workers in the Tulsa metro area generated in 2021. A Brookings Institution analysis of the Tulsa Remote program published in September found that the program was generally effective at bringing high-skilled labor to the area. He compared the impact of the incentive program to the opening of a Honda manufacturing plant in Greensburg in 2007. A previous audit from Hoffer's office in 2019 identified two major flaws in the Think Vermont program.

☆ Jennifer Lopez's $42.5 million mansion has a movie theater lined with posters from her hits and Ben Affleck's movies. Take a look inside.
▼ + stars: | 2023-02-08 | by ( Robert Davis | ) www.businessinsider.com time to read: 1 min

Courtesy of Carolwood EstatesIt has undergone a renovation in the French Country style, according to the listing, and features Provençal touches like a stone facade and wood accents. The estate sits on more than 7 acres, a massive property for Los Angeles's Bel Air neighborhood. If it sells for the $42.5 million asking price, it will be one of the pricier transactions in Bel Air in recent years. Data from Zillow shows that there have been six homes in the neighborhood that sold for at least $40 million since 2020. A nearby 105,000-square-foot megamansion known as The One sold at auction for $141 million, including fees and commission, in 2022.

☆ Billionaire Ken Griffin is raising alarm over his desire to move a 100-year-old home off his $107 million Miami estate
▼ + stars: | 2023-02-07 | by ( Robert Davis | ) www.businessinsider.com time to read: +5 min

The billionaire Ken Griffin bought a historic Miami property for about $107 million in September. If the HEPB rejects the plan, Griffin could appeal to the Miami City Commission. A Citadel representative, Zia Ahmed, told the Journal that if Griffin were to move the house, "the utmost care and every precaution" would be taken. To Varas, the idea of moving the property to another piece of land was tantamount to "redacting history." Coconut Grove, the neighborhood in Miami where Griffin purchased a $107 million estate.

☆ A spiritual healer built a Joshua Tree house inspired by domes made for living in outer space. It's on the market for $2.1 million — take a look inside.
▼ + stars: | 2023-02-07 | by ( Amanda Goh | Robert Davis | ) www.businessinsider.com time to read: 1 min

The otherworldly property, known as Bonita Domes, just hit the market for $2.1 million. Trent Teigen and Robbie RalphJeffrey Weiss, the current owner, bought the house in October 2020 for $808,500, per listing records. Houses in Joshua Tree have a median listing home price of $440,000, according to real-estate data platform Realtor.com. There are currently 181 single-family homes for sale in the area, with prices ranging from $119,999 to $18 million. The Bonita Domes property is the third most expensive listing in the area.

☆ Billionaire Ken Griffin wants to relocate a historic Miami home he purchased for $107 million. Preservationists say it could set a dangerous precedent.
▼ + stars: | 2023-02-07 | by ( Robert Davis | ) www.businessinsider.com time to read: +5 min

The billionaire Ken Griffin bought a historic Miami property for about $107 million in September. A Citadel representative, Zia Ahmed, told the Journal that if Griffin were to move the house, "the utmost care and every precaution" would be taken. To Varas, the idea of moving the property to another piece of land was tantamount to "redacting history." Coconut Grove, the neighborhood in Miami where Griffin purchased a $107 million estate. Preservationists told the Journal that the home was a testament to the grand-estate days of Miami's early history when Coconut Grove experienced an economic boom.

☆ Homebuyers, rejoice! You can afford to bid on a more expensive home now that mortgage rates have fallen below 6%
▼ + stars: | 2023-02-03 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

The US housing market is warming back up because of declining mortgage rates. The average for 30-year mortgage rates have just dipped below 6% for the first time in months. Mortgage rates dipped below 6% on February 2, according to Mortgage Daily News, marking their lowest reading since September 2022. The declining mortgage rates have helped to bring buyers back to the market and bolster purchasing power. "We went from sellers controlling everything, to now being more of a neutral, and even almost a buyer's market."

☆ San Francisco homebuyers are benefiting more from the cooling housing market than those in any other big US city
▼ + stars: | 2023-02-02 | by ( Robert Davis | ) www.businessinsider.com time to read: +3 min

Monthly housing costs in San Francisco have declined by 14.8% since their peak in October 2022, Redfin said in a report. One agent said that mass layoffs and lower stock prices could mean that home prices have further room to fall. However, housing inventory still remains "scarce" in the Bay Area as competition heats back up. While the Bay Area is well-known for its notoriously high housing costs, recent homebuyers in San Francisco have been benefitted the most from falling mortgage rates and softening demand. Monthly housing costs have dropped from more than $9,800 at the peak of the market in October 2022 to around $8,500 today.

☆ Four-time NBA champion Steph Curry joins his rich neighbors in opposing much-needed new housing near their Bay Area backyards
▼ + stars: | 2023-02-01 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

Steph and Ayesha Curry penned a letter opposing a townhouse development near their home in Atherton, California. "This is a tough thing for a community like Atherton to change," Atherton City Manager George Rodericks told NBC. Since 1969, California law has required cities to update their housing and land use needs, known as "Housing Elements," every eight years to ensure enough affordable housing is available to residents. Cities who fail to comply with the deadline could lose grant funding and face lawsuits from the state Attorney General. Cities spanning from San Francisco to Los Angeles have had their plans approved by state regulators, with many plans including efforts to increase density on developable land.

☆ Blackstone is stepping up evictions of hundreds of tenants across the US as a top exec vows 'cash-flow growth'
▼ + stars: | 2023-02-01 | by ( Robert Davis | ) www.businessinsider.com time to read: +5 min

It's back to business as usual: An exec said he had confidence in the firm's "cash-flow growth." About one-fifth of those holdings are tied up in an investment vehicle known as the Blackstone Real Estate Investment Trust, or BREIT. Blackstone's real-estate portfolio is outperforming competitorsThe news of Blackstone's increasing eviction efforts came days after the company announced its fourth-quarter earnings. For example, what Blackstone calls its "opportunistic" real-estate portfolio appreciated by more than 7% during 2022 in one of the most challenging markets in recent memory. The firm's core real-estate portfolio gained more than 10% in value during 2022.

☆ 'Selling Sunset' star Jason Oppenheim says the real-estate market bottomed out in 2022, but a full recovery may still be a couple years away
▼ + stars: | 2023-01-30 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

Jason Oppenheim said the US real estate market will have "a rough couple of years" in an interview with Yahoo. Inventory levels and high interest rates are the two primary concerns among homebuyers, he added. "I'm generally optimistic, but I don't want to pretend like the real estate market is going to be on the rise," Oppenheim said. While interest rates have steadily increased since the beginning of the pandemic, inventory remains a challenge in many markets across the country. "In terms of prices, I think there's going to be some stability, which is probably healthy for the market," Oppenheim said.

☆ People buying homes today are paying $200/month less for the same home than those with bad timing who purchased at peak rates
▼ + stars: | 2023-01-29 | by ( Alcynna Lloyd | Robert Davis | ) www.businessinsider.com time to read: +3 min

The current average interest rate for a 30-year mortgage is 6.13%, according to Freddie Mac data. Rapid home price growth and soaring mortgage rates led to a dramatic downturn in housing demand throughout the fall and winter months of 2022. Home shopper Jason Wilson, 32, is looking to take advantage of lower interest rates to finally close on that dream home. "We want to be in this home for the next five, seven, or maybe even 10 years, and obviously interest rates will change over that time. "We're ready for a bigger home and interest rates are starting to fall.

☆ Now may be a great time for buyers to score their dream homes as mortgage rates dip back towards 6% and desperate sellers are willing to accept most offers
▼ + stars: | 2023-01-27 | by ( Kelsey Neubauer | Robert Davis | ) www.businessinsider.com time to read: +4 min

More buyers have gotten back into the market as mortgage rates dip from last year's high. But the real estate market was quickly moving against them as mortgage rates skyrocketed over 7%, and home prices were stubbornly high. "We went from sellers controlling everything, to now being more of a neutral, and even almost a buyer's market." Those looking for a new home are in a good place to cash-in on the perks of a buyer's market right now, Shupe said. In negotiating deals for buyers, she said she's asking sellers to pay fees that result in lower mortgage rates for the buyer.

☆ Finally ready to buy in 2023? These were the 10 least bubbly cities in the last two years and could be the safest bet for buyers this year as prices have remained stable.
▼ + stars: | 2023-01-26 | by ( Alcynna Lloyd | Robert Davis | ) www.businessinsider.com time to read: +2 min

Homebuyers appear to be gaining leverage in many real estate markets across the country. Approximately 28 million people say they are planning to buy a home in 2023. These 10 markets could be the safest places for regular buyers to find the home of their dreams. At least 28 million Americans say they plan on buying a home in 2023, according to NerdWallet's latest home buying survey. "In 2023, I think we'll start to see that real estate is local again."

☆ We read the Biden administration's proposal to protect renters from discrimination and unwarranted rent hikes. Here are the 3 biggest takeaways.
▼ + stars: | 2023-01-25 | by ( Robert Davis | ) www.businessinsider.com time to read: +5 min

The Biden administration announced several new protections for renters on January 25. At the same time, the Federal Housing Finance Agency, an independent organization that helps regulate the mortgage market, will create new policies that encourage development of affordable-rental units. Insider reviewed the documents the White House released concerning the new initiatives. The idea comes as many renters continue to organize in order to combat what they see as unwarranted rent increases and evictions. Some home builders like Jerry Konter, the chairman of the National Association of Home Builders, disagreed with the new protections for renters.

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