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☆ Many CVS drug plans will cover over-the-counter birth control pill at no cost
▼ + stars: | 2024-04-04 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

CVS Health on Thursday said its drug plans will cover the first over-the-counter birth control pill in the U.S. at no cost for many health plan sponsors, a decision that could open the door for more people to prevent unintended pregnancies without a prescription. The company's pharmacy benefit manager, CVS Caremark, said the pill will be added to its preventive services oral contraceptives list and will be covered at zero cost for many sponsors. Pharmacy benefit managers, or PBMs, maintain lists of drugs covered by health insurance plans and negotiate drug discounts with manufacturers. It marks the first time that many U.S. residents are able to buy birth control pills over the counter, the same way they would purchase common pills like Tylenol or Advil. The drug could significantly expand availability of contraception, especially for younger women and those in rural and underserved communities who often have trouble getting access to birth control methods.

Persons: Opill, Biden, Wade Organizations: CVS, CVS Caremark, CNBC, Pharmacy, Drug Administration Locations: San Anselmo , California, U.S, Perrigo

☆ 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

☆ Johnson & Johnson narrowly tops quarterly estimates as pharmaceutical, medtech sales jump
▼ + stars: | 2024-01-23 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +1 min

The stock trading graph of Johnson & Johnson is seen on a smartphone screen. Johnson & Johnson on Tuesday reported fourth-quarter earnings and revenue that narrowly edged out Wall Street's expectations as sales in the company's pharmaceutical and medical devices businesses surged. J&J also provided full-year guidance for 2024, forecasting sales of $87.8 billion to $88.6 billion and adjusted earnings of $10.55 to $10.75 per share. The pharmaceutical giant reported net income of $4.13 billion, or $1.70 per share during the quarter. J&J is now zeroing in on its pharmaceutical and medical devices divisions to drive growth.

Persons: Johnson, J Organizations: LSEG

The logo of Johnson & Johnson is seen on a Brussels' office of the company in Diegem, Belgium September 21, 2023. J&J raised its annual profit forecast, helped by strong sales from its pharmaceutical business, and shares of the U.S. healthcare conglomerate were off about 1%. Excluding its consumer health unit, J&J now expects 2023 adjusted profit of $10.07 to $10.13 per share, up from its previous view of $10.00 to $10.10. Sales at J&J's medical device unit came in at $7.46 billion, shy of Wall Street estimates of $7.58 billion. J&J finalized the biggest shake-up in its 137-year history in August with the spinoff, but retained a 9.5% stake in its iconic consumer health business.

Persons: Johnson, Yves Herman, J, Vamil Divan, Joseph Wolk, Ozempic, Wolk, Bhanvi Satija, Sriparna Roy, Patrick Wingrove, Shounak Dasgupta, Bill Berkrot Organizations: Johnson, REUTERS, Guggenheim Partners, Vamil, Reuters Graphics, J, Thomson, &' $, & $, & $ Locations: Brussels, Diegem, Belgium, Bengaluru, New York

☆ Johnson & Johnson beats on earnings and hikes outlook as medtech, pharmaceutical sales surge
▼ + stars: | 2023-10-17 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Johnson & Johnson on Tuesday reported adjusted earnings and revenue that topped Wall Street's expectations, and lifted its full-year guidance as sales in the company's pharmaceutical and medical devices businesses surged. Upon that split, J&J lowered its full-year sales and profit guidance. J&J also expects adjusted earnings per share of $10.07 to $10.13, up from a previous forecast of $10.00 to $10.10. The pharmaceutical giant reported net income of $4.31 billion, or $1.69 per share. That was flat compared with net income of $4.31 billion, or $1.62 per share, for the same period a year ago.

Persons: Johnson, J, Joseph Wolk Organizations: LSEG

☆ Pharmacy staff from Walgreens, other chains could stage nationwide walkout and rallies in coming weeks
▼ + stars: | 2023-10-13 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +6 min

The Walgreens organizer said they have been in talks with pharmacy staff from other retail chains about participating in the group walkout. The person sees nationwide walkouts across several retail pharmacy chains as the "next step" in the fight against current working conditions. A Walgreens spokesperson redirected CNBC to the company's earlier statement in response to the walkouts pharmacy staff held this week. Pharmacy staff participating in the nationwide effort would also hold demonstrations outside the stores that workers walk out of, according to the people who spoke to CNBC. UFCW directed CNBC to a statement released Thursday in support of the recent walkouts staged by Walgreens and CVS pharmacy staff.

Persons: Shane Jerominski, Prem Shah, walkouts, Jerominksi, UFCW Organizations: Walgreens, CNBC, U.S, Pharmacists, CVS, Pharmacy, Kroger, Jerominski, IAM Healthcare, United Food, Commercial Workers International Union Locations: Kansas City, U.S, walkouts, Canada

☆ Incoming Walgreens CEO doesn't mention walkouts as he praises pharmacy staff
▼ + stars: | 2023-10-12 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Incoming Walgreens CEO Tim Wentworth on Thursday briefly praised the company's pharmacy staff, but made no mention of the three-day protest walkouts they held this week over poor working conditions. The walkouts reflect rising dissatisfaction among pharmacy employees, who have complained for years about having to grapple with understaffing and burdensome work expectations imposed by corporate management. The experiences he's had with employees made his decision to join Walgreens "frankly, an easy one," Wentworth added. A Walgreens spokesperson touted the company's pharmacy teams in the statement, noting that they work "tirelessly to serve our communities." Walgreens is engaged and listening to the concerns of pharmacists and pharmacy technicians, the spokesperson said.

Persons: Tim Wentworth, Wentworth, he's, reimbursements Organizations: Walgreens Locations: Rochester , New York, Rochester

☆ This health care giant has 'unlocked potential' after a recent spinoff, RBC says
▼ + stars: | 2023-10-05 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Johnson & Johnson is a buy after the company's consumer business spinoff earlier this year, according to RBC Capital Markets. The firm initiated Johnson & Johnson with an outperform rating and $178 price target, which suggests shares can climb about 14.5% from Wednesday's close. This separation has "unlocked potential" for Johnson & Johnson going forward, analyst Shagun Singh said. Singh also said the company's pharma franchise is poised to deliver competitive growth and that its medtech division is on pace to achieve "top-tier growth and profitability." The analyst added that Johnson & Johnson is trading below its historical multiples despite its improved financial profile since its Kenvue spinoff and that the company has potential upside from further M & A activity.

Persons: Johnson, Shagun Singh, Singh, —, — CNBC's Michael Bloom Organizations: RBC Capital Markets, Johnson, Pharma, company's pharma Locations: Wednesday's

☆ Fall Covid shot rollout gets off to a bumpy start as some patients see insurance delays
▼ + stars: | 2023-09-20 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

The rollout of a new round of Covid vaccines in the U.S. is off to a bumpy start as some patients report delays in health insurance coverage for the shots. Private insurance plans and government payers such as Medicare are required to cover the new jabs from Pfizer and Moderna , which became available late last week. It also comes after a huge shift in how Covid vaccines are covered in the U.S. Previously, the federal government purchased Covid vaccines directly from manufacturers at a discount to distribute to all Americans for free. Sarah Lindsey, an owner of a Florida-based jewelry store, called on her own insurer to add the new Covid shots to its formulary.

Persons: Sarah Lindsey, it's Organizations: Pfizer, Moderna, Medicare, Medicaid Services, CVS, U.S, CNBC Locations: U.S, Florida

☆ Wolfe Research think this pharma stock can bounce back and deliver long-term earnings growth
▼ + stars: | 2023-09-12 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

The firm upgraded the stock to outperform from "peer perform," noting it has an "attractive" risk-reward ratio. Analyst Justin Lake raised his price target to $80, implying 16.4% upside from Monday's close of $68.75, which was the firm's previous price target. The analyst said he sees potential for CVS to more conservatively set expectations for earnings growth in 2025 and beyond in the high single-digit range. The stock has gained 5.5% so far this month, however, and rose 4.4% during Monday's trading session. Combined, Lake said these efforts should effectively allow CVS to "reinvest for future growth."

Persons: Justin Lake, Lake, Brian Kane, — CNBC's Michael Bloom Organizations: CVS, Wolf Research, Blue, Aetna, CNBC Locations: California

☆ CVS stock plunges after Blue Shield of California drops retailer's pharmacy services to save on drug costs
▼ + stars: | 2023-08-17 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Shares of CVS Health plunged 9% on Thursday after Blue Shield of California said it will drop the company's pharmacy benefit management services and instead partner with Mark Cuban's Cost Plus Drug Company and Amazon Pharmacy to save on drug costs for its nearly 5 million members. Blue Shield will now work with five different companies to provide "convenient, transparent access to medications while lowering costs." Blue Shield CEO Paul Markovich said the plan, which is scheduled to fully launch in 2025, could save the company up to $500 million annually. Cuban's Cost Plus Drug Company will provide access to low-cost medications through retail pharmacies. Blue Shield will retain CVS Caremark for its specialty pharmacy services, which provide specialized therapies and counseling to patients suffering from complex disorders.

Persons: Mark Cuban's, Caremark, Paul Markovich, Michael DeAngelis, Centene Organizations: CVS Health, Drug Company, Amazon Pharmacy, UnitedHealth, CVS, Abarca, Blue, CNBC Locations: New York, California

☆ Stocks making the biggest moves midday: SoFi, ON Semiconductor, Disney, Sweetgreen and more
▼ + stars: | 2023-07-31 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

SoFi Technologies – Shares of the fintech company popped more than 18% after it reported second-quarter results and lifted its full-year guidance. ON Semiconductor — The chipmaker's shares jumped 3.2% after it posted an earnings and revenue beat for the second quarter. New Relic — Shares jumped 13.4% after a private equity consortium announced it would take the software company private. Sweetgreen — The salad chain's shares jumped 11% Monday after an upgrade from Piper Sandler. Adobe — The software stock jumped 3.9% after Morgan Stanley upgraded the shares to overweight from equal weight.

Persons: FactSet, Disney, Kevin Mayer, Tom Staggs, Bob Iger, Spero, Sweetgreen, Piper Sandler, XPeng, Cowen, Morgan Stanley, Morgan Stanley's, Goldman Sachs, Wayfair, Salesforce's, — CNBC's Hakyung Kim, Yun Li, Sarah Min, Tanaya Macheel, Samantha Subin Organizations: SoFi Technologies, Disney, Financial Times, Food and Drug Administration, UBS, Hasbro, of, Bank of America, CVS, Adobe, Chevron, New York Community Bancorp, Deutsche Bank, CSX, RBC Locations: Bob Iger .

☆ Amazon lays off some employees in its Pharmacy unit
▼ + stars: | 2023-07-14 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Amazon has let go of some of the employees in its Pharmacy business, the company confirmed to CNBC. A "small number" of staffers in the Amazon Pharmacy division were informed Thursday they were being laid off, Amazon spokesperson Brad Glasser said in a statement. "As a result, we have made the decision to adjust resources and a small number of roles have been eliminated on the Amazon Pharmacy Services team." The company laid off 18,000 employees over several months last fall and earlier this year, then announced an additional 9,000 employees would be let go in March. Some employees in the company's pharmacy, digital health tools and Halo fitness band units were laid off, CNBC previously reported.

Persons: Brad Glasser, Glasser, Andy Jassy Organizations: CNBC, Amazon Pharmacy, Amazon, Amazon Pharmacy Services Locations: PillPack

☆ Walmart plans to expand its specialty HIV outreach
▼ + stars: | 2023-06-09 | by ( Bertha Coombs | ) www.cnbc.com time to read: +2 min

Every month, he picks up medication at his local Walmart pharmacy that makes HIV undetectable and untransmittable — a prospect that was unthinkable just a generation ago. Yet racial and ethnic disparities remain pronounced, with people of color accounting for a disproportionate share of new HIV diagnoses. Walmart launched an HIV specialty-pharmacy pilot program in late 2021, targeting just over half a dozen highly affected communities, including Rosario's county in New Jersey. "We can see from the data that that there's a need here — there's a higher incidence of HIV," said Kevin Host, Walmart pharmacy senior vice president. Now, the retail giant plans to expand its program to more than 80 HIV-specialty facilities across nearly a dozen states by the end of this year.

Persons: David Rosario, Rosario, Kevin Host, Callaghan, Gemima Kleine, it's Organizations: Walmart, Disease Control, Shoppers, Callaghan O'Hare, Bloomberg, Getty Locations: New York City, New Jersey, Rosario's, Charlotte , North Carolina

☆ These 7 Club holdings are using pricing power to boost profits this earnings season
▼ + stars: | 2023-04-28 | by ( Paulina Likos | ) www.cnbc.com time to read: +9 min

Pricing power is what's allowing many companies — including seven of our Club holdings — to support revenue growth and enhance, or at the very least protect, profitability during an earnings season marked by a still-elevated inflationary environment. When we're talking about "pricing power," it's the ability of companies with strong brands to raise prices without seeing too much impact on demand. Here's a list of Club holdings with pricing power, starting with a closer look at P & G. PG YTD mountain Procter & Gamble's stock performance year to date. LIN YTD mountain Linde's stock performance year to date. Halliburton has exhibited strong pricing power due to massive demand from global end markets, benefitting from years of under-investment in drilling.

☆ Johnson & Johnson expects no new Covid vaccine revenue, after shots drive earnings beat
▼ + stars: | 2023-04-18 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

International Covid vaccine sales helped spark Johnson & Johnson 's revenue and earnings beat on Tuesday, but the company said it expects no sales from the shot moving forward. That marks the end of a rocky three years for J&J's Covid vaccine despite being one of the first shots to enter the U.S. market during the pandemic. Notably, all Covid vaccine revenue during the quarter came from outside of the U.S. JP Morgan analyst Chris Schott added that J&J's first-quarter beat was in part "driven by Covid vaccine upside." While J&J's vaccine fell out of favor in the U.S. and other wealthy countries, developing countries have continued to rely on it.

☆ CVS names new pharmacy services, consumer product chiefs
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Jan 23 (Reuters) - CVS Health Corp (CVS.N) said on Monday that David Joyner would return to head the U.S. diversified healthcare company's pharmacy services and tapped former Cigna Corp (CI.N) executive Amy Bricker as its chief product officer for consumer business. Joyner will become the chief of the pharmacy services segment, which also includes the company's pharmacy benefits management business Caremark, effective Jan. 30. Bricker will start in the newly created role in February after serving as president of Express Scripts, rival Cigna Corp's pharmacy benefits unit. Its largest health insurance plan for Medicare recipients received a lower performance rating from the U.S. Centers for Medicare and Medicaid Services in October. The lower rating could affect payments from the government for 2024, the company said.

☆ UnitedHealth quarterly profit beats as medical costs stay low
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

Companies UnitedHealth Group Inc FollowJan 13 (Reuters) - UnitedHealth Group Inc (UNH.N) on Friday reported a quarterly profit that beat Wall Street estimates, helped by lower medical costs and a boost from its Optum health services unit, which operates the company's pharmacy benefit management business. Health insurers' costs have been in flux during the pandemic, but have eased over the past year as COVID-related hospitalizations have fallen from their peak. Revenue from Optum rose 16.5% to $47.87 billion, aided by strong growth in its health service and pharmacy benefit management business. Optum includes the company's pharmacy benefit management business that helps negotiate the terms of coverage between health insurers, their clients and drug manufacturers. Reporting by Leroy Leo and Khushi Mandowara in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Here’s our October rapid-fire update on all 34 stocks in Cramer’s Charitable Trust portfolio
▼ + stars: | 2022-10-13 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +13 min

Here's a rapid-fire update on every stock in the CNBC Investing Club portfolio. For Club members who are seeking income, we think a stock like Devon represents a better option than, say, AbbVie. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

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