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☆ Pfizer mulls cost cuts on volatile COVID products demand
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

Comirnaty sales declined 83% to $1.49 billion in the second quarter and antiviral treatment Paxlovid revenue tumbled 98% to $143 million. That compared with analysts' estimates of $1.40 billion for the vaccine and $1.08 billion for the pill. However, the company maintained its forecast for annual COVID revenues at about $21.5 billion. Pfizer also trimmed the upper end of its annual revenue forecast by $1 billion to $70 billion while retaining the low end at $67 billion. Total revenue for the second quarter fell 54% to $12.73 billion, compared with analysts' estimates of $13.27 billion, according to Refinitiv data.

Persons: drugmaker, Albert Bourla, Bhanvi, Sriraj Organizations: Pfizer, Thomson Locations: U.S, Bengaluru

☆ Vaccines for flu and RSV now available ahead of fall virus season
▼ + stars: | 2023-08-01 | by ( Amanda Musa | ) edition.cnn.com time to read: +5 min

CNN —With the fall respiratory virus season just around the corner, major US pharmacy chains have begun rolling out flu and RSV vaccine appointments. CVS is now scheduling flu vaccinations, as well as allowing walk-in vaccinations at certain pharmacies, spokesperson Amy Thibault said. Rite Aid, CVS and Walgreens say they will also offer the new Covid-19 vaccines once they’re available. The US Food and Drug Administration approved the world’s first RSV vaccines, from GSK and Pfizer, this year. Those who want all three vaccines should get their RSV vaccine well before or after their flu and Covid-19 shots, Schaffner says.

Persons: Catherine Carter, Amy Thibault, Xavier Becerra, Becerra, Albert Bourla, William Schaffner, it’s, ” Schaffner, Schaffner, Dr, Sanjay Gupta, “ We’re, “, ” Organizations: CNN, Walgreens, Aid, CVS, Walmart, Publix, Kroger, Rite, FDA, US Centers for Disease Control, US Department of Health, Human Services, Pfizer, Moderna, Food and Drug Administration, GSK, Vanderbilt University Medical Center, CDC, CNN Health

☆ Earnings playbook: How to trade some of the biggest reports this week, including Apple
▼ + stars: | 2023-07-31 | by ( Fred Imbert | ) www.cnbc.com time to read: +8 min

This quarter: Analysts polled by FactSet expect Merck to post a loss for the first quarter. Starbucks is set to report earnings after the bell, with management slated to hold a call at 5 p.m. This quarter: Analysts polled by FactSet expect double-digit earnings growth quarter over quarter. What history shows: Bespoke data shows Amazon earnings exceed earnings expectations 62% of the time. Apple is set to report earnings after the close, followed by a call at 5 p.m.

Persons: Goldman Sachs, Annika Kim Constantino, Merck, Merck's, Joe Biden's, SBUX, Bank of America's Sara Senatore, Senatore, Albert Bourla, —, They're, AMZN, FactSet, Annie Palmer, Morgan Stanley, Erik Woodring, — CNBC's Michael Bloom Organizations: Netflix, Merck, Apple, FactSet, CNBC, Prometheus Biosciences, Investment, Bank of America's, Pfizer, Management, Amazon Web Services, IDC Locations: China, 2Q23, New York, Carolina, Friday's

☆ Pfizer says supply of some drugs may be disrupted after NC tornado
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, July 24 (Reuters) - Drugmaker Pfizer Inc (PFE.N) said over 30 drugs, including injections of painkiller fentanyl and anesthetic lidocaine, may see supply disruption after a tornado destroyed a warehouse at its Rocky Mount, North Carolina, plant last week. The company sent a letter late last week to its hospital customers saying it had identified around 64 different formulations or dosages of those more than 30 drugs produced at the plant that may experience continued or new supply disruptions. The company has placed limits on how much supply of those drugs its customers can buy. It said the list was "based on Pfizer market share and inventory levels of less than 3 months across our Pfizer distribution centers and the wholesale chain." The Rocky Mount plant is one of the largest factories for sterile injectable medicines in the world.

Persons: Albert Bourla, Michael Ganio, Michael Erman, Aurora Ellis Organizations: YORK, Drugmaker Pfizer Inc, Pfizer, American Society of Health, System, Thomson Locations: North Carolina

[1/2] The roof of a Pfizer facility shows heavy damage after a tornado passed the area in Rocky Mount, North Carolina, U.S. July 19, 2023. ABC Affiliate WTVD via REUTERSJuly 21 (Reuters) - Most of the tornado damage at Pfizer Inc's (PFE.N) Rocky Mount, North Carolina plant was to the warehouse and not manufacturing facilities, CEO Albert Bourla said on Friday, easing concerns about long-term drug shortages from the plant. Nonetheless, Bourla told a news conference in Rocky Mount that it will be a monumental task to repair the damage. "We are moving full speed to bring this manufacturing plant into action again," Bourla said, noting that crews were working to restore power to the plant. The Rocky Mount plant is one of the largest factories for sterile injectable medicines in the world.

Persons: Albert Bourla, Bourla, Soumi Saha, Saha, Lisa Mulloy, Erin Fox, David Ljunggren, Michael Erman, Shivani Tanna, Rami Ayyub, Doina Chiacu, Cynthia Osterman, Diane Craft Organizations: Pfizer, ABC, WTVD, REUTERS, Pfizer Inc's, U.S, American Society of Health, System Pharmacists, U.S . Food, Drug Administration, FDA, Premier Inc, University of Utah Health, Thomson Locations: Rocky Mount, North Carolina, U.S, Rocky, Bengaluru

July 21 (Reuters) - Pfizer Inc(PFE.N) CEO Albert Bourla said on Friday that tornado damage this week had almost completely destroyed the drugmaker's warehouse at its Rocky Mount, North Carolina, plant, but that production facilities there do not seem to have suffered damage. "It appears that most of the damage sustained at the site was at our warehouse ... the facilities that are producing, (it) doesn't seem that they have suffered any damage." In the meantime, the company is working to identify alternative manufacturing locations for production around the U.S. Nearly 25% of Pfizer's sterile injectables used in U.S. hospitals are produced there, according to the company's website. "There are so many shortages already," said Erin Fox, senior director of drug information at University of Utah Health.

Persons: Albert Bourla, Bourla, Soumi Saha, Saha, Erin Fox, Lisa Mulloy, David Ljunggren, Michael Erman, Rami Ayyub, Doina Organizations: Pfizer Inc, Engineers, U.S, Products, Premier Inc, American Society of Health, System Pharmacists, Pfizer, University of Utah Health, Thomson Locations: North Carolina, Rocky, U.S

Pfizer CEO Albert Bourla has said an obesity pill could eventually be a $10-billion-a-year product for Pfizer. Truist Securities analyst Robyn Karnauskas said Lilly is now ahead in the race for a once-a-day obesity pill. Pfizer said last month that danuglipron helped patients lose weight on par with Novo Nordisk's (NOVOb.CO) Ozempic in a mid-stage study that tested it in patients with Type 2 diabetes. None of the patients in the lotiglipron trials reported liver-related symptoms or side effects, there was no evidence of liver failure and none required treatment, Pfizer said. Liver enzyme elevations observed in lotiglipron trials have not been seen in patients enrolled in danuglipron trials, the company added.

Persons: Albert Bourla, Eli Lilly, LLY.N, Robyn Karnauskas, Lilly, Pfizer, danuglipron, Manas Mishra, Leroy Leo, Michael Erman, Pooja Desai, Jason Neely, Deepa Babington Organizations: Pfizer Inc, Pfizer, NYSE Arca Pharmaceutical, Truist Securities, Novo Nordisk's, Thomson Locations: United States, Bengaluru, New Jersey

☆ Pfizer to end development of experimental obesity pill due to elevated liver enzymes
▼ + stars: | 2023-06-26 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Pfizer on Monday said it would stop developing its experimental obesity and diabetes pill, lotiglipron, due to elevated liver enzymes in patients who took the drug once a day in mid-stage clinical studies. New York-based Pfizer said it will instead focus on its other oral obesity drug, danuglipron, which is in a fully enrolled phase two clinical trial. Pfizer CEO Albert Bourla has said that an obesity pill could eventually generate $10 billion each year for the company. The new class of obesity drugs is piquing public interest and causing a weight loss industry gold rush. Analysts believe Eli Lilly’s pill has an edge over Pfizer’s danuglipron.

Persons: William Sessa, Albert Bourla, Eli Lilly, Eli Lilly’s, danuglipron, Wells, Mohit Bansal, orforglipron, Bansal Organizations: Pfizer, Novo Nordisk, National Institutes of Health Locations: New York, danuglipron

☆ Drugmakers aim to strike down Medicare drug-price negotiations at Supreme Court
▼ + stars: | 2023-06-20 | by ( Spencer Kimball | ) www.cnbc.com time to read: +10 min

And Bristol Myers Squibb is trying protect its blood thinner Eliquis, which brought in $11.8 billion in sales last year, or about 25% of the company's $46 billion total revenue for 2022. Long legal battle aheadMerck, the chamber and Bristol Myers Squibb filed their lawsuits ahead of two key deadlines. Bristol Myers Squibb did not either. If circuit court decisions on the matter contradict one another, the Supreme Court would step in to decide the issue, Bagby said. Bristol Myers Squibb made an identical argument in its complaint.

Persons: Richard A, Gonzalez, Pascal Soriot, Giovanni Caforio, Jennifer Taubert, Johnson, Kenneth C, Frazier, Albert Bourla, Olivier Brandicourt, Win Mcnamee, Drugmaker Merck, Drugmaker, Bristol Myers Squibb, PhRMA, Eli Lilly, Merck, Bristol Myers, Robin Feldman, Nicholas Bagley, Bagley, Gretchen Whitmer, Chris Meekins, Raymond James, Antonin Scalia, Brett Kavanaugh, Neil Gorsuch, Meekins, Long, Xavier Becerra, Randolph Daniel Moss, Barack Obama, Judge Thomas M, Rose, George W, Bush, Kelly Bagby, Bagby, Amgen, Donald Trump, Karine Jean, Pierre, Biden, Jean, we'll, Becerra, Feldman Organizations: Senate, AbbVie Inc, AstraZeneca, Myers Squibb Co, Janssen Pharmaceuticals, Johnson, Merck & Co, Inc, Pfizer, Sanofi, Getty, U.S . Chamber of Commerce, Bristol Myers Squibb, Washington , D.C, Southern, Southern District of, Democratic Party, U.S, Merck, Bristol, Pharmaceutical Research, Manufacturers of America, CNBC, Medicare, University of California College of, Justice Department, Michigan Gov, Bristol Myers, Human Services, Centers, Services, AARP Foundation, HHS, AARP, Specialty Pharmacy, Reuters, Supreme, Appeals, Democratic, U.S . Sixth, Republican, Third, White Locations: America, Washington , DC, Bristol, U.S, Washington ,, Southern District, Southern District of Ohio, New Jersey, Commerce's Dayton , Ohio, San Francisco

☆ A secretive annual meeting attended by the world's elite has A.I. top of the agenda
▼ + stars: | 2023-05-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Sam Altman, CEO of OpenAI, is one among a number of business and political leaders set to join the annual Bilderberg Meeting in Lisbon, Portugal. OpenAI CEO Sam Altman will join forces with key leadership from firms like Microsoft and Google this week as a secretive meeting of the business and political elite kickstarts in Lisbon, Portugal. Artificial intelligence will top the agenda as the ChatGPT chief meets with Microsoft CEO Satya Nadella, DeepMind head Demis Hassabis, and former Google CEO Eric Schmidt at the annual Bilderberg meeting. All in, around 130 participants from 23 countries are set to attend the private meeting — a similar number to previous years. However, the event's organizers say that the discrete nature of the event is to allow for greater freedom of discussion.

☆ GOP law cut Big Pharma tax rates by 40%, Senate report says
▼ + stars: | 2023-05-11 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

A Republican law has slashed the average tax rates of big pharmaceutical companies by more than 40% since it was enacted in 2017, Senate Finance Committee Democrats said in a report Thursday. That provision allowed U.S.-based pharmaceutical companies to access lower tax rates on their foreign income, the report said. Pharmaceutical companies report 75% of their taxable income overseas, the report said. The report said the average rate fell to 11.6% in 2019 and 2020, which resulted in billions of dollars in tax savings for pharmaceutical companies. Wyden also obtained similar information about other U.S. pharmaceutical companies, including Abbott Laboratories , Amgen , Bristol Myers Squibb and Merck .

☆ Pfizer CEO says Medicare will likely face legal action over drug price negotiations
▼ + stars: | 2023-05-11 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Pfizer CEO Albert Bourla on Thursday said pharmaceutical companies will likely take legal action against Medicare drug price negotiations, which aim to cut costs for older Americans, but will likely reduce company profits. Bourla referred to a provision in the Biden administration's Inflation Reduction Act that will allow the Medicare program to negotiate prices on the costliest prescription drugs each year. The first negotiations start in September and new prices will go into effect in 2026. Some drugmakers are already preparing to fight Medicare drug negotiations, industry sources told Reuters. Another provision of the Inflation Reduction Act requires Pfizer and other prescription drug companies to refund Medicare through rebates if the prices of their drugs rise faster than the rate of inflation.

☆ Covid will no longer be the epicenter of what we do, says Pfizer CEO Albert Bourla
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCovid will no longer be the epicenter of what we do, says Pfizer CEO Albert BourlaPfizer CEO Albert Bourla joins 'Power Lunch' to discuss the company's latest earnings report, the subsequent growth driver for pharmaceuticals, and more.

☆ People Can't Get Ozempic, New Weight-Loss Drugs Because of Broken Healthcare System
▼ + stars: | 2023-04-13 | by ( ) www.businessinsider.com time to read: +15 min

Wegovy is just one of a wave of revolutionary weight-loss drugs, which also includes the buzzy Ozempic, that represents a watershed moment for obesity treatment. Demand for weight-loss drugs is surgingDoctors and healthcare professionals searched for a healthy, safe, and effective weight-loss solution for years before the drugs, known collectively as GLP-1 agonists, exploded on the scene. If there is one key that could unlock access to expensive weight-loss drugs for Americans, it's Medicare. Expanding coverage for Ozempic and other weight-loss drugs for just a small segment of the population could cost Medicare up to $26.8 billion a year. Patients lose outYears from now, patients may have an easier time getting their hands on weight-loss drugs.

[1/4] A pack of birth control pills is displayed in this illustration picture taken in Philadelphia, Pennsylvania, U.S., July 11, 2022. REUTERS/Hannah Beier/IllustrationApril 10 (Reuters) - Over 300 biotech and pharmaceutical industry executives, including Pfizer Inc (PFE.N) CEO Albert Bourla, signed an open letter on Monday calling for reversal of a federal judge's decision to suspend sales of the abortion pill mifepristone. Last week's ruling by Judge Matthew Kacsmaryk undermines the FDA's authority, the letter's authors wrote, adding that it ignores decades of scientific evidence and legal precedent. The ruling could open the possibility to the banning of vaccines and contraception for women, said Levin. "It's the single worst threat to the industry in over 50 years."

☆ Drug Company Leaders Condemn Ruling Invalidating F.D.A. Approval of Abortion Pill
▼ + stars: | 2023-04-10 | by ( Christina Jewett | ) www.nytimes.com time to read: +1 min

Senior executives of more than 250 pharmaceutical and biotech companies on Monday issued a scorching condemnation of a ruling by a federal judge that invalidated the Food and Drug Administration’s 23-year-old approval of the abortion pill mifepristone, and they called for the decision to be reversed. “The decision ignores decades of scientific evidence and legal precedent,” said the letter, which was signed by leaders of some of the industry’s most prominent companies, including Albert Bourla, chief executive of Pfizer, and Alisha Alaimo, president of Biogen. The ruling, by Judge Matthew J. Kacsmaryk of the U.S. District Court for the Northern District of Texas, “has set a precedent for diminishing F.D.A.’s authority over drug approvals, and in so doing, creates uncertainty for the entire biopharma industry,” the letter argues. The letter also said that pharmaceutical companies rely on the F.D.A.’s autonomy to bring products to market under a “reliable regulatory process for drug evaluation and approval.”

☆ Pfizer CEO signs letter in support of FDA after federal judge suspends approval of abortion pill
▼ + stars: | 2023-04-10 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Pfizer 's CEO signed on to an industry letter in support of the Food and Drug Administration's authority to regulate drugs after a federal judge in Texas suspended the agency's approval of the abortion pill mifepristone. Albert Bourla was among the more than 200 pharmaceutical company executives who signed the letter after U.S. Judge Matthew Kacsmaryk's controversial ruling on Friday. Kacsmaryk sided with an anti-abortion group, arguing that the FDA rushed its approval process and violated federal standards. Kacsmaryk's decision conflicts with a ruling by a federal judge in Washington state. The dueling orders by two federal judges create a complicated legal standoff that could potentially escalate to the Supreme Court.

☆ Exclusive: Elon Musk plans China visit, seeks meeting with premier
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI/HONG KONG, March 31 (Reuters) - Tesla (TSLA.O) Chief Executive Elon Musk is making plans to visit China as early as April and is seeking a meeting with China's Premier Li Qiang, two people with knowledge of planning for the trip told Reuters. The exact timing of the visit is subject to Li Qiang's availability, one of the sources said. China is Tesla's second-largest market after the United States and its Shanghai plant is the electric carmaker's largest production hub. A visit by Musk would mark his first visit to China since the COVID-19 pandemic and since Xi Jinping secured a third term as China's president. The sources did not say what Musk intends to discuss with Li or do in China.

☆ China Development Forum: Li Qiang rolls out the welcome wagon for foreign companies
▼ + stars: | 2023-03-28 | by ( Laura He | ) edition.cnn.com time to read: +4 min

“China’s economy has been deeply integrated into the global division of labor.”Li pledged that the country will align with international economic and trade rules, give equal treatment to foreign investment and facilitate trade and investment by removing government controls. Worries about foreign investmentConcerns about foreign capital leaving China have grown. To boost business confidence, China’s new economic leadership is trying to reassure foreign business and the domestic private sector. “You are not foreigners, but family,” Wang Wentao, the commerce minister, told attendees at the China Development Forum. In a meeting with Cook on Monday, he said China is willing to “provide a good environment and services” for foreign enterprises including Apple.

Pfizer CEO Albert Bourla speaks during the China Development Forum in Beijing on March 25, 2023. BEIJING — U.S. pharma giant Pfizer has signed an agreement with China to cooperate on improving the country's health coverage, according to the company. China in 2016 announced a "Healthy China 2030" plan for improving the country's public health services, medical industry and food and drug safety. The Covid-19 pandemic also highlighted shortfalls in China's still-developing public health system. Pfizer's memorandum of understanding with the Health China Research Center is set to support public health research and improve the health of rural populations, according to details released by Chinese state media.

Washington-based Seagen is a pioneer of antibody-drug conjugates, which work like "guided missiles" designed for a targeted destructive effect and spare healthy cells. The Pfizer logo is pictured on their headquarters building in the Manhattan borough of New York City, New York, U.S., November 9, 2020. The drugmaker expects more than $10 billion in sales from Seagen products in 2030, and another $15 billion from its other recent acquisitions. Pfizer said antitrust regulators could closely review the deal due to its size but eventually approve it. Pfizer rival Merck & Co Inc (MRK.N) and Seagen were in advanced deal talks last year but those reportedly collapsed over antitrust concerns.

☆ The Pfizer-Seagen deal has a hidden $1 billion warning for workers
▼ + stars: | 2023-03-13 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +2 min

While the deal bolsters Pfizer's cancer portfolio, it also mean cuts focused on "eliminating duplication"Pfizer said it is aiming for $1 billion in "cost efficiencies" within 3 years of the deal. Pharmaceutical giant Pfizer said on Monday that it would acquire drug developer Seagen in a massive $43 billion deal that would bolster its oncology portfolio. The acquisition is the largest biopharma deal since 2019 when AbbVie acquired Allergan for $63 billion, according to Stat News. Namely, Pfizer is aiming for $1 billion in "cost efficiencies" within three years of the deal closing, which could mean job cuts. Pfizer's deal for Seagen is expected to close in late 2023 or early 2024.

☆ Pfizer’s $43 bln deal is a pricey pipeline fix
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, March 13 (Reuters Breakingviews) - Pfizer (PFE.N) has found a partial, costly replacement for waning sales of Covid-19 vaccines. The $225 billion pharmaceutical giant said Monday it had agreed to shell out $43 billion for oncology specialist Seagen (SGEN.O), inclusive of net debt. Snag is, Pfizer’s return will probably be low, and the deal may not even receive antitrust approval. Add estimated savings of $1 billion and the result is $1.2 billion of operating profit after tax, assuming the statutory corporate rate. That’s about a 3% return on the purchase price, similar to what Breakingviews estimated when news of talks leaked in February.

☆ Pfizer CEO says it will be able to deliver Seagen's cancer therapy at a scale not seen before with $43 billion deal
▼ + stars: | 2023-03-13 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

Pfizer CEO Albert Bourla on Monday said the pharmaceutical giant will be able to deliver Seagen's cancer therapy to the world "at a scale that has not been seen before" with its $43 billion acquisition. Seagen will bulk up Pfizer's cancer treatment portfolio, bringing four approved cancer therapies with combined sales of nearly $2 billion in 2022. "These medicines are on a strong growth trajectory, with significant lifecycle programs anticipated to drive continued impact uptake and growth," Bourla said on a conference call earlier Monday morning. Seagen expects to generate about $2.2 billion in revenue this year, representing 12% year-over-year growth, according to a Pfizer press release. Pfizer added that Seagen could contribute more than $10 billion in risk-adjusted sales by 2030, "with potential for significant growth" beyond that year.

☆ Seagen has one of the greatest technologies to battle cancer: Pfizer CEO on acquisition
▼ + stars: | 2023-03-13 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSeagen has one of the greatest technologies to battle cancer: Pfizer CEO on acquisitionAlbert Bourla, Pfizer CEO, joins 'Squawk on the Street' to discuss his thoughts on the company buying Seagen.

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