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☆ Opinion | The Promise and Risk of Biden’s War on Drug Prices
▼ + stars: | 2023-09-01 | by ( Peter Coy | ) www.nytimes.com time to read: +2 min

In a textbook free market, “fair” is whatever the market will bear. But these drugs don’t fit that model. Patents protect them from competition, allowing their producers to price them high. On the other hand, because of their high upfront development costs, pricing the drugs very low, at marginal cost, would be unrealistic. If that’s all the manufacturers earned from them, they would have no incentive to stay in business and develop new drugs.

Persons: Biden, Seshamani — Organizations: Big Pharma, pharma, Producers

☆ Medicare wants to cut the price on an Eli Lilly drug. What it means for LLY shares
▼ + stars: | 2023-08-30 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +8 min

Eli Lilly's revenue from Jardiance — which it markets alongside privately held German biotech firm Boehringer Ingelheim — is likely to suffer due to Medicare negotiations. Compared to those growth drivers, Jardiance is a minor character in the Eli Lilly investment story. However, the deceleration is not entirely due to likely lower realized prices from Medicare negotiations. Eli Lilly looks "relatively protected" from early Medicare negotiations, BMO's Seigmerman said. Eli Lilly headquarters in Indianapolis, Indiana, US, on Wednesday, May 3, 2023.

Persons: Eli Lilly, Biden, Myers Squibb, Johnson, Eli Lilly's, —, Evan Seigerman, Seigerman, BMO's Seigmerman, Lilly, Jim Cramer's, Jim Cramer, Jim, AJ Mast Organizations: pharma, Myers, Club, Johnson, Medicare, donanemab, Bank of America, FactSet, Mounjaro, Merck, Constitution, Wall Street, Bristol Myers Squibb, BMO Capital, CNBC, Services, drugmakers, and Drug Administration, FDA, Trulicity, Bloomberg, Getty Locations: Bristol, U.S, Indianapolis , Indiana

☆ Medicare drug price negotiations may have a muted impact on drugmakers in the near term
▼ + stars: | 2023-08-30 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

But analysts say the drug price talks will likely have a muted financial impact on manufacturers, at least for this first round of prescription medicines. More broadly, some of the drugs on the list aren't significant contributors to their company's business in the first place. "The commercial impact of negotiations appears limited in the near term for this initial list of drugs," Mara Goldstein, managing director of Mizuho Securities, told CNBC. The list names drugs with the highest spending for Medicare Part D, which covers prescription medications, from June 2022 to May 2023. Several drugmakers, including a handful whose medications are on the list, have filed lawsuits in different federal courts seeking to stop the negotiations.

Persons: Eliquis, Mara Goldstein, Biden, Johnson, there's Organizations: New, Halsted Pharmacy, Medicare, Mizuho Securities, CNBC, Myers Squibb, Johnson, Merck, AstraZeneca, Supreme, U.S . Chamber of Commerce Locations: Chicago , Illinois, Bristol, U.S

☆ Here are the 3 most-used drugs on the Medicare price negotiation list
▼ + stars: | 2023-08-29 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Bottles of the drug Jardiance, made by Eli Lilly and Company, sit on a counter at a pharmacy in Provo, Utah, January 9, 2020. Two blood thinners and a diabetes medication are the drugs most widely used by Medicare beneficiaries among a list of 10 drugs that will be subject to price negotiations between manufacturers and Medicare. The list names drugs with the highest spending for Medicare Part D, which covers prescription medications, for the period from June 1, 2022, to May 31, 2023. Nearly 1.6 million Medicare enrollees used Jardiance during the same time period, according to the fact sheet. Medicare Part D also spent more on those three drugs during the time period than it did on the seven other medicines on the list.

Persons: Eli Lilly, Biden, Myers Squibb, enrollees, Johnson Organizations: Company, U.S, Medicare, Myers, Centers, Services, Pfizer Locations: Provo , Utah, Bristol

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

[1/2] A pharmacist holds a bottle of the drug Eliquis, sold by Bristol Myers Sqibb and Pfizer at a pharmacy in Provo, Utah, U.S. January 9, 2020. REUTERS/George Frey/File Photo Acquire Licensing RightsAug 29 (Reuters) - The U.S. government on Tuesday selected the first 10 drugs, including the big-selling blood thinner Eliquis from Bristol Myers Squibb (BMY.N) and Pfizer (PFE.N) , that will be subject to the first-ever Medicare price negotiations, part of President Joe Biden’s Inflation Reduction Act (IRA) that drugmakers and industry groups have challenged in court. At least eight lawsuits were filed between June and late August seeking to block the price negotiation, arguing that the law and forced price cuts would violate various amendments to the U.S. constitution. The following are key details of the lawsuits:Reporting by Manas Mishra and Sriparna Roy in Bengaluru; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Persons: Bristol Myers Sqibb, George Frey, Joe Biden’s, Manas Mishra, Sriparna Roy, Bill Berkrot Organizations: Bristol, Pfizer, REUTERS, U.S, Bristol Myers Squibb, Thomson Locations: Provo , Utah, U.S, Bengaluru

The medications on the list are taken by millions of older Americans and cost Medicare billions of dollars annually. The drugs were selected by the Centers for Medicare & Medicaid Services through a process that prioritized medications that account for the highest Medicare spending, have been on the market for years and do not yet face competition from rivals. Drugs Selected for Price Negotiations1. Eliquis, for preventing strokes and blood clots, from Bristol Myers Squibb and Pfizer2. Xarelto, for preventing strokes and blood clots, from Johnson & Johnson4.

Persons: Biden, Price, Boehringer Ingelheim, Eli Lilly, Johnson Organizations: Tuesday, Medicare, Centers, Services, Bristol Myers Squibb, Pfizer, Johnson, Merck, AstraZeneca, Novartis, Novo Nordisk Locations: AbbVie, Novo

☆ 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

☆ 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

☆ White House inflicts Big Pharma ills
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

If just one or two big medications were going to be renegotiated, the industry could shoulder the change. The IRA, signed into law last year, allows Medicare to negotiate prices for some of its most costly drugs. Though specificities are unclear, a quick look at one of the biggest sellers under the program, blood thinner Eliquis, suggests Big Pharma could shoulder a discount. At 11 times earnings over the next 12 months, that’s less than 10% of the firm’s $205 billion market capitalization. Put this on the same multiple of 11 times, and it would be a $275 billion hit to the industry.

Persons: George Frey, Biden, Robert Cyran, Xpeng’s Didi, Lauren Silva Laughlin, Sharon Lam Organizations: Pfizer Pharmaceuticals, REUTERS, Reuters, Big, Medicare, Pfizer, Bristol, Myers Squibb, Congressional, Office, X, Thomson Locations: Provo , Utah, U.S

☆ These 10 medications are likely targets for Medicare price negotiations this fall
▼ + stars: | 2023-08-10 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Though it is still unclear which 10 drugs Medicare will select, several pharmaceutical companies have already revealed in court filings that they expect four of their blockbuster medications to be targeted. Bristol-Myers Squibb and Johnson & Johnson , in separate filings, said their blood thinners Eliquis and Xarelto will be subject to the negotiations this year. The list price of Januvia has surged 275% since 2006, according to the AARP. Johnson & Johnson reported $2.47 billion in revenue from Xarelto. "More and more people face cost-sharing that is directly affected by drug price increases," Leigh Purvis, who analyzes health-care costs for AARP, told reporters on a call Thursday.

Persons: Daniel Acker, Merck, Johnson, Abbvie, Imbruvica, Jardiance, Boehringer Ingelheim, Amgen Symbicort, Pfizer Xtandi, Breo, Biden, Januvia, Eliquis, Xarelto, Leigh Purvis Organizations: Merck, Co, Inc, Bloomberg, Getty, Medicare, Services, Myers Squibb, Johnson, Pharmacy, AstraZeneca Ibrance, Pfizer, Astellas Pharma, GSK, AARP, Bristol Myers Squibb, Jama Network, Industry Locations: Bristol, U.S, Januvia, Xarelto

☆ 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

☆ Bristol Myers Squibb sues Biden administration over Medicare drug negotiations in third such lawsuit
▼ + stars: | 2023-06-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Bristol Myers Squibb on Friday sued the Biden administration over Medicare's new powers to slash drug prices, the third such lawsuit to be filed against the program in a matter of days. The lawsuit filed in federal district court in New Jersey argues the Medicare negotiations violate the First and Fifth Amendments of the U.S. Constitution. Bristol Myers Squibb's arguments mirror those lodged last week by Merck , the first company to sue the federal government over the drug negotiations. The law is the central pillar in the Biden administration's efforts to control rising drug prices and was a major victory for the Democratic Party. Bristol Myers Squibb said its blood thinner Eliquis, used to treat clots and strokes, will be subject to the negotiations this year.

Persons: Bristol Myers Squibb, Bristol Myers, Biden Organizations: Bristol Myers Squibb, Biden, U.S . Constitution, Bristol, Human Services Department, Merck, U.S . Chamber of Commerce, HHS, Democratic Party Locations: New Jersey, U.S ., Eliquis

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.

☆ Bristol Myers posts lower Q1 sales as Revlimid falls
▼ + stars: | 2023-04-27 | by ( Michael Erman | ) www.reuters.com time to read: +2 min

April 27 (Reuters) - Drugmaker Bristol Myers Squibb (BMY.N) on Thursday said its first-quarter sales fell from last year, hurt by generic competition for its cancer drug Revlimid. The drugmaker also announced on Wednesday evening that its Chief Executive Officer Giovanni Caforio plans to step down from the role in November, to be replaced by the company's current Chief Commercialization Officer Chris Boerner. Analysts, on average, expected sales of $11.49 billion in the quarter, according to Refinitiv data. Bristol Myers said it earned around $2.05 a share in the quarter, excluding one-time items. Sales of Revlimid, which began facing generic competition last year, fell to $1.75 billion in the quarter, down 37% from $2.8 billion last year.

[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.

☆ Biden administration will select first 10 drugs for Medicare price negotiations by September
▼ + stars: | 2023-01-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

The negotiated prices for those 10 Medicare Part D drugs will go into effect in January 2026. This includes drugs for rare diseases, plasma or blood-derived products, drugs developed by small biotech companies and drugs that Medicare spends less than $200 million on. The products may not be part of the eventual price negotiations due to generic competition or a change in Medicare expenditures. In the program's second phase, HHS will select another 15 Medicare Part D drugs to negotiate, with prices taking effect in 2027. In phase four, HHS will negotiate prices for 20 Part B or D drugs, taking effect in 2029.

☆ Eisai, Biogen Alzheimer's drug slows cognitive decline, safety for some becomes focus
▼ + stars: | 2022-11-30 | by ( Deena Beasley | ) www.reuters.com time to read: +5 min

The drug, lecanemab, was associated with a type of brain swelling in 12.6% of trial patients, a side effect previously seen with similar drugs. He suggested that could be because homozygous study patients who were given a placebo fared better than expected. Overall, lecanemab patients benefited by 23% to 26% compared with a placebo on these secondary trial goals. Detailed data from the study were presented at the Clinical Trials on Alzheimer's Disease meeting in San Francisco and published in the New England Journal of Medicine. Dr. Howard Fillit, chief science officer at the Alzheimer’s Drug Discovery Foundation, said doctors always balance the benefits and risks of therapies.

☆ Pfizer raises 2022 earnings guidance, beats third-quarter expectations
▼ + stars: | 2022-11-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Pfizer on Tuesday raised its 2022 earnings guidance after booking a strong third quarter that beat Wall Street expectations. Pfizer raised its full year sales guidance for its Covid-19 vaccine to $34 billion this year, up $2 billion from the company's previous expectations. The company sold $4.4 billion of its Covid vaccine worldwide in the quarter, a decrease of 66% compared to the third-quarter of 2021. Pfizer's antiviral treatment Paxlovid also had a strong quarter, generating $7.5 billion in sales worldwide though mostly in the U.S. Pfizer booked net income of $8.6 billion for the third quarter, a 6% increase over the same quarter last year.

☆ Pfizer CEO reveals 2030 growth plan as company faces up to $18 billion revenue hit from generics
▼ + stars: | 2022-11-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Bourla said Pfizer is staring down an expected loss of between $16 billion and $18 billion in revenue from 2025 through 2030 as patent protections for some of its bestselling drugs expire. "We recognize that some are questioning Pfizer's longer-term growth prospects," Bourla told analysts during Pfizer's third-quarter earnings call Tuesday. Taken together, these five drugs represented about 40% of Pfizer's third-quarter revenue this year when the Covid vaccine and the antiviral treatment Paxlovid are excluded. Pfizer's RSV vaccine candidates for older adults and infants have the potential to generate billions in revenue, Bourla said. It would be the only RSV vaccine in the U.S. that protects infants by giving the shot to the mother, he said.

☆ Watch CNBC's full interview with Bristol Myers Squibb CEO Dr. Giovanni Caforio
▼ + stars: | 2022-10-26 | 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 EmailWatch CNBC's full interview with Bristol Myers Squibb CEO Dr. Giovanni CaforioBristol Myers Squibb CEO Dr. Giovanni Caforio joins CNBC's 'Squawk on the Street' to discuss the company's third-quarter earnings report. Caforio also breaks down the company's portfolio of cardiovascular drugs, including heavyweight Eliquis. "Internationally, business was impacted by exchange," Caforio tells CNBC.

☆ Paxlovid: Covid-19 treatment can interact with common heart medications, doctors warn
▼ + stars: | 2022-10-12 | by ( Jacqueline Howard | ) edition.cnn.com time to read: +5 min

Paxlovid can have dangerous interactions with some of the most common medications for cardiovascular disease, including certain statins and heart failure therapies, a new paper warns. The review paper says that interactions between Paxlovid and certain blood thinners can cause an increased risk of bleeding. Interactions between Paxlovid and some cholesterol medications such as statins can be toxic to the liver, and interactions between Paxlovid and certain blood pressure medications could cause low blood pressure, flushing and swelling. For cardiovascular medications that patients could discontinue in order to take Paxlovid, Morgan noted that the Covid-19 treatment is a five-day regimen. “Awareness of the presence of drug-drug interactions of Paxlovid with common cardiovascular drugs is key.

☆ What Cramer is watching Wednesday — bonds crush us, J&J sets $5 billion buyback, Starbucks raises
▼ + stars: | 2022-09-14 | by ( Jim Cramer | ) www.cnbc.com time to read: +5 min

Club holding Johnson & Johnson (JNJ) announces a $5 billion buyback and affirms adjusted operational EPS of $10.70, or 9.2% growth, for the full year. Club holding Starbucks (SBUX) raises guidance significantly, high single-digit earnings per share and double-digit revenues. Club holding Costco' s (COST) Kirkland doing well by the way but so are branded. Club holding Apple (AAPL) back on its ramp? As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

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