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The company reported a larger-than-expected quarterly loss and cut its annual revenue forecast for the second time, but strength in its biologics unit drove quarterly sales past tempered Wall Street estimates. Catalent's "results cleared an admittedly low bar", Stephens analyst Jacob Johnson said. "After a number of shoes dropping and a lot of noise recently, today was a good first or second step." Catalent reported a third-quarter loss of 9 cents per share, compared with Wall Street estimates for a loss of 3 cents, according to IBES data from Refinitiv. The company will also amend its 2022 results filing with a $26 million deduction caused by a revenue recognition error at its Bloomington plant.

Persons: Stephens, Jacob Johnson, Alessandro Maselli, Maselli, Catalent, Bhanvi Satija, Sriparna Roy, Devika Organizations: Novo Nordisk's, Thomson Locations: Maryland, Brussels, Indiana, Bloomington, Bengaluru

June 9 (Reuters) - The White House on Friday said electric-vehicle charging stations using Tesla (TSLA.O) standard plugs would be eligible for billions of dollars in federal subsidies as long as they included the U.S. charging standard connection, CCS, as well. The statement follows separate announcements by U.S. automakers Ford Motor (F.N) and General Motors (GM.N) that they were adopting the Tesla model of charging, known as the North American Charging Standard (NACS). Tesla shares rose 4.1%. Some of them said on Friday that they would work to adapt to the Tesla standard. [1/2] Tesla charging stations are pictured in a parking lot in Shanghai, China March 13, 2021.

Persons: Biden, Tesla, Robyn Patterson, Patterson, Tesla's, Oleg Logvinov, Aly, Logvinov, Sam Houston, Danni Hewson, AJ Bell, Blink, Jonathan Levy, We've, They've, Asaf Nagler, ChargePoint, Jarrett Renshaw, Abhirup Roy, Hyunjoo Jin, Chavi Mehta, Bhanvi, Sayantani Ghosh, David Gaffen, Peter Henderson, Matthew Lewis Organizations: U.S, Ford Motor, General Motors, American, CCS, Analysts, Ford, GM, EV, Reuters, Volkswagen, Hyundai Motor, Kia, IoTecha, REUTERS, CharIN, Union of Concerned, Tesla, ABB, America, Thomson Locations: United States, Shanghai, China, CharIN North America, Swiss, Philadelphia, San Francisco, Bengaluru

☆ White House welcomes Tesla to take advantage of federal dollars
▼ + stars: | 2023-06-09 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +5 min

June 9 (Reuters) - The White House on Friday said electric-vehicle charging stations using Tesla (TSLA.O) standard plugs would be eligible for billions of dollars in federal subsidies as long as they included the U.S. charging standard connection, CCS, as well. Tesla shares rose as much as 7.5% on Friday but pared gains to close 4.1% higher at $244.40. Analysts said the Ford and GM news was a big win that could make Tesla Superchargers an industry standard in the United States. GM and Ford shares closed up 1.1% and 1.3%, respectively. Musk on Friday said in a tweet it would be "ideal" for Tesla chargers to need only CCS adapters to meet federal charging standards.

Persons: Biden, Tesla, Robyn Patterson, Patterson, Tesla's, Sam Houston, Danni Hewson, AJ Bell, Blink, Jonathan Levy, ChargePoint, Musk, Jarrett Renshaw, Hyunjoo Jin, Abhirup Roy, Chavi Mehta, Bhanvi, Sayantani Ghosh, David Gaffen, Peter Henderson, Matthew Lewis Organizations: U.S, Ford Motor, General Motors, American, CCS, Ford, GM, EV, Reuters, Volkswagen, Hyundai Motor, Kia, Union of Concerned, Tesla, Elon, Thomson Locations: United States, Philadelphia, San Francisco, Bengaluru

☆ Meta introduces broadcast tool Channels on WhatsApp
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

June 8 (Reuters) - Meta Platforms (META.O) on Thursday introduced WhatsApp Channels, a feature that the social media giant said would help make the app a "private broadcast messaging product." Users in Colombia and Singapore will be the first to receive access to Channels. Over the coming months, Meta will expand the availability of the tool for users in more countries, it said. Profile photos and contact information of the channel admin would not be visible to followers. Reporting by Niket Nishant and Bhanvi Satija in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Niket Nishant, Maju Samuel Organizations: Meta, Global, World Health Organization, FC Barcelona, Manchester City, Thomson Locations: Colombia, Singapore, Bengaluru

☆ Reddit to lay off about 5% of its workforce
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

June 6 (Reuters) - Reddit said on Tuesday it is laying off about 5% of its workforce, or 90 employees, joining a list of technology companies that have been cutting jobs across corporate America. Tech companies including Meta Platforms (META.O) have been slashing jobs after aggressively hiring during the pandemic, as the industry braces for an economic downturn. The Wall Street Journal first reported Reddit's move on Tuesday, citing an email sent to employees from Chief Executive Steve Huffman. In December 2021, Reddit had confidentially filed for an initial public offering with the U.S. securities regulator after the company's message boards became the go-to destination for day traders during a meme stock frenzy. Reporting by Bhanvi Satija and Samrhitha Arunasalam in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Reddit, Conde Nast, Steve Huffman, Huffman, Bhanvi Satija, Maju Samuel Organizations: America . Tech, Meta, Facebook, Street Journal, Thomson Locations: Bengaluru

☆ Intel to sell $1.5 bln stake in Mobileye
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 5 (Reuters) - Intel Corp (INTC.O) is offering 35 million shares of Class A common stock, or about a $1.5 billion stake, in Mobileye Global Inc (MBLY.O), according to a regulatory filing on Monday. After the offering, Intel's voting share in the self-driving technology company will come down to about 98.7% from the 99.3% it currently holds. Shares of the Jerusalem, Israel-based Mobileye fell over 4% to $40.55 in extended trading. Mobileye, which counts BMW (BMWG.DE), Nissan (7201.T) and Volkswagen (VOWG_p.DE), among others as its customers, listed on the Nasdaq last year after raising $861 million in an initial public offering. Goldman Sachs & Co and Morgan Stanley are acting as joint book-running managers for the share sale, the company said.

Persons: Mobileye, Goldman Sachs, Morgan Stanley, Bhanvi, Pooja Desai Organizations: Intel Corp, Mobileye Global Inc, Nvidia Corp, Qualcomm Inc, BMW, Nissan, Volkswagen, Nasdaq, Goldman Sachs & Co, Thomson Locations: Jerusalem, Israel, Bengaluru

Catalent, one of the top contract manufacturers for pharmaceutical companies, said a drop in revenue from COVID vaccine manufacturing had coincided with higher-than-expected costs and production challenges at its facilities in Indiana and in Brussels. Adding to woes, its cost-cutting plans have been delayed due to regulatory inspections and subsequent corrective actions, the company said. Despite Friday's gain in shares, Catalent's stock is down 19% since it first disclosed production challenges at its three major production plants in April. Catalent cut its full-year revenue to a range of $4.25 billion to $4.35 billion, from its prior forecast of $4.63 billion to $4.88 billion. It also slashed its annual adjusted net income forecast to between $187 million and $228 million, from between $567 million and $648 million previously.

☆ Catalent cuts annual forecast hurt by operational challenges
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Catalent Inc (CTLT.N) cut its full-year net revenue and profit forecast on Friday, reflecting operational challenges and higher-than-expected costs after it flagged an over $400 million hit to both its annual sales and core profit forecasts earlier this month. The contract drug manufacturer now sees its full-year revenue in the range of $4.25 billion to $4.35 billion compared with its prior forecast of $4.63 billion to $4.88 billion. Catalent said it now sees adjusted net income for the year in the range of $187 million to $228 million, compared with the previous forecast of $567 million to $648 million. Shares of Catalent reversed losses to be up 7.7% at $34.63 before the bell. Reporting by Bhanvi Satija, Sriparna Roy and Pratik Jain in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ WHO recommends new COVID shots should target only XBB variants
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

May 18 (Reuters) - A World Health Organization (WHO) advisory group on Thursday recommended that this year's COVID-19 booster shots be updated to target one of the currently dominant XBB variants. New formulations should aim to produce antibody responses to the XBB.1.5 or XBB.1.16 variants, the advisory group said, adding that other formulations or platforms that achieve neutralizing antibody responses against XBB lineages could also be considered. The U.S. Food and Drug Administration is also set to hold a meeting of outside experts in June to discuss the strain compositions of COVID-19 shots for later this year; vaccine manufacturers will be expected to update their shots once the strains are selected. The bivalent booster shots developed and distributed last year targeted two different strains - the Omicron variant as well as the original virus. WHO's advisory group, which recommends if changes are needed to the composition of future COVID-19 shots, said currently approved vaccines should continue to be used in accordance with the agency's recommendations.

☆ Glass Lewis backs two of Icahn's nominees for Illumina
▼ + stars: | 2023-05-11 | by ( ) www.reuters.com time to read: +2 min

May 10(Reuters) - Proxy adviser Glass Lewis said on Wednesday Illumina Inc (ILMN.O) shareholders should vote for two of Carl Icahn's nominees to the firm's board, as representatives who can challenge the current board would be beneficial to the company. Glass Lewis added shareholders should vote against the re-election of the current chief Francis deSouza and chair John Thompson, saying they had enough reasons to advocate for a new chair. Icahn, who owns 1.4% of Illumina, began a boardroom battle at the gene sequencing company in March. Glass Lewis said in a report it recommends shareholders support Icahn's nominees, Vincent Intrieri and Andrew Teno, adding the company's $7.1 billion acquisition of cancer-testing firm Grail had been a "costly, distracting, value-crimping millstone" for Illumina. However, it did not extend support to Icahn's third candidate, Jesse Lynn, adding that election of all three candidates was not needed.

☆ Investment consortium to buy Syneos Health in $7.1 bln deal
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - An investment consortium, comprising of Elliott Investment Management, Patient Square Capital and Veritas Capital, has agreed to buy Syneos Health Inc (SYNH.O), in a deal valued at $7.1 billion, including debt, the contract research firm said on Wednesday. Syneos said the consortium will pay about $43 per share in cash, which represents a premium of about 12% to the company's last close of $38.45. The deal comes at a time when Syneos faces challenges in winning new business, as many of its clients, which includes medium-sized biotechs, have cut spending as they have found it difficult to raise funding in a post-COVID-19 market downturn. Deal comes days after a private-equity groups including Warburg Pincus and Advent International agreed to buy Baxter International (BAX.N) biopharma solutions unit for $4.25 billion. Reporting by Bhanvi Satija and Khushi Mandowara in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Investment consortium to take Syneos private for $4.46 billion
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

May 10 (Reuters) - An investment consortium, comprising of Elliott Investment Management, Patient Square Capital and Veritas Capital, has agreed to take Syneos Health Inc (SYNH.O) private for $4.46 billion, the contract research firm said on Wednesday. Syneos said the consortium will pay about $43 per share in cash, which represents a premium of about 12% to the company's last close of $38.45. The acquisition is valued at $7.1 billion including debt. Syneos, which helps pharmaceutical companies with clinical trials and marketing their drugs, currently carries a debt of nearly $3 billion. The company reported a total backlog of contracts of $9.83 billion, as of March 31, 2023, down from $11.63 billion at the end of the first quarter of 2022.

Novavax, whose COVID vaccine is its lone marketed product after 35 years in business, is relying on launching an updated COVID shot this fall to match circulating strains and cost cuts to improve its prospects. Novavax said $800 million of that was from "locked-in" overseas purchase contracts for the COVID shot that it has committed to ship this year. Novavax is working to produce an update version of its protein-based vaccine in time for the fall COVID-19 booster season. Novavax expects the cost cuts to reduce its annual research and commercial expenses by 20% to 25% from last year. Data from a mid-stage trial in adults aged 50 to 80 years showed that the combination shot produced an immune response comparable to its protein-based COVID vaccine and already approved influenza shots, Novavax said.

☆ Novavax shares surge on COVID/flu shot data, job cuts
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

May 9 (Reuters) - Novavax (NVAX.O) on Tuesday announced plans to cut a fourth of its workforce and unveiled promising data for its COVID-flu combination vaccine, spurring hopes of a recovery for the cash-strapped biotech and sending its shares more than 50% higher. Novavax, whose coronavirus vaccine is its lone marketed product after 35 years in business, is now banking on its cost-control measures and a successful trial for its COVID/flu combination vaccine candidate to help it stay afloat. Data from a mid-stage trial in adults aged 50 to 80 years showed that the combination shot produced an immune response comparable to its protein-based COVID vaccine and already approved influenza shots. The new data comes at a time when global regulators expect COVID vaccination campaigns to be conducted annually like flu inoculations. The biotech expects the cost cuts to reduce its annual research and commercial expenses by 20% to 25% from last year.

☆ Novavax lays off 25% of workforce, releases 2023 outlook
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Novavax (NVAX.O) said on Tuesday it will reduce its global workforce by 25% as the cash-strapped biotech pushes forward with its plans to slash expenses and navigate tepid demand for its COVID-19 vaccines. Separately, Novavax said its COVID/flu combination shot was safe and well-tolerated in a mid-stage study, sending shares of the company up 9% before the bell. For the first quarter, it reported a net loss of $293.9 million, compared with a year-ago profit of $203.4 million. The biotech expects the cost-cut plans to help reduce its annual research and commercial expenses by 20% to 25% from last year. The company had $637 million in cash and equivalents at the end of the quarter, compared with $1.3 billion as of Dec. 31.

LONDON, May 5 (Reuters) - The World Health Organization on Friday declared an end to COVID-19 as a global health emergency, marking a major step toward the end of the pandemic that has killed more than 6.9 million people, disrupted the global economy and ravaged communities. "It is therefore with great hope that I declare COVID-19 over as a global health emergency," said WHO Director-General Tedros Adhanom Ghebreyesus, adding that the end of the emergency did not mean COVID was over as a global health threat. The WHO's emergency committee first declared that COVID represented its highest level of alert on Jan. 30, 2020. The status helps focus international attention on a global health threat, as well as bolstering collaboration on vaccines and treatments. The decision to end the global health emergency status was supported by a majority of the committee, said Didier Houssin, head of the agency's COVID emergency committee.

☆ J&J's Kenvue eyes $47 billion valuation in biggest US IPO since 2021
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] The company logo for Kenvue Inc. Johnson & Johnson's consumer-health business, is displayed on a screen during the company's IPO at the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2023. REUTERS/Brendan McDermidMay 4 (Reuters) - Johnson & Johnson's (JNJ.N) consumer health unit Kenvue Inc (KVUE.N) was set to fetch a valuation of about $47 billion on Thursday, in what would be the biggest U.S. initial public offering since late 2021. Shares, priced at $22 apiece by Kenvue, were indicated to open nearly 14% above their offer price on the New York Stock Exchange. While the Kenvue deal is the largest IPO to launch since electric-vehicle maker Rivian Automotive Inc (RIVN.O) listed its shares on the Nasdaq in late 2021, deal advisers have warned that equity capital markets may not recover in a meaningful way any time soon. Reporting by Manya Saini and Bhanvi Satija in Bengaluru; Editing by Shounak Dasgupta and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Centene to divest AI platform Apixio
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

May 3 (Reuters) - Centene Corp (CNC.N) will sell its artificial intelligence-powered healthcare analytics platform Apixio to investment firm New Mountain Capital as part of an ongoing portfolio review, the U.S. health insurer said on Wednesday. The company, which acquired Apixio in December 2020, did not disclose the terms of the transaction. Apixio compiles and analyzes large volumes of unstructured patient data, including medical charts and physician's notes, into insights and curated data. "As part of our ongoing portfolio review, it was important for us to find a strategic partner for Apixio with whom the business can continue to grow," said Centene Chief Executive Office Sarah London said in a statement. Centene said it expects the sale of the platform to be neutral to its adjusted profit for this year.

☆ US FDA approves first RSV vaccine from GSK
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

May 3 (Reuters) - The U.S. Food and Drug Administration has approved GSK Plc's (GSK.L) respiratory syncytial virus (RSV) vaccine, the British drugmaker said on Wednesday, making it the first shot to be cleared for protection against a common respiratory disease that can be fatal for older people. The vaccine was approved for people aged 60 and older, the company said. The approval makes GSK, which has been neck-and-neck with Pfizer (PFE.N) in RSV vaccine development, the first company to tap into a multi-billion-dollar market and puts it ahead of rivals such as Moderna Inc (MRNA.O) and Bavarian Nordic (BAVA.CO). Analysts have estimated the market for RSV vaccines to cross $10 billion by 2030. GSK expects the vaccine to be available before the next RSV season in the United States, Chief Commercial Officer Luke Miels told Reuters on Wednesday before the approval.

☆ Pfizer beats profit estimates on demand for new drugs, COVID products
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

Companies Pfizer Inc FollowMay 2 (Reuters) - Pfizer Inc (PFE.N) on Tuesday beat analysts' estimates for first-quarter profit on strong demand for its newly acquired drugs and steady demand for its COVID products, sending its shares up nearly 3% before the bell. The company has said it expects 2023 to be a "transition year" for its COVID products, before potential returning to growth in 2024. The company said it expects significantly lower sales contributions from COVID products in the second quarter from the first quarter. Excluding COVID products, Pfizer said first-quarter revenue was mostly driven by recently acquired products, including migraine drug Nurtec ODT and sickle cell disease treatment Oxbryta. Pfizer also maintained its annual COVID products revenue forecast of about $21.5 billion from both the vaccine and the pill.

☆ Eli Lilly raises annual profit forecast on strength of diabetes drug
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

Companies Eli Lilly and Co FollowApril 27 (Reuters) - Eli Lilly and Co (LLY.N) raised its full-year profit forecast on Thursday, betting on the approval of its diabetes drug, tirzepatide, for the treatment of obesity expected later this year. Lilly now expects adjusted 2023 earnings of $8.65 to $8.85 per share, compared with its prior forecast of $8.35 to $8.55. Analysts were expecting annual profit of $8.45 per share, according to Refinitiv estimates. Sales of the drug, sold under the brand name Mounjaro for diabetes, came in at $568.5 million, beating estimates of $422.5 million, according to an average of four analysts polled by Refinitiv. Reporting by Bhanvi Satija in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Companies Johnson & Johnson FollowApril 18 (Reuters) - Johnson & Johnson (JNJ.N) on Tuesday cautioned investors over the lingering impact of inflation-driven costs this year as the healthcare conglomerate issued a conservative full-year profit forecast, and its shares fell more than 2%. J&J also said it expected a steep decline in sales of its blockbuster Crohn's disease drug Stelara once it loses U.S. patent protection in late 2023. J&J, the first large drugmaker and medical device manufacturer to report earnings, raised the midpoint of its full-year profit forecast by 10 cents despite beating first-quarter estimates by 18 cents. A recovery in medical procedures after being weighed down by hospital staffing shortages helped the medical device unit post sales of $7.48 billion, topping analysts' estimates of $7.31 billion. Consumer health sales rose 7.4% to $3.85 billion, surpassing estimates of $3.62 billion, powered by price hikes to offset the impact from inflation.

UnitedHealth is among the largest players in the Medicare Advantage market, where private insurers offer an alternative to the original Medicare - the federal government's health insurance plan for people aged 65 and older or those with certain disabilities. Medicare and Medicaid memberships make up a third of the company's health insurance business. It added 655,000 Medicare Advantage members and 570,000 Medicaid members in the quarter. Meanwhile, a slow recovery in non-urgent procedures helped lower medical costs at its insurance unit, driving the company's first-quarter profit above expectations. The company's medical cost ratio - the percentage of payout on claims compared with premiums - came in at 82.2%.

April 13 (Reuters) - U.S. telehealth abortion providers scrambled on Thursday to keep their services available after a federal appeals court ruled that the abortion pill mifepristone could be distributed amid ongoing litigation but with significant restrictions. Mifepristone is used with another drug called misoprostol to perform medication abortion, which accounts for more than half of U.S. abortions. Jayaram Brindala, founder of Abortion Telemedicine, said the provider would "no longer be able to send the mifepristone medication by mail anywhere." Brindala added the company would still send the misoprostol-only regimen to states that allow it. Other telehealth practices that provide abortion medication said they were waiting to see what happens next in court before announcing any changes in policy.

☆ Moderna to keep testing flu shot as it fails to meet 'early success' criteria
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

Companies Moderna Inc FollowApril 11 (Reuters) - Moderna Inc (MRNA.O) said on Tuesday it had not enrolled enough cases in a late-stage trial of its experimental flu vaccine to determine if the shot was successful or not, sending the company's shares down 8% in premarket trading. The company said, ahead of its annual vaccines conference, that it will continue testing the flu shot for efficacy. Moderna also forecast sales from its respiratory vaccines to be between $8 billion and $15 billion in 2027. It is testing vaccines against respiratory syncytial virus (RSV), influenza and a next-generation COVID-19 shot in late-stage studies. Reporting by Bhanvi Satija and Aditya Samal in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

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