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☆ Forget Nvidia: Here's how one CIO is positioning after the rate cut
▼ + stars: | 2024-09-30 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

The U.S. Federal Reserve's bumper 50-basis-point interest rate cut has been the talk of the market as investors evaluate sectors and stocks. Kingsley Jones, a chief investment officer at the Sydney-headquartered Jevons Global, says the rate cut has "supported the market." Avoid semiconductor equipment Jones is avoiding sectors like semiconductor equipment that companies have been spending more on, following interest in building AI infrastructure and chip factories. He warned of the impact that U.S. sanctions might have on semiconductor equipment plays. "So, I'd avoid the semi equipment sector trade out of that," he added.

Persons: Kingsley Jones, Jevons, Jones, it's, wasn't Organizations: U.S, Sydney, Tech, Big Tech, Nvidia, AbbVie Inc, Costco, Oracle Locations: Federal, United States, China

AbbVie will pay around $10 billion to add a potential blockbuster cancer treatment as cheaper versions of the drugmaker’s all-time best seller, Humira, cut into sales. But company leaders cautioned Thursday that a return on the deal they announced for drug developer ImmunoGen will take time to develop. The deal delivers Elahere, an ImmunoGen ovarian cancer treatment that AbbVie says could eventually reap billions of dollars in annual sales and drive long-term revenue growth. AbbVie has been dealing this year with cheaper competition for its top seller, the autoimmune disease treatment Humira. AbbVie and ImmunoGen said Thursday that the boards of both companies have approved the transaction.

Persons: AbbVie, Elahere, Humira, ImmunoGen Organizations: Food and Drug Administration, Inc Locations: U.S, Waltham , Massachusetts, Chicago , Illinois

Many of the patents at issue in the Food and Drug Administration's Orange Book listing of approved products were for devices such as asthma inhalers and epinephrine autoinjectors, the FTC said. "Wrongfully listed Orange Book patents by pharma companies can raise drug prices for Americans, harm fair competition, and delay better drugs," FTC Chair Lina Khan said on X, formerly known as Twitter. The Orange Book identifies drugs and products that the FDA has deemed safe and effective. The FTC says companies sometimes improperly list patents in the Orange Book that can delay market entry of lower priced generics. AbbVie was informed the FTC would dispute four patents in the Orange Book having to do with Restasis Multidose, eye drops used for chronic dry eye.

Persons: Andrew Kelly, Lina Khan, Boehringer Ingelheim, Mylan, AbbVie, Restasis, Diane Bartz, Patrick Wingrove, Bill Berkrot Organizations: Food and Drug Administration, FDA, REUTERS, AstraZeneca, GSK, U.S . Federal Trade Commission, Food, FTC, pharma, Thomson Locations: White Oak , Maryland, U.S, WASHINGTON, Israel, Viatris

☆ 'Barbie Botox' goes viral but doctors inject caution
▼ + stars: | 2023-09-01 | by ( Leroy Leo | ) www.reuters.com time to read: +4 min

But since the "Barbie" movie released in July, there has been an uptick in demand for use as a cosmetic procedure. Meanwhile, Revance and Evolus Inc (EOLS.O), which make similar toxins under the brand Daxxify and Jeuveau, respectively, told Reuters that though "Barbie Botox" has picked up in recent months, they do not see the trend significantly boosting sales. However, the doctors said they were concerned about a rise in use among younger women - and six doctors warned that procedures by underqualified staff at some medispas raised the risk of complications. Doctors also stressed the risk with administration by people who may not be properly qualified, especially at medispas where there is little oversight. "The science isn't quite there yet, in order to support the clinical profile of it," said Evolus CEO David Moatazedi.

Persons: Margot Robbie, BarbieBotox, that's, Barbie, Dustin Sjuts, Scot Glasberg, Revance, Shilpi Kheterpal, Kheterpal, Doctors, Melissa Levoska, David Moatazedi, Leroy Leo, Sriraj Organizations: Therapeutics, Reuters, Plastic Surgery Foundation, U.S . Food, Drug Administration, Evolus Inc, AbbVie Inc, Cleveland Clinic, Icahn School of Medicine, Thomson Locations: New York, U.S, medispas, Mount Sinai, Bengaluru

☆ A hedge fund manager shares 2 ChatGPT prompts and the AI plugin he used to filter top stock picks
▼ + stars: | 2023-08-12 | by ( Laila Maidan | ) www.businessinsider.com time to read: +9 min

He fed the LLM data from a terminal and asked it to filter its findings through top academic literature and fund managers. Building on the knowledgeIn his earlier experiments, Patel and his team manually pasted increments of stock data into ChatGPT's text box. Using Julius AI, Patel was able to input data for over 6,800 stocks to see if the outcomes or accuracy would change. The metrics Patel chose to input were based on company fundamentals that he felt were important when picking stocks. Patel concluded that whether it's a human analyst or AI that's picking stocks, there are no guarantees in the stock market.

Persons: Alpesh Patel, it's, Patel, Julius AI, Julius, Price, ChatGPT's, Warren Buffett, Cisco Systems Inc Patel, Johnson, Eli Lilly, Rahul Sonwalkar, you've Organizations: NYSE, Nasdaq, US Securities and Exchange Commission, FTSE, New York Stock Exchange, Alpha, Broadcom, Cisco Systems Inc, Apple Inc UnitedHealth, Johnson, Johnson Exxon Mobil Corp Visa Inc Tesla, Walmart, Taiwan Semiconductor Manufacturing Procter, Gamble, Chevron Corp Mastercard, Depot Inc, Pfizer, AbbVie Inc Merck, Co Inc, Cola Co, Pepsico, Broadcom Inc Alibaba

☆ Exclusive: MoonLake Immunotherapeutics explores sale-sources
▼ + stars: | 2023-07-14 | by ( David Carnevali | ) www.reuters.com time to read: +2 min

July 14 (Reuters) - MoonLake Immunotherapeutics (MLTX.O), a developer of an antibody-derived treatment for inflammatory skin conditions, is exploring a sale, according to people familiar with the matter. Immunology-focused companies have been coveted acquisition targets, as highlighted by recent deals such as Merck & Co's (MRK.N) $10.8 billion acquisition of Prometheus BioSciences Inc and Eli Lilly's (LLY.N) $2.4 billion purchase of Dice Therapeutics (DICE.O). MoonLake is testing Sonelokimab for the treatment of other inflammatory conditions, including psoriatic arthritis and psoriasis. If successful, MoonLake would encroach on a market dominated by bigger peers such as Novartis AG (NOVN.S) and AbbVie Inc (ABBV.N). In 2022, MoonLake went public through a merger with a special purpose acquisition company, which helped it raise more than $200 million in cash.

Persons: drugmakers, Eli Lilly's, MoonLake, hidradenitis suppurativa, hidradenitis, Merck KGaA, David Carnevali, Josie Kao Organizations: Nasdaq, Merck, Co's, Prometheus BioSciences, Dice Therapeutics, Novartis AG, AbbVie Inc, Citigroup, Thomson Locations: Zug, Switzerland, New York

☆ AbbVie trims full-year profit forecast due to higher R&D expenses
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: 1 min

Companies Abbvie Inc FollowJuly 6 (Reuters) - AbbVie Inc (ABBV.N) cut full-year profit forecast due to unfavorable impact from R&D and milestone expenses, the drugmaker said on Thursday. The company now expects adjusted profit between $10.57 and $10.97 per share, compared with $10.72 to $11.12 per share it previously expected. Reporting by Khushi Mandowara in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Khushi, Shweta Agarwal Organizations: AbbVie, Thomson Locations: Bengaluru

☆ Mark Cuban's online pharmacy set to launch Humira biosimilar
▼ + stars: | 2023-07-05 | by ( Michael Erman | ) www.reuters.com time to read: +2 min

July 5 (Reuters) - Mark Cuban Cost Plus Drugs, an online pharmacy launched by the billionaire to sell drugs directly to customers at low prices, should soon begin selling Coherus BioSciences's (CHRS.O) biosimilar version of AbbVie Inc's (ABBV.N) blockbuster rheumatoid arthritis drug Humira, Cuban said on Wednesday. Cost Plus Drugs will sell Yusimry for $569.27 plus dispensing and shipping fees. Coherus introduced its Humira biosimilar in the U.S. market this month alongside offerings from other drugmakers such as Boehringer Ingelheim, Sandoz and Organon (OGN.N). Cuban's Cost Plus Drugs aims to drive down the cost of drugs broadly by selling them at a 15% markup over its cost, plus pharmacy fees. Cuban said the company hopes to provide other biosimilar drugs as well.

Persons: Humira, Cuban, Coherus, AbbVie, Michael Erman, David Holmes Organizations: Cuban, Plus, Sandoz, Cuban's, Thomson Locations: U.S, Organon, Cuban

☆ Sandoz launches rival version of AbbVie's arthritis drug Humira
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Swiss drugmaker Novartis and its divisions Sandoz and Alcon are seen at an office building in Rotkreuz, Switzerland, January 29, 2020. REUTERS/Arnd Wiegmann/Fle PhotoJuly 1 (Reuters) - Swiss drugmaker Sandoz said on Saturday it had launched a biosimilar version of AbbVie Inc's (ABBV.N) big selling arthritis treatment Humira, adding to U.S. competition for the drug that started in January. The Novartis (NOVN.S)-owned company said its drug, Hyrimoz, will be priced at a 5% discount off Humira’s current list price of $6,922 per month, but that it was also offering an unbranded version of Humira at an 81% discount. The lower-priced version may attract healthcare systems that act as both an insurer and a provider and typically do not seek after-market discounts, as pharmacy benefit managers do. Rival Amgen Inc (AMGN.O) was the first to launch a biosimilar of Humira earlier this year, which debuted at a 5% and 55% discount to Humira, depending on who was purchasing.

Persons: Arnd, drugmaker Sandoz, drugmakers, Patrick Wingrove, Edwina Gibbs Organizations: Swiss, Novartis, Sandoz, REUTERS, Amgen, Pfizer Inc, Thomson Locations: Rotkreuz, Switzerland, KS, United States

☆ Siemens and UCLA say data compromised in MOVEit data breach
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

The hackers behind the wide-ranging breach, Cl0p, had earlier boasted about stealing data from UCLA and Siemens on their website. Cl0p also claimed to have stolen data from biopharmaceutical company Abbvie Inc (ABBV.N) and French industrial group Schneider Electric (SCHN.PA). Siemens and UCLA provided few additional details about the scope or consequences of the breach. Siemens said none of its critical data had been compromised and its operations remained unaffected. UCLA said its campus systems were unaffected and that "all of those who have been impacted have been notified".

Persons: Cl0p, Christoph Steitz, Raphael Satter, Matthias Williams, Mark Potter Organizations: Siemens Energy, University of California, UCLA, Siemens, Abbvie Inc, Schneider, FBI, Genworth, Thomson Locations: FRANKFURT, Los Angeles, UCLA

The total number of recent victims from the online extortion ring has reached 121 organizations, according to Brett Callow, whose cybersecurity company Emsisoft helps companies respond to digital shakedown attempts. In 2021, Ukrainian authorities announced the arrests of six people tied to cl0p, but it's not clear that they were core members of the group, which continued to hack victims. Plundering file transfer protocols has become increasingly popular as hackers shift from encrypting data to simply stealing files and threatening to release them unless a ransom is paid. Many of the organizations stress that the target of the hack is the file transfer service, not their systems. The FBI said it was "aware of and investigating the recent exploitation of a MOVEit vulnerability by malicious ransomware actors."

Persons: Brett Callow, encrypting, TrendMicro, didn't, Cl0p, Emsisoft, Charles Carmakal, Raphael Satter, Christopher Bing, James Pearson, Cynthia Osterman Organizations: University of California, Siemens Energy, Abbvie Inc, Schneider, Publicly, Sony, Shell PLC, Government, U.S . Energy Department, Alphabet Inc, FBI, Thomson Locations: Los Angeles, Russia, Washington, London

☆ 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

☆ Pfizer to raise $31 bln for Seagen takeover in largest debt offering
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Pfizer Inc (PFE.N) is planning to raise $31 billion through its largest debt offering to finance its proposed acquisition of Seagen Inc (SGEN.O), the drugmaker said late on Tuesday. Rival Abbvie Inc (ABBV.N) had in 2019 made a $30 billion debt offering, which was used to finance its $63 billion buyout of Botox maker Allergan. The amount is more than double that of Pfizer's 2009 debt raise of $13.5 billion. The debt offering, which would be in eight tranches, is expected to close on May 19. Yield to maturity on Pfizer's 10-year bonds would be 125 basis points higher than the benchmark risk-free U.S. 10-year Treasury .

☆ 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 .

☆ AbbVie's weak newer drug sales fan worries as Humira faces rivals
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

April 27 (Reuters) - AbbVie Inc (ABBV.N) on Thursday missed quarterly revenue estimates for its newer treatments, fueling concerns over the drugmaker's attempts to cushion the blow to sales from blockbuster Humira losing patent exclusivity. The company's shares tumbled 6% in premarket trade as investors shrugged off a raised annual profit forecast. In the first quarter, Humira recorded sales of $3.54 billion, compared with analysts' average estimate of $3.58 billion. That helped Abbvie beat sales expectations. AbbVie had trimmed its full-year profit expectations earlier this month by 8 cents, citing a $150 million hit from acquired in-process research and development (IPR&D) and milestone expenses.

☆ AbbVie signals Q1 hit from R&D expenses
▼ + stars: | 2023-04-05 | by ( Reuters Staff | ) www.reuters.com time to read: 1 min

FILE PHOTO: A sign stands outside a Abbvie facility in Cambridge, Massachusetts, U.S., May 20, 2021. REUTERS/Brian Snyder(Reuters) - AbbVie Inc said on Wednesday it expects first-quarter earnings to be hit by acquired in-process research and development (IPR&D) and milestones expenses. The company expects first-quarter adjusted earnings, including the impact of acquired IPR&D and milestones expense, to be between $2.31 per share and $2.41 per share.

☆ Drugmaker AbbVie trims profit forecasts on IPR&D expenses
▼ + stars: | 2023-04-05 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

REUTERS/Brian Snyder(Reuters) -AbbVie Inc on Wednesday lowered its full-year and first-quarter profit expectations, citing a $150 million hit from acquired in-process research and development (IPR&D) and milestone expenses. The company estimated first-quarter adjusted earnings to be between $2.31 and $2.41 per share from an earlier range of $2.39 to $2.49. It now sees 2023 adjusted earnings to be between $10.62 and $11.02 per share, compared with its prior forecast of $10.70 to $11.10. Analysts on average were expecting full-year earnings of $11.07 per share, according to Refinitiv IBES data. AbbVie is scheduled to report first-quarter earnings on April 27.

☆ First Drugs Facing Medicare Price Penalty Named by U.S.
▼ + stars: | 2023-03-15 | by ( Stephanie Armour | Jared S. Hopkins | ) www.wsj.com time to read: 1 min

Humira, which treats rheumatoid-arthritis, is one of the 27 drugs named by U.S. health officials whose prices went up more than the rate of inflation. U.S. health officials released the first list of drugs paid for by the government’s Medicare insurance program whose prices went up more than the rate of inflation and and will face a penalty under a new federal law. The Centers for Medicare and Medicaid Services on Wednesday named 27 drugs that had the large price increases, including rheumatoid-arthritis treatment Humira from AbbVie Inc. and Yescarta lymphoma therapy from Gilead Sciences Inc., and will face the price-increase penalty in the form of a rebate.

☆ First Drugs Facing Medicare Price Penalty Are Named
▼ + stars: | 2023-03-15 | by ( Stephanie Armour | Jared S. Hopkins | ) www.wsj.com time to read: 1 min

Humira, for rheumatoid arthritis, is one of the drugs facing a price-increase penalty. U.S. health officials released the first list of drugs paid for by the government’s Medicare insurance program whose prices went up more than the rate of inflation and will face a penalty under a new federal law. The Centers for Medicare and Medicaid Services on Wednesday named 27 drugs that had the large price increases, including rheumatoid-arthritis treatment Humira from AbbVie Inc. and Yescarta lymphoma therapy from Gilead Sciences Inc., and will face the price-increase penalty in the form of a rebate.

"Starting on April 1, Medicare beneficiaries will pay lower coinsurance for Part B drugs that raise prices faster than inflation," White House Domestic Policy Adviser Susan Rice told reporters on a press call. Companies that raise prices higher than the inflation rate will be required to pay Medicare the difference in the form of a rebate. The government will start invoicing the companies for the rebates in 2025 but Medicare will start reducing out-pocket-costs for members in April. Medicare began examining the price increases in October 2022 for Medicare Part B drugs, often used in the hospital, that are complicated biologic drugs or drugs with only one manufacturer. Price increases for half of all drugs covered by Medicare outpaced inflation from 2019 to 2020, which averaged 1% that year.

LONDON, March 2 (Reuters) - Drugmaker Viatris Inc (VTRS.O) warned on Thursday that it will stop selling some essential medicines in the UK that are already in short supply unless the British government makes changes to its voluntary medicines pricing agreement. If that level is exceeded, the government recoups the excess from suppliers of branded drugs. His colleague Viatris' Head of Europe Artur Cwiok named Germany and Portugal as countries where governments were weighing changes to drug pricing. If Viatris opted to leave that pricing scheme, it would have to pay a rate in the statutory scheme the government says will rise to 27.5%. Pharma companies AbbVie Inc (ABBV.N) and Eli Lilly and Co (LLY.N) withdrew from the pricing scheme in January.

☆ Wall St dips as Treasury yields rise after auction
▼ + stars: | 2023-02-10 | by ( Carolina Mandl | ) www.reuters.com time to read: +4 min

"With Treasury yields higher, it becomes a legitimate alternative to equities," said Michael Rosen, chief investment officer at Angeles Investments. Weighing on the S&P 500 (.SPX) and Nasdaq (.IXIC) indexes, Alphabet Inc (GOOGL.O) extended losses from the previous session to fall 4.7%. All 11 S&P 500 sectors posted losses. More than half of the S&P 500 companies have reported quarterly earnings so far, and 69% of them have beaten estimates, according to Refinitiv data. The S&P 500 posted 15 new 52-week highs and one new low; the Nasdaq Composite recorded 75 new highs and 57 new lows.

Stabilization of Humira sales after the initial erosion, coupled with strong growth of its newer drugs Skyrizi and Rinvoq for autoimmune disorders, could provide a floor to its earnings in 2024. "Now it's a question of what will the volume erosion look like?" In the fourth quarter, Humira sales dropped 26.5% to $573 million in international markets such as Europe, where it already faces competition from multiple less expensive versions. Overall, Humira sales rose 4.6% to $5.58 billion, in line with estimates, lifted by growth in the U.S. market. Excluding items, AbbVie earned $3.60 per share in the fourth quarter, beating analysts' average estimates by 4 cents.

☆ Wall St dips as Treasury yields rise; Disney hits 5-month high
▼ + stars: | 2023-02-09 | by ( Carolina Mandl | ) www.reuters.com time to read: +4 min

The U.S. 30-year Treasury yield rose after an auction in the early afternoon, while the yield curve between two-year and 10-year notes widened earlier. Weighing on the S&P 500 (.SPX) and Nasdaq (.IXIC) indexes, Alphabet Inc (GOOGL.O) extended losses from the previous session to fall 5.2179%. The S&P 500 communication services sector (.SPLRCL) sank 2.86%. More than half of the S&P 500 companies have reported quarterly earnings so far, and 69% of them have beaten estimates, according to Refinitiv data. The S&P 500 posted 15 new 52-week highs and one new low; the Nasdaq Composite recorded 69 new highs and 41 new lows.

The data tentatively eased concerns about the Federal Reserve's rate-hike path after a strong January employment report rattled markets last week. Weighing on the S&P 500 (.SPX) and Nasdaq (.IXIC) indexes, Alphabet Inc (GOOGL.O) extended losses from the previous session to fall 5.6%. The S&P 500 communication services sector (.SPLRCL) sank 2.6%, while Alphabet shares eyed their worst weekly performance since November. Ralph Lauren Corp (RL.N) gained 1.2% after beating quarterly sales expectations, while peer Tapestry Inc (TPR.N) soared 5.4% on a strong annual profit forecast. More than half of the S&P 500 companies have reported quarterly earnings so far, and 69% of them have beaten estimates, according to Refinitiv data.

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