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Medicare’s drug pricing negotiations — the first of their kind in the United States, passed under President Joe Biden — face an uncertain future in the incoming Trump administration. “I think there is definitely ideologic support from the Trump administration, or allies of the incoming Trump administration, for getting rid of the negotiation program,” she added. Eliminating Medicare negotiations would be politically risky for Trump, Mulcahy said. “Supporting negotiations for a lower price for Ozempic would be a win-win for Trump,” Gostin said. “There are compelling political reasons to support drug price negotiations,” Gostin said.

Persons: Joe Biden —, Trump, Ibrance, Donald Trump’s, bode, Juliette Cubanski, ” Cubanski, we’ve, Biden, Johnson, Robert F, Kennedy Jr, Andrew Mulcahy, Barack, Mulcahy, KFF, haven’t, we’re, ” Mulcahy, Ozempic, Cubanski, Lawrence Gostin, ” Gostin, ” Organizations: drugmakers, Medicare, Bristol Myers Squibb, Imbruvica, Novo Nordisk, Trump, Department of Health, Human Services, Rand Corporation, Democratic, O’Neill Institute for National, Global Health Law, Georgetown University, “ Locations: United States, AbbVie, Novo

☆ Pfizer struggles to claw back faith with Wall Street and its employees as it recovers from the Covid decline
▼ + stars: | 2024-06-28 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +19 min

But other current employees are dissatisfied with where the strategy shift has left them. In January 2023, Pfizer forecast a steep drop in annual revenue, to between $67 billion and $71 billion. Pfizer's 2023 revenue ultimately came in at $58.5 billion, including $11.22 billion from its Covid vaccine and $1.28 billion from Paxlovid. Faith in executive leadership also plunged among some workers, according to most of the current and former employees who spoke with CNBC. Some current workers said that hasn't appeared to change after the town hall on May 2.

Persons: Albert Bourla, Wall, they're, Bourla, I'm, drugmaker Seagen, Irfan Khan, hasn't, Pfizer, renegotiating, John Thys, Payal Sahni Becher, Becher, Kena, Mike McDermott, Bourla's Organizations: Corbis, Getty, Pfizer, Wall, CNBC, Los Angeles Times, Moderna, Centers for Disease Control, U.S ., GSK, Bristol Myers Squibb, Pfizer wasn't, . Biotech, Companies, Biotech, BioNtech, Reuters, Human, View Press, Global, APEC, Summit, Tech, Google Locations: U.S, Covid, Eagle Rock , California, Durham , North Carolina, Puurs, Belgium, New York City, Peapack , New Jersey, Kena

☆ Pfizer is betting big on cancer drugs to turn business around after Covid decline – here's what to know
▼ + stars: | 2024-03-10 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +13 min

Now, the company is betting on cancer drugs to help it regain its footing after a rocky year marked by the rapid decline of its Covid business. That $43 billion Seagen acquisition doubled Pfizer's oncology drug pipeline to 60 different experimental programs. Some analysts noted that it might take a few years for some of Pfizer's cancer drugs in mid-stage development to show pivotal clinical trial data and become less risky. Revenue from the blockbuster breast cancer drug Ibrance and prostate cancer treatment Xtandi, which Pfizer shares with Astellas Pharma, has declined over the past year. They are among the most expensive prescription drugs in the U.S. Before the Seagen deal, 94% of Pfizer's cancer products were small-molecule drugs.

Persons: Wall, Seagen, Chris Boshoff, Boshoff, David Ryder, Trung Huynh, Joe Biden's, Chris Schott, Suneet Varma, RemeGe, Merck, Padcev, Guggenheim, Pfizer's, Pfizer hasn't, Dr, Mikael Dolsten, Irfan Khan Organizations: Nurphoto, Getty, Pfizer, Astellas Pharma, Guggenheim, Bloomberg, UBS, Medicare, Drug Administration, FDA, ADC, JPMorgan, Drugs, CNBC, CVS Pharmacy, Los Angeles Times Locations: Covid, Bothell , Washington, U.S, biologics, China, Eagle Rock , California

☆ Pfizer RSV vaccine lags GSK’s as head-to-head competition underway
▼ + stars: | 2023-10-30 | by ( Michael Erman | ) www.reuters.com time to read: +4 min

[1/3] View of Pfizer's new respiratory syncytial virus (RSV) vaccine Abrysvo during its manufacture in this undated handout picture. "800 POUND GORILLAS"CVS, which has more than 9,000 U.S. locations, declined to comment on why it was only carrying GSK's vaccine. It was not immediately clear how many RSV shots were being administered in pharmacies versus doctors' offices. GSK declined to discuss its RSV vaccine contracts, but said customer relationships gives it a competitive advantage. Two independent pharmacists said they are being charged a lower price by wholesalers for the GSK vaccine, which comes in boxes of 10.

Persons: Price, Ben Link, Link, Pfizer's, Dovato, Morningstar, Damien Conover, We’ve, Alison Hunt, Michelle Vargas, Michael Erman, Caroline Humer, Bill Berkrot Organizations: Pfizer, Handout, REUTERS, GSK, Reuters, CVS Health, CVS, Walgreens, Walmart, Aid, Thomson Locations: United States, British, U.S, South Carolina

☆ 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

☆ Novartis drug cuts recurrence risk by 25% in early-stage breast cancer
▼ + stars: | 2023-06-02 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

The company on Friday said the relative risk reduction of cancer recurrence was 25.2% and that the results were broadly consistent regardless of patients' menopausal status or cancer progression status. Kisqali has been approved to treat hormone-driven breast cancer that has spread to other parts of the body, where Novartis has taken market share from Pfizer's (PFE.N) Ibrance. But that is in a subset of women who are at high risk of recurrence after surgery, typically diagnosed based on signs of cancer in the lymph nodes. Here, Novartis will face tough competition because the U.S. drugmaker has said Verzenio reduces the risk of recurrence by 35% in that group. Novartis will request approval for wider use in the U.S. and Europe before the end of the year, it added.

Persons: Kisqali, Eli Lilly, Verzenio, drugmaker, Eli Lilly's Verzenio, Jeff Legos, Vas, Ludwig Burger, Sriraj Organizations: Novartis, American Society of Clinical Oncology, Oncology, Hematology, Thomson Locations: FRANKFURT, Chicago, U.S, Europe

☆ ASCO conference will put the focus on the fight against cancer. These stocks are in the spotlight
▼ + stars: | 2023-05-28 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +9 min

Developments in cancer research will be in the spotlight as the American Society of Clinical Oncology hosts the world's biggest cancer research conference in Chicago, starting Thursday. The pair has already has won regulatory approval for Enhertu for metastatic HER2-low breast cancer, but the companies are also studying its use in a variety other HER2 tumors in breast cancers. Lilly's drug, Verzenio, is used in high-risk patients with HR-positive HER2-negative breast cancer that is more likely to reoccur and has already breached the patient's lymph nodes. In a research note earlier this month, Guggenheim analyst Seamus Fernandez said Kisqali is already taking market share from Pfizer's Ibrance in metastatic breast cancer. Merck's Keytruda is also being watched for what benefits it could offer early-stage lung cancer patients .

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.

☆ Novartis buoyed by trial success in early-stage breast cancer
▼ + stars: | 2023-03-27 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

The Swiss firm's shares jumped 5.8% on Monday to a four-week high by 0734 GMT, after it said a panel of independent supervisors recommended stopping the trial early because an interim analysis had shown a clear benefit. Kisqali has been approved to treat hormone-driven breast cancer that has spread to other body parts, where it has taken market share from Pfizer's (PFE.N) Ibrance. Rival drug Verzenio by Eli Lilly (LLY.N) has approval in the early setting for women at high risk of recurrence after surgery. Kisqali, which saw sales gain 31% to $1.2 billion last year, is one of two new drugs with a particularly important role for the group's future sales growth. Detailed trial results will be presented at a medical conference, Novartis said, without identifying the meeting or its timing.

[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.

☆ Pfizer signs $43 bln Seagen deal in cancer drug push
▼ + stars: | 2023-03-13 | by ( Manas Mishra | ) www.reuters.com time to read: +2 min

The deal, Pfizer's biggest in a string of acquisitions after a once-in-a-lifetime cash windfall from its COVID-19 vaccine and pill, will add four approved cancer therapies with combined sales of nearly $2 billion in 2022. Pfizer will pay $229 in cash per Seagen share, a 32.7% premium to Friday's closing price. The drugmaker expects more than $10 billion in "risk-adjusted" sales from Seagen in 2030. Pfizer's portfolio of oncology therapies includes 24 approved drugs, including breast cancer treatment Ibrance. Pfizer rival Merck & Co Inc (MRK.N) and Seagen were in advanced deal talks last year but that reportedly collapsed over fears of tough antitrust scrutiny.

☆ 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.

In 2023, it expects revenue to be $67 billion to $71 billion. Excluding the COVID-19 drugs, Pfizer expects 2023 revenue to grow 7% to 9%. Pfizer developed its COVID-19 vaccine with German partner BioNTech , and the companies split the profits. The U.S. drugmaker forecast 2023 sales of $13.5 billion from the shot, below Refinitiv estimates of $14.39 billion, and projected $8 billion in sales of Paxlovid, short of analysts' expectation of $10.33 billion. After that transition, the company hopes to roughly quadruple the U.S. price of the COVID-19 vaccine.

☆ Pfizer to sell all its drugs in low-income countries at non-profit price
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: 1 min

Companies Pfizer Inc FollowJan 17 (Reuters) - U.S. drugmaker Pfizer Inc (PFE.N) said on Tuesday it will offer its full portfolio of drugs, including off-patent medicines such as chemotherapies and oral cancer treatments, on a not-for-profit basis to 45 low-income countries in the world. In an expansion of the company's "An Accord for a Healthier World" program, which is aimed at increasing access to innovative treatments in some of the world's poorest countries, Pfizer said it will now offer a total of 500 products. When the drugmaker launched the program in May 2022, it offered only its patented medicines including COVID-19 treatment Paxlovid and its big-selling breast cancer drug, Ibrance, at a not-for-profit price. Reporting by Bhanvi Satija in BengaluruOur Standards: The Thomson Reuters Trust Principles.

In 2022, drugmakers raised prices on more than 1,400 drugs according to data published by 46brooklyn, a drug pricing non-profit that is related to 3 Axis. The median drug price increase was 4.9% last year, while the average increase was 6.4%, according to 46brooklyn. Antonio Ciaccia, president of 3 Axis, said that drugmakers have focused on launching their drugs at higher prices because of the attention paid to annual price increases. More drug prices are likely to be announced over the course of January - historically the biggest month for drugmakers to raise prices. Sanofi plans to raise prices on 14 of its drugs or vaccines.

☆ Pfizer to invest more than $2.5 bln to expand European manufacturing
▼ + stars: | 2022-12-02 | by ( Michael Erman | ) www.reuters.com time to read: +4 min

The Puurs site has played a key role in the production of COVID-19 vaccine shots Pfizer developed with its German partner BioNTech (22UAy.DE) using the messenger RNA (mRNA) technology. Output started there in late 2020 when Europe and the United States began rolling out shots to tackle the pandemic. "It is all aligned with the growth of our pipeline," Pfizer Chief Global Supply Officer Mike McDermott told Reuters. Pfizer has also been spending significantly to expand its manufacturing capacity in the United States. The New York-based drugmaker has announced plans to expand its Kalamazoo, Michigan, Rocky Mount, North Carolina, and McPherson, Kansas plants.

☆ 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.

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