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He is third behind William Byron of Hendrick Motorsports and Gibbs teammate Martin Truex Jr. with the points reset for NASCAR's second round. Logano became the first reigning champion eliminated in the first round when he crashed early in the third stage and finished 34th. Harvick, who is retiring at the end of the season, also was eliminated after finishing five laps down in 29th. Wallace gave Hamlin both of Hamlin's 23XI Racing cars spots in the next round by running a clean race. UP NEXTNASCAR opens the second round of the playoffs next Sunday at Texas Motor Speedway, which has only one Cup race this year for the first time since 2004.

Persons: Denny Hamlin, “, we've, ” Hamlin, Joe Gibbs, William Byron, Hendrick, Gibbs, Martin Truex Jr, Joey Logano, Kevin Harvick, Logano, Hamlin, Harvick, We’ve, “ I’ve, that’s, ”, Ricky Stenhouse, Michael McDowell, Stenhouse, ” McDowell, Bubba Wallace, Hamlin's, Wallace, Tyler Reddick, Coco Gauff, Michael Jordan, “ I’m, ” Wallace, ” Logano, Ford, Corey LaJoie, LaJoie, ” NASCAR's, SMITH, Daniel Hemric, Trackhouse, Zane Smith, Smith, He'll, Ty Dillon, Richard Childress Organizations: NASCAR, Bristol Motor, Daytona, Hendrick Motorsports, Ford, ”, Toyota, 23XI Racing, Bristol, Women's, Kaulig Racing, Spire Motorsports, Texas Motor, Richard Childress Racing Locations: Bristol, Kansas

☆ 2seventy bio to lay off 40% of workforce; CEO to step down
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

Nick Leschly, CEO of bluebird, speaks at the opening of Lonza Houston, the world’s largest dedicated cell and gene therapy facility, in Houston, Texas, U.S., April 10, 2018. REUTERS/Daniel Kramer Acquire Licensing RightsSept 12 (Reuters) - 2seventy bio (TSVT.O) said on Tuesday it plans to lay off about 40% of its workforce to lower costs and focus on the biotech firm's cancer cell therapy Abecma, lifting the company's shares more than 8% in premarket trade. The company added that CEO Nick Leschly will step down and transition to the role of chairman. Leschly was earlier the CEO of bluebird bio (BLUE.O) for 11 years, but changed role after the gene therapy maker's oncology portfolio was spun off from it as 2seventy. The company will now focus on another type of multiple myeloma patients, for which it expects approval from the U.S. Food and Drug Administration in mid-December.

Persons: Nick Leschly, Lonza, Daniel Kramer, Leschly, 2seventy, Abecma, Johnson, Bristol Myers, William Baird, Pratik Jain, Shounak Dasgupta, Maju Samuel Organizations: bluebird, REUTERS, Johnson, Legend Biotech, Bristol, Bristol Myers Squibb, U.S . Food, Drug Administration, Thomson Locations: Lonza Houston, Houston , Texas, U.S, Abecma, Bengaluru

There's co-owner Denny Hamlin, who has won at the track four times, more than anyone else. Political Cartoons View All 1148 ImagesHamlin got a poor jump on the last restart, couldn't chase Reddick down and finished second. Then the bottom lane opened up there and it was crazy.”Even crazier: It was the third win for the No. 45 car of 23XI in the last four races at Kansas , and all with different drivers after Busch and Wallace won last year. Its owner, meanwhile, nearly pulled off the sweep after Hamlin won in the spring.

Persons: Tyler Reddick, There's, Denny Hamlin, Kurt Busch, Bubba Wallace, Reddick's, Billy Scott, ”, Reddick, Hamlin, couldn't, Erik Jones, Kyle Larson, Joey Logano, “, ” Reddick, Wallace, Joe Gibbs, It's, ” Hamlin, Chris Buescher, — Reddick, Martin Truex, Larson, Brad Keselowski, Chase Elliott, Elliott, Buescher, Logano, WHO’S, Truex, Kevin Harvick, Christopher Bell Organizations: KANSAS CITY, Kan, 23XI, Kansas Speedway, Kansas, NASCAR, Darlington, Busch, Bristol, Keselowski, Team Penske, RFK Racing, Daytona, Truex Locations: KANSAS, Denny, Kansas, Bristol, Talladega

☆ I moved from the US to Wales and can't imagine going back. I'm paid less, but the relaxed work culture more than makes up for it.
▼ + stars: | 2023-09-10 | by ( Regina Beach | ) www.businessinsider.com time to read: +5 min

She also says healthcare, driving, and working in the UK are some things that shocked her the most. Driving in the UK is not for the faint of heart and the driving test is taken very seriously. Working in the UKThirty-five hours of work per week or more is considered full time. Coming from the US, part-time worker's rights and generous paid family-leave was a real culture shock for me. AdvertisementAdvertisementI work fewer hours and have a better quality of life than I did living in Chicago.

Persons: Regina Beach, I'd, I've, There's, — Organizations: US, Service, Healthcare, National Health Service Locations: Regina, Wales, Wall, Silicon, Laos, Southeast Asia, Chicago, United Kingdom, Bristol, England, Great Britain, America, British, South Wales

The John Adams Courthouse, where the Massachusetts Supreme Judicial Court presides, stands in Boston, Massachusetts, U.S., September 7, 2023. In a unanimous ruling Thursday, the Supreme Judicial Court of Massachusetts upheld a 2018 lower court ruling that the state acted in bad faith in regulating the Canton-based Judge Rotenberg Educational Center. The legal fight over the facility began in 1985, when the state sought to ban the shock treatment. In 2013, the state sought to terminate the consent order altogether, before Judge Field's ruling in 2018 that it was still necessary because of state regulators' bad faith conduct. A federal appeals court in 2021 ruled in a separate case that the U.S. Food and Drug Administration could not ban the shock device.

Persons: John Adams, Brian Snyder, Katherine Field, JRC, Michael Flammia, Scott Kafker, Judge Field's, Brendan Pierson, Alexia Garamfalvi, Deepa Babington Organizations: REUTERS, Massachusetts, Rotenberg Educational, Probate, state's Department of Developmental Services, U.S . Food, Drug Administration, Thomson Locations: Massachusetts, Boston , Massachusetts, U.S, Canton, Bristol, New York

The red king crab fishery was closed; the snow crab fishery cut to a tenth of the previous year's take. After another bad survey last year, the red king crab fishery closed again and the snow crab fishery closed for the first time ever. Kevin Abena, who runs a fishing business with his father, also relies on tendering to stay afloat in the wake of the crab fishery closure. Researchers this year brought samples of crab back to Kodiak for further analysis, exploring how snow crab respond to stress in their environment, including rising heat. It will help determine what crab fisheries might open this winter and decisions on each kind of crab are expected some time in early October.

Persons: — Gabriel Prout, ”, Prout, he's, Kevin Abena, Mike Litzow, ” Litzow, “, Mark Stichert, you’re, ” Abena, ” Prout, “ It'd, Joshua A . Bickel Organizations: Kodiak, Alliance Cooperative, Kodiak Fisheries Science Center, ”, Alaska Department of Fish, National Marine Fisheries Service, Pacific Fishery Management, Bristol Bay, Bristol Bay Red King, U.S . Department of Commerce, Twitter, AP Locations: KODIAK, Alaska, Bering, Bristol Bay, Kodiak, Alaska Bering, Bristol Bay Red, ___

Sept 6 (Reuters) - Bristol Myers Squibb (BMY.N) has been accused in a new lawsuit of using fraudulent patents and other illegal tactics to maintain its monopoly on blockbuster blood cancer drug Pomalyst for years after it should have faced generic competition. A spokesperson for Bristol Myers did not immediately respond to a request for comment. Pomalyst is a top seller for Bristol Myers, bringing in nearly $3.5 billion out of $46.16 billion of its total revenue last year. The drug was developed by Celgene, a company acquired by Bristol Myers in 2019. The generic companies, which are also named as defendants in the lawsuit, did not immediately respond to requests for comment.

Persons: Pomalyst, Bristol Myers, Celgene, Brendan Pierson, Alexia Garamfalvi, Bill Berkrot Organizations: Bristol Myers Squibb, Louisiana, Pomalyst, Bristol, Celgene, U.S . Patent, Teva Pharmaceutical Industries, Aurobindo Pharma, Breckeridge Pharmaceutical, Natco Pharma, Thomson Locations: Manhattan, New York

☆ Analysis: US healthcare stocks roiled by investor tug of war over economy
▼ + stars: | 2023-09-05 | by ( David Randall | ) www.reuters.com time to read: +5 min

Many view healthcare as a defensive sector because it has constant demand and is somewhat insulated from the economy. In the latest week, investors pulled a net $1.4 billion from the sector, the biggest weekly outflow since May 2022. Overall, the healthcare sector - which ranges from health insurers like UnitedHealth to pharmaceutical companies like Pfizer to small biotechs - has received the third largest inflows of any sector year to date, BofA's data showed. This would weaken the case for loading up on healthcare stocks. Overall, healthcare sector earnings are expected to lag this year as COVID-related revenues decline 13% versus a 1.8% rise for the overall S&P 500.

Persons: Brendan McDermid, Bob Kalman, Emily Roland, Dan Lyons, Janus Henderson, you've, Lyons, Kalman, Joe Biden's, Margie Patel, Patel, David Randall, Ira Iosebashvili, Megan Davies, David Gregorio, Richard Chang Organizations: New York Stock Exchange, REUTERS, Atlanta Federal, BofA Global Research, Pfizer, Miramar Capital, Healthcare, John Hancock Investment Management, Janus Henderson Investors, U.S, Bristol Myers Squibb, Allspring Global Investments, Thomson Locations: New York City, U.S

☆ A couple in the UK quit their 9-to-5 jobs to move to the Philippines. Now, they have no debt and their monthly utility bills rarely exceed $55 — see how they did it.
▼ + stars: | 2023-09-02 | by ( Amanda Goh | ) www.businessinsider.com time to read: +14 min

Adam and Jane Vizor moved to the Philippines with their daughter to lead a slower-paced, debt-free life. Now, the couple has no debt, and their monthly utility bills rarely exceed $55. "After we came to see the land, we worked with an architect to create a floor plan to maximize the layout of our house," Adam said. Adam and Jane Vizor"An equivalent house in the UK, I would say, probably easily costs a million pounds," Adam added. Adam and Jane VizorUnlike the UK, they have no heating costs, since the Philippines is a tropical country.

Persons: Adam, Jane Vizor, Isabella, Jane, She'd, I'd, Jane's, —, we've, It's, it's, everyone's, Jane Vizor It's, Jane said Organizations: Service, YouTube Locations: Philippines, Wall, Silicon, Bristol, Ormoc, Leyte, Manila, —, England

☆ Judge withdraws from Medicare drug price case after stock ownership is revealed
▼ + stars: | 2023-09-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Ohio Governor Mike DeWine, right, shakes hands with Judge Thomas Rose of the U.S. District Court Southern District of Ohio after taking his oath of office, Monday, Jan. 14, 2019, in Cedarville, Ohio. A federal judge on Friday withdrew from a case that could block Medicare from negotiating over drug prices, just hours after a watchdog group revealed his ownership of stock in two pharmaceutical companies that would be directly impacted by the new program. He also owns Moderna stock worth between $15,000 and $50,000, the filing shows. The suit asked the court to rule that for Medicare to negotiate drug prices would be unconstitutional. Merck, Bristol Myers Squibb, Johnson & Johnson, Boehringer Ingelheim, AstraZeneca and the drugmaker lobby PhRMA have all filed complaints in different districts courts.

Persons: Mike DeWine, Judge Thomas Rose, Judge Thomas M, Rose, Biden, George W, Bush, Johnson, Boehringer Ingelheim, Robert Davis, Davis Organizations: U.S, District Court Southern District of Ohio, Southern, Southern District of Ohio, Johnson, AstraZeneca, Republican, Moderna, U.S . Chamber of Commerce, Department of Health, Human Services, Centers, Medicare, Merck, Bristol Myers Squibb, Court, Circuit Court Locations: Cedarville , Ohio, Southern District

☆ From holidays to mortgage waivers, UK homebuilders dish out freebies to revive sales
▼ + stars: | 2023-09-01 | by ( Ajose Koilparambil | ) www.reuters.com time to read: +4 min

If they have a 5% deposit, then deposit boost works well where we give an additional 5% so that they can secure a 90% loan-to-value mortgage," said a sales director with Persimmon. Some homebuyers are opting for exchange options, where the builder purchases the buyer's existing property and the payment helps fund the new-home purchase. "Mortgage holidays", offered by Persimmon and other builders, are also popular among homebuyers with builders contributing towards home-loan payment during a specific period. Reuters GraphicsKNOCK ON MARGINSThe incentives, while aimed at boosting demand, come at a cost for homebuilders struggling to keep costs low. Persimmon said last month sales incentives and marketing costs shaved off 2.1% from its half-year gross margins.

Persons: Toby Melville, Barratt, Persimmon, Aynsley Lammin, Peel Hunt, Sam Cullen, Cullen, Taylor, Aby Jose Koilparambil, Sweta Singh, Saumyadeb Organizations: REUTERS, British, Reuters Graphics, Bank of England, Reuters, Peel, Thomson Locations: Bristol, Britain, British, Bengaluru

☆ 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

☆ 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

☆ Morning Bid: US jobs data and China bring cheer, for now
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +3 min

The Fed has made it clear it will be data-dependent as it charts its monetary policy path. European markets look set for a higher open, with the pan-European STOXX 600 (.STOXX) at two-week highs. Inflation reports from Germany and Spain later in the day will provide further clues on price pressures in the region ahead of the euro zone inflation report on Thursday. Traders have raised their bets on a 25-basis-point European Central Bank rate hike in September, a slight shift from expectations of a pause following a sharper-than-expected contraction in euro zone business activity. Australia's inflation slowed to a 17-month low in July, signalling that interest rates might not need to rise again.

Persons: Ankur Banerjee, Biden, Edmund Klamann Organizations: Silicon Valley Bank, Credit Suisse, REUTERS, Staff, Ankur, Federal, Federal Reserve, Traders, Bank, U.S, Bristol Myers Squibb, Novo Nordisk, Pfizer, ICE, Supplies, Reuters, Thomson Locations: Frankfurt, Silicon, Germany, U.S, Europe, Spain, Asia, West Africa, Singapore

☆ UK home sales on course to fall to lowest since 2012: Zoopla
▼ + stars: | 2023-08-29 | by ( David Milliken | ) www.reuters.com time to read: +2 min

REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Aug 30 (Reuters) - The number of house purchases in Britain this year is on course to drop by 21% to its lowest since 2012 as a result of rising borrowing costs, property website Zoopla forecast on Wednesday. "While UK house prices are 0.1% higher over the year, it is the number of sales that have been hit hardest by higher borrowing costs, especially amongst mortgage-reliant buyers," Zoopla's executive director, Richard Donnell, said. Zoopla forecast that house purchases funded by mortgages would drop 28% this year, while cash buyers would fall just 1% and account for more than a third of sales. The most recent official data showed that there were 22% fewer house purchases in the three months to the end of June than a year earlier. Zoopla provides property valuations and also advertises more than 1 million properties for sale or to rent.

Persons: Toby Melville, Richard Donnell, BoE, David Milliken, Alex Richardson Organizations: REUTERS, Thomson Locations: Bristol, Britain

☆ 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

☆ 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

☆ 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

☆ The technical trade: T, BMY & DLR
▼ + stars: | 2023-08-29 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe technical trade: T, BMY & DLRKatie Stockton, Fairlead Strategies founder, joins 'Power Lunch' to discuss the technical support for AT&T, Bristol-Myers Squibb and Digital Realty Trust.

Persons: Katie Stockton Organizations: Myers Squibb, Digital Realty Trust Locations: 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

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

[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

☆ 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

REUTERS/Brendan McDermid/File Photo/File Photo Acquire Licensing RightsAug 25 (Reuters) - AstraZeneca (AZN.L) said on Friday it has sued the U.S. government to block parts of a program that gives the Medicare health insurance plan the power to negotiate lower drug prices. The program faces at least seven other court challenges, including from leading industry group PhRMA and drugmakers Johnson & Johnson (JNJ.N), Merck & Co (MRK.N), Bristol Myers Squibb (BMY.N) and privately-held Boehringer Ingelheim. The drug price negotiation program is part of President Joe Biden's signature Inflation Reduction Act (IRA). ‍AstraZeneca said the program would deter continued development of treatments such as its cancer drug Lynparza and rare blood disorder drug Soliris, which carry orphan drug status for multiple conditions. An HHS spokesperson said in a statement that the agency "will vigorously defend the President's drug price negotiation law, which is already helping to lower healthcare costs for seniors and people with disabilities."

Persons: Brendan McDermid, drugmakers Johnson, Johnson, Joe Biden's, AstraZeneca, Bhanvi, Dhanya Ann Thoppil, Shilpi Majumdar Organizations: AstraZeneca, New York Stock Exchange, REUTERS, U.S, Merck & Co, Bristol Myers Squibb, U.S . Department of Health, Human Services, Thomson Locations: British, Delaware, United States, U.S, Bengaluru

☆ AT&T and more: CNBC's 'Halftime Report' traders answer your questions
▼ + stars: | 2023-08-24 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

On Thursday's "Ask Halftime," traders answered questions from CNBC Pro subscribers about which stocks to buy, hold or sell right now. Jenny Harrington of Gilman Hill Asset Management discussed why she sold AT & T and will be looking to buy it back in the future. Cerity Partners' Jim Lebenthal shared why he thinks Bristol-Myers Squibb is a good long-term hold.

Persons: Jenny Harrington, Cerity, Jim Lebenthal, Myers Squibb Organizations: CNBC Pro, Management, Cerity Partners Locations: Bristol

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