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☆ Returning pharma CEO has one prescription: M&A
▼ + stars: | 2023-02-17 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 17 (Reuters Breakingviews) - Brent Saunders is back in charge of a pharmaceutical company, which usually means one thing: M&A. The buyer, Actavis, appointed Saunders CEO of the combined company. Bausch + Lomb remains a subsidiary of Bausch Health, which owns nearly 90% of the shares. Considering Bausch Health’s stake in Bausch + Lomb is worth more than $5 billion, the implication is that bondholders are in charge. Saunders was CEO of Bausch + Lomb from 2010 until 2013, when it was acquired by Valeant Pharmaceuticals.

☆ Pfizer, Valneva to stop testing Lyme disease vaccine in some U.S. patients
▼ + stars: | 2023-02-17 | by ( Bhanvi Satija | ) www.reuters.com time to read: +2 min

[1/2] Pfizer company logo is seen at a Pfizer office in Puurs, Belgium, December 2, 2022. REUTERS/Johanna GeronFeb 17 (Reuters) - Drugmaker Pfizer Inc (PFE.N) and France's Valneva (VLS.PA) will stop testing a Lyme disease vaccine in roughly half of U.S. patients in a late-stage study, the companies said, citing a breach of clinical trial guidelines by a third-party contractor. Pfizer still expects to submit marketing applications for the experimental vaccine in the United States and Europe in 2025. The trial was expected to include around 6,000 participants aged 5 and older across Europe and United States, where Lyme disease is highly endemic. Paris-listed shares of Valneva fell nearly 10% to 5.72 euros following the news and U.S.-listed shares of Pfizer were down marginally in premarket trading.

☆ Pfizer/BioNTech, Moderna gear up for 2024 London trial over COVID vaccine patents
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Ivan AlvaradoLONDON, Feb 16 (Reuters) - Pfizer Inc (PFE.N) and its German partner BioNTech SE (22UAy.DE) are gearing up for a 2024 trial with Moderna Inc (MRNA.O) at London's High Court in competing patent lawsuits over their rival COVID-19 vaccines. The case reached London's High Court for the first time for a preliminary hearing on Thursday, ahead of a trial which is due to take place in April 2024. Pfizer and BioNTech sued Moderna in London in September, seeking to revoke two of Moderna's patents in relation to its messenger RNA (mRNA) vaccines. Moderna brought its own lawsuit that month over Pfizer and BioNTech’s Comirnaty vaccine, seeking damages for alleged infringement of its patents. Pfizer, BioNTech and Moderna are also engaged in litigation in Germany, the Netherlands and the United States.

☆ Eli Lilly recruits Black patients for Alzheimer trial as drugmakers seek more diversity in clinical studies
▼ + stars: | 2023-02-16 | by ( Bertha Coombs | ) www.cnbc.com time to read: +4 min

Eli Lilly drove two mobile labs to the Black women's gathering, to recruit older Black women for a new trial. The drug maker developed the labs on wheels in 2020, to keep its clinical trials going in the first year of the Covid pandemic. A study by the Alzheimer's Association found that 62% of African Americans think clinical research is biased against people of color. Decentralized trialsFinding and enrolling patients can be among the most costly and time-consuming part of clinical trials. By 2021, while advertising remained the top source, social media replaced doctors as the second most-likely way trial participants learned about clinical studies.

REUTERS/Brendan McDermid/IllustrationFeb 16 (Reuters) - GSK Plc (GSK.L) is expected to urge a California judge on Thursday to limit what expert testimony jurors can hear in the first trial over claims that the company's heartburn drug Zantac caused cancer. The trial, scheduled to begin Feb. 27 before Alameda County Superior Court Judge Evelio Grillo, will offer the first test of how Zantac cancer claims may fare in state courts. The plaintiff in the upcoming trial, James Goetz, says he developed bladder cancer from taking Zantac sold by British drugmaker GSK. Lawsuits began piling up soon after the recalls began from people who said they developed cancer after taking Zantac. Cases have been filed linking Zantac to at least 10 types of cancer.

[1/2] People pose with syringe with needle in front of displayed Moderna logo in this illustration taken, December 11, 2021. REUTERS/Dado Ruvic/IllustrationFeb 15 (Reuters) - The U.S. government should face a patent lawsuit over COVID-19 vaccines, not vaccine maker Moderna Inc (MRNA.O), the Department of Justice told a Delaware federal court on Tuesday. Moderna made the same argument last year in an unsuccessful bid to win an early dismissal of the lawsuit. Both Moderna and Pfizer Inc (PFE.N) have been the target of multiple patent lawsuits over their COVID vaccines, including a lawsuit brought by Moderna against Pfizer in August. The case is Arbutus Biopharma Corp v. Moderna Inc, U.S. District Court for the District of Delaware, No.

☆ U.S. government to buy 1.5 mln more Novavax COVID vaccine doses
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

Feb 13 (Reuters) - The U.S. government has agreed to buy 1.5 million more doses of Novavax Inc (NVAX.O) COVID-19 vaccine, the company said on Monday, adding that the modified agreement includes funds for development of an updated vaccine by fall this year. Sales of the company's vaccine have been hurt by a global supply glut and waning demand, with Novavax cutting its full-year revenue forecast for the shots twice last year. The protein-based vaccine was expected to convince those skpetical of the new mRNA-based vaccines against the virus from rivals such as Pfizer Inc (PFE.N) and Moderna (MRNA.O). The U.S. Food and Drug Administration is also in the process of simplifying its COVID-19 vaccine policy as it considers whether to recommend that Americans get an annual booster shot for the virus. Shares of the vaccine maker rose 3.2% before the bell on Monday after the Wall Street Journal first reported the news.

The company also predicted a return to growth in China, one of its key markets, after reporting a second consecutive quarter of growth even as prices remain under pressure. Sales of its best-selling cancer drugs — Tagrisso, Imfinzi and Lynparza — came in just below estimates from Cowen analysts. Sales started to pick up in the second half of 2022 and in the fourth quarter grew by 3% at constant currency rates. Of key interest to investors is the experimental cancer drug, datopotamab deruxtecan, being evaluated in a keenly anticipated late-stage trial involving lung cancer patients. Partner Daiichi Sankyo (4568.T) this month said results of that study have been delayed to the second quarter from the first quarter of 2023.

"When you think about traditional drug and vaccine development and longevity of sales, it's usually much more spread out," Morningstar analyst Damien Conover said. The sudden inflow of revenue should prod companies to strike deals and link up with new partners, he said. Vaccine maker Moderna also expects 2023 revenue to fall sharply. The company's only product - its messenger RNA COVID vaccine - pulled in around $18.4 billion in 2022. Eli Lilly and Co (LLY.N) made $2 billion in 2022 from monoclonal antibody COVID treatments and is not expecting any revenue from the business in 2023.

☆ Merck fourth quarter tops expectations on strong COVID pill sales
▼ + stars: | 2023-02-02 | by ( Michael Erman | ) www.reuters.com time to read: +2 min

Feb 2 (Reuters) - Merck & Co (MRK.N) on Thursday reported higher-than-expected fourth-quarter earnings on strong sales of its COVID-19 antiviral pill molnupiravir in Asia. The U.S. drugmaker said its sales in the quarter were $13.83 billion, up from $13.52 billion a year earlier. Analysts had previously forecast around $825 million for 2023 molnupiravir sales. Pfizer (PFE.N) reported sales of around $18.9 billion for its antiviral treatment Paxlovid in 2022 and forecast 2023 sales of around $8 billion. The drugmaker forecast adjusted 2023 earnings of $6.80 to $6.95 a share on sales of $57.2 billion to $58.7 billion.

☆ U.S. FDA removes COVID test requirements for Pfizer, Merck pills
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] Pfizer logo is seen in this illustration taken, May 1, 2022. REUTERS/Dado Ruvic/IllustrationFeb 1 (Reuters) - The U.S. Food and Drug Administration (FDA) on Wednesday removed the need for a positive test for COVID-19 treatments from Pfizer Inc (PFE.N) and Merck & Co Inc (MRK.N). Pfizer's Paxlovid and Merck's Lagevrio pills were given emergency use authorizations in Dec. 2021 for patients with mild-to-moderate COVID who tested positive for the virus, and who were at risk of progressing to severe COVID. Still, the FDA said the patients should have a current diagnosis of mild-to-moderate COVID infection. Reporting by Raghav Mahobe in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

LONDON, Feb 1 (Reuters) - GSK (GSK.L) chief executive Emma Walmsley on Wednesday made replenishing the drugmaker's pipeline of vaccines and therapies her number-one priority. But analysts say there is not enough in the medicine cabinet to keep the momentum going even beyond the next few years. Meanwhile, analysts say the market for Shingrix will eventually become saturated, further limiting the company's growth prospects. GSK shares lagR&D SPENDGSK's spending on R&D has long lagged behind its peers, something activist investor Elliott highlighted in a 2021 letter pressuring the company to make sweeping changes. Lucy Coutts, investment director at wealth management firm JM Finn, which holds GSK shares, there is hope the company will eventually deliver a streamlined and specialist portfolio of blockbuster drugs.

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.

☆ Futures drop as earnings roll in, Fed rate decision in focus
▼ + stars: | 2023-01-31 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

Fourth-quarter earnings season took center stage, with Caterpillar Inc (CAT.N) down 2.6%, as the heavy equipment maker reported a drop in quarterly profit on higher manufacturing costs. Pfizer Inc (PFE.N) slid 3.2% after the drugmaker's full-year revenue outlook for its COVID-19 products fell short of expectations. As many as 140 S&P 500 companies had reported earnings for the fourth-quarter by Monday. ET, Dow e-minis were down 111 points, or 0.33%, S&P 500 e-minis were down 11 points, or 0.27%, and Nasdaq 100 e-minis were down 50.25 points, or 0.42%. (This story has been corrected to say Caterpillar reported a drop in quarterly profit, not missed analysts' estimates, in paragraph 2)Reporting by Johann M Cherian and Shreyashi Sanyal in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Pfizer forecasts weak 2023 sales of COVID products
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Eric GaillardCompanies Pfizer Inc FollowJan 31 (Reuters) - Pfizer Inc (PFE.N) on Tuesday forecast a steeper-than-expected drop in sales of its COVID-19 vaccine and pills in 2023, intensifying investor concerns over demand for the products as governments reduce orders. The forecast casts some uncertainty over future sales of Pfizer's biggest selling products this year, which are expected to come under pressure as government spending on COVID vaccines and treatments declines. The U.S. drugmaker said it expects sales of $13.5 billion from the vaccine for 2023, below Refinitiv estimates of $14.39 billion, and projected $8 billion in sales of its antiviral pill, Paxlovid, short of analysts' expectation of $10.33 billion. That compared with sales of $37.81 billion for the vaccine and $18.93 billion for Paxlovid in 2022. Reporting by Manas Mishra and Bhanvi Satija in Bengaluru; Editing by Sriraj Kalluvila and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Jan 31 (Reuters) - U.S. stock indexes were set to open higher on Tuesday after wage growth data pointed to easing inflation ahead of the Federal Reserve's decision on interest rates. U.S. labor costs increased less than expected last quarter as wage growth slowed, suggesting that the central bank's aggressive approach to taming inflation was taking hold. "Labor costs are still high, but this means costs have come down, and that's a key factor for future wage inflation." The U.S. 10-year Treasury yield fell after the labor costs data, and was last at 3.50% compared to 3.55% on Monday. The world's largest parcel delivery firm United Parcel Service(UPS.N) also added 1.9% on strong quarterly earnings.

U.S. labor costs increased at their slowest pace in a year in the fourth quarter as wage growth slowed, bolstering expectations of the Fed slowing the pace of its interest rate increases. "As the Fed meeting begins today, they'll be looking at every index that could give them a better judgment on inflation and this is one of them," said Peter Cardillo, chief market economist at Spartan Capital Securities LLC. "Labor costs are still high, but this means costs have come down, and that's a key factor for future wage inflation." United Parcel Service (UPS.N) jumped 4% on strong quarterly earnings, boosting the Dow Jones Transport Average index (.DJT). The S&P index recorded four new 52-week highs and no new low, while the Nasdaq recorded 32 new highs and 14 new lows.

☆ The Covid sales boom is over for Pfizer
▼ + stars: | 2023-01-31 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

New York CNN —Pfizer generated nearly $57 billion in combined sales last year from its Comirnaty Covid-19 vaccine and Paxlovid antiviral pill. Pfizer (PFE) told Wall Street Tuesday that it expects Covid-related sales to plunge to $21.5 billion this year… below Wall Street’s forecasts. Pfizer noted that it now expects to sell just $13.5 billion of its vaccine and $8 billion of the Paxlovid pill this year. Wall Street was expecting vaccine revenue of $14.4 billion and $10.3 billion of Paxlovid for 2023, according to estimates tracked by Refinitiv. Pfizer reported Comirnaty sales of $37.8 billion last year and revenue of $18.9 billion from Paxlovid.

☆ Fasten your seatbelts
▼ + stars: | 2023-01-30 | by ( Stephen Culp | ) www.reuters.com time to read: +2 min

Jan 31 (Reuters) - A look at the day ahead in markets from Stephen Culp, New York stock market reporter. Wall Street's downbeat start to an action-packed week has set a bumpy course for Asian markets on Tuesday. The Bank of England and the European Central Bank are poised to follow the Fed by hiking crucial interest rates by a more aggressive 50 basis points. Meta Platforms Inc (META.O) waits in the wings on Wednesday, with Apple Inc (AAPL.O), Amazon.com (AMZN.O) and Alphabet Inc (GOOGL.O) on deck for Thursday. Those policies have since been relaxed, sparking hopes of demand revival in China, which could take some of the sting of restrictive central bank policy.

Analysts say they have based their 2023 Paxlovid sales estimates primarily on public details of announced deals, with a token amount of estimated China sales from before the country dropped the Zero-COVID policy. Their current estimates for over $10 billion in 2023 Paxlovid sales is less than half the $22 billion Pfizer is expected to report for 2022, according to Refinitiv data. Billions of dollars in Paxlovid sales could be at stake for Pfizer. Even without a deal to sell Paxlovid broadly in China, the company can still sell it there on the private market. China is "probably the only region that we're modeling a year-over-year increase in 2023" for Paxlovid, Conover said.

☆ Morning Bid: Fasten your seatbelts
▼ + stars: | 2023-01-30 | by ( Stephen Culp | ) www.reuters.com time to read: +2 min

☆ Earnings playbook: Apple and Google-parent Alphabet lead the busiest week of reports
▼ + stars: | 2023-01-29 | by ( Fred Imbert | ) www.cnbc.com time to read: +14 min

Tuesday General Motors is set to report earnings before the bell, followed by a conference call at 8:30 a.m. What history shows: Data from Bespoke Investment Group shows GM beats earnings expectations 85% of the time. McDonald's is set to report earnings before the bell, with company leadership set to hold a call 8:30 a.m. What history shows: Qualcomm has either beaten or matched analysts' earnings expectations in the last 32 quarters, according to FactSet. Alphabet is set to report earnings after the close, followed by a conference call at 4:30 p.m.

☆ Jobs report to give clues about where economy is headed
▼ + stars: | 2023-01-29 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +8 min

Investors will get another clue when the January jobs report is released on Friday. Economists predict that 185,000 jobs were added last month, a slowdown from the gain of 223,000 jobs in December and 263,000 in November. A further deceleration in the labor market would likely please the Fed, as it would show that last year’s rate hikes are successfully taking some air out of the economy. Along those lines, average hourly earnings, a measure of wages that is also part of the monthly jobs report, are expected to increase 4.3% year-over year. So far, tech earnings season is not off to an inspiring start, with Microsoft (MSFT), Intel (INTC) and IBM (IBM) all reporting weak results.

☆ Here comes the biggest week of earnings. Plus an AI ode to the Dow
▼ + stars: | 2023-01-28 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

While only six companies in the Dow Jones Industrial Average are reporting next week, about 20% of the S & P 500 reports, making it the biggest week of earnings this season. The Dow and the S & P 500 gained 2.2% and 2.9% this week, respectively, while the Nasdaq Composite rose 4.7%. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Exclusive: EU may pay more for Pfizer COVID shots in return for lower volume
▼ + stars: | 2023-01-27 | by ( Maggie Fick | ) www.reuters.com time to read: +5 min

A Pfizer spokesperson declined to comment on details of the discussions, but said the company has shown ongoing commitment to accommodating EU member state concerns. Most people in the EU who wanted a primary course of the COVID-19 vaccine, and those who were later eligible for boosters, have received them. In May 2021, Brussels signed a contract with Pfizer and BioNTech to buy 900 million doses, with an option for an additional 900 million doses, by the end of 2023. Around half or more of the first 900 million doses from that contract have not yet been delivered because demand dropped last year. That came after EU governments warned Pfizer and other companies that millions of doses could go to waste.

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