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☆ Novartis' CEO is charging ahead in cutting tens of thousands of workers to transform the $220 billion pharma giant
▼ + stars: | 2023-01-16 | by ( Andrew Dunn | ) www.businessinsider.com time to read: +3 min

Novartis is laying off thousands of workers, CEO Vasant Narasimhan told Insider. Through layoffs and spinoffs, the Swiss giant expects to trim its headcount by about 30% by 2024. SAN FRANCISCO — Thousands of layoffs are "happening now," Vasant Narasimhan, the CEO of Novartis, told Insider, as he hopes the $220 billion Swiss giant is entering the final steps of becoming a smaller, more-focused drug company. The Swiss giant had about 125,000 full-time employees at the time, and it has about 108,000 workers today. The restructuring will save Novartis about $1.5 billion annually, Narasimhan said during his Monday presentation at the JPMorgan conference.

☆ Inside the 'doomsday' layoffs at Goldman Sachs
▼ + stars: | 2023-01-15 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +5 min

Insider reporters were in attendance — here's the inside scoop …If this was forwarded to you, sign up here. Now, on to this week's top stories …David Solomon is the CEO of Goldman Sachs. Michael Kovac/Getty ImagesGoldman Sachs conducted its worst layoffs in over a decade this week. One laid-off associate called it the "doomsday," adding: "Every 10 minutes, I just kept hearing that someone was being let go." We talked to Goldman Sachs employees who were fired — here's what they told us.

☆ Here are 5 winners and 4 losers from the healthcare industry's most important event of the year
▼ + stars: | 2023-01-13 | by ( Andrew Dunn | Yeji Jesse Lee | ) www.businessinsider.com time to read: +1 min

The healthcare industry's most influential investor conference was held in person this week. The J.P. Morgan Healthcare conference helps set the tone for the year for biotech. Insider identified five winners and four losers from the week. Amid severe-weather warnings and rain, about 8,000 attendees came to see over 400 healthcare companies present at the 41st annual J.P. Morgan Healthcare conference this week, kicking off a chaotic week of networking, pitching investors, and striking deals. Insider pinpointed five winners and four losers from this year's event.

☆ A buzzy healthcare startup breaks down how it 'overextended' and is ditching its plans to build hundreds of clinics despite a $100 million investment from CVS
▼ + stars: | 2023-01-13 | by ( Rebecca Torrence | Blake Dodge | ) www.businessinsider.com time to read: +4 min

Carbon Health on Monday landed $100 million from CVS Health as digital-health funding slows. Its CEO, Eren Bali, said it took a valuation hit to get clean terms for its long-term success. In digital health's dismal funding market, Carbon Health just notched a big win. The startup, which operates clinics offering urgent and primary care, announced on Monday that it snagged $100 million in Series D funding from CVS Health Ventures. The pharmacy giant also said it would open Carbon Health clinics at some CVS Health locations.

☆ Drug companies favor biotech meds over pills, citing new U.S. law
▼ + stars: | 2023-01-13 | by ( Deena Beasley | ) www.reuters.com time to read: +5 min

The pharmaceutical industry, whose members gathered in the thousands this week in San Francisco for the annual JP Morgan Healthcare conference, opposed the legislation and has begun implementing strategies to mitigate its impact. "In 10 years, we'll have far fewer small molecules being developed than we do today." He questioned the benefit of "rules that really just disincentivize investment in what ends up being convenient drugs, drugs for tough conditions like cancer and drugs that get really cheap when they go generic." Most medicines on the market today are small molecules, which can be taken by mouth, absorbed into the bloodstream and easily penetrate cell membranes. He noted it is not unusual for pharmaceutical companies to choose not to pursue a drug they once thought promising.

☆ Health insurance upstarts that grew fast while bleeding money now say they want to turn a profit. They're raising premiums, exiting markets, and leveraging their size to get there.
▼ + stars: | 2023-01-13 | by ( ) www.businessinsider.com time to read: +6 min

Newly public health insurers Bright, Clover, and Oscar historically have prioritized fast growth. Now that it's become harder to raise capital from investors, the insurers Bright Health, Clover Health, and Oscar Health have shifted their strategies toward making money. Bright Health, in particular, was forced to take extreme measures that will see it cover members in just one state this year, after serving people in 17 states in 2022. Here's what Bright, Clover, and Oscar said they're doing to reach a profit, from raising the premiums of their health plans to exiting the markets they once bet big on. Clover slashed its participation in a federal programClover Health CEO Andrew Toy Clover HealthClover also slashed its footprint in a major program to bring down costs.

☆ Oscar Health CEO Mario Schlosser shares how the health-insurance upstart plans to finally turn a profit after years of losses
▼ + stars: | 2023-01-12 | by ( ) www.businessinsider.com time to read: +7 min

Oscar Health has bled money since it was founded more than a decade ago. Oscar Health, the 10-year-old health insurer, has never turned a profit. In an interview with Insider in November, Schlosser said Oscar had already done the legwork to turn a profit. Oscar is doing a better job at lowering patients' medical costs and is raising the prices of its health plans, he said. In 2013, Oscar met with outside actuaries to price its first health plans, Schlosser said.

☆ Stocks making the biggest moves midday: Bed Bath & Beyond, Tesla, Expedia and more
▼ + stars: | 2023-01-11 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Meme stocks — A group of so-called meme stocks skyrocketed Wednesday as retail investors jumped into speculative trades again. Bed Bath & Beyond rallied 38% to trigger the trend in morning trading Wednesday. Expedia — The travel company's stock gained more than 4% after Oppenheimer upgraded it to outperform from perform. The Wall Street firm said it believes Expedia shares are discounting macro headwinds. Toll Brothers — The homebuilding stock gained 3% following an upgrade to a buy from a hold rating by analysts at Bank of America.

☆ The CEO of a psychedelics giant that just suffered a big setback lays out why investors should bet on his long-term vision
▼ + stars: | 2023-01-11 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +4 min

PCN-101, a ketamine-based treatment, failed to help people with treatment-resistant depression. CEO Florian Brand said he thinks investors should bet on the company's long-term vision. Florian Brand, the CEO of the psychedelics giant Atai Life Sciences, said investors should look past the company's recent failed clinical trial and bet on his long-term vision for the company. On January 6, Atai announced that a highly anticipated trial of a ketamine-based depression treatment failed to meet its goals. The company also owns a large stake in the psychedelics company Compass Pathways, which is currently in late-stage trials to develop psilocybin, the psychoactive ingredient found in magic mushrooms, for treatment-resistant depression.

☆ 2 of our stocks get nice pops. Here's the news and what we think
▼ + stars: | 2023-01-10 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

DHR 1Y mountain Danaher's 1 year stock performance Danaher is set to present at the JPMorgan Healthcare Conference on Tuesday afternoon. Now, management sees core sales growth up in the high single-digit range. In addition to the core revenue growth revision, management is now factoring in no growth coming from Covid-related testing. STZ 1Y mountain Constellation Brands 1-year stock performance;. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

FILE PHOTO: The Johnson & Johnson logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 29, 2019. REUTERS/Brendan McDermid/File Photo(Reuters) - Johnson & Johnson will look for opportunities to merge with or acquire firms that add value to its focus areas of eye care, surgical robots, orthopedics and cardiovascular products, the company’s Chief Executive Officer Joaquin Duato said on Monday. The healthcare giant is in the process of spinning off its consumer healthcare business under the brand Kenvue to focus on its pharmaceutical and medical devices businesses. J&J last month completed its acquisition of heart pump maker Abiomed for $16.6 billion, which will operate as an independent division in its medical devices business. The company’s CEO expects J&J to continue growing towards its goal of $60 billion in pharmaceutical sales by 2025, and is confident of exceeding current Street expectations by the targeted year.

☆ Pfizer working to send COVID pill Paxlovid to China - CNBC
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

Jan 9 (Reuters) - Pfizer Inc (PFE.N) is working with Chinese authorities to send its COVID-19 pill, Paxlovid, to the country that is dealing with a surge in COVID-19 cases, Chief Executive Officer Albert Bourla said in an interview with CNBC on Monday. In February last year, China approved Paxlovid to treat high-risk patients in several provinces. Pfizer has also reached an agreement to export Paxlovid to China through a local company to make the medicine more widely available. China has also been in talks with the drugmaker to secure a license that will allow domestic drugmakers to manufacture and distribute a generic version of Paxlovid in China, Reuters reported last week, citing sources. Chinese hospitals have been under intense pressure after the government abruptly abandoned its "zero-COVID" policy last month, sending infections soaring.

☆ Biogen's new CEO says Alzheimer's will become a major franchise for the company but that a different drug has the 'biggest undervalued potential'
▼ + stars: | 2023-01-09 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +4 min

But new CEO Christopher Viehbacher said that he sees Alzheimer's becoming a new franchise. He added that zuranolone, an antidepressant, is the "biggest undervalued potential" of the company. On the heels of the approval of a new Alzheimer's drug, Cambridge-based biotech company Biogen seems focused on expanding its focus to a wider range of illnesses. New Alzheimer's drug lecanemab could signal a new franchiseThe first is lecanemab, a drug for Alzheimer's disease that was granted an accelerated approval by the US Food and Drug Administration last week. "I think zuranolone is the biggest undervalued potential of Biogen," Viehbacher said.

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