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The ruling blocks proposed Otezla generics until 2028. A spokesperson for Sandoz said Wednesday that the company was pleased with the decision allowing for Otezla generics in 2028 instead of 2034. Celgene sued several drugmakers over their proposed Otezla generics starting in 2018, and 17 of the 19 lawsuits have been settled since. U.S. District Judge Michael Shipp said in 2021 that Switzerland-based Sandoz and India-based Zydus' generics would infringe three Amgen patents. The case is Amgen Inc v. Sandoz Inc, U.S. Court of Appeals for the Federal Circuit, Nos.

Treasury yields dropped on the back of the report. More specifically, we looked at the rolling 100-day correlation between Nasdaq-100 stocks and the SHY ETF. Here are the five-most correlated Nasdaq-100 stocks to falling rates. Here are the five-most correlated Nasdaq-100 stocks to falling rates. Stock Chart Icon Stock chart icon Shares of Seagan are one of the more closely correlated stocks of the iShares short-term bond yield ETF.

☆ Viking joins obesity drug race after promising early trial data
▼ + stars: | 2023-03-28 | by ( Mariam Esunny | ) www.reuters.com time to read: +2 min

March 28 (Reuters) - Viking Therapeutics Inc's (VKTX.O) experimental obesity drug helped reduce weight and was safe in an early-stage study, the company said on Tuesday, sparking a 60% rise in its shares. While Novo Nordisk (NOVOb.CO) already has its obesity drug, Wegovy, in the market, Eli Lilly is expecting approval for its treatment later this year. That could also make Viking a potential acquisition target, Laidlaw & Company analyst Yale Jen said. Viking said it was planning to test higher doses of the drug over a longer treatment window in a mid-stage trial, versus a shorter limit in the current, early-stage trial. Shares of Viking were trading at $14.15, bringing the drugmaker closer to a market capitalization of $1 billion.

If successful, Amgen would claim ownership of all antibodies that inhibit the PCSK9 protein, the mechanism of action for both Repatha and Praluent. Other companies could then do the same with their own antibody treatments in other disease areas. The case might also affect newer technologies used in medicine, such as CRISPR gene editing and messenger RNA, she said. A Washington, D.C.-based federal appeals court that covers U.S. patent cases invalidated Amgen's patent claiming ownership of all PCSK9 inhibitors as a whole in 2021. Amgen sued Sanofi and Regeneron in 2014.

☆ Final Trades: AMGN, FHN, MLPX & WMT
▼ + stars: | 2023-03-24 | by ( Melissa Lee | ) 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 EmailFinal Trades: AMGN, FHN, MLPX & WMTThe final trades of the week. With CNBC's Melissa Lee and the Fast Money traders, Steve Grasso, Courtney Garcia, Tim Seymour and Guy Adami.

☆ Nvidia turns to AI cloud rental to spread new technology
▼ + stars: | 2023-03-21 | by ( Stephen Nellis | ) www.reuters.com time to read: +4 min

Huang said Nvidia was also working with Microsoft and Alphabet Inc (GOOGL.O) to offer its supercomputers, used to create new AI products, as a service. Nvidia's new rental service, called DGX Cloud, could give many more developers the chance to access tens of thousands of its chips at once. Biotech firm Amgen Inc (AMGN.O) and software firm ServiceNow Inc (NOW.N) have started using the service, Nvidia said. Nvidia also launched a service called AI Foundations to help companies train their customized artificial intelligence models. Nvidia said it was working with ASML Holding (ASML.AS), Synopsys Inc (SNPS.O) and TSMC to bring it to market.

☆ Amgen to cut 450 jobs in second round of layoffs this year
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - Amgen Inc (AMGN.O) said on Thursday it would cut 450 jobs, or less than 2% of its workforce, making it the company's second round of layoffs this year amid intensifying pressure on drug prices and high inflation. "We made these changes to realign our expense base in the face of intensifying pressure on drug prices and high levels of inflation," a company spokeswoman said in a statement to Reuters. Layoffs by U.S. companies over January and February this year touched the highest since 2009, a report showed. The biotech company forecasted 2023 revenue in a range of $26 billion to $27.2 billion, while analysts had estimated $27.17 billion. Reporting by Akanksha Khushi and Deena Beasley; Editing by Rashmi Aich and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

Companies Amgen Inc FollowMarch 14 (Reuters) - Amgen Inc (AMGN.O) has been sued in a proposed class action accusing the drugmaker of waiting too long to tell investors it might owe the Internal Revenue Service $10.7 billion in taxes and penalties. In a complaint filed on Monday night in Manhattan federal court, a Detroit-based pension fund said Amgen artificially inflated its stock price by concealing the dispute over its international tax strategy between July 2020 and April 2022. Though Puerto Rico is a U.S. territory, it is considered a foreign country for corporate tax purposes. 149 Pension Fund, said Amgen's share price fell 6.5% on Aug. 4, 2021, and 4.3% on April 28, 2022, because the company waited until those dates to disclose its potential liabilities. 149 Pension Fund v. Amgen Inc, U.S. District Court, Southern District of New York, No.

☆ Here are Monday's biggest analyst calls: Apple ,Tesla, First Republic, Roku, Sunrun, JPMorgan Chase & more
▼ + stars: | 2023-03-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +19 min

Baird upgrades Truist to outperform from neutral Baird said it sees an attractive risk/reward for the regional bank. "Regional bank risk/reward trade-off improving, and we would get more aggressive on the regional bank side, upgrading TFC to Outperform." Bank of America reiterates Alphabet as buy Bank of America said it's bullish on Alphabet's entry into AI. Bank of America reiterates Roku as buy Bank of America said it's standing by the stock in the wake of the Silicon Valley Bank collapse. "Regional bank risk/reward trade-off improving, and we would get more aggressive on the regional bank side, upgrading TFC to Outperform."

☆ Merck's drug boosts exercise capacity in pulmonary hypertension patients
▼ + stars: | 2023-03-06 | by ( Khushi Mandowara | ) www.reuters.com time to read: +2 min

Sotatercept, combined with a background therapy, helped patients with pulmonary arterial hypertension to walk about 40.8 meters more in six minutes. J.P. Morgan analyst Chris Schott said the data exceeded the brokerage's expectations and "should confirm the drug as go-to add-on therapy" for pulmonary arterial hypertension. Schott forecast peak sales of $3 billion to $4 billion for the drug. In October, Merck said sotatercept had met the main goal of a late-stage study, but did not release the full data. Reporting by Khushi Mandowara and Pratik Jain in Bengaluru; Editing by Arun Koyyur and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Insulin cuts make drug prices a little less bazaar
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

If drug companies don’t play along, insurance companies will go elsewhere. The list price of Sanofi’s (SASY.PA) insulins rose 143% between 2012 and 2021, but the net price fell 54%. Amgen (AMGN.O) offered an autoimmune disease drug earlier this year with two prices. American politicians have been pressuring drug companies to lower prices, and President Joe Biden welcomed the move. In theory, lower list prices mean everyone pays less out of pocket at the pharmacy.

☆ Soros Fund adds First Horizon, Horizon Therapeutics and bond ETF
▼ + stars: | 2023-02-14 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

Soros disclosed a $325.3 million stake, or 2.9 million shares, in biotech firm Horizon Therapeutics (HZNP.O), which was bought by Amgen (AMGN.O) in December for nearly $28 billion. The firm also bought 2.8 million shares, valued at $90 million, in home health assessment firm Signify Health (SGFY.N). It added $209.1 million, or 8.5 million shares, in Memphis-based financial services company First Horizon, which was acquired by Toronto-Dominion Bank (TD.TO) roughly a year ago for $13.4 billion. Shares in Zoom Technologies Inc (ZTNO.PK) and Airbnb Inc (ABNB.O) were sold, while it reduced its holdings in Amazon.com (AMZN.O), by 54.5%, to 901 million shares. The regulatory filing also showed Soros bought $255 million in an investment grade corporate bond ETF.

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.

☆ AbbVie's 2023 profit forecast misses as Humira faces heat from rivals
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

Most analysts are expecting the stock to be driven by management's comments on Humira sales this year during the investor conference call. AbbVie's weak forecast suggests that Humira rivals could nibble away at the blockbuster drug's market share at a faster pace this year than analysts' projections. 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 cheaper 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 of $3.56 per share.

The Fed is widely seen as raising its target interest rate by a quarter of a percentage point in its first policy meeting of the year, after rapid increases in 2022 to tame decades-high inflation. That's the Fed's issue as they finish up their two-day policy meeting today," Turnquist added. All of the 11 major sectors on the S&P 500 were down, with technology shares (.SPLRCT) falling the least. Seventy percent of the 200 companies in the S&P 500 that have reported fourth-quarter earnings have topped Wall Street expectations. Analysts now see earnings of S&P 500 firms declining 2.4% for the quarter, per Refinitiv estimates.

Investors will also parse Chair Jerome Powell's news conference for clues on the trajectory of future rate hikes. All of the 11 major sectors on the S&P 500 were down, with the technology shares (.SPLRCT) falling the least. Dow component Amgen Inc (AMGN.O) slipped 3.7% as the drugmaker said its fourth-quarter revenue fell slightly. With nearly 200 companies in the S&P 500 having reported fourth-quarter earnings, about 70% have topped Wall Street expectations. Analysts now see earnings of S&P 500 firms declining 2.4% for the quarter, per Refinitiv estimates.

Investors will also parse Chair Jerome Powell news conference for clues on the trajectory of future rate hikes. Meanwhile, the ADP National Employment report showed that private payrolls increased by 106,000 in January, lower than expectations of 178,000 additions. Snap Inc (SNAP.N) tumbled 12.5% after the social media company said it expects current-quarter revenue to decline by as much as 10%. ET, Dow e-minis were down 138 points, or 0.4%, S&P 500 e-minis were down 9.75 points, or 0.24%, and Nasdaq 100 e-minis were down 8.25 points, or 0.07%. Dow Jones Industrial Average component (.DJI) Amgen Inc (AMGN.O) dipped 0.6% as the drugmaker said its fourth-quarter revenue fell slightly.

☆ Jim Cramer's top 10 things to watch in the market Tuesday: Dow workhorses, iPhone woes, JNJ setback
▼ + stars: | 2023-01-31 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

Apple is one of 9 Club stocks that report quarterly earnings this Thursday. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) 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.

☆ Looking beyond FAANG: Here's how the Club portfolio lines up with the Dow's workhorse stocks
▼ + stars: | 2023-01-31 | by ( Jeff Marks | ) www.cnbc.com time to read: +10 min

Think most of the stocks in the Dow Jones Industrial Average or the kind of stocks Warren Buffett loves to own for Berkshire Hathaway ." But in the near term, we still favor stocks of companies that are the backbone of the real economy. Dow Inc (DOW): The materials company we own in the portfolio is industrial gas giant Linde (LIN). As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ Drugmaker Amgen lays off 300 U.S. employees
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

Jan 30 (Reuters) - Drugmaker Amgen Inc (AMGN.O) said on Monday that it let go about 300 U.S. employees or about 1.2% of its total workforce, citing recent organizational changes to its commercial team. The company had about 24,200 staff members in over 50 countries, as of December 31, 2021, according to its latest annual regulatory filing with the U.S. Securities and Exchange Commission. Big Tech firms and Wall Street titans have led a string of layoffs across corporate America in recent weeks. Amgen's move to trim its workforce shows how rapid interest rate hikes and a fading boom in demand post pandemic has begun to weigh on the healthcare sector. Reporting by Bhanvi Satija in Bengaluru; Editing by Savio D'Souza and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Warren tells FTC she is "particularly concerned" about Amgen and Indivior deals
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

Warren said that both Amgen and Horizon Therapeutics "have engaged in brazen price increases," including on Amgen's Enbrel for arthritis and Horizon’s Krystexxa, a gout medication. She noted that the FTC had settled with Indivior and its former parent over its attempt to protect its monopoly of the opioid addiction treatment Suboxone. Indivior makes Sublocade -- a slow-release treatment for opioid addiction that is administered monthly. "The FTC should strongly consider Indivior's history of anti-competitive and deceptive practices when evaluating howIndivior might behave after this potential transaction is completed," wrote Warren. Warren noted that the FTC, which has long focused on healthcare mergers, said in 2021 that it would prioritize pharmaceutical acquisitions.

☆ 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.

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