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June 30 (Reuters) - The U.S. government on Friday revised its guidance for its Medicare drug price negotiation process, allowing drug companies to publicly discuss the talks, but did not make major changes likely to convince drugmakers to end their suits seeking to halt the program. In September, the U.S. Centers for Medicare and Medicaid Services (CMS) will select 10 of the Medicare program's costliest prescription medicines and negotiate price cuts to go into effect for 2026. That guidance precluded drug makers from talking about the negotiations and required them to eventually destroy data received from CMS. Industry group the Pharmaceutical Research and Manufacturers of America (PhRMA) made an additional claim that the price negotiation program violates the U.S. Constitution's Eight Amendment, which protects against excessive fines. The Biden administration's drug pricing reform aims to save $25 billion annually by 2031 through price negotiations for the drugs most costly to Medicare.

Persons: drugmakers, Joe Biden, Chiquita Brooks, LaSure, Bristol Myers, Merck, PhRMA, Tahir Amin, Amin, Michael Erman, Mark Potter, Nick Zieminski Organizations: U.S, U.S . Centers, Medicare, Medicaid Services, Merck & Co, Bristol Myers Squibb, U.S . Chamber of Commerce, CMS, Merck, Bristol, Industry, Pharmaceutical Research, Manufacturers of America, Reuters, Initiative for Medicines, Biden, Thomson Locations: U.S

☆ Medicare will allow pharmaceutical companies to publicly discuss drug price negotiations
▼ + stars: | 2023-06-30 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Medicare on Friday said it will allow pharmaceutical companies to publicly discuss the program's historic drug price negotiations, dropping a confidentiality requirement that the industry argued violated the First Amendment in lawsuits filed this month. It also required companies to destroy any information within 30 days if the drug is no longer selected for negotiations. The Inflation Reduction Act, passed last year, empowered Medicare to directly negotiate with pharmaceutical companies over prices for the first time. "Pharmaceutical companies have made record profits for decades," Becerra said in a statement. "Now they're lining up to block this Administration's work to negotiate for better drug prices for our families.

Persons: Kathy Hochuls, Biden, Bristol Myers Squibb, Xavier Becerra, Becerra Organizations: Medicare, U.S . Merck, U.S . Chamber of Commerce, Bristol Myers Squibb, Pharmaceutical Research, Manufacturers, America, Merck, Bristol, U.S . Constitution, Health, Human Services, Pharmaceutical Locations: U.S, U.S .

☆ This German drug stock can rally more than 40% thanks to its A.I. potential, Morgan Stanley says
▼ + stars: | 2023-06-23 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Morgan Stanley thinks little-known drug developer Evotec could benefit from artificial intelligence advancements in Europe and new collaborations with peer companies. EVO YTD mountain Evotec SE stock has surged 40% from the start of the year. Meanwhile, a security breach in April did little to caution Quigley away from the stock. The analyst highlighted the company's potential to better use AI to aid in drug development in the future, as well as partnerships with big pharma names. "A number of Pharma companies are investing in internal AI/ML efforts," he added.

Persons: Morgan Stanley, Morgan Stanley's, James Quigley, Quigley, Evotec, Eli Lilly, — CNBC's Michael Bloom Organizations: pharma, Merck & Co, Bristol Myers Squibb, Novo Nordisk Locations: Europe, Germany

☆ Pharmaceutical trade group sues Biden administration over Medicare drug price negotiations
▼ + stars: | 2023-06-21 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

The pharmaceutical industry's largest lobbying group and two other organizations Wednesday sued the Biden administration over Medicare's new powers to slash drug prices for seniors under the Inflation Reduction Act. Pharmaceutical Research and Manufacturers of America, along with the National Infusion Center Association and the Global Colon Cancer Association, argue that the Medicare negotiations with drugmakers violate the U.S. Constitution, in a complaint filed in federal district court in Texas. The groups asked the court to declare the program unconstitutional and prevent the Department of Health and Human Services from implementing Medicare negotiations without "adequate procedural protections" for drug manufacturers. It marks the fourth lawsuit challenging the controversial provision of the Inflation Reduction Act, which became law last summer in a major victory for President Joe Biden and Democratic lawmakers. The lawsuit also argues the policy violates due process by denying pharmaceutical companies and the public input on how Medicare negotiations will be implemented.

Persons: Eli Lilly, Johnson, Joe Biden, PhRMA —, drugmakers, Stephen Ubl, Ubl Organizations: New York Stock Exchange, Biden, Pharmaceutical Research, Manufacturers of America, National, Center Association, Global Colon Cancer Association, drugmakers, Constitution, Pfizer, Johnson, of Health, Human Services, HHS, Democratic, Merck, Bristol Myers Squibb —, U.S . Chamber of Commerce, PhRMA Locations: U.S, Texas

☆ 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

☆ Bristol Myers Squibb sues Biden administration over Medicare drug negotiations in third such lawsuit
▼ + stars: | 2023-06-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Bristol Myers Squibb on Friday sued the Biden administration over Medicare's new powers to slash drug prices, the third such lawsuit to be filed against the program in a matter of days. The lawsuit filed in federal district court in New Jersey argues the Medicare negotiations violate the First and Fifth Amendments of the U.S. Constitution. Bristol Myers Squibb's arguments mirror those lodged last week by Merck , the first company to sue the federal government over the drug negotiations. The law is the central pillar in the Biden administration's efforts to control rising drug prices and was a major victory for the Democratic Party. Bristol Myers Squibb said its blood thinner Eliquis, used to treat clots and strokes, will be subject to the negotiations this year.

Persons: Bristol Myers Squibb, Bristol Myers, Biden Organizations: Bristol Myers Squibb, Biden, U.S . Constitution, Bristol, Human Services Department, Merck, U.S . Chamber of Commerce, HHS, Democratic Party Locations: New Jersey, U.S ., Eliquis

☆ SpaceX to launch the first test payload for a bold new drug development company
▼ + stars: | 2023-06-12 | by ( Jackie Wattles | ) edition.cnn.com time to read: +17 min

Its research, company officials hope, could lead to better, more effective drugs — and hefty profits. Varda Space industriesHow it worksVarda’s vision is straightforward: The company’s capsule will launch with an experiment already on board. Varda Space IndustriesDrugs in spaceMuch of the legwork for Varda’s drug experimentation can be done on the ground. The exorbitant price tag of drug research is often passed on to consumers in the form of eye-popping prices, which frequently draws critical headlines. “You’ll see like this entire ecosystem coming up to create this fertile ground for commercialization of space,” Bruey said.

Persons: El, Varda, “ It’s, ”, Will Bruey, ” Varda, what’s, Merck, Keytruda, Varda’s, Covid, that’s, Gabe Ramirez, ” Bruey, Elon Musk, Peter Thiel, “ I’ve, ” Asparouhov, Asparouhov, “, who’s, You’re, Nicholas Cialdella, Bruey, Jon Barr, Mark Herbert, there’s, Eric Lasker, ” Lasker, Varda isn’t, It’s, Paul Reichert, Merck hasn’t, Reichert, Herbert Organizations: El Segundo , California CNN, Citigroup, Varda Space Industries, SpaceX, Vandenberg Space Force, Big pharma, Merck, Bristol Myers Squibb, ISS, Laboratory, Space Station, Rocket, CNN, NASA, Company, Founders Fund, PayPal, Pharmaceuticals, Fortune, Space Industries, US Air Force, Utah Test, pharma, “, Congressional, International Locations: El Segundo , California, California, Los Angeles, Delian, Salt Lake City, ”

☆ Bristol Myers Squibb CEO on cancer drug pipeline
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBristol Myers Squibb CEO on cancer drug pipelineDr. Giovanni Caforio, Bristol Myers Squibb CEO, joins 'The Exchange' to discuss the ASCO Annual Cancer Conference, America's growing cancer drug shortage, and progress being made on advancing cancer treatments.

Persons: Bristol Myers, Giovanni Caforio Organizations: Bristol, Bristol Myers Squibb, Cancer

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.

☆ GOP law cut Big Pharma tax rates by 40%, Senate report says
▼ + stars: | 2023-05-11 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

A Republican law has slashed the average tax rates of big pharmaceutical companies by more than 40% since it was enacted in 2017, Senate Finance Committee Democrats said in a report Thursday. That provision allowed U.S.-based pharmaceutical companies to access lower tax rates on their foreign income, the report said. Pharmaceutical companies report 75% of their taxable income overseas, the report said. The report said the average rate fell to 11.6% in 2019 and 2020, which resulted in billions of dollars in tax savings for pharmaceutical companies. Wyden also obtained similar information about other U.S. pharmaceutical companies, including Abbott Laboratories , Amgen , Bristol Myers Squibb and Merck .

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.

☆ Stocks making the biggest moves premarket: Meta, Teladoc, Harley-Davidson, Southwest Airlines and more
▼ + stars: | 2023-04-27 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Teladoc Health – The telemedicine company saw its stock soar more than 7% after revenue topped analyst estimates in the latest quarter. The company also raised the low end of its revenue and adjusted EBITDA guidance, although it posted a wider-than-anticipated loss in the latest quarter. Harley-Davidson – Harley-Davidson jumped 4.4% after the motorcycle maker topped earnings and revenue expectations, according to consensus estimates from Refinitiv. Honeywell International – Honeywell advanced 1.8% after surpassing earnings and revenue expectations in its latest quarter. ServiceNow – Shares declined 1.1% premarket after a 17% runup year-to-date entering its latest earnings.

☆ Bristol Myers posts lower Q1 sales as Revlimid falls
▼ + stars: | 2023-04-27 | by ( Michael Erman | ) www.reuters.com time to read: +2 min

April 27 (Reuters) - Drugmaker Bristol Myers Squibb (BMY.N) on Thursday said its first-quarter sales fell from last year, hurt by generic competition for its cancer drug Revlimid. The drugmaker also announced on Wednesday evening that its Chief Executive Officer Giovanni Caforio plans to step down from the role in November, to be replaced by the company's current Chief Commercialization Officer Chris Boerner. Analysts, on average, expected sales of $11.49 billion in the quarter, according to Refinitiv data. Bristol Myers said it earned around $2.05 a share in the quarter, excluding one-time items. Sales of Revlimid, which began facing generic competition last year, fell to $1.75 billion in the quarter, down 37% from $2.8 billion last year.

☆ Bristol Myers CEO Caforio steps down
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

[1/2] A sign stands outside a Bristol Myers Squibb facility in Cambridge, Massachusetts, U.S., May 20, 2021. REUTERS/Brian Snyder/File PhotoCompanies Bristol-Myers Squibb Co FollowApril 26 (Reuters) - Bristol Myers Squibb Co (BMY.N) said on Wednesday CEO Giovanni Caforio, who has been in the role since 2015, has decided to step down from his position. Outgoing CEO Giovanni will continue as executive chairman of the company's board. Bristol Myers is due to report first-quarter financial results on Thursday. Bristol Myers shares rose 0.39% to $68.29 in after-hours trading.

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.

[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.

☆ Top 10 things the Club is watching in the stock market Monday
▼ + stars: | 2023-03-06 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Morgan Stanley's Adam Jonas raises his price target on Ferrari (RACE) to $310 per share from $280. Pfizer (PFE) started with a neutral (hold) rating. Jefferies downgrades RH (RH), formerly known as Restoration Hardware, to hold, price target to $298 per share on concerns the luxury market is struggling to stabilize. Calls the chipmaker top cloud pick with a $275-per-share price target, ahead of multiple catalysts. General Electric (GE) coverage transferred at JPMorgan, which maintains neutral (hold) rating but increases price target to $88 per share.

Rights holders accused Bristol Myers of failing to submit critical information to the FDA and ready plants or inspection, in a bid to delay the approvals and avoid the $6.4 billion payout, while publicly pledging to use "diligent" efforts to meet the Dec. 2020 and March 2021 deadlines. He said there was no evidence that Bristol Myers executives sought to benefit financially from delays, and that even alleged corporate "mismanagement" did not amount to fraud. Bristol Myers and its lawyers did not immediately respond to similar requests. Bristol Myers still faces a separate lawsuit raising similar claims in Manhattan federal court by a trustee representing former Celgene shareholders, and a third lawsuit raising similar claims in a New York state court in Manhattan. The case is In re Bristol-Myers Squibb Co CVR Securities Litigation, U.S. District Court, Southern District of New York, No.

☆ Stocks may face an inflection point in the week ahead as the Fed meets and Apple posts earnings
▼ + stars: | 2023-01-27 | by ( Patti Domm | In | ) www.cnbc.com time to read: +9 min

The Fed's meeting Tuesday and Wednesday comes amid a flood of corporate earnings reports, with about 20% of the S & P 500 reporting that week. The most important day for earnings is Thursday, when Apple , Alphabet and Amazon report after the bell. The Nasdaq Composite was up 11% for the month as of Friday afternoon, well ahead of the 6.2% gain in the S & P 500. Traders have been watching the S & P 500 edge closer to the key threshold of 4,100 , its high from December. AAPL 1Y line apple Apple is also important because of the signals it can send about the strength of the consumer, supply chains and China's reopening.

☆ Pharma CEOs say Mark Cuban's effort to upend the drug industry is 'a really great idea' but will be difficult to pull off
▼ + stars: | 2023-01-25 | by ( Yeji Jesse Lee | Andrew Dunn | ) www.businessinsider.com time to read: +7 min

Biopharma CEOs say his company Cost Plus Drugs could remove costs from the distribution system. Cuban told Insider in an email that he believed the company's pricing transparency was "an absolute positive for patients." The company started its pharmacy services last year and quickly racked up over 1 million accounts, Cuban told Insider recently. Cost Plus Drugs is focused on bringing down the price of generic medications, which no longer have patent protections but can still be expensive. Cuban told Insider that EQRx was in a "different business" than what he's attempting to build out.

☆ Biden administration will select first 10 drugs for Medicare price negotiations by September
▼ + stars: | 2023-01-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

The negotiated prices for those 10 Medicare Part D drugs will go into effect in January 2026. This includes drugs for rare diseases, plasma or blood-derived products, drugs developed by small biotech companies and drugs that Medicare spends less than $200 million on. The products may not be part of the eventual price negotiations due to generic competition or a change in Medicare expenditures. In the program's second phase, HHS will select another 15 Medicare Part D drugs to negotiate, with prices taking effect in 2027. In phase four, HHS will negotiate prices for 20 Part B or D drugs, taking effect in 2029.

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.

☆ This 31-year-old CEO says staying focused on one disease was the key to helping his company raise $120 million in a frozen biotech market
▼ + stars: | 2022-11-18 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +6 min

Arthur Kuan is the 31-year-old CEO of CG Oncology, a startup focused on treating bladder cancer. CG announced earlier this week that it has raised $120 million, despite a difficult biotech market. Since 2016, the year that Kuan became the CEO of CG Oncology, the Irvine, California-based cancer startup has raised big rounds from investors. "I think I've seen a lot of successful stories where you've stayed very focused on just one thing and you just see things that others don't by being very deep," Kuan told Insider. But when his father died that same year from pancreatic cancer, Kuan said he decided to focus on bladder cancer.

☆ Final Trades: PayPal, Merck, Bristol Myers & more
▼ + stars: | 2022-11-09 | 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 EmailFinal Trades: PayPal, Merck, Bristol Myers & moreThe "Halftime Report" traders give their top picks to watch for the second half.

WASHINGTON, Nov 7 (Reuters) - The U.S. Supreme Court on Monday rebuffed a bid by Bristol Myers Squibb Co's Juno Therapeutics Inc to reinstate a $1.2 billion award it won in its patent fight with Gilead Sciences Inc (GILD.O) subsidiary Kite Pharma Inc over a lymphoma drug. The justices turned away Juno's appeal of a lower court's ruling throwing out the award in the litigation over Kite's biologic drug Yescarta, in a case that could have repercussions for the cutting-edge biologic drug industry. Juno and Sloan Kettering Institute for Cancer Research sued Kite in 2017 in federal court in Los Angeles, accusing it of copying technology that the institute licenses to Juno. Juno and Sloan Kettering have told the Supreme Court that the Federal Circuit's decision to invalidate the patent and other rulings against biologic patents have been "devastating for innovation." On Nov. 4, the Supreme Court took up another patent case involving biologic drugs, agreeing to hear Amgen's bid to revive patents on its cholesterol drug Repatha.

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