Despite growing pressure from lawmakers over the pharmaceutical industry’s pricey products, new research shows that pharma relied largely on price hikes for growth in 2016. A 120-page report from Credit Suisse demonstrated that net price growth made up 100% of net income growth for a variety of companies within the industry, including Biogen (NSDQ:BIIB), Eli Lilly […]
Pharmaceutical
Novartis misses on rev, tops sales estimates in Q1
Shares in Novartis (NYSE:NVS) rose today after the pharmaceutical company met expectations on Wall Street with its 1st quarter earnings, but missed on sales largely thanks to growing pressure from generics to the company’s top-selling chemotherapy, Gleevec. The company posted profits of $1.92 billion, or 22¢ per share, on sales of $11.53 billion for the 3 months […]
3M posts Street-beating Q1 results, updates full-year guidance
Shares in 3M (NYSE:MMM) rose today after the company met expectations on Wall Street with its 1st quarter results. The St. Paul, Minn.-based company posted profits of $1.32 billion, or $2.16 per share, on sales of $7.69 billion for the 3 months ended March 31, for bottom-line growth of 3.1% on sales growth of 3.8% compared with […]
Fresenius acquires generics drugmaker Akorn, Merck’s biosimilars biz
German healthcare company Fresenius (ETR:FRE) said today that it bought U.S. generic drugmaker Akorn Inc. (NSDQ:AKRX) for $4.75 billion and Merck KGaA’s biosimilars business. Since chief executive Stephan Sturm took the helm in June, the company has made takeovers a key part of its strategy. Fresenius bought a Spanish hospital chain for 5.8 billion euros […]
Eli Lilly’s diabetes drugs boost Q1 revenue, earnings
Shares in Eli Lilly (NYSE:LLY) fell slightly today as the company met expectations on Wall Street with its 1st quarter financial results. The company has faced its share of issues in the last year – Lilly took a $150 million hit in November after its Alzheimer’s drug failed in a clinical trial and this month, the […]
Portal wins ISO certification for needle-free drug delivery device
Medical device start-up Portal Instruments said today that it won ISO 13485:2012 certification from the National Standards Authority of Ireland. The Cambridge, Mass.-based company is developing a hand-held, needle-free drug delivery device. The device can precisely administer high viscosity biologics directly through the skin using a collimated jet that is the size of a strand […]
Sanofi levels antitrust suit against Mylan over EpiPen device
Sanofi (NYSE:SNY) reportedly sued Mylan (NSDQ:MYL) today, accusing the company of illegally suppressing competition to the EpiPen device. The lawsuit filed in a New Jersey federal court alleges that Mylan’s conduct has cost Sanofi hundreds of millions of dollars in sales for its rival allergy treatment, Auvi-Q. Canonsburg, Penn.-based Mylan has found itself at the center of […]
Trump to meet with biotech execs, researchers to discuss federal funding
In the wake of President Donald Trump’s $6 billion proposed cut to the National Institutes of Health, biotech executives and researchers are slated to meet with the new administration next month. A memo about the meeting reportedly describes the get-together as a chance for the “private sector and thought leaders to describe their institution and […]
Mallinckrodt, Marathon leave industry trade group over drug pricing controversy
Marathon Pharmaceuticals reportedly withdrew from the drug industry’s lobbying group yesterday following controversy over its pricey drug, Emflaza. Pharmaceutical Research and Manufacturers of America (PhRMA) began reconsidering its membership criteria as reports revealed a number of drugmakers hiking the prices of their products. In February, Marathon revealed it planned to charge $89,000 a year for […]
Hospira, Baxter subpoenaed in antitrust probe over intravenous saline
Drugmakers received grand jury subpoenas from the U.S. Justice Dept. this week in connection with an antitrust probe into companies that market intravenous saline solutions. ICU Medical (NSDQ:ICUI), which recently acquired Hospira Infusion Systems from Pfizer (NYSE:PFE), and Baxter (NYSE:BAX) disclosed the subpoenas this week. Pfizer revealed that it is also wrapped up in the investigation, according […]
Medicaid expansion tied to increase in prescriptions for diabetes drugs, birth control
The number of prescriptions filled by adults using Medicaid rose 19% in states that expanded Medicaid compared to states that did not under the Affordable Care Act, according to a new study from the Harvard T.H. Chan School of Public Health. The largest increases were for drugs that help patients deal with chronic conditions, including […]