In the company’s financial results for 2021 released on May 11, Takeda announced the decision to discontinue the development of TAK-609, a therapeutic for Hunter Syndrome. Additionally, Takeda is collaborating with JCR Pharmaceuticals in another therapeutic attempt for the condition.
BioNTech’s first-quarter 2022 sales and earnings more than tripled due to demand for the COVID-19 vaccine the company developed with Pfizer, but the German biotech firm is still forecasting a full-year decline in vaccine sales.
Although 2020 was a tough year for the biopharma industry — and most other industries as well — it appeared to rebound significantly in mid-2021. However, biotech stocks are generally getting hammered during 2022, although to be fair, the entire stock market is down.
Despite the loss of the company’s COVID-19 antibody REGEN-COV earlier in 2022, Regeneron posted a positive first quarter driven primarily by sales of Dupixent and Eylea.
Teva Pharmaceutical Industries believes the company would have to pay around $2.6 billion in cash and medicine to settle thousands of lawsuits alleging the world’s largest generic firm and other drug manufacturers fueled the U.S. opioid epidemic.
Amgen Inc. on April 27 said the U.S. Internal Revenue Service (IRS) is seeking additional back taxes of $5.1 billion, plus interest and penalties, related to the drugmaker’s 2013 to 2015 accounting for profits between the United States and Puerto Rico, the location of most of the company’s manufacturing operations.
GlaxoSmithKline exceeded expectations for the company’s first-quarter 2022 sales and earnings forecasts. This was largely driven by GSK’s sales of Xevudy, an antibody treatment against COVID-19 it developed with Vir Biotechnology, and the company’s Shingrix vaccine against shingles.
Novartis’ Sandoz business unit saw a strong financial performance in the first quarter of 2022, with overall sales growth of 8 percent, mostly outside of the United States. Sales for the generics and biosimilar unit benefited from what the company called a normalization of the impacts of COVID-19.
Boehringer Ingelheim announced the company’s intention to pump €25 billion ($27 billion) into its R&D pipeline over the next five years.
Novo Nordisk more than doubled the Danish drugmaker’s target for sales of obesity medicines by 2025 after overwhelming demand for the company’s new Wegovy product.