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As Biogen Cuts 11% of Staff, Company Doubles Down on Clinical Trials

November 5, 2015By Mark Terry, Breaking News Staff   After Cambridge, Mass.-based Biogen, Inc. (BIIB) presented its research and development ambitions on Tuesday, analysts have started examining the company’s strategy. On Oct. 21, 2015, Biogen released its third-quarter financials which included $2.8 billion in revenues, an 11 percent increase compared to the third quarter […]

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Branded drugs help Botox-maker Allergan beat profit estimates

Botox-maker Allergan Plc, which is in talks to be bought by Pfizer Inc, reported a better-than-expected quarterly profit on strong sales of high-margin branded drugs, its biggest business. Shares of Allergan, created from the merger of Actavis and Allergan, rose 1.4 percent to $313.50 in premarket trading on Wednesday. The Actavis-Allergan merger brought signature drugs […]

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AbbVie projects double-digit annual earnings growth through 2020

AbbVie Inc (ABBV.N) reported higher quarterly sales and net income on Friday and forecast double-digit growth of earnings per share through 2020, putting the drugmaker in line to beat Wall Street’s current expectations. AbbVie, which was spun out of Abbott Laboratories in 2013, expects revenue of $37 billion in 2020, which is $5 billion more […]

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Amgen profit beats Street, issues conservative 2016 forecast

Amgen Inc (AMGN.O) on Wednesday reported much higher-than-expected third-quarter profit, helped by a 30-percent spike in revenue from the rheumatoid arthritis drug Enbrel due to price increases and inventory stocking. The world’s largest biotechnology company raised its full-year earnings forecast on the back of the strong quarter, and issued its first 2016 projections for adjusted […]

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Baxter International Brings Aboard Former Covidien Head as Chairman, CEO

DEERFIELD, Ill. – Baxter International tapped José (Joe) Almeida as the company’s new chairman and chief executive officer effective Jan. 1, 2016, the company announced Wednesday.   Almeida, the former president and CEO of Covidien, will take over the Baxter helm when current CEO Robert Parkinson Jr. retires. Almeida, a native of Brazil, will start […]

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Gilead hepatitis C drug sales trend flattens, shares dip

Gilead Sciences Inc on Tuesday said its quarterly profit rose 70 percent, but sales growth for its hepatitis C drugs flattened as health insurers limited access to the expensive treatments. Shares of the biotechnology company fell slightly. Gilead’s quarterly product sales rose 37 percent to $8.2 billion. Sales of hepatitis C drugs Sovaldi and Harvoni […]

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Abbott sales beat as demand for generic drugs rises

Abbott Laboratories Inc (ABT.N) reported better-than-expected quarterly sales as demand rose for its generic drugs in emerging markets, including Latin America and China. Abbott said on Wednesday sales of its generic drugs grew in double digits in emerging markets, helped by the acquisition of Chilean drugmaker CFR Pharmaceuticals SA last year. Sales of generic drugs […]

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In Face of Dropping Stocks and Failed Phase III, Biogen Restructures, Slashes Programs and Lays off 880 People

Cambridge, Mass.-based Biogen, Inc. (BIIB) announced today that it was restructuring, cutting 11 percent of its workforce, and slashing programs. In addition, the company announced that its Phase III ASCEND clinical trial of natalizumab for the treatment of secondary progressive multiple sclerosis (SPMS) failed to hit its primary and secondary endpoints. As part of the […]

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Strong dermatology product sales help Valeant top estimates

Valeant Pharmaceuticals International Inc, which is under fire for massive price hikes of its two heart drugs, reported a better-than-expected quarterly profit, boosted mainly by strong performance in its U.S. dermatology business. Net income attributable to the company fell to $49.5 million, or 14 cents per share, for the third quarter ended Sept. 30, from […]

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AEterna Zentaris to Shutter Quebec City Office and Restructure Some Departments

Quebec City, Canada-based AEterna Zentaris (AEZS) announced today that the company’s Dennis Turpin, senior vice president and chief financial officer, would be stepping down. In addition, AEterna Zentaris is closing its Quebec City office at the end of the year and consolidating functions at its Charleston, S.C. office.   The company focuses on developing and […]

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