Amgen Inc. reported fourth-quarter 2018 profit that easily surpassed expectations as sales rose and tax expense fell, but competition for the company’s older medicines is growing and the drugmaker forecast 2019 earnings below Wall Street estimates.
Allergan Plc forecast 2019 revenue below expectations on looming competition for some of the company’s top drugs, and shelved plans to sell the women’s health business.
CVS Health Corp. – a top U.S. manager of pharmacy benefits – added new migraine drugs from Teva Pharmaceutical Industries Ltd. and Eli Lilly and Co. to the PBM’s list of covered drugs, excluding a rival treatment from Amgen Inc.
AbbVie reported a loss of $1.83 billion for the fourth quarter of 2018. Overall revenues were up for full-year 2018, however, hitting $32.75 billion compared to $28.2 billion in 2017.
Shares of Editas Medicine were down nearly 20 percent after CEO Katrine Bosley abruptly announced her decision to resign from her role at the company effective March 1, 2019.
GlaxoSmithKline Chairman Sir Philip Hampton will step down from his role ahead of the company’s plan to split into two separate business units.
Eli Lilly’s shares fell after the cancer treatment Lartruvo – approved on an accelerated basis in 2016 – failed to improve patient survival in a long-term study and will no longer be prescribed.
Shares of Sun Pharmaceutical Industries Ltd. plunged 13 percent to near six-year lows, hit by reports that a whistleblower filed a complaint to regulators over transactions involving the top Indian drugmaker and the company’s co-promotor.
Edwards Lifesciences Corp. paid rival Boston Scientific Corp. $180 million as part of a settlement to end long-standing patent disputes between the two medical device makers.