Biogen Inc.’s shares slumped as the drugmaker’s chances of getting a regulatory approval for the experimental Alzheimer’s treatment aducanumab suffered a blow after a panel of experts to the U.S. Food and Drug Administration voted against the medicine.
Biogen Inc. showed “exceptionally persuasive” evidence that the company’s experimental Alzheimer’s disease drug aducanumab is effective, U.S. Food and Drug Administration staff said, elevating chances of a swift approval and sending company shares soaring.
Gilead Sciences Inc. cut the company’s 2020 revenue forecast, citing lower-than-expected demand and difficulty in predicting sales of remdesivir, the only treatment approved in the United States for patients hospitalized with Covid-19.
Biogen announced the widely awaited submission of a U.S. marketing application for the experimental Alzheimer’s therapy aducanumab, sending the company’s shares up more than 8 percent before the bell.
Zolgensma’s successful market uptake by payers may hold lessons for other manufacturers of costly gene therapies.
Johnson & Johnson forecast 2020 profit below Wall Street estimates and said increased competition for the company’s off-patent treatments could somewhat limit growth in the top-earning pharmaceuticals unit.
Walgreens Boots Alliance Inc.’s quarterly profit missed Wall Street estimates, hit by lower payments from insurers on drugs sold at the company’s U.S. pharmacies, knocking back the pharmacy store chain’s shares and those of rival CVS Health Corp.
Shares of Sarepta Therapeutics Inc. soared 32 percent after U.S. regulators shocked Wall Street by reversing their rejection of the muscle-wasting disorder therapy less than four months earlier.
U.S. drugmaker Bristol-Myers Squibb Co. reported higher-than-expected third-quarter 2019 profit, helped by strong sales of the blood thinner Eliquis, even as growth of the company’s blockbuster cancer treatment Opdivo slowed.
Pfizer Inc. reported a higher-than-expected third-quarter 2019 profit on increased sales of the cancer drug Ibrance and a strong launch of the new heart medicine Vyndaqel.