Pfizer Inc.’s $11.6 billion deal for migraine specialist Biohaven Pharmaceutical has kindled expectations on Wall Street that the transaction may usher in more buyouts as cash-flush drugmakers look to snap up beaten-down smaller biotechs.
Pfizer Inc. on April 29 said a large trial found that the company’s COVID-19 oral antiviral treatment Paxlovid was not effective at preventing coronavirus infection in people living with someone infected with the virus.
Gilead Sciences Inc. announced that first-quarter 2022 revenue rose 3 percent, helped by sales of the HIV drug Biktarvy and the COVID antiviral Veklury, but reported a net loss as the biotech company wrote down the value of its 2020 acquisition of Immunomedics following recent trial results for the cancer medicine Trodelvy.
Johnson & Johnson rescinded the company’s forecast for sales of its COVID-19 vaccine, as hesitancy in low income countries has led to a glut of supply of a shot once hoped to be the inoculation of choice for the developing world.
Sanofi’s shares slid 5 percent on March 14 after a product candidate to fight a common type of breast cancer failed to slow progression of the disease in a clinical trial, knocking confidence in the French drugmaker’s drug development prowess.
Five Chinese companies face potential delisting from Wall Street if they fail to comply with new audit orders from the U.S. Securities and Exchange Commission (SEC).
Biogen Inc. on Feb. 3 forecast 2022 profit well below Wall Street estimates as sales of the company’s new Alzheimer’s disease drug stall amid questions over Aduhelm’s efficacy and a looming U.S. government coverage decision that could severely limit the medicine’s future use and force further cost cutting.
Gilead Sciences Inc.’s COVID-19 drug remdesivir during 2021 overtook AbbVie Inc.’s 20-year-old arthritis drug Humira as the medicine that U.S. hospitals spent the most on, according to Vizient Inc., a purchasing group used by about half the nation’s hospitals.
Biogen Inc. is pinning hopes on a decision on U.S. government coverage of the company’s Alzheimer’s disease drug during 2022 to help drive up Aduhelm’s usage, after a big miss on third-quarter 2021 sales of the much-awaited treatment.
Biogen Inc.’s Alzheimer’s drug will be of little help to the company’s third-quarter sales, Wall Street analysts said, as the drugmaker faces an uphill task of convincing hospitals and clinics to use the $56,000-a-year treatment and insurers to reimburse Aduhelm.