The Dublin-based company also announced job cuts last month, with numbers undisclosed, while it is also looking to offload some of its smaller businesses such as patient monitoring and respiratory interventions to focus on its core units – heart and diabetes.
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The company’s CFO said Pfizer has long been clear about its intention to sell off the stake, suggesting that the reason the potential of the selloff has gained traction is because the selling window opens around the time that Haleon’s results are announced.
Inflation-hit Pakistan on Friday approved a rise of up to 20% in retail prices of general medicines and 14% for essential ones, prompting immediate criticism from drug manufacturers who said the increases were too small.
In January, the company let go of some 300 team members in an attempt to “better manage against industry headwinds,” according to an Amgen spokesperson.
The U.S. government said it would subject 27 drugs to inflation penalties, a move that will reduce out-of-pocket costs for Medicare recipients by $2 to as much as $390 per average dose.
Initial public offerings by small private biotech companies are poised to stage a comeback later in 2023 as the pace of interest rate hikes slows, but tougher economic conditions will make investors more inclined to pick firms which have drugs in human trials.
J&J’s large pharmaceuticals business is its major profit engine and the company is betting on that and its devices unit as the healthcare conglomerate prepares to spin off its consumer health business by the end of this year.
Part II: Leaders in healthcare marketing and communications discuss the looming concerns regarding the healthcare ecosystem.
Many biopharma companies raised funds in 2022, but not enough to reach their next milestone. Investors have been constricting investments, so companies needing additional funding require a larger toolbox.
BMS said its third-quarter sales fell from last year as generic competition ate into sales of its blockbuster cancer drug Revlimid in the United States, as well as the effect of the weak euro and pound.
