With Monday's announcement that Allergan would chop jobs and cut research, Valeant says its acquisition target is taking a page from its own playbook. Allergan says it's just doing what it can to create value for shareholders. Call it what you want: According to analysts, the move is a win for Allergan investors--whether a deal gets done or not.
If this year's list of highest-paid CEOs in biopharma offers any message from the industry, it's this: Big Biotech is beating Big Pharma.
The question is whether Big Pharma is becoming Big Biopharma, or whether Big Biotechs are morphing into Big Pharma companies. Outsize executive pay may be just another sign of that transformation. That, or biotech companies are so much more successful these days that their boards figure their CEOs deserve Big Rewards.
Everybody knows that diabetes is an epidemic in this country that is costing lives and money. New stats from the U.S. Centers for Disease Control and Prevention (CDC) peg at 29.1 million the number of people in the U.S. who have either Type 1 or Type 2 diabetes, with roughly 9 million of those undiagnosed. Most have Type 2 diabetes, which is more prevalent among minorities. On the other hand, a study found that non-Hispanic white children are diagnosed more often with Type 1 diabetes than other groups. And that is just in the U.S. The rest of the world also is developing diabetes at what many see as alarming rates.
Pharma, seeing opportunity, has responded. There are pills as well as injected drugs. Many are incretin mimetics. On the list of the best sellers, you will find a mix of the old and new. According to data from EvaluatePharma, one of the big dogs of big pharma data, these top 10 drugs had more than $28 billion in sales last year. All of them, even number 10, were blockbusters.
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We've heard plenty from payers looking to limit access to Gilead Sciences' pricey new hepatitis C treatment Sovaldi. What's the downstream version of that story? Doctors frustrated by reimbursement rejections and patients denied access to a potential cure. Read more >>
Armed with a brand-new FDA approval for its blood cancer drug Zydelig (idelalisib), Gilead will take on the oncology market.
Eli Lilly said 2014 would be an extraordinarily challenging year, and judging from its second-quarter earnings, that prediction wasn't wrong. Lilly's revenue dropped 17% to $4.9 billion in the second quarter, largely because the company lost its patent protection on two of its biggest blockbusters: the anti-depressant Cymbalta, which once brought in nearly $5 billion in sales annually, and osteoporosis drug Evista, previously a $1-billion-a-year hit.
Gilead Sciences' juggernaut, Sovaldi, keeps on rolling along despite the pushback from payers, politicians and health officials over the high price of the hepatitis C cure. It racked up another $3.5 billion sales in the second quarter, on top of the nearly $2.3 billion in the first, a sum that made it the fastest drug launch ever.
When AbbVie buys out Shire for nearly $55 billion in a deal the two companies agreed on last week, there will be no golden parachute awaiting Shire chief Flemming Ornskov. Instead, there's a signing bonus in order: The helmsman will pocket just under $10 million for staying on with the combined company in a new role.
If someone asked who you'd turn to for relationship advice, chances are you wouldn't say Pfizer. But that could change.
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Most companies voluntarily recall products, and sometimes even stop production, when they or the FDA find quality issues. In the case of a Texas compounder, the FDA has formally requested that it halt sterile drug work and pull back all of its sterile products.