News

Caforio takes CEO role as BMS faces tough year with promising new drugs

Trained in his native Italy as a doctor, Giovanni Caforio speaks not only English and Italian, but also Spanish, French and Portuguese. As he steps into the CEO role today at Bristol-Myers Squibb, the question will be how well he speaks dollars and cents.

Embattled GSK scraps ViiV spinoff as pharma revenues tumble

About that ViiV Healthcare spinoff GlaxoSmithKline's been looking at--it's not happening, the pharma giant says.

Exec pay critics bristle as Sanofi lines pockets of Viehbacher, Brandicourt

Sanofi CEOs past and present are in line for big payouts after yesterday's annual meeting, as resolutions passed to line the pockets of ousted skipper Chris Viehbacher and new replacement Olivier Brandicourt. But shareholders aren't necessarily thrilled about it, and investor advisory groups aren't, either.

Zoetis, under pressure from activist investor Ackman, will offload 10 plants to cut costs

Animal health leader Zoetis is using a move out of the Amgen playbook, whacking on manufacturing to cut costs and appease an aggressive activist investor.

Hampton steps into GSK chairman role as discontent with Witty builds

GlaxoSmithKline is facing sluggish sales in the U.S. and revenue growth that falls behind that of its Big Pharma rivals, not to mention scrutiny for CEO Andrew Witty. So Philip Hampton will have his work cut out for him as he steps into his new role as the company's chairman and attempts to revive the company's lagging fortunes.

Drugmakers to Congress: You want patent reforms? Stop pharma challenger Bass

Drugmakers may be willing to get on board with patent reform, a process they've in the past been blamed for holding up. But first, they have a very clear condition: Congress must help them thwart pharma patent challenger Kyle Bass.

Momenta/Sandoz Copaxone generic may be the only one around for a while, exec says

Generics makers have been champing at the bit to get a copy out of Teva's Copaxone, the best-selling multiple sclerosis med that generated $4.2 billion in revenue last year. But according to Momenta CEO Craig Wheeler, his company's version--a joint effort with partner Sandoz, Novartis' generics unit--may be the only knockoff around for a while.

Big new launches rocket cancer drug spending to $100B: IMS report

Cancer drug pricing is turning more and more heads, especially as critical payers threaten a crackdown in the oncology field. And there's a reason for all the hullaballoo: Spending on oncology meds is increasing rapidly, new IMS numbers show.

WuXi starts up construction of China's largest biologics plant

WuXi Biologics is embarking on construction of what will be the biggest biologics plant in China once it's completed--an event the company expects by the end of next year.

Prepping for spendy launches, pharma execs take a hint from Gilead's pricing fight

As payers continue to flex their drug-pricing muscles, it's more important for drugmakers to land on their good sides--especially as companies prepare to roll pricey treatments onto the market. And pharma execs are taking note.

Novo pumps up hemophilia drug production with $225M plant

Expecting demand for its hemophilia products to grow, diabetes drug specialist Novo Nordisk is kicking off construction of a $225 million plant at its extensive production site in Kalundborg.

What's Mylan worth? For big exec bonuses, $73 per share. For Teva, lots more

Mylan may be demanding more than $100 per share from suitor Teva if it wants to talk takeover. But for itself--and its executives--its expectations aren't nearly that high.

Did Medicare really spend so much on Nexium? Not after rebates

New numbers on federal drug spending may say something about prescribing patterns for Medicare patients. Perhaps too many scripts for branded Nexium, when a generic stomach acid reducer might do, for instance.

Pfizer's Viagra keeps generics at bay in China, with sales up 47%

Pfizer's Viagra sales may be suffering from generic rivals in Europe. But the brand is still going gangbusters in China, helping to soften the blow.

GSK weighing scrapping investor payout to boost dividend instead

Analysts are suggesting that GlaxoSmithKline is thinking hard about scrapping a plan to reward investors by paying them about £4 billion and instead use money from its deals with Novartis to prop up its dividend, Reuters reports.

One 'cultural difference' between Teva and Mylan? Coury's $22.5M pay wouldn't fly at Teva

Since before Teva even made its now-rejected $40 billion offer to buy Mylan, its target's exec chairman, Robert Coury, has been pretty down on the idea, citing a potential culture clash between the two companies. While Teva CEO Erez Vigodman has said he thinks they'd get along just fine, the rival drugmakers do have a few big differences between them--including their approach to executive compensation.

Small group of branded drugs like Nexium, Copaxone make up huge part of Medicare spend

It's a good thing for Medicare that AstraZeneca's Nexium has gone generic and Teva's Copaxone is headed that way. That is because they are among about 10% of the drugs covered by Medicare which account for about 25% of the cost.

Novartis faces more kickback scrutiny after $45M Express Scripts settlement

An Express Scripts unit agreed to settle claims with the U.S. Department of Justice that it participated in a scheme with Novartis that ended in improper government reimbursements. And if the DOJ has its way, the settlement could lead to more legal action against Novartis in a separate suit.

GSK wins asthma nod for blockbuster wannabe Breo

GlaxoSmithKline CEO Andrew Witty recently said slow-starting respiratory newcomer Breo was finally gaining some market traction. And now, it has a new asthma indication the company hopes can help speed things along.

Gilead ready to take the cash from hep C superstars and buy something

Gilead Sciences brushed aside any concerns about the effects of discounting of superseller hepatitis C drugs Sovaldi and Harvoni by blasting past analysts' earnings estimates of how much the drugs would sell, total revenues, earnings per share, and just about any other measure the markets could dig up. And flush with cash, Gilead execs say, it just may be time to go out and buy some stuff.