Think a friend or colleague should be getting this newsletter? Share this link with them to sign up. More biopharma earnings rolled out this week for names like Biogen, Bristol Myers Squibb, AbbVie and GlaxoSmithKline.
Biogen on Tuesday reported second-quarter earnings that topped Wall Street's estimates, and also announced plans to cut 1,000 jobs, or about 11% of its workforce. Analysts had been expecting those layoffs, which aim to rein in costs as the biotech company prepares to launch its newly approved Alzheimer's drug Leqembi.
Meanwhile, weight loss and diabetes drugs grabbed more headlines this week.
Eli Lilly on Thursday said its experimental drug helped patients lose about 26% of their weight on average in two late-stage clinical trials.
That sets a new bar for weight reduction seen in any phase three trial to date, and further bolsters Eli Lilly's position in the budding weight loss drug market.
But Eli Lilly's diabetes treatment, Trulicity, and weight loss drugs like Novo Nordisk's Ozempic are now being investigated by health authorities in the U.K.
The Medicines and Healthcare products Regulatory Agency on Wednesday said it is reviewing the safety of those drugs after some patients who took the treatments reported thoughts of suicide or self-harm.
That, incidentally, came a day after the Biden administration announced new rules meant to push insurers to improve mental health coverage in the U.S.
Feel free to send any tips, suggestions, story ideas and data to me at annikakim.constantino@gmail.com.
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Biogen, in its second-quarter earnings report, said the plan will result in $700 million in net operating expense savings by 2025. - Annika Kim Constantino The data bolsters Eli Lilly's position in the budding weight loss drug market and establishes the company as a formidable competitor to Novo Nordisk. - Annika Kim Constantino The probe into potentially life-threatening side effects comes as the drugs skyrocket in popularity in the U.S. and draw heightened investor interest. - Annika Kim Constantino Insurance plans often do not provide enough therapists in network, which requires patients to seek care out of network and pay more for their health care. - Spencer Kimball London-based GSK is preparing to roll out its RSV vaccine in the U.S. and European Union this fall. - Annika Kim Constantino J&J said it received a waiver that dismisses the share lockup period associated with Kenvue's initial public offering in May. - Annika Kim Constantino The hugely popular Wegovy obesity drug will be launched in Germany this month, but high costs and supply constraints threaten to weigh heavy on the rollout. - Karen Gilchrist |
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