By Bill Berkrot
(Reuters) – Amgen Inc (AMGN.O: Quote, Profile, Research, Stock Buzz) on Tuesday said it would cut up to 15 percent of its work force and close plants in a series of moves aimed at reallocating resources as it prepares to introduce new medicines it hopes will drive future growth.
High on the list of potential growth drivers is evolocumab, a cholesterol-lowering medicine from a new class of drugs that analysts see having multibillion-dollar sales potential. The company said it plans to file applications seeking U.S. and European approval this quarter.
By Bill Berkrot
(Reuters) – Celgene Corp (CELG.O: Quote, Profile, Research, Stock Buzz) reported a 25 percent rise in second-quarter profit, edging out Wall Street expectations, but a raised 2014 forecast failed to excite investors and its shares fell nearly 4 percent.
The U.S. biotechnology company said it now expects full-year adjusted earnings of $3.60 to $3.65 per share and revenue of $7.60 billion. It had previously forecast earnings of $3.50 to $3.60 per share and revenue of $7.50 billion.
By Bill Berkrot
(Reuters) – Gilead Sciences Inc said on Wednesday that its new hepatitis C drug Sovaldi had sales of $3.5 billion in the second quarter, exceeding Wall Street estimates and demonstrating that the furor over its price has not curtailed early use.
Analysts had been forecasting Sovaldi sales of about $2.6 to $2.9 billion for the quarter.
July 23 (Reuters) – Gilead Sciences Inc said on
Wednesday that its new hepatitis C drug Sovaldi had sales of
$3.5 billion in the second quarter, exceeding Wall Street
estimates and demonstrating that the furor over its price has
not curtailed early use.
Analysts had been forecasting Sovaldi sales of about $2.6 to
$2.9 billion for the quarter.
July 16 (Reuters) – Heart device maker St. Jude Medical Inc
said it has no plans to jump on the consolidation
bandwagon that has swept the healthcare sector in recent months
and is not seeking the type of “inversion” deal increasingly
popular among U.S. companies seeking to lower taxes by re-basing
In the most recent such deal in the medical device sector,
Medtronic Inc last month agreed to buy Covidien
for $43 billion. The move will allow Medtronic to re-domicile to
Ireland to take advantage of low corporate tax rates and to
access cash overseas without having to pay high repatriation
July 1 (Reuters) – Regeneron Pharmaceuticals Inc
shares jumped nearly 7 percent Tuesday after Sanofi SA
said it would raise its stake in the U.S. biotechnology company,
and as a competitive threat to Regeneron’s top drug appeared to
French drugmaker Sanofi, in a U.S. regulatory filing, said
it would boost its Regeneron holdings to up to 22.5 percent by
July 29, under an agreement between the companies allowing
Sanofi to own up to 30 percent of Regeneron.
June 30 (Reuters) – Allergan Inc said on Monday that
the U.S. Food and Drug Administration would not approve its
acute migraine aerosol treatment until certain concerns are
addressed, but the agency approved a new use for its implantable
eye drug, Ozurdex.
The Botox maker, which is fighting a hostile takeover bid by
Valeant Pharmaceuticals International Inc, said
Semprana, formerly known as Levadex, had received a second
“complete response letter” from the FDA delaying its approval.
Allergan now expects the agency’s next action in the second
quarter of 2015.
June 24 (Reuters) – A combination of Vertex Pharmaceuticals
Inc’s cystic fibrosis drug Kalydeco and its
experimental lumacaftor succeeded in improving lung function in
a pair of closely watched late stage clinical trials of patients
with the most common genetic mutation associated with the rare
In the two, 24-week studies of patients 12 years and older
with two copies of F508del genetic mutation, the combination
therapy led to mean absolute improvements in lung function of
between 2.6 and 4 percentage points, which was deemed to be
statistically significant, the company said on Tuesday.
NEW YORK (Reuters) – In the race to find a faster cure for hepatitis C, Bristol-Myers Squibb Co said it will test its experimental antiviral drug combination with Gilead Sciences Inc’s blockbuster drug Sovaldi, hoping to cut treatment time to four weeks.
Bristol-Myers disclosed plans for the exploratory 30-patient trial testing its three-drug combination with Sovaldi in an interview with Reuters. Eric Hughes, the leader of Bristol’s global hepatitis program, said the details were due to be posted on the clinicaltrials.gov website next week.
By Susan Kelly and Bill Berkrot
(Reuters) – Medtronic Inc’s (MDT.N: Quote, Profile, Research, Stock Buzz) $43 billion deal for Dublin-based Covidien Plc (COV.N: Quote, Profile, Research, Stock Buzz) should accelerate already intense efforts by medical device rivals to seek merger partners, industry analysts and bankers said on Monday.
Medtronic announced the transaction on Sunday, saying it would re-base the combined company in Ireland, where it can take advantage of lower corporate tax rates and easier access to cash generated overseas.