Medicine
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GlaxoSmithKline's claim to have one of the best new drug pipelines in the industry has suffered a setback with the loss of a number of experimental medicines in mid-stage clinical testing.
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The Governor of Texas announced on Friday that all girls entering the sixth grade in his state must get Merck's new vaccine, Gardasil, before they can enroll. Gardasil prevents four strains of the sexually-transmitted disease known as HPV which is the leading cause of cervical cancer. It works best when given before becoming sexually active. But the political and social backlash has already begun.
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As we get into the thick of earnings season, next Monday is shaping up to be a big news day for big pharma. Before the bell Pfizer will put out its press release with its 2006 and fourth-quarter numbers. Then, at 1 p.m. ET the company is holding an analyst meeting in midtown Manhattan where "The Wall Street Journal" reports Pfizer will announce more job cuts and other changes in the way it does business ... Meantime, in lower Manhattan the patent trial over Bristol-Myers Squibb's blockbuster bloodthinner Plavix gets underway on Monday morning ... And, finally, opening arguments are set for Monday morning in the two-in-one Vioxx trial in Atlantic City ...
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Americans will spend more than a $1 trillion on healthcare this year and some government studies show that more than half that money is spent in the last ten days of a patient's life. One of the most fascinating entrepreneurs I've had the chance to interview is ready to reverse that and is willing to put a boatload of money where his mouth is. "It is my passion, no question about that," says 83-year-old David Murdock. Maybe you've heard of him, but probably not. He is the sole owner of mega fruits and vegetable company Dole Foods, real estate developer Castle & Cooke, he owns the Sherwood Country Club in Southern California, 12 million square feet of residential and commercial real estate in the United States, employs more than 63,000 people, and, ummmm, he also owns the entire Hawaiian Island of Lanai!
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After the market close yesterday Pfizer, in an SEC filing, revealed that ousted Chairman and CEO Hank McKinnell will walk away with nearly $200 million in pension benefits, deferred compensation and other cash and stock including more than $300,000 in unused vacation time. This is well above the pension benefits that had been reported earlier this year and includes money that had not previously been disclosed. A Pfizer spokesman says the company is honoring its legal obligation to meet the terms of McKinnell's employment contract which was signed in 2001--"a different time in the company's history," he said.
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Within the last few hours CNBC's Pharmaceuticals Reporter Mike Huckman broke the news that Boston Scientific has locked up a huge account, but at what price?
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As we've been writing--CNBC pharmaceuticals reporter Mike Huckman has been reporting from Gaithersburg, Md--where the U.S. Food and Drug Administration has convened a panel to decide the fate of drug-coated stents. Johnson & Johnson and Boston Scientific – the two major producers of stents – have been eagerly awaiting a decision.
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Pfizer stock is down 13% so far today on news that development of its Lipitor successor – torceptrapib – has been halted. Analysts have downgraded the stock and cut price targets as a result. Barbara Ryan – managing director and senior analyst at Deutsche Bank – disagrees though. She appeared on “Morning Call” to say that the dip in price today is a buy-in opportunity.