Eli Lilly will be "very challenged" by the loss of exclusivity on several blockbuster drugs, CEO John Lechleiter told CNBC on Tuesday, but added the company is engaged in other ways to revive growth next year.
Pharmaceutical giants’ profits could take a "double-dip" hit next year from patent expirations on blockbuster drugs and President Barack Obama’s healthcare reforms, according to a report from CreditSights, a credit market research firm.
The government says it recovered $2.5 billion in overpayments for the Medicare trust fund last year as the Obama administration focused attention on fraud enforcement efforts in the health care industry.
I hate goodbyes. So, rather than get all sappy and sentimental, I'm just gonna say, "Thank you."
Thank you to CNBC President Mark Hoffman for hiring me.
The Supreme Court said Tuesday that investors who lost millions when Merck pulled its blockbuster pain drug Vioxx off the market can go ahead with a lawsuit against the pharmaceutical giant.
Amgen reported better- than-expected first quarter profit Wednesday, but sales of two of its top drugs missed Wall Street estimates and it said 2010 earnings would be at the low end of its forecast due to healthcare reform costs.
The world's largest biotechnology company also said it anticipated new U.S. healthcare reform laws would cost it $200 million to $250 million this year. Amgenis the latest drugmaker to alter its 2010 forecast because of the healthcare reform.
Amgen shares were off nearly 1 percent in extended trading after initially falling more than 3 percent.
"The impact is less than many of us had feared,'' Cowen and Co analyst Eric Schmidt said of healthcare reform law costs. "The topline was a little bit weak. Maybe that's healthcare reform, maybe that's some other things.''
Amgen posted a net profit of $1.17 billion, or $1.18 per share, compared with a profit of $1.02 billion, or 98 cents per share, a year ago, when it endured a particularly bad quarter.
Excluding items, Amgen earned $1.30 per share, topping analysts' average expectations by 7 cents, according to Thomson Reuters.
"From a revenue and EPS standpoint everything looked okay and the healthcare reform guidance impact was pretty much in line with expectations,'' said Michael Yee, an analyst for RBC Capital Markets.
My last day at CNBC is May 7th. I've decided to make a career change.
Because my next act will include working within the health care sector, to avoid even the appearance of a conflict in my remaining days here at CNBC, I won't be blogging or reporting anymore about stock-related stories on my previous beat.
So, yes, that means I won't be able to report on the next chapter in the Dendreon saga. The FDA is scheduled to decide on or before May 1st whether to approve the biotech's prostate cancer treatment.
I've probably been covering Dendrama longer than any other story I've reported on in my eight years or so following biopharma. And it's certainly been my favorite...not the drug, the company, or the stock, mind you...but the story.
My colleague Bertha Coombs, who you can follow on Twitter , and my producer, Ruth, will stay on top of the news. I'll be watching and, sure, wishing I were covering the culmination of a story I've owned—at least on TV—for so long. Dendreonian conspiracy theorists should not read anything into this. It's simply a matter of timing and ethics.
Questions? Comments? Pharma@cnbc.com and follow me on Twitter at mhuckman
Because of a drug factory shutdown, Jeannine Lipez of Lock Haven, Pa., says she can no longer even walk across the street without getting spasms in her left leg and will probably need an operation to replace an artery.
Insurance premiums will rise under the new health-care legislation because people will opt for more expensive procedures, Aetna CEO and Chairman Ron Williams told CNBC.
“Premiums will rise as a function of different components … such as do consumers use more intensive services, like getting a pet scan instead of an MRI?" Williams said in a live interview.
With a nod to my colleague Jane Wells' "Funny Business" blog and at the risk of getting armies of pharma sales reps mad at me, I am sending out a DVR alert for Episode 15 from the second season of an HBO animated comedy called, "The Life And Times Of Tim."
The show is a bawdy, hilarious send-up of doctors' offices that are overrun by so-called "Meals on Heels." That's industry slang for the stereotypical short-skirted, wheely-bag toting, lunch-catering drug sales reps.