Ken Davis, Mount Sinai Health System president and CEO, joins Closing Bell to discuss drug pricing and more.» Read More
I couldn't go to the formal, scripted Genentech presentation at the JPMorgan Healthcare Conference yesterday afternoon because I was busy doing the crazy interview on "Fast Money" with the CEO of athenahealth, Jonathan Bush. I've never done a CEO interview like it.
During his lunchtime keynote speech here at the JPMorgan Healthcare Conference JPM Chairman and CEO Jamie Dimon was asked to give his worst-case scenario for the economy. He said that'd be a 1982-type recession lasting about two years and with unemployment "North of 10 percent." Dimon said it would be "Irrational to not be prepared for that."
Not surprisingly it was standing room only in the grand ballroom of the Westin St. Francis Hotel in San Francisco for the Roche presentation this morning at the JPMorgan Healthcare Conference.
I'm covering the 27th Annual JPMorgan Healthcare Conference in San Francisco where I suspect there will be a big crowd for the Roche presentation later this morning. It's being reported that the Swiss drugmaker may soon raise its bid for Genentech. I'll be shocked if Roche says much about it either in the formal presentation or breakout session. But I'll be there just in case.
The FDA giveth and the FDA taketh away. Yesterday the agency handed Merck a little bit of a break with what could be interpreted as an endorsement, of sorts. But then this morning the FDA issued another delay in deciding whether to approve the company's Gardasil vaccine.
Within about a 12-hour period, two healthcare companies have blamed the pullback in hospital spending for worse-than-anticipated financial results.
Don't look now, but in the first week of the new year shares of Elan stock lost nearly three-quarters of its value last year on safety concerns about the multiple sclerosis drug Tysabri, which it shares with Biogen Idec, and efficacy concerns over the Alzheimer's drug it's developing with Wyeth.
We all make mistakes. Gosh knows I've made more than a few. And a part of me hesitates to call attention to this one. I mean, you know what they say about paybacks and karma. But this one is too good a doozy to let pass.
The "Financial Times" apparently got a one-on-one interview with Pfizer Chairman and CEO Jeff Kindler and is playing up what he said with the headline, "Pfizer eyes merger deal with large rival."
As we head into the holiday break and the bloggable newsflow slows to a trickle, I am digging into the overflowing mailbag while filling in for my vacationing colleague Scott Wapner at the Nasdaq this week.
Drug pricing pressure under a Democratic administration be darned. $75,000. That's not a salary figure. That's the price one biotech analyst says Vertex Pharmaceuticals and its partner Johnson & Johnson might be able to charge--possibly even more--for their Hepatitis C drug.
For months now several analysts have been pointing out that despite big pharma's many problems some of the companies still pay healthy dividends. And when T-bills are offering next to nothing, a solid dividend yield in these rough and tumble times is a good thing.
CEOs of big drug companies are rarely, if ever, publicly candid about the price of their stock. You usually get the boilerplate line about how they manage the business and the market will do whatever.
Analysts have a one-day respite between two major pharma R & D days and they're using it to size up Merck's update yesterday and to set expectations for Eli Lilly's briefing tomorrow.
I wrote this morning's post from the Merck analyst meeting before sitting down for my exclusive interview with Exec Veep Ken Frazier. So, I had to pass along this fresh anecdote that illustrates even more how far this drug company and its people have come.
Sitting here at Merck's annual drug research and development for the Street in the media room at the company's headquarters in central New Jersey. This year, for the first time, MRK is allowing reporters into the actual meeting room with the 300 or so analysts and investors
Earlier this week UBS pharmaceutical analyst Roopesh Patel put out a big 2009 sector outlook research note claiming, "So far, the global economic slowdown has had no noticeable impact — a) U.S. weekly and monthly U.S. prescription trends are stable; b) there also is no meaningfully cautionary commentary from any of the companies...." Well, he might have spoken too soon.
Look for M&A activity—big and small—a pair of breakthrough drugs and the prospect of government price controls.
Does the Food and Drug Administration approve drugs anymore? Or are we seeing the lame-duck leadership at the agency punt any action over to the next administration?
As the market remains focused on Citi and the President-elect's midday cabinet announcement there are a few newsworthy things going on in biopharmaland.