Pharmaceutical stocks surged today after Donald Trump won the U.S. presidential election, as investors concluded the threat of action on drug pricing had lessened. California’s Proposition 61, which would have prevented the state of California from purchasing drugs from a manufacturer for a price higher than that paid by the U.S. Veterans Affairs Dept., failed to […]
Wall Street Beat
Senate panel adds to call for hearings over Mylan’s EpiPen pricing
The U.S. Senate Judiciary Committee yesterday called on the Federal Trade Commission to investigate whether Mylan (NSDQ:MYL) broke the law after reports claimed the EpiPen maker prevented schools from buying competing allergy treatments. In a letter penned to the FTC, committee chairman Sen. Charles Grassley (R-Iowa) and ranking member Sen. Patrick Leahy (D-Vt.) wrote, “increasing patient access […]
UPDATE: BTG’s U.S. Biocompatibles business to pay $36m settlement, plead guilty to misbranding
Updated to include BTG’s guilty plea entered Nov 7. BTG (LON:BTG) said today that it agreed to pay the U.S. Justice Dept. $36 million (£28.4 million) to settle a probe into the marketing of the LC Bead embolization microspheres made by its Biocompatibles subsidiary. The company plead guilty on Monday, November 7, to charges of improperly marketing […]
CMS acting chief Slavitt slams drug pricing
Centers for Medicare & Medicaid Services acting chief Andy Slavitt admonished pharma companies like Mylan (NSDQ:MYL) over unsustainable price increases before the Biopharma Congress in Washington D.C. last week. Mylan came under fire this year after reports showed that the Canonsburg, Penn.-based company raised the price of its emergency allergy epinephrine injector by 500% since it acquired the product in 2007 […]
Regeneron boosts profits, misses revenue in Q3
Shares in Regeneron (NSDQ:REGN) gained today after the biopharmaceutical company crushed earnings expectations on Wall Street with its 3rd-quarter results. The Tarrytown, N.Y.-based company posted profits of $264.8 million, or $2.27 per share, on sales of $1.22 billion for the 3 months ended Sept. 30, for bottom-line growth of 26% on sales growth of 7.3% compared with the […]
Vectura on the hunt for specialized lung drug business
(Reuters) — James Ward-Lilley, the former AstraZeneca executive who created a UK respiratory medicine business in June by merging Vectura and SkyePharma, is already thinking about his next deal. This time he’d like to buy a company with an established U.S. sales force to accelerate the group’s ambitions as it develops specialized lung drugs that are […]
Hospital survey shows inpatient drug prices rose 40% in 2 years
A community hospital survey sponsored by the American Hospital Assn. and the Federation of American Hospitals shows that inpatient drug prices rose 40% between 2013 and 2015. Almost all of the surveyed hospitals reported that the increases had a moderate to severe effect on their ability to manage costs. “These price increases are extremely troublesome throughout the healthcare system,” according […]
Mylan settles EpiPen pricing probe with $465m
Mylan (NSDQ:MYL) last week agreed to pay $465 million to settle claims that it underpaid Medicaid for its EpiPen auto-injector by misclassifying the device as a generic. Last week, the Centers for Medicare & Medicaid Services said it spent $797 million on the emergency allergy treatment between 2011 and 2015, including rebates. The Canonsburg, Pa.-based company has […]
Mylan clarifies $104 profit on $600 EpiPens
Mylan (NSDQ:MYL) acknowledged that the $104 profit it reported to Congress included taxes, after the Wall Street Journal reported that the company applied the statutory U.S. tax rate of 37.5% to calculate its profits for testimony before the Senate, according to Reuters. “Without the tax-related reduction, Mylan’s profits on the EpiPen 2-pack would be closer […]
Sancilio withdraws $86m IPO for lipid-based drug delivery
Sancilio Pharmaceuticals last week withdrew its plans for an initial public offering it hoped would bring in $86 million for its Advanced Lipid Technology drug delivery platform. The Florida-based company registered the IPO in August 2015, but today requested that the SEC consent to its withdrawal, without giving a specific reason. The company’s drug delivery […]
