5 Minutes Read

Pfizer to cut stake in Sensodyne toothpaste-maker Haleon to 24%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Pfizer, which currently holds a 32% stake in Haleon, said last year it planned to cut its ownership in a “slow and methodical” manner within months.

Consumer healthcare firm Haleon, opens new tab said on Monday that U.S. drugmaker Pfizer, opens new tab, its top shareholder, will sell down its stake in the company to about 24%.

Pfizer, which currently holds a 32% stake in Haleon, said last year it planned to cut its ownership in a “slow and methodical” manner within months.

The offer price per share is expected to be announced on or around March 19, following the completion of a book-building process, Haleon said in a statement.

The sale of 630 million shares would be worth about 2.03 billion pounds ($2.58 billion), according to Haleon’s Friday closing price.

Shares in the FTSE 100-listed company dropped 2.2% to 315 pence in early trading on Monday.

Haleon, which makes household brands such as Sensodyne toothpaste and Advil painkillers, was spun out of British drugmaker GSK, opens new tab in July 2022. It was formed in 2019 by merging GSK and Pfizer’s consumer healthcare businesses.

GSK has since sold down its stake in the company, with the last sale in January bringing down its shareholding to 4.2% from the 12.9% it initially retained in the business. It is Haleon’s second-largest shareholder.

Haleon will also repurchase shares worth about 315 million pounds from Pfizer off-market, it said on Monday.

The London-listed company last month announced plans to buy back 500 million pounds of its shares this year amid firm demand for its products and progress in reducing debt.

Former parent GSK has also benefited from the spin-off, beating quarterly estimates and delivering an upbeat forecast for 2024 and beyond on the ramp-up of its vaccines and cancer drugs pipeline.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Pfizer agrees to pay $93 million to settle Lipitor antitrust lawsuit

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Attorneys for Lipitor purchasers including Rochester Drug Co-Operative Inc and Puerto Rico’s Drogueria Betances LLC disclosed the agreement in a filing on Wednesday in U.S. court in Trenton, New Jersey.

Pfizer has agreed to pay $93 million to settle antitrust claims by wholesale drug distributors that accused it of conspiring with India’s Ranbaxy Laboratories to delay sales of less expensive, generic versions of the cholesterol drug Lipitor.

Attorneys for Lipitor purchasers including Rochester Drug Co-Operative Inc and Puerto Rico’s Drogueria Betances LLC disclosed the agreement in a filing on Wednesday in U.S. court in Trenton, New Jersey.

The distributors’ case will continue against Ranbaxy, the attorneys filing said.

The proposed settlement, which requires a judge’s approval, comes after more than a decade of litigation. Pfizer did not admit liability.

Pfizer in a statement called the allegations “factually and legally without merit.” It said the settlement was “fair, reasonable and the best way to resolve this litigation.”

A representative for Sun Pharma, which acquired Ranbaxy in 2014, did not immediately respond to a request for comment.

Pfizer introduced Lipitor in 1997, and the drug drove more than $130 billion in sales during its first 14 years on the market.

The pharma distributors claimed Pfizer fraudulently sought to extend its patent rights over Lipitor. They accused the company of paying Ranbaxy to delay introducing a generic version of Lipitor and engaging in sham litigation with Ranbaxy over the drug.

Lawyers for the plaintiffs said the settlement provides “immediate economic relief” to class members and avoids the risk of continued litigation, potential appeals and no recovery. They said they will seek up to about $31 million in legal fees from the settlement fund.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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AstraZeneca eyes growth in 2024 as portfolio expands

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Though AstraZeneca reported slightly better than expected fourth-quarter revenue, profit was short of analyst estimates, hurt by a step up in R&D investment and price reductions for some medicines in emerging markets, as per Reuters.

AstraZeneca expects to boost revenue and profit this year on the back of resilient demand for its cancer and rare disease drugs, the company said on Thursday after reporting slightly lower than expected fourth-quarter profit.

In almost a decade since AstraZeneca fended off a takeover by US rival Pfizer CEO Pascal Soriot has rebuilt the Anglo-Swedish drugmaker’s pipeline, including blockbusters such as lung cancer drug Tagrisso, leukaemia drug Calquence and Farxiga for diabetes.

AstraZeneca’s RSV shot, co-developed with Sanofi, is also a break from its oncology expertise. Its diversification gathered pace with several acquisitions in 2023 and a licensing deal in November that took it into the booming anti-obesity drug market.

Tagrisso sales grew 9% last year while revenue from Imfinzi, another cancer drug, jumped 55% and Calquence sales rose by 23%.

The London-listed company said it expects total revenue and core earnings per share (EPS) to increase by percentages in the low teens this year.

Though the drugmaker reported slightly better than expected fourth-quarter revenue, profit was short of analyst estimates, hurt by a step up in R&D investment and price reductions for some medicines in emerging markets.

That sent shares of the FTSE 100 constituent down 1.5% in early trade.

“We expect another year of strong growth in 2024, driven by continued adoption of our medicines across geographies,” Soriot said.

AstraZeneca is also viewed as a bellwether for China’s pharmaceuticals sector, given its strong presence in the region. Revenue in China ticked up 16% in the final quarter of 2023 to $1.38 billion.

JP Morgan analysts said the strong outlook should dispel concerns among some observers about slowing growth.

Other analysts, including those at Citi and Jefferies, flagged some potential issues for 2024, including fewer than normal major research and development updates expected from the drugmaker.

“We have some longer-term concerns over the therapeutic diversification within the company, however strong the underlying talent and science,” Citi said in a note.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Q4 Earnings | Pfizer delivers better earnings than Wall Street forecast

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

In the fourth quarter, Pfizer said it booked 8% operational revenue growth outside its market-leading COVID vaccine, Comirnaty, and treatment, Paxlovid. That excludes the impact of foreign exchanges.

Pfizer turned in a better-than-expected fourth quarter, boosted by products outside the drugmaker’s slumping COVID-19 vaccine and treatment.

The New York drugmaker also said Tuesday it’s reaffirming its forecast for 2024, a month after surprising Wall Street with an initial outlook that missed consensus.

In the fourth quarter, Pfizer said it booked 8% operational revenue growth outside its market-leading COVID vaccine, Comirnaty, and treatment, Paxlovid. That excludes the impact of foreign exchanges.

Comirnaty sales tumbled 53% in the quarter to $5.4 billion, and Pfizer took a $3.1 billion hit from Paxlovid for a revenue reversal. That was tied to the return of unused treatment courses that had been purchased by the government.

The vaccine and treatment helped push Pfizer past $100 billion in sales for 2022. But a big sales drop was expected after the drugmaker switched last year to selling on the commercial market instead relying on bulk government contracts.

Also read: Voltas Q3 Results | Net loss shrinks to ₹28 crore but wide off profit forecast; revenue up 31%

A Pfizer spokeswoman said the company expects to start recovering some of that revenue reversal from Paxlovid this year. Pfizer will contribute to a government stockpile of treatment courses and help establish a patient assistance program.

Overall, Pfizer lost $3.37 billion in the final quarter of 2023 after booking a nearly $5 billion profit in the same quarter the prior year. But earnings adjusted for one-time items came to 10 cents per share.

Analysts had expected a loss of 18 cents per share, according to the data firm FactSet.

Pfizer’s total revenue fell 41% in the quarter to $14.25 billion. That missed the consensus expectation of $14.37 billion.

Also read: L&T Q3 Results | Profit rises 16% but misses estimates, order book grows 25%

For the full year, Pfizer earned $2.1 billion on $58.5 billion in total revenue.

The drugmaker says it still expects 2024 adjusted earnings to range between $2.05 and $2.25 per share.

Analysts expect $2.27 per share this year. But Wall Street expectations also are dialled back now from previous consensus forecasts made last fall for earnings per share of $3.17 or more.

Pfizer debuted its 2024 forecast in December. It included sales expectations for its COVID-19 products that fell more than $5 billion short of expectations. The company said then that it was starting conservatively to avoid creating any more uncertainty.

The company had previously scaled back its sales expectations for 2023, which sent Pfizer shares plunging and contributed to a rough year for the stock.

Pfizer Inc. shares rose about 3% in early trading Tuesday.

Also read: PB Fintech Q3 Results: Company posts maiden net profit at ₹37 crore; revenue soars 43%

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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BioNTech predicts return to revenue growth in 2025

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The German biotech firm, which works with Pfizer on COVID shots, predicted total revenue of about 3 billion euros ($3.28 billion) for 2024, down from revenue of about 4 billion to 5 billion euros it had targeted for 2023.

BioNTech said on Tuesday it expects to return to revenue growth in 2025 when the ongoing decline in its COVID-19 vaccine business would bottom out, and that it would invest to scale up its oncology business thereafter.

The German biotech firm, which works with Pfizer on COVID shots, predicted total revenue of about 3 billion euros ($3.28 billion) for 2024, down from revenue of about 4 billion to 5 billion euros it had targeted for 2023.

“BioNTech expects to grow its topline again in 2025,” it said in a statement.

BioNTech’s German traded shares were down 0.9% at 1235 GMT as the target for this year fell short of an average analyst revenue estimate, provided by LSEG, of between 3.6 billion and 3.8 billion euros.

According to slides of a presentation to be held at the JP Morgan Healthcare Conference in San Francisco on Tuesday, the company’s forecast for 2025 would be helped by higher prices for shots amid a shift from government-sponsored schemes during the pandemic to commercial market models.

Shots combining the company’s established mRNA technology against COVID with vaccination against other respiratory diseases such as seasonal flu could also be a revenue booster, the slides showed.

Citing at least 10 late-stage cancer drug studies targeted by the end of 2024, BioNTech said it mapped out plans to launch its first oncology drugs from 2026 onwards, renewing a focus on its traditional roots in oncology.

“We continued our vaccine leadership in the fight against COVID-19 and significantly expanded our mid- and late-stage oncology pipeline,” said Ugur Sahin, BioNTech’s CEO and co-founder.

Thanks to about 17.5 billion euros in cash, cash equivalents and security investments at the end of 2023 and amid higher interest rates, it said it would generate “significant interest income” in 2024.

The company, which developed the Western world’s most widely used COVID-19 shot with Pfizer, said it would retain a strong financial position.

BioNTech is scheduled to provide detailed full-year 2024 guidance alongside its 2023 financial results on March 20.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Pfizer discontinues study for the twice-daily obesity pill in late-stage studies due to adverse side effects

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Pfizer witnessed mild common side-effects in the study of twice-daily obesity pill. However, it saw high rates of these effects in the trial, The company said it would now focus on the study of a once-daily version of the pill.

Pfizer said on Friday it would not advance a twice-daily version of oral weight-loss drug danuglipron into late-stage studies after most patients in a mid-stage trial dropped out with high rates of side effects such as nausea and vomiting.

The decision marks a blow to Pfizer‘s ambitions to become an early contender in the lucrative market for weight-loss drugs. The company’s shares dropped 2.9% to $29.59 in premarket trading.

Danuglipron belongs to the same class of diabetes and obesity treatments as Novo Nordisk’s Wegovy and Ozempic, and Eli Lilly’s Mounjaro and Zepbound.

Pfizer said it would instead focus on a once-daily, modified release version of danuglipron and “gathering the data to understand its potential profile”. Data on how this version interacts with the human body is expected sometime next year.

In the current study of the twice-daily version, Pfizer said the drug, however, met the main goal of reducing weight in adults with obesity and without type 2 diabetes.

Observed mean weight loss in the trial, across doses, ranged between 6.9% and 11.7% in patients on the drug at 32 weeks, versus weight gain of 1.4% for placebo.

That compared to a nearly 15% drop observed with the highest dose of Eli Lilly’s once-daily experimental orforglipron pill after 36 weeks of treatment in a trial of obese or overweight patients.

“We believe an improved once-daily formulation of danuglipron could play an important role in the obesity treatment paradigm,” Pfizer’s Chief Scientific Officer Mikael Dolsten said in a statement.

ALSO READ: Some lung cancers might have a genetic link, a study finds

Pfizer said while the common side effects in the twice-daily version study were mild, it saw high rates of those events in the trial. High discontinuation rates, greater than 50%, were seen across all doses compared to about 40% with placebo.

It said that up to 73% of patients in the trial had nausea; up to 47% vomiting and up to 25% diarrhea. However, no new safety signals were observed in the study, Pfizer said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Pfizer wants faster entry of drugs into India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Meenakshi Nevatia, Managing Director with Pfizer India, told CNBC-TV18 that drugs launched in the US take 4-5 years to get launched in India.

Pfizer India is in discussions with the government in areas of regulatory streamlining to harmonise standards in the country with other parts of the world. Meenakshi Nevatia, President & Managing Director with Pfizer India, told CNBC-TV18 at the sidelines of the Organisation of Pharmaceutical Producers of India’s (OPPI) Annual Summit 2023 that regulatory bodies are open to considering ways to bring drugs quickly into India. 

She said that drugs launched in the US take 4-5 years to get launched in India. While attributing this time lag to the current regulatory timelines and standards in India, she indicated real intent by the government and the industry to accelerate the introduction of new drugs in India without compromising on safety.

Stating that a lot of progress has been made on patents to incentivise innovation, work towards pre-grants & ensure time-bound decisions, she informed that Pfizer is already conducting global clinical trials in India to generate data on Indian patients and reduce timelines to bring a product to the market. 

She further pointed out that the government intends to streamline drug approvals by making them more electronic, a change from the current scenario where pharmaceutical companies have to submit reams of papers before a subject expert committee evaluates every new product to be launched.

Terming access to innovation as pointless without affordability, she said that Pfizer is trying to bring products to the market with targeted price programs to ensure no affordability barrier. Stating that incentives are already there for the IP (Intellectual Property) regime, she clarified that lack of IP doesn’t deter entry of new products in the market but rather the time consumed in its approval and subsequent opposition.

However, she lauded the changes made by the Department for Promotion of Industry and Internal Trade (DPIIT) to make the process time-bound, describing it as a great step towards increasing government’s trust in the private sector.

Describing India as a high-priority market for Pfizer much beyond its commercial business, she pointed out the company’s biggest R&D facility outside the US is located at the IIT Madras research park in India where it has over 3,000 employees. 

The company’s biggest sterile injectable plant outside the US is also located in Visakhapatnam in India, where it is continuously looking to expand production lines and bring more products. 70% of what Pfizer sells in India is made in India, with around half at its own plant in Goa where the company is in process of adding one more production line.

As part of her union budget wishlist, she pitched for an increase in government funding for Ayushman Bharat as well as funding for more therapies and innovation in healthcare. Referring to the government’s plans to expand healthcare infrastructure in Tier 3 cities, she added that more budgetary allocation towards healthcare would go a long way towards realising the government’s vision of a $200 billion strong healthcare sector by 2030.

Also Read:Exclusive: Pfizer says transparency improving in India’s drug regulatory process

 

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Pfizer’s $43 billion purchase of Seagen gets green light from EU antitrust

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Pfizer announced the deal in March, its largest purchase in a string of recent acquisitions thanks to a once-in-a-lifetime cash windfall from its COVID-19 vaccine and treatment.

US pharmaceutical company Pfizer gained unconditional EU antitrust approval on Thursday for its proposed $43 billion acquisition of cancer drug maker Seagen.

Pfizer announced the deal in March, its largest purchase in a string of recent acquisitions thanks to a once-in-a-lifetime cash windfall from its COVID-19 vaccine and treatment.

The European Commission said the deal would not significantly reduce competition in the 27-country European Union nor would it have a negative impact on prices.

“The proposed merger would not raise competition concerns,” the EU antitrust watchdog said in a statement.

Washington-based Seagen is a pioneer of antibody-drug conjugates, which work like “guided missiles” designed to destroy cancer while sparing healthy cells.

Also Read: Exclusive: Pfizer says transparency improving in India’s drug regulatory process

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Pfizer sets commercial price for Paxlovid at $1,390, doubling government cost

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Pfizer plans to set the U.S. price for its COVID-19 antiviral drug Paxlovid at $1,390 per five-day course for commercial sales, doubling the government’s cost.

Pfizer on Wednesday (PFE.N) said it will set the U.S. price for its COVID-19 antiviral treatment Paxlovid at nearly $1,400 per five-day course when it moves to commercial sales after government stocks run out, more than double what the government currently pays for it.

The new list price, which does not include rebates and other discounts to insurers and pharmacy benefit managers, is $1,390 per course, Pfizer said in an emailed statement. The U.S. government paid around $530 per course for Paxlovid which has been made available to Americans at no cost.

Paxlovid, the most commonly prescribed at-home treatment for COVID-19 in the U.S., will remain available for free to patients there until the end of the year, Pfizer said.

Under an agreement with the government, the drug will also stay free of charge for patients insured under the Medicare and Medicaid programs through the end of 2024, and for uninsured and underinsured patients through 2028.

In Pfizer’s clinical trial, Paxlovid was shown to reduce hospitalizations and death by around 90% for unvaccinated people at risk for serious disease. In another trial, Pfizer was not able to show benefit for those considered at standard risk, including vaccinated patients.

Influential U.S. drug pricing watchdog the Institute for Clinical and Economic Review (ICER) said last year that its suggested price range for Paxlovid based on the benefits and value to patients was between $563 to $906 per course.

The United States purchased around 24 million courses of the oral two-drug treatment from Pfizer and still had a large supply, but arranged to return 7.9 million courses last week. The company also slashed its full-year revenue forecast due to lower-than-expected sales of its COVID-19 products.

Under that deal, a credit for the returned Paxlovid doses will pay for the supply to Medicare, Medicaid, underinsured and uninsured patients.

Demand for the drug has fallen since last year. In 2022, patients were given around 7 million courses of the drug, according to US government data. Through October 1, around 3.4 million courses had been administered in 2023.

The new list price was first reported by the Wall Street Journal.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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US approves Pfizer’s RSV vaccine for pregnant women, shielding infants

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The US FDA has granted approval to Pfizer’s RSV vaccine for pregnant women in their third trimester, aiming to safeguard infants from respiratory syncytial virus.

The US Food and Drug Administration on Monday approved Pfizer’s (PFE.N) respiratory syncytial virus (RSV) vaccine for use in women during the middle of the third trimester of pregnancy to protect their babies.

The approval allows the vaccine to be given to women 32 to 36 weeks into a pregnancy to prevent lower respiratory tract infection and severe disease in infants until they are six months old, the company said.

An FDA panel of outside experts backed the safety and effectiveness of Pfizer’s RSV vaccine for women in their second and third trimesters earlier in May.

A Pfizer spokesperson could not comment on the FDA’s reasoning for the more limited window for administering the vaccine but said the company was confident the shot would have a positive impact on public health and RSV rates.

RSV is a common respiratory virus that usually causes mild, cold-like symptoms but can also lead to serious illness and hospitalization.

The vaccine, sold under the brand name Abrysvo, is already approved for use in adults age 60 and older to block infection from the disease that kills an estimated 1,60,000 people globally each year.

Infants are at greatest risk for severe illness from RSV. An estimated 58,000 to 80,000 children below the age of five years are hospitalized every year due to RSV infection in the US, according to government data.

The US Centers for Disease Control and Prevention still needs to sign off on the use of the vaccine, making it the first ever maternal shot against RSV widely available in the United States. That is expected to come shortly after Monday’s approval announcement.

The FDA’s decision was based on data from a late-stage trial with more than 7,000 participants showing the vaccine to be 82 percent effective in preventing severe infections in infants when given to expecting mothers in the second half of their pregnancy.

Pfizer said the most common side effects in pregnant women were fatigue, headache, pain at the injection site, muscle pain, nausea, joint pain, and diarrhoea.

Some experts raised concerns during an advisory committee meeting over the higher number of pre-term births among those who received the vaccine in the clinical trial compared with pregnant women in the placebo group.

Sanofi (SASY.PA) and partner AstraZeneca (AZN.L) in July received U.S. approval for their antibody therapy, nirsevimab, to prevent lower respiratory tract disease in infants and toddlers.

In May, the FDA also gave the green light to GSK’s (GSK.L) RSV vaccines for older adults, helping it and Pfizer seal their presence in a multibillion-dollar market.

GSK is not seeking approval for its shot in expectant mothers.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?