Biotechnology
Walgreens says it will close 1,200 stores by 2027, as earnings top estimates
A person rides past a Walgreens truck, owned by the Walgreens Boots Alliance, in Manhattan, New York City, on Nov. 26, 2021. Andrew Kelly | Reuters Walgreens on Tuesday reported fiscal fourth-quarter sales and adjusted profit that beat Wall Street’s expectations, as the company slashes costs in an attempt to steer itself out of a […]
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Wegovy and Zepbound rival targeting ‘next generation’ of obesity drugs, Zealand Pharma CEO says
Danish biotech Zealand Pharma is targeting the “next generation” of weight loss drugs as competitors pile into a market dominated by heavyweights Novo Nordisk and Eli Lilly. CEO Adam Steensberg told CNBC Thursday that early-stage trials of its experimental obesity injection point to higher-quality weight loss — with reduced muscle loss and fewer side effects — […]
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CVS, UnitedHealth say FTC should take Lina Khan and two commissioners off drug middlemen case
FTC Chairwoman Lina Khan testifies during the House Appropriations Subcommittee on Financial Services and General Government hearing titled “Fiscal Year 2025 Request for the Federal Trade Commission,” in Rayburn Building on Wednesday, May 15, 2024. Tom Williams | Cq-roll Call, Inc. | Getty Images CVS Health and UnitedHealth Group are demanding Federal Trade Commission Chairwoman […]
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CVS is under pressure and considering a break up. Here’s why that could be risky
A sign outside of a CVS pharmacy store on February 07, 2024 in Miami, Florida. Joe Raedle | Getty Images It’s time for a wellness check at CVS Health. Shares of the company are down more than 20% this year as it grapples with higher-than-expected medical costs in its insurance unit and pharmacy reimbursement pressure, […]
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FDA approves Bristol Myers Squibb’s schizophrenia drug, the first new type of treatment in decades
Bristol Myers Squibb’s Cobenfy drug Courtesy: Bristol Myers Squibb The Food and Drug Administration on Thursday approved Bristol Myers Squibb‘s highly anticipated schizophrenia drug Cobenfy, the first novel type of treatment for the debilitating, chronic mental disorder in more than seven decades. Schizophrenia affects how a person thinks, feels and behaves, and can cause paranoia, […]
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Novo Nordisk’s diabetes drug Ozempic may lower the risk of opioid overdoses, study says
A box of Ozempic made by Novo Nordisk is seen at a pharmacy in London, Britain March 8, 2024. Hollie Adams | Reuters Novo Nordisk‘s blockbuster diabetes drug Ozempic may decrease the risk of opioid overdoses in certain patients, demonstrating its potential as an alternative treatment for opioid use disorder, according to a new study […]
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Novo Nordisk CEO to testify at Senate hearing over high weight loss drug prices
Lars Fruergaard Jørgensen, CEO of Novo Nordisk, speaks during an interview in New York on Aug. 10, 2022. Christopher Goodney | Bloomberg | Getty Images Novo Nordisk‘s top executive is slated to face a Senate grilling on Tuesday over the high prices of the company’s weight loss drug Wegovy and diabetes treatment Ozempic, as demand […]
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FTC sues drug middlemen for allegedly inflating insulin prices
The Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while “artificially” inflating costs for patients. The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group’s Optum Rx, CVS Health’s Caremark and Cigna’s Express Scripts. All are […]
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Biotech stocks are an unappreciated way to profit from lower rates, Goldman says
As investors await the Federal Reserve rate decision Wednesday afternoon, Goldman Sachs highlighted to clients an overlooked group of stocks poised to benefit from the move. Biotechnology stocks offer an under-the-radar and unappreciated way to profit from the central bank’s looming campaign to start cutting the cost of borrowing, according to Goldman Sachs. “For those […]
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Novartis not joining the ‘frenzy’ of weight loss drugs, CEO says
The CEO of Novartis said Wednesday that the Swiss pharmaceutical giant does not plan to enter into the “frenzy” of weight loss drugs, preferring instead to focus on areas where it can build a “unique position.” Speaking to CNBC, Vas Narasimhan said that the company was researching treatments that deal with the secondary effects of […]
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