Tag Archives: Pharmaceutical manufacturing

J&J CEO Gorsky to step down, firm veteran to steer in 2022

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Johnson & Johnson will exchange Chairman and CEO Alex Gorsky with one other veteran firm govt beginning subsequent yr

Johnson & Johnson will exchange Chairman and CEO Alex Gorsky with one other veteran firm govt beginning subsequent yr.

The world’s largest maker of well being care merchandise stated late Thursday that Joaquin Duato will turn into CEO and a member of the corporate’s board of administrators on January 3.

Duato presently serves as vice chairman of J & J’s govt committee, which includes working with the corporate’s pharmaceutical and well being sectors and overseeing its world provide chain.

Duato, a twin citizen of Spain and the USA, has been with Johnson & Johnson for greater than 30 years, the corporate stated.

Gorsky has served as chairman and CEO since 2012 and can turn into govt chairman of the board.

J&J reported a 73% soar in second-quarter revenue final month, pushed by robust gross sales progress as hospitals and different components of the well being care business rebounded from COVID-19 pandemic slowdowns the earlier yr.

The New Brunswick, New Jersey, firm made greater than $6 billion within the second quarter however acquired little assist from its one-shot COVID-19 vaccine, which introduced in simply $164 million in gross sales. The vaccine — one among three accredited to be used in the USA — has been affected by considerations about some very uncommon unwanted side effects and the short-term shutdown of a contract producer’s manufacturing facility as a consequence of contamination issues.

Gorsky, who joined Johnson & Johnson in 1988, oversaw the corporate’s biggest-ever acquisition, a $30-billion deal for Swiss biopharmaceutical firm Actelion that was accomplished in 2018.

The corporate additionally famous that funding in analysis and improvement has jumped greater than 60% throughout Gorsky’s tenure to $12 billion final yr, with oncology being a spotlight.

Shares of J & J slipped 76 cents to $177.81 Friday earlier than markets opened. However the inventory worth has climbed greater than 12% to date this yr.

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Markets Proper Now: Shares fall on contemporary commerce worries

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The newest on developments in monetary markets (all instances native):

Four p.m.

Shares are ending decrease Friday on issues concerning the progress of commerce talks between the U.S. and China.

The market turned decrease within the afternoon after studies stated a Chinese language commerce delegation had reduce quick a visit to the U.S. The Dow Jones Industrial Common dropped 159 factors after rising 100 factors earlier.

Expertise and communications corporations fell broadly. Microsoft dropped 1.2% and Netflix misplaced 5.5%.

The S&P 500 dropped 14 factors, or 0.5%, to 2,992. It ended decrease for the week, breaking a three-week win streak.

The Dow fell 0.6% to 26,935. The Nasdaq dropped 65 factors, or 0.8%, to eight.117. Regardless of the losses, the key indexes are displaying features of round 2% for September.

Bonds rose. The yield on the 10-year Treasury fell to 1.72% from 1.77% Thursday.

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12:15 p.m.

Shares are modestly increased in noon buying and selling on Wall Road Friday, led by well being care corporations and banks.

There was little company information transferring markets. Many corporations are ending up their third quarters and can report earnings beginning in the course of October.

Drug maker Merck gained 1.6% and Citigroup rose 1%.

Among the many laggards, Netflix fell 5.9% and Hasbro dropped 1.5%.

The Dow Jones Industrial Common rose 65 factors, or 0.2%, to 27,160.

The S&P 500 gained Four factors, or 0.2%, to three,011 and is inside 15 factors of its all-time excessive. The Nasdaq fell 13 factors, or 0.2%, to eight,168 as tech shares declined.

The yield on the 10-year Treasury was up barely to 1.78%.

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9:45 a.m.

Shares are modestly increased in early buying and selling on Wall Road Friday, led by well being care and know-how corporations.

There was little company information transferring markets. Many corporations are ending up their third quarters and can report earnings beginning in the course of October.

Drug maker Pfizer gained 1.9% and Apple rose 0.5%.

Among the many laggards, Netflix fell 2.6% and Halliburton dropped 1.4%.

The Dow Jones Industrial Common rose 40 factors, or 0.2%, to 27,135.

The S&P 500 gained 7 factors, or 0.2%, to three,014 and is inside 12 factors of its all-time excessive. The Nasdaq rose 16 factors, or 0.2%, to eight,198. The foremost indexes are little modified for the week thus far.

The yield on the 10-year Treasury was flat at 1.77%

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Recent US-China commerce worries erase early positive factors for shares

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Wall Avenue closed out a unstable week with losses Friday as traders nervous that upcoming commerce talks aimed toward resolving the expensive commerce battle between Washington and Beijing may very well be in hassle.

The promoting, which erased modest early positive factors for the market, snapped a three-week win streak for the S&P 500. The benchmark index remains to be up 2.2% for September.

The afternoon market slide got here as traders reacted to printed reviews indicating Chinese language officers canceled a deliberate journey to farms in Montana and Nebraska and can be returning to China. Representatives from the U.S. and China have been participating in preliminary discussions over the following two weeks to put the groundwork for extra formal negotiations subsequent month.

The reviews concerning the Chinese language delegation got here after President Donald Trump informed reporters throughout a noon information convention that he desires an entire take care of China and will not settle for one which solely addresses among the variations between the 2 nations. Trump additionally mentioned he does not really feel he must safe an settlement earlier than subsequent yr’s election.

“This is the reason China has been reluctant to proceed to barter with the Trump administration, as a result of as quickly because it seems like we’re transferring towards some form of constructive talks, there’s a change in path and it looks like quite a lot of head fakes,” mentioned Ben Phillips, chief funding officer at EventShares.

Markets rallied this month after the U.S. and China took steps to ease tensions upfront of their subsequent spherical of talks. That had fueled hypothesis amongst traders that the 2 nations might no less than attain an interim deal on commerce.

The S&P 500 fell 14.72 factors, or 0.5%, to 2,992.07. The Dow Jones Industrial Common dropped 159.72 factors, or 0.6%, to 26,935.07. The index had been up about 100 factors then swung as little as 168 factors.

The Nasdaq misplaced 65.20 factors, or 0.8%, to eight,117.67, weighed down by declining expertise sector shares. The Russell 2000 index of smaller firm shares slid 1.71 factors, or 0.1%, to 1,559.76.

Main European indexes closed largely decrease.

Even with Friday’s promoting, the S&P 500 stays comparatively near its all-time excessive. The benchmark index held regular this week regardless of volatility brought on by a swing in oil costs and the Federal Reserve’s newest rate of interest minimize.

On Monday, oil costs spiked greater than 14% after a key Saudi Arabian oil processing facility was attacked. Oil costs retreated after the Saudi authorities mentioned manufacturing may very well be restored by the top of the month, though they’re nonetheless up practically 6% for the week.

The Federal Reserve minimize rates of interest for the second time this yr because it tries to shore up financial development amid a lingering commerce battle between the U.S. and China and weak financial development abroad. The central financial institution left open the opportunity of further charge cuts if the financial system weakens.

The U.S. and China have slapped import taxes on a whole lot of billions of {dollars}’ value of one another’s merchandise in a tariff battle that has weighed on world commerce and financial development and created uncertainty for companies deciding the place to situate factories, discover suppliers and promote their merchandise.

The 2 nations gave the impression to be nearing a deal in early Could, however talks stalled after the U.S. accused China of reneging on earlier commitments.

“The market is at a fairly fragile level proper now,” Phillips mentioned. It is at all-time highs and there are dangers, it looks like, constructing all over the place globally, with commerce being the most important one.”

Know-how shares accounted for the most important share of the market’s losses. The sector is especially delicate to swings on the commerce battle as a result of many corporations manufacture merchandise in China. Apple slid 1.5% and Microsoft dropped 1.2%.

Retailers and different corporations that profit from client spending additionally declined broadly. Amazon fell 1.5% and Starbucks dropped 1.6%.

Monetary shares veered decrease as bond yields declined. The yield on the 10-year Treasury fell to 1.72% from 1.77% late Thursday. Bond yields, which may have an effect on rates of interest on mortgages and different client loans, slid steadily all week. Financial institution of America and American Specific every fell 0.8%.

Netflix led communications companies corporations decrease, sliding 5.5%. In an interview with Selection printed Friday, Netflix CEO Reed Hastings acknowledged that the corporate faces powerful competitors from Disney, Apple and different corporations rolling out streaming companies in November. Netflix shares are down practically 26% this quarter.

Shares in well being care corporations and utilities shares rose. Johnson & Johnson added 1.2% and Exelon gained 1.4%.

Semiconductor maker Xilinx tumbled 6.8% as its chief monetary officer, Lorenzo Flores, leaves the corporate for Toshiba Reminiscence Holdings, the place he shall be vice chairman. Flores will keep at Xilinx by its second quarter monetary report.

Benchmark crude oil fell Four cents to settle at $58.09 a barrel. Brent crude oil, the worldwide customary, dropped 12 cents to shut at $64.28 a barrel.

Wholesale gasoline fell 2 cents to $1.68 per gallon. Heating oil declined 1 cent to $1.99 per gallon. Pure gasoline fell 1 cent to $2.53 per 1,000 cubic toes.

Gold rose $8.90 to $1,507.30 per ounce, silver fell three cents to $17.74 per ounce and copper was unchanged at $2.59 per pound.

The greenback fell to 107.67 Japanese yen from 107.97 yen on Thursday. The euro weakened to $1.1015 from $1.1052.

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AP Enterprise Author Damian J. Troise contributed.

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Trump promises order aimed at lower prescription drug prices

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President Donald Trump is promising an executive order that he says is intended to enable the U.S. government to pay lower prices for prescription drugs.

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Trump says his administration soon would announce a “favored-nations clause,” where the amount paid by the government for a particular drug would not exceed the lowest amount paid by other nations or companies.

Prices in other countries are often lower because governments directly negotiate with manufacturers.

Trump mentioned his proposal when speaking with reporters before departing the White House for New Jersey, but he provided no other details.

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TV pitches for prescription drugs will have to include price

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TV pitches for prescription drugs will soon include the price, giving consumers more information upfront as they make medication choices at a time when new drugs can carry anxiety-inducing prices.

Health and Human Services Secretary Alex Azar said Wednesday the Trump administration has finalized regulations requiring drug companies to disclose list prices of medications costing more than $35 for a month’s supply.

“What I say to the companies is if you think the cost of your drug will scare people from buying your drugs, then lower your prices,” Azar said. “Transparency for American patients is here.”

In a tweet, President Donald Trump celebrated the announcement, saying: “Historic transparency for American patients is here. If drug companies are ashamed of those prices—lower them!”

Drug companies responded that adding prices to their commercials could unintentionally harm patients.

“We are concerned that the administration’s rule requiring list prices in direct-to-consumer television advertising could be confusing for patients and may discourage them from seeking needed medical care,” said the Pharmaceutical Research and Manufacturers of America, the main trade group.

But one major firm — Johnson & Johnson, based in New Brunswick, New Jersey — has already started disclosing the cost of its blood thinner Xarelto in TV advertising. And polls indicate many patients are not taking their medications as prescribed because of cost.

Drug pricing details are expected to appear in text toward the end of commercials, when potential side effects are disclosed. TV viewers should notice the change later this year, perhaps as early as the summer.

The government is hoping that patients armed with prices will start discussing affordability with their doctors, and gradually that will put pressure on drugmakers to keep costs of brand-name drugs in check.

Pricing disclosure was part of a multilevel blueprint President Donald Trump announced last year to try to lower prescription drug costs .

Democrats say it still won’t force drugmakers to lower what they charge, and they want Medicare to negotiate on behalf of consumers.

Leigh Purvis, a pharma expert with AARP’s research division, said disclosure will help dispel a “cloak of darkness” around prices and encourage more informed discussions between patients and their doctors. But she cautioned against expecting too much.

“The overall idea of reducing drug prices is something for which there is no silver bullet,” said Purvis. “This is just one step, one tool in what will have to be a very big arsenal.”

Other ideas from the Trump administration include regulations affecting Medicare and legislative proposals in Congress. With the cost of medicines a top concern for voters, Trump and lawmakers of both major political parties want accomplishments they can point to before the 2020 elections.

Drugmakers also complained that the price reveal will infringe on their First Amendment free speech rights by forcing them to disclose prices. It’s unclear if that will prompt a court challenge, but Azar points out that the government has for decades required carmakers to post their sticker prices on vehicles.

“Prices of automobiles are vastly less important to your health and affordability than drugs,” he said.

According to the latest government figures, the 10 most commonly advertised drugs have prices ranging from $488 to $16,938 per month or for a usual course of therapy.

The disclosure requirement will not apply to print or radio ads for the foreseeable future. It encompasses all brand name drugs covered by Medicare and Medicaid, which is nearly all.

In a twist, enforcement of the rule will rely on drug companies suing each other over violations under a longstanding federal law that governs unfair trade practices.

“There are very large legal practices built on pharma companies suing each other,” Azar said, calling it a “quite effective mechanism.”

Most people count on lower-cost generic drugs to manage their health problems, but the advent of highly effective and extremely expensive medications for once-fatal or intractable diseases has put consumers on edge. Some genetic and cellular-based treatments can cost hundreds of thousands of dollars a year, straining on the budgets of insurers and government programs.

A recent poll from the nonpartisan Kaiser Family Foundation found that 1 in 3 Americans said they haven’t taken medications as prescribed because of costs. People who take four or more medications, those who spend $100 a month or more on meds, patients in fair to poor health and middle-aged adults are more likely to report affordability problems.

Although most patients do not pay the full list prices that will be included in ads, experts say those are still important. Patient copays are often based on list prices. And many people who have high-deductible insurance plans pay list prices because their insurance doesn’t start covering until patients spend several thousand dollars of their own money.

In other economically advanced countries, governments negotiate drug prices to keep medications more affordable for patients. But the U.S. has held back from government-set prices.

Azar, who is leading Trump’s efforts on prescription drugs, is a former drug company executive. He held senior posts with Indianapolis-based insulin maker Eli Lilly and Co. after an earlier stint in government service during the George W. Bush administration.

The regulations will take effect 60 days after they’re published in the Federal Register.

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