Wegovy sales surge, COVID vax sales sink, and 'junk' patents: Pharma news roundup
Plus, Weight loss drugs are so hot that Eli Lilly is expecting $2 billion more in sales this year
Novo Nordisk responded this week to the Federal Trade Commission’s (FTC) suggestion that it filed ‘junk’ patents to prevent competition and raise prices. Moderna stock surged on Thursday after its first-quarter earnings report blew past Wall Street’s expectations. And Johnson & Johnson announced its plans to pay nearly $6.5 billion over 25 years to settle all pending and future U.S. lawsuits alleging that its baby powder and other talc-based products caused ovarian cancer.
Check out those stories and more pharma news highlights.
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Novo Nordisk responded today to the U.S. Federal Trade Commission’s (FTC) suggestion that it filed ‘junk’ patents to prevent competition and raise prices. The Ozempic maker denied wrongdoing, stating that the disputed patents — including for its popular diabetes drug — were all approved by the patent office and followed FDA protocols.
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Moderna stock soared on Thursday after its first-quarter earnings report sailed past Wall Street’s expectations. The company reported $167 million in sales of its COVID-19 vaccine, Spikevax, in the first three months of 2024.
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Novo Nordisk on Thursday raised both its full year sales and operational profit guidance for the year after reporting booming sales of its blockbuster diabetes and weight loss drugs Ozempic and Wegovy in the first quarter.
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The skyrocketing popularity of the diabetes drug Ozempic has put a heavy burden on public spending in Denmark, the home country of the drug’s producer Novo Nordisk. In response, the Danish Medicines Agency announced on Wednesday that it has decided to cut some subsidies for the drug, most known for its weight loss side effects.
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Johnson & Johnson announced Wednesday that it plans to pay nearly $6.5 billion over 25 years to settle all pending and future U.S. lawsuits alleging that its baby powder and other talc-based products caused ovarian cancer.
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Eli Lilly stock jumped 5% during Tuesday morning trading to about $773 a share after the pharma giant reported better-than-expected sales of its weight loss drug Zepbound in the first quarter of 2024.
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A dose of Wegovy’s highly-coveted weight loss drug is no longer in limited supply, according to Food and Drug Administration (FDA) drug shortage database.
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You may think that a class of drugs that has been shown to help users lose 15% to 20% of their body weight may put the fitness industry on edge. But some gyms are actually embracing these slimming medications. And, surprisingly, a new analyst report from Morgan Stanley published this month suggests these gyms are making the right move.
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AbbVie raised its full year profit guidance today, even as sales of its flagship medication have continued to fall. In its latest quarterly earning report, AbbVie raised its annual profit forecast to between $11.13 and $11.33 per share, from a previous estimate of $10.97 to $11.17.