Ozempic for all, Zepbound is back, and the top CEO pay: Pharma news roundup
Plus, CVS will cut almost 3,000 jobs as it plans AI investments — and considers breaking up
The mayor of Rio de Janeiro is promising to make a generic version of Ozempic available through the city’s public health network — if he wins reelection. The top 5 highest-paid pharma CEOs all made over $60 million last year. And CVS Health Corporation (CVS) is set to slash 2,900 jobs as part of a multiyear, cost-saving initiative aimed at reducing expenses and increasing investments in AI.
Check out those stories and more pharmaceutical news highlights from this week.
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A Brazilian politician is making an interesting campaign pitch: Ozempic for all. Eduardo Paes, the mayor of Rio de Janeiro, is seeking reelection and just promised to make a generic version of Ozempic available through the city’s public health network if he wins.
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The shortage of Eli Lilly’s (LLY) blockbuster diabetes and weight loss drugs is officially over, according to the Food and Drug Administration (FDA). The news could put pressure on companies that have been able to sell off-brand versions of GLP-1 weight loss drugs due to widespread shortages.
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Health care stocks underperformed the broader market in 2023, with many companies falling short of their profit targets and some CEOs missing out on bonuses. Yet despite these setbacks, the CEOs of the industry’s top 300 companies still raked in a staggering $3.5 billion collectively last year, according to a new report by STAT News. Although average CEO pay dropped from $13 million in 2022 to $11 million in 2023, the highest earners still took home more than $100 million each. Here’s how much money the the top 5 highest-paid CEOs in health care made in 2023.
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We’re only a few months away from the end of the year, but pharma companies still have a steady stream of clinical trial results to announce before then. Several companies — including Novo Nordisk (NVO), Viking Therapeutics (VKTX), and Amgen (AMGN) — are expected to post the results of their next-gen weight loss drugs. Plus, CRISPR Therapeutics (CRSP) is set to share preliminary findings from a trial testing CTX112, a genetically engineered cell therapy for cancer and autoimmune diseases. Learn more about these and other must-watch clinical trials.
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It took GLP-1 medications such as Ozempic just seven years to surpass insulin as the the second-most common treatment for Type 2 diabetes, according to a new report by the market research and analytics firm Trilliant Health.
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CVS Health Corporation (CVS) is set to cut approximately 2,900 jobs as part of a multiyear, $2 billion cost-saving initiative aimed at reducing expenses and increasing investments in technology.
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Roche (RHHBY) told investors Monday that it plans to make significant cuts to both the cost and time it takes for it to develop new drugs, including its slate of experimental weight loss and diabetes medications.
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Exploding sales of prescription weight loss medications have catapulted Novo Nordisk (NVO) and Eli Lilly (LLY) to becoming the world’s most valuable pharmaceutical companies. This relentless demand has not only led to continuing shortages but also boosted Denmark’s GDP last year. Morgan Stanley (MS) analysts project that the global market for GLP-1 prescription drugs could reach $105 billion by 2030. With so much money at stake, a range of companies have begun offering weight loss medications.
Check out which companies entered the weight loss market this year.