Gilead Sciences' juggernaut, Sovaldi, keeps on rolling along despite the pushback from payers, politicians and health officials over the high price of the hepatitis C cure. It racked up another $3.5 billion sales in the second quarter, on top of the nearly $2.3 billion in the first, a sum that made it the fastest drug launch ever.
When AbbVie buys out Shire for nearly $55 billion in a deal the two companies agreed on last week, there will be no golden parachute awaiting Shire chief Flemming Ornskov. Instead, there's a signing bonus in order: The helmsman will pocket just under $10 million for staying on with the combined company in a new role.
Investors are charging to the rescue of melanoma diagnostic device company Mela Sciences. Just a few weeks ago, company shares languished below the $1 minimum NASDAQ share price.
For Biogen Idec's second quarter, multiple sclerosis star Tecfidera blew analysts' estimates out of the water, as it's been wont to do. But it wasn't Tecfidera alone that helped the Massachusetts biotech trounce sales estimates by about $250 million.
A pair of med tech companies--Intersect ENT and Ocular Therapeutix--are on the road and ready for an IPO this week. Both of these companies have high-profile corporate investors, Medtronic and Baxter, respectively. They are trying to cash in on the recently renewed, public investor interest in life science IPOs to raise the money to market FDA-approved products and advance pipelines.
Healthcare, the largest unit by revenue, was also the worst performing for Dutch electronics conglomerate Philips during the second quarter. The company said it is making moves to turn that around, including a management shake-up a few weeks ago for the group and the reopening of a medical imaging production facility in Cleveland, OH, during the third quarter.
Allergan's pulled back the veil on the restructuring it's hoping will lure shareholders away from Valeant's $53 billion hostile buyout bid. Among the blueprints: laying off 1,500 employees, or 13% of its global workforce--and leaving room for some potential acquisitions.
Sales of products for the production animal category in emerging markets were up significantly for French drugmaker Virbac in the first half. It was helped in South America by the integration of Uruguay-based Santa Elena, which it bought last year, but it was not enough to overcome difficult foreign exchange rates and weak sales in the U.S. after having to recall 34 lots of its Iverhart Plus chewable heartworm medicine last year.
Pharma contracting giant Catalent has jumbo-sized its Wall Street ambitions, filing to go public in an IPO that would bring in about $872 million at its midpoint.
Stryker delivered positive second quarter numbers buoyed by acquisitions in domestic and foreign markets, but the company remains tepid on the subject of corporate inversions as a way to boost profit.