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Bayer, J&J say FDA wants more data on Xarelto
http://www.reuters.com/article/rbssHealthcareNews/idUSLR95960620090528
* Gets so-called "complete response letter"
* No new clinical or non-clinical studioes needed
* Confident questions raised can be promptly addressed
FRANKFURT, May 28 (Reuters) - Bayer (BAYG.DE: Quote, Profile, Research, Stock Buzz) and Johnson & Johnson's (JNJ.N: Quote, Profile, Research, Stock Buzz) said on Thursday the U.S. Food and Drug Administration declined to approve their experimental blood thinning pill Xarelto, asking for more information.
In a so-called "complete response letter" the FDA has, however, not requested that any new clinical or non-clinical studies be conducted to evaluate the drug -- known scientifically as rivaroxaban -- the companies added.
The drug is already approved in Europe to prevent blood clots after major orthopaedic surgery, and the two companies are also seeking clearance for the potential blockbuster in the United States, its largest market.
The pill was backed by an FDA advisory committee in March for use in knee and hip replacement patients despite concerns over possible side-effects and worries about long-term use.
The drug's blockbuster potential lies in the planned use to prevent strokes in patients suffering from atrial fibrilation, a common form of irregular heartbeat, with market launch not seen before 2011.
In its use after orthopaedic surgery, the oral drug is a rival to Sanofi-Aventis' (SASY.PA: Quote, Profile, Research, Stock Buzz) injectable treatment Lovenox, a standard treatment based on heparin.
Bayer's privately-held German rival Boehringer Ingelheim said it is about one and a half years ahead in the race to bring its blood-thinning pill Pradaxa to the mass market of stroke prevention but analysts say it remains open to question how it will fare against Xarelto.
After Amylin's annual shareholder meeting, they lost at least two board seats in a proxy contest to Carl Icahn and Eastbourne Capital Management LLC.
http://www.bloomberg.com/apps/news?pid=20601202&sid=aFzhQgDo7LOU
Like you said before, looks like a win-win situation for JNJ.
I believe Botox is already extensively off-label used in spasticity but perhaps it will be further reimbursed.
The not so good outcome is that a broader product label could be delayed to next year if it's a Class II.
MBRX announced a corporate restructuring that will reduce its workforce by approximately 85%, or 45 employees (7 left).
Medicis has set the list price of Dysport at $475 per 300 Unit vial. Think it's a small discount compared to the 100 unit Botox.
http://biz.yahoo.com/e/090526/mrx8-k.html
UTHR/Lilly Tadalafil (Adcirca)
The approved recommended once daily 40mg dose is an advantage over competitor - Revatio.
OT - PAH
As you expected, FDA approved Adcirca (Tadalafil).
http://www.accessdata.fda.gov/scripts/cder/drugsatfda/index.cfm?fuseaction=Search.DrugDetails
ISIS/GENZ: Mipomersen
I would note that a rapid, severe reductions in ApoB is expected to result in liver enzymes elevation however, the patient in phase III trial (as in previous studies), did not have an elevation in bilirubin. Think this will be acceptable in subjects with homozygous familial hypercholesterolemia (HoFH). Approval of mipomersen beyond HoFH, in broader high-risk populations requires an outcomes study, that should begin mid 2010. Suppose ISIS/GENZ are waiting for data (expected end of 2009/early 2010) from ongoing mipomersen studies in high-risk high-cholesterol patients (HeFH, apheresis, polygenic), to get a better view on its risk/reward and future development.
True, treatments cannot reverse the damage to lung and airways but they do relieve the symptoms of COPD, and QAB149 has the once-daily advantage and superior efficacy.
If I read this right, the biodegradable polymer has a possible shortening DAPT.
J&J plans to arbitrate Remicade pact
http://www.reuters.com/article/innovationNews/idUSTRE54J7KB20090520
PHILADELPHIA (Reuters) - Schering-Plough Corp (SGP.N: Quote, Profile, Research, Stock Buzz) said on Wednesday that Johnson & Johnson (JNJ.N: Quote, Profile, Research, Stock Buzz) would seek to arbitrate an end to their Remicade drug partnership in the wake of Schering-Plough's planned merger with Merck & Co Inc (MRK.N: Quote, Profile, Research, Stock Buzz).
In a filing with the U.S. Securities and Exchange Commission, Schering-Plough said Johnson & Johnson notified it on May 5 that it planned to arbitrate whether it had the right to terminate the Remicade arthritis distribution agreement due to the planned merger.
Schering-Plough years ago acquired the rights to Remicade and another arthritis treatment, golimumab, from diversified healthcare company Johnson & Johnson, which sells Remicade in the United States. Golimumab is awaiting approval in Europe.
If Schering-Plough had faced a change-of-control, such as a buyout, certain provisions in the licensing deal would prevent Merck from taking over overseas rights. However, since Merck's acquisition of Schering-Plough is structured as a so-called "reverse merger," Merck has said the Remicade partnership would be unchanged.
Merck has previously said Schering-Plough's rights to Remicade and golimumab would not be affected by the merger.
Johnson & Johnson did not immediately return calls seeking comment.
Merck and Schering-Plough said in the SEC filing they would "vigorously contest" any attempt by Johnson & Johnson to terminate the distribution agreement.
Remicade, used to treat arthritis, as well as, Crohn's disease, generated about $2.1 billion in sales in 2008.
Due to the uncertainty surrounding the outcome of any threatened or actual arbitration proceeding, Merck and Schering-Plough said "the parties may choose to settle a dispute under mutually agreeable terms."
The loss of Remicade sales would not trigger a "material adverse change" in Schering-Plough's financial prospects and would not threaten the merger deal with Schering-Plough.
Separately, Schering-Plough said it had previously held talks for a potential merger with an unnamed company, but it never received an takeover offer.
The talks were held while Schering-Plough was in negotiations with Merck, but broke off after the unnamed company decided it was "not in a position at that time to make a proposal for a business combination, according to the SEC filing.
AstraZeneca Wins Block of Apotex’s Pulmicort Copy
http://www.bloomberg.com/apps/news?pid=20601202&sid=aJgxcbnt5bQw&refer=healthcare#
By William McQuillen and Susan Decker
May 20 (Bloomberg) -- AstraZeneca Plc won its bid to block Apotex Inc. from selling copies of the asthma drug Pulmicort Respules until a patent-infringement trial can be held.
U.S. District Judge Renee Marie Bumb in Camden, New Jersey, issued the order today after a hearing on the dispute, according to the judge’s law clerk. The judge will issue an opinion listing her reasons later.
U.S. sales of Pulmicort last year totaled $982 million for London-based AstraZeneca, and sales of the respules account for about 90 percent of those, the company said Jan. 29. In November, AstraZeneca reached an agreement that prevents Teva Pharmaceutical Industries Ltd. from selling a copy of Pulmicort Respules before Dec. 15.
Apotex received U.S. Food and Drug Administration approval March 30 to sell its version of the drug, known generically as budesonide inhalation suspension. AstraZeneca sued the next day, seeking to block sales until its patents expire in 2019.
Bumb issued an order on April 16 blocking sales until hearing testimony on AstraZeneca’s claims that it would be irreparably harmed by allowing the generic on the market. The judge extended that order while deliberating today’s ruling.
Blair Hains, a spokesman for AstraZeneca, said the company is pleased with the decision. “We continue to have full confidence in the strength of the intellectual property rights protecting Pulmicort Respules,” he said.
Steve Giuli, an Apotex spokesman, said the company had no comment.
Teva Order
Before the Teva accord, Bumb issued a temporary order preventing Petah Tikva, Israel-based Teva from selling copies of the drug.
In granting the request against Teva, Bumb said Nov. 19 that AstraZeneca faced “immediate and irreparable harm” if the temporary ban wasn’t imposed. AstraZeneca settled with Teva the following week.
Teva entered the market briefly after it received FDA approval on Nov. 18 and before the judge’s ruling. AstraZeneca said that, as a result, U.S. sales of Pulmicort Respules fell 18 percent in the fourth quarter.
Teva was allowed to continue selling generic Pulmicort that already had been shipped. Those copies accounted for 40 percent of all budesonide inhalation suspension sales in December, AstraZeneca said Jan. 29.
AstraZeneca’s American depositary receipts, each representing one ordinary share, rose 82 cents, or 2 percent, to $41.12 in New York Stock Exchange composite trading.
The case is AstraZeneca LP. V. Apotex Inc., 09cv1518, U.S. District Court, District of New Jersey (Camden).
Novartis eyes blockbuster sales for new lung drug
http://www.reuters.com/article/rbssHealthcareNews/idUSLL32522520090521
* All doses of QAB149 met main target in late stage trials
* Showed significant improvement over two approved medicines
* Development head says could be a billion-dollar seller
By Sam Cage
ZURICH, May 21 (Reuters) - A new medicine from Novartis AG (NOVN.VX: Quote, Profile, Research, Stock Buzz) significantly improved lung function when compared with two established respiratory drugs in late stage clinical tests, boosting hopes it could be a $1 billion-a-year seller.
The drug, known as QAB149, is being reviewed for approval in the European Union and the United States. Trevor Mundel, head of development at Novartis Pharma, said the drug could be on the market next year and has the potential to be a big seller.
"I think QAB becomes a very substantial opportunity," Mundel told Reuters. "I think heading towards a blockbuster."
Blockbusters are defined in the pharmaceuticals industry as products with annual sales of $1 billion or more.
All doses of once-daily QAB149 met their main target in Phase III trials for treating chronic obstructive pulmonary disease (COPD), or "smoker's lung", the Swiss drugmaker said on Thursday.
The medicine showed significant improvements over bronchodilators formoterol and tiotropium and significantly improved lung function from the first day of therapy to up to one year of treatment, Novartis said.
Formoterol is marketed under various trade names by companies including Novartis, Schering-Plough Corp (SGP.N: Quote, Profile, Research, Stock Buzz), and AstraZeneca Plc (AZN.L: Quote, Profile, Research, Stock Buzz). Tiotropium is the generic name for Spiriva, marketed by Pfizer Inc (PFE.N: Quote, Profile, Research, Stock Buzz) and Boehringer Ingelheim.
Novartis is planning to use QAB149 both on its own and as the base of combination treatments with other lung medicines.
One such combination product is QVA149 -- a mix of QAB149 and Vectura Group Plc's (VEC.L: Quote, Profile, Research, Stock Buzz) NVA237 -- which is expected to enter Phase III clinical trials in the fourth quarter.
Another is QMF149, which combines QAB149 and Schering-Plough's mometasone, for which Novartis assumed worldwide rights in a deal announced earlier this week.
"Novartis has a growing respiratory pipeline, which we believe has not been a key investor focus ... QAB149 is the cornerstone for a large number of potentially valuable future combinations," analysts at Citigroup said in a research note.
Piper Jaffray analysts said the latest good clinical data boded well for QVA149 and Vectura's partnership with Novartis. Shares in Vectura rose 2.6 percent in early trade.
Scientific Meeting Calendar
NOTE: ANYONE MAY UPDATE THIS FILE
Edits: Added - ENS, ESC, AARC, AES
MAY 2009
American Psychiatric Association - APA
May 16-21, 2009
San Francisco
http://www.psych.org/Events/AnnualMeeting.aspx
American Conference for the Treatment of HIV - ACTHIV
May 15-17, 2009
Denver, Colorado, United States
http://www.acthiv.org/
American Thoracic Society - ATS
May 15-20, 2009
San Diego, California
http://www.thoracic.org/
European Human Genetics Conference
May 23-26, 2009
ACV, Vienna, Austria
http://www.eshg.org/eshg2009/
American Society for Clinical Oncology - ASCO
May 29-June 2, 2009
Orlando, Florida
http://www.asco.org
Digestive Disease Week - DDW
May 30-June 4, 2009
Chicago, IL
http://www.ddw.org/wmspage.cfm?parm1=605
JUNE 2009
American Diabetes Association - ADA
June 5-9, 2009
New Orleans, LA
http://professional.diabetes.org/Meetings_GeneralList.aspx
Endocrine Society - ENDO
June 10-13, 2009
Washington, DC
http://www.endo-society.org/endo/media.cfm
European Neurological Society - ENS
Milan, Italy
June 20–24, 2009
www.ensinfo.com
JULY 2009
International Society on Thrombosis and Haemostasis - ISTH
July 11-16, 2009
Boston
http://isth2009.com/
AUGUST 2009
International Congress of Respiratory Science - ICRS
August 9-13, 2009
Bonn, Germany
http://www.respiratory-science.org/
European Society of Cardiology - ESC
August 29-September 2, 2009
Barcelona, Spain
http://www.escardio.org/congresses/esc-2009/Pages/welcome.aspx
SEPTEMBER 2009
Interscience Conference on Antimicrobial Agents and Chemotherapy - ICAAC
September 12-15, 2009
San Francisco
http://www.icaac.org/
OCTOBER 2009
International Congress on Coronary Artery Disease - ICCAD
October 11 to 14, 2009
Prague, Czech Republic
http://www2.kenes.com/cad/pages/home.aspx
Society for Neuroscience - SFN
October 17-21, 2009
Chicago, USA
http://www.sfn.org/am2009/
World Diabetes Congress - IDF
October 18-22, 2009
Montreal, Canada
http://www.worlddiabetescongress.org/
American Society of Human Genetics - ASHG,
October 20-24, 2009
Honolulu, Hawaii
http://www.ashg.org/2009meeting/
Renal Week 2009
October 27 November 1, 2009
San Diego, CA
http://asn-online.org/education%5Fand%5Fmeetings/renal%5Fweek/
American College of Chest Physicians - CHEST
October 31 - November 5, 2009
San Diego, California
http://www.chestnet.org/CHEST/program/about09.php
NOVEMBER 2009
American College of Allergy, Asthma & Immunology - ACAAI
November 5-11, 2009
Miami Beach, FL
http://www.acaai.org/Member/Annual_Meeting/Annual+Meeting.htm
American Heart Association - AHA
November 14-18, 2009
Orlando, Fl
http://scientificsessions.americanheart.org/portal/scientificsessions/ss/seeyounextyear2009
DECEMBER 2009
American Epilepsy Society - AES
December 4-8, 2009
Boston, MA
www.aesnet.org
American Society of Hematology - ASH
December 5-8, 2009
New Orleans, LA
http://www.hematology.org/meetings/2009/index.cfm
International Respiratory Congresses - AARC Convention
Dec. 5–8, 2009
San Antonio, Texas
http://www.aarc.org/education/meetings/#future_congress
American College of Neuropsychopharmacology - ACNP
Dec 6-10, 2009
Hollywood, Florida
www.acnp.org
--
Procedure for Updating Calendar
When adding or modifying entries, please follow these steps:
1. Copy the complete text from the old calendar.
2. Make your additions or modifications, inserting any new items in chronological order.
3. Near the top of the message, give a very brief description of your changes (e.g. “Edits: Added entry for AASLD”).
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And I thought it's the water level in Lake Kinneret:
Derek Lowe's take:
Mipomersen - It Still Works
http://pipeline.corante.com/
Isis Pharmaceuticals has had a long, tough history developing antisense-based therapeutics. I've lost count of the number of promising candidates they've had (and promising deals they've signed). But the latest one seems to be progressing: mipomersen, designed to block production of the ApoB lipoprotein.
That should lower LDL, and help with several other cardiovascular risk factors at the same time. Isis and their partner Genzyme have just announced that a trial of the drug in patients with homozygous familial hypercholesterolemia showed significant LDL reductions (25 per cent). These people are already maxed out on statin therapy, and still have huge LDL levels, so this does seem to represent an advance.
And Genzyme knows all about getting drugs through for very small patient populations (and charging accordingly) - they're definitely a good partner for this sort of drug. But both they and Isis would like for mipomersen to be used more widely. The next target are patients with the heterozygous form of hypercholesterolemia, and then they'll try to move on to various other statin-intolerant patients with risky LDL levels.
Isis could use a success. They were the first to get an antisense therapy approved (Fomiversen), but it really has never brought in much revenue. Mipomersen, as an injectable, is never going to go out and take over the world like the stating drugs, but it could still be a winner in its own (larger) niche.
Nexavar approved for HCC in Japan:
http://finance.yahoo.com/news/Nexavar-approved-in-Japan-for-apf-15304807.html?.v=1
In general, I don't think anyone expects biosimilars to behave like conventional oral solid dose generics and capture 90% of the market quickly following launch. A key question imo is - how willing clinicians and payers are to use a cheaper biosimilar. This is influenced by many issues: type of treatment market, critical care or chronic, dosing (like with Avonex vs. Rebif), device of administration (as with GH biosimilars which have only made a smallish impact - less than 5% of market share), meaningful clinical or label differentiation to the brands (recall that even with no such differences Dynepo was a failure).
Should be more potent than Nexavar and dosed less frequently, but could also be more toxic. Btw, ONXX said at the Deutsche Bank Annual Health Care conference that the structure of F-sorafenib was claimed in its original patent.
Amgen CEO says threat from biosimilars not absolute
http://www.reuters.com/article/rbssHealthcareNews/idUSN1835848620090518
* Smart biotechs may stem damage from biosimilars
* Sensipar kidney drug could get big boost from study
By Ransdell Pierson
NEW YORK, May 18 (Reuters) - The chief executive of Amgen Inc (AMGN.O: Quote, Profile, Research, Stock Buzz) forecast on Monday that "smart" biotechnology companies may be able to retain up to half the sales of their drugs once they face competition from cheaper so-called biosimilars.
Kevin Sharer, speaking to investors at Deutsche Bank AG's annual healthcare conference, said he believed that longer- term, some biotechnology companies "can sustain 30 percent to 50 percent of cash flow from products if they're smart competitors."
He said that was considerably better than conventional medicines facing generic competition, meaning pills made of chemicals combined together rather than grown from living cells -- as is the case with biotechnology drugs.
Conventional drugs can lose up to 90 percent of their sales within a year once they face generic competition, in part because many companies often begin selling heavily discounted copycat formulations. By contrast, relatively few companies are now capable of making generic forms of biotech drugs, referred to as biosimilars or biogenerics.
European regulators recently approved biosimilar forms of two Amgen drugs, Epogen for anemia and Neupogen, used to boost infection-fighting white blood cells in patients on chemotherapy. The two drugs are not facing biosimilar competition in the lucrative U.S. market.
Sharer did not forecast how well Epogen and Neupogen would fare as competition from the biosimilars intensified this year, but his comments suggested he is confident they would not fall off the map.
The first-quarter global sales of Epogen, an older version of Amgen's Aranesp brand used primarily in kidney dialysis patients, rose 2 percent to $565 million. But that was still well below the $607 million analysts were expecting.
Combined global sales of Neupogen and Amgen's newer white blood cell booster, Neulasta, fell 1 percent to $1.07 billion, shy of Wall Street estimates of $1.17 billion.
Sharer said the company's Sensipar drug for kidney failure patients could get a big sales lift if it proves able in an ongoing study to reduce calcification in blood vessels.
Sensipar now has sales potential "close to a blockbuster drug," Sharer said, meaning annual sales could approach $1 billion. But he said its sales could grow far beyond that if the anti-calcification study succeeds.
Sensipar sales rose 11 percent in the first quarter to $148 million.
New Drugs Have Allure, Not Track Record
http://www.nytimes.com/2009/05/19/health/19mind.html?_r=1&ref=health
By RICHARD A. FRIEDMAN, M.D. May 19, 2009
Recently, one of my residents told me about a patient with bipolar disorder whose psychiatrist had prescribed an exotic cocktail of drugs — a sedative, a new mood stabilizer and the latest antipsychotic medication.
I was puzzled — not by her case, which the resident described as textbook manic depression, but by what was left out. This patient, it seems, was never offered lithium, the single most effective treatment for bipolar disorder.
When I met with my residents in their weekly seminar, I decided to make a big deal of this case. “What do you think about her treatment?” I asked them.
There was a long silence. “What’s wrong with it?” one resident replied. Finally, a resident offered that he knew the right answer was lithium, but that newer treatments were more popular.
Now I got it. Never mind that lithium has proved its safety and efficacy over decades of use; it’s passé — eclipsed by all the new and sexy blockbuster drugs.
Lithium salts have been used to counter bipolar disorder since the 1950s, when it was discovered that they greatly reduced the intensity and frequency of mood swings in about 70 percent of patients with the disorder. While lithium must be taken with care — it is therapeutic in a narrow range of blood levels, and overdoses can be toxic — it is also the only psychotropic drug that has ever been shown to have specific antisuicidal effects. That makes it especially valuable, given the high risk of suicide associated with mood disorders.
But lithium is cheap and unpatented, so drug companies have little interest in it. Instead, they have made a new generation of mood stabilizers, some more tolerable than lithium, but none more effective.
And lithium is hardly the only unsexy but effective drug to fall by the wayside. New medical treatments are a bit like the proverbial new kid on the block: they have an allure that is hard to resist.
Doctors and patients alike are inundated by drug company marketing. The companies like to say they are interested in educating the public and physicians about various illnesses, though I have yet to meet a single patient who learned anything informative about any disease from an advertisement.
Instead, I have seen scores of patients in my office, eager to get the latest antidepressant or mood stabilizer that promised them tranquility on their TV screens.
No wonder: drug company spending on consumer advertising skyrocketed 330 percent from 1996 to 2005, according to a 2007 study in The New England Journal of Medicine.
Unlike the public, physicians continue to believe that they are immune to the influence of drug companies, despite strong evidence to the contrary. Studies have shown that doctors with ties to industry are more likely to prescribe a brand-name drug over a cheaper generic version than doctors without such ties.
This is not to say that all influence is bad. If a new drug actually proves to be safer or more effective than its predecessors, then of course it should be prescribed for those whom it will benefit.
All too often, though, the new panacea is nothing more than a “me too” drug — a minor modification of an available drug, offering little or no advantage in safety or efficacy.
Not long ago I saw a patient who told me she had treatment-resistant depression. She had failed to respond to multiple trials of five new antidepressants, including two from the same class of drugs.
I called her psychiatrist, a smart young doctor whom I know, to ask if she had ever been given one of the older antidepressants, like a tricylic or a MAOI (for monoamine oxidase inhibitor). He had little experience with these highly effective older drugs, so he hadn’t thought to use them.
I suggested that she try an MAOI. After six weeks, she improved remarkably.
Now it’s true that the newer antidepressants are generally safer and more tolerable than older ones, which is an important advantage, but they are no more effective than older antidepressants.
My younger colleague had been trained recently and had tremendous knowledge about the latest research and drugs. But his training failed to provide him with the larger context in which to place all these exciting developments.
Specifically, how do all these new drugs stack up against older ones? That is not something that we know enough about. And it is not something drug companies have any interest in discovering. To earn approval from the Food and Drug Administration, a new drug just has to beat a placebo, not a standard drug, in two clinical trials.
But patients and doctors need to know not just whether a new drug outperforms a placebo, but whether it’s a real advance on what is already on the market. For that, we need head-to-head trials comparing new and standard treatments.
That is precisely the goal of comparative-effectiveness research, President Obama’s ambitious initiative to help determine which treatments really work. As you might expect, it has provoked strong resistance from the makers of drugs and devices who fear that their fancy new products may not be any better than current ones.
I don’t know about you, but I’d opt for an old drug with a known track record of efficacy and safety over an expensive newcomer with no added benefit — any day of the week.
Richard A. Friedman is a professor of psychiatry at Weill Cornell Medical College.
Medtronic to cut up to 1,800 jobs after profit dip
http://finance.yahoo.com/news/Medtronic-to-cut-15001800-apf-15290268.html
Medtronic to cut up to 1,800 jobs after 4th-quarter profit falls on charges, revenue dip
* Matthew Perrone and Damian J. Troise, AP Business Writers
* On Tuesday May 19, 2009, 3:14 pm EDT
Medical device maker Medtronic said Tuesday it would cut up to 1,800 employees after its fiscal fourth-quarter plunged 69 percent on slipping sales and restructuring and other charges.
Its adjusted earnings matched Wall Street expectations, but shares fell after the company forecast disappointing sales guidance and announced the layoffs.
The company recorded a $27 million restructuring charge in connection with cutting 1,500 to 1,800 jobs, a move aimed at streamlining operations for underperforming units, such as cardiac surgery. About 400 employees already have accepted buyout offers and will leave the company by the end of the month.
Edward Jones analyst Aaron Vaughan said the layoffs were in line with Medtronic's multi-year effort to control costs. Vaughn said the market's negative reaction to earnings was most likely in response to the company's 2010 sales guidance, which came in below expectations.
Company shares fell $2.45, or 7.2 percent, to $31.51.
Medtronic, the world's largest medical-device company, is seen by analysts as a safe bet during economic downturns because it sells a broad range of devices that are medical necessities. But the company has stumbled in recent quarters following safety-related concerns with its implantable devices. The company has lost share of its top-selling implantable defibrillators to rivals like Boston Scientific Corp., after a 2007 recall linked to cracked heart wiring.
The Minneapolis-based company said it earned $250 million, or 22 cents per share, in the three months ended April 24, down from $812 million, or 72 cents per share, a year earlier.
Besides restructuring charges, Medtronic also paid a hefty charge to Johnson & Johnson related to a patent dispute over stents and absorbed costs of purchasing Corevalve and Ventor, makers of artificial heart valves.
Excluding charges, the company said it earned 82 cents per share. That matched the consensus of analysts surveyed by Thomson Reuters.
Revenue slipped 1 percent to $3.83 billion from $3.86 billion a year earlier. Analysts expected revenue of $3.84 billion.
Sales of heart-rhythm management devices, the company's top-earning unit, fell 5 percent to $1.3 billion, offsetting some slight gains from the spinal and biologics device unit and the neuromodulation device unit. Sales rose 1 percent in the spinal and biologics unit to $881 million, and 2 percent in neuromodulation to $389 million.
Chief Executive Bill Hawkins said the company is beginning to see the implantable defibrillator market regain ground after several years of flat sales. He added that upcoming study results looking at the life-saving benefits of the implants could help sales.
"There are some good things that are happening, which we think will stabilize the implantable defibrillator market," Hawkins told analysts.
Sales of heart surgery products remained flat at $644 million. The products include catheters and angioplasty balloons, which are used to clear fatty plaque from the arteries, as well as mesh-metal stents, or tiny tubes used to prop open the arteries once they've been cleared.
The company said a stronger U.S. dollar cut into the value of overseas sales, partially causing the overall revenue dip.
For the full fiscal year, the company earned $2.29 billion, or $2.04 per share, up from profit of $2.23 billion, or $1.95 per share, in fiscal 2008. Revenue rose to $14.6 billion from $13.52 billion.
Hawkins said the results reflect the company's efforts to invest in new products while also cutting costs.
Looking ahead, the company expects fiscal 2010 profit between $3.10 and $3.20 per share, while analysts expect $3.21 per share. Assuming no shifts in currency exchange rates throughout the fiscal year, the company expects a 5 percent to 8 percent boost in revenue.
On Rituxan and PML risk
http://bloodjournal.hematologylibrary.org/cgi/content/full/113/20/4834
Thanks, woofer. You're doing an impressive job plus you got a free chemistry lesson from the moderator. You keep going like that and soon rkrw won't need to call this guy #msg-37907810 :)
Dacarbazine
http://en.wikipedia.org/wiki/Dacarbazine
Top 15 Big Pharma Paychecks of 2008
http://www.fiercepharma.com/special-reports/top-paychecks-big-pharma
By Maureen Martino and Calisha Myers
Welcome to to our second annual look at pharma CEO salaries. Every year, executive salaries cause a flap as industry watchers compare who makes what, who got a raise and who's spending the most on air travel, security, drivers and the like. Inevitably, the numbers cause controversy. Last year's massive rounds of layoffs [1]--along with broad criticism of CEO salaries due to economic problems--have made this year's salaries even more subject to scrutiny.
There are several notable moves in this year's ranking. With a hefty $29.5 million haul in 2008, J&J's Bill Weldon jumped two spots to number one, knocking Abbot's Miles White to second place (White's pay dropped from $33 million in 2007 to $28.3 million in 2008). Schering-Plough's Fred Hassan fell all the way down to number eleven from the number two spot last year as his pay plummeted from $30.1 million to $12.9 million. Hassan--along with Wyeth's Bernard Poussot and Sanofi's Le Fur--will not be on our list next year; Schering Plough and Wyeth were absorbed by Merck and Pfizer respectively, and Le Fur has been replaced by former GSK exec Chris Viehbacher. No CEO made over $30 million in 2008, which Weldon and White both topped in 2007.
Biotech CEOs, suchs as Amgen's Kevin Sharer and Genentech's Arthur Levinson, are not included on the Big Pharma list but will be covered in a future report on biotech executive salaries. To discover more details for yourself--or to find out what your boss is making--take a look at the list below.
1. Bill Weldon - Johnson & Johnson [2] - $29.4M
2. Miles White - Abbott Laboratories [3] - $28.3M
3. Bernard Poussot - Wyeth [4] - $25M
4. Jim Cornelius - Bristol-Myers Squibb [5] - $25M
5. Richard Clark - Merck [6] - $19.9M
6. Robert Parkinson - Baxter International [7] - $16M
7. David Vasella - Novartis [8] - $15.1M
8. Jeffrey Kindler - Pfizer [9] - $14.8M
9. Frank Baldino - Cephalon [10] - $14.5M
10. John Lechleiter - Eli Lilly [11] - $13M
11. Fred Hassan - Schering-Plough [12] $12.9M
12. Robert Coury - Mylan [13] $12.5M
13. Werner Wenning - Bayer [14] - $4.8M
14. David Brennan - AstraZeneca [15] - $4.7M
15. Severin Schwan - Roche [16] - $4.5M
Honorable mentions:
Gerard Le Fur - Sanofi-Aventis [17] - $3.3M
Andrew Witty - GlaxoSmithKline [18] - $2.7M
Top 5 layoffs of 2008
http://www.fiercepharma.com/special-reports/top-5-layoffs-2008
By Maureen Martino
Welcome to our second annual report [1] on the top five layoffs of the year. Companies like Pfizer, AstraZeneca and Bayer posted the biggest numbers in 2007 [2]. In 2008, patent expirations, drug safety problems and a general need to become leaner and meaner put Merck, Schering-Plough, Wyeth, UCB and AstraZeneca at the top of this list.
A drop in Vytorin sales, along with other factors, helped Merck and Schering-Plough find their way into this report. Wyeth, UCB and Abbott's restructuring efforts figured prominently into their cutbacks. But most drug developers--including the ones that weren't in the top five--cut at least some of their sales forces. That's in line with Big Pharma's overall trend of spending less on sales budgets.
Yet for every Big Pharma layoff, there seemd to be five small companies cutting a portion of their workers. An inhospitable funding environment made it difficult for many smaller companies to raise capital, and they were forced to cut jobs and non-essential programs in order to stretch their cash. These smaller cuts didn't make it into our top five but you can see a full list of this year's layoffs here [3]. And here is the list of the top 5 layoffs of 2008:
1. Merck - 8,400 jobs [4]
2. Schering-Plough - 5,500 jobs [5]
3. Wyeth - 5,000 jobs [6]
4. UCB Pharma - 2000 jobs [7]
5. AstraZeneca - 1,400 jobs [8]*
6. Abbott - 1,000 jobs [9]
*This job cut announcement occurred after the date this report was originally published. AstraZeneca made its announcement on November 20, 2008.
Not a buyout, just an option/alliance deal:
Glaxo boosts cancer research with UK biotech deal
http://www.reuters.com/article/rbssHealthcareNews/idUSLI23864820090518?rpc=401&
LONDON, May 18 (Reuters) - GlaxoSmithKline (GSK.L: Quote, Profile, Research, Stock Buzz) took another step to bolster its early-stage pipeline of cancer drugs on Monday by signing a deal worth up to $370 million with privately held British biotech group Oxford BioTherapeutics.
The strategic alliance covers the discovery and development of new therapeutic antibodies for treating primary, metastatic and recurring forms of cancer, with Glaxo developing drugs against selected targets identified by Oxford BioTherapeutics (OBT).
OBT will also develop one antibody through to clinical proof of concept, at which point Glaxo will have an option to license it.
OBT said it would receive an undisclosed upfront payment and would be eligible for up to a total of $370 million in milestone payments, depending on the success of the new drugs in development. It will also get royalties on any eventual sales.
I'm not a chemist, (you should ask the guys at SI like tommysdad and Miljenko) but as far as drug molecules are concerned fluorine is usually more lipophilic than hydrogen, which makes the fluorinated compounds more fat soluble. This allows them to partition into membranes more easily and they have higher bioavailability.
I only know of a close example of the same strategy in drug discovery process: flunitrazepam (Rohypnol, Roche) and its parent nitrazepam (Mogadon, also Roche) which the only structural difference between the two drugs is an ortho fluoro phenyl substituent.
Hehe, that's one syndrome less for you to worry about :)
You may have another chance, they have just reported a success in phase II trial for CF101 in dry eye syndrome.
VRUS R7128 preclinical tox
While information is incomplete, (for example was the tox related to specific metabolite which is metabolized more extensively in monkeys), I think that since the monkey studies did not prevent the start of phase 2b trials designed with up to 1,000mg BID, I am cautiously optimistic about this.
On NOAEL, please see my reply to dewo.
I think the first monkey tox study was stopped as the preliminary results indicated outward signs of clinical toxicity, but after a detailed examination of the 13 week data, and of the second monkey tox study which was a 13-week one, they made the comment about the NOAEL in monkeys being well bellow 600mg/kg/day.
ISRG - da Vinci systems
Suspension of guidance for systems revenue and instruments and accessories revenue, makes me cautious about the increased overall 2009 procedure growth guidance. Is it the just the stocking orders or other reasons? If there were also fewer procedures/system, it might get worse.
VRUS (R7128 pre-clinical kidney tox)
The first was a 6-month safety study in monkeys at doses of 200 to 2000 mg/kg/day, in July 2007, which was stopped after 13 weeks, as there were clear signs of clinical toxicity across all dose cohorts and an NOAEL was not established. A second monkey tox study started in April 2008 with a lower dose range - 10, 40, 100, and 600 mg/kg/day. No outward clinical effects were observed and if memory serves, VRUS thought the NOAEL in monkeys is well under 600 mg/kg/day.
One more on the reassuring side:
It is not seen in rats, despite substantially higher doses.
Still, the design of the phase 2b - enrollment in 2 cohorts, with the larger portion of the study contingent on the safety results from the first smaller one, shows the kidney tox concerns.