Morning Briefing
Summaries of health policy coverage from major news organizations
Johnson & Johnson's Prescription Drug Revenue Boosts Quarterly Earnings
Reuters: J&J Shares Hit New High On Strong Drug Sales, Weaker Dollar
Johnson & Johnson beat quarterly earnings forecasts on strong prescription drug revenue and a weakening dollar, and it reassured investors that it did not expect its blockbuster Remicade arthritis drug to face U.S. competition this year. The company also said on Tuesday that it remained on track to boost profit margins significantly this year, in part from cost cuts. (4/19)
Bloomberg: Johnson & Johnson's Slow-Motion Shift
Johnson & Johnson doesn't want to explode its way out of the conglomerate business by breaking up. But it has been scooting with increasing rapidity in one particular direction. ... But J&J's outperformance has nothing to do with the diversity of its business. It's all about the drugs. Pharma sales grew 8.2 percent compared to the same quarter last year. Consumer and device sales fell 5.8 and 2.4 percent, respectively. (Nisen, 4/19)
The Boston Globe: Tufts Health Plan Lifts Restrictions On Hepatitis C Drugs
Tufts Health Plan has lifted restrictions on expensive medications that can cure hepatitis C, and will now pay for the drugs regardless of the condition of infected patients’ livers. The shift in policy comes as health insurers are taking heat for limiting the drugs to people with severe liver damage. (Freyer, 4/20)
The Wall Street Journal: Express Scripts Countersues Anthem In Contract Dispute
Express Scripts Holding Co., the largest administrator of U.S. prescription drug benefits, on Tuesday denied allegations that it is overcharging health-insurer Anthem Inc. for prescription drugs, the latest volley in a bitter contract dispute between the health-care giants. Anthem, the second-largest U.S. health insurer, sued Express Scripts in March for about $15 billion in damages, alleging that the pharmacy-benefit manager, or PBM, violated its contract by refusing to renegotiate pricing terms in good faith and failing to meet certain operational duties. (Walker, 4/19)
STAT: Califf: FDA Can't Isolate Itself From Industry, Despite 'Touchy' Issues
The new Food and Drug Administration chief says the agency has to work with industry groups so it can keep up with the latest developments in medical science — because otherwise, even the agency’s best experts will fall behind. (Kaplan, 4/19)
