Merck, Reporting Higher Profits But Lower Revenues, Says Expectations For 2017 Are Good
Also, drugmaker Amgen says tests of its controversial cholesterol drug show it performs well. But the company has not yet released the study's data.
The Associated Press:
Merck Profit Soars On New Drugs, Expects Better 2017
Profits at the drugmaker Merck surged in the fourth quarter, and the company CEO told investors that a “constructive” meeting with President Donald Trump focused on reducing taxes and relaxing regulations. Merck CEO Kenneth Frazier on Thursday said he’s encouraged by an initial meeting he and other pharmaceutical executives had Tuesday with Trump, who has said drugmakers have been “getting away with murder” on drug prices. (Johnson, 2/2)
The Wall Street Journal:
Merck Revenue Declines As Generic Competition Hurts Results
Drugmaker Merck & Co. posted a revenue decline in its latest quarter as generic competition for some of its top-selling products hurt results, though its sales still exceeded expectations. Merck’s shares rose 2.7% Thursday morning, as the company also issued a financial forecast for 2017 that was in line with analysts’ expectations. (Hufford and Loftus, 2/2)
Stat:
Amgen Cholesterol Drug Cuts Heart Risks In A Closely Watched Study
Hoping to boost confidence in its Repatha cholesterol drug, Amgen said the treatment significantly reduced the risk of heart attacks, strokes, and death in patients with heart disease in a closely watched clinical trial. But the biotech did not disclose any data to demonstrate the extent to which the medicine reduced these cardiovascular risks. Complete details will not become available until an American College of Cardiology meeting next month. But by declaring now that Repatha met the primary endpoint in the study, Amgen hopes to persuade payers to provide greater coverage for the pricey medicine. About 75 percent of prescriptions have reportedly been rejected due to the $14,000 list price and the lack of cardiovascular outcomes data. (Silverman, 2/2)
