Morning Briefing
Summaries of health policy coverage from major news organizations
Vertex's Cystic Fibrosis Drug On Track To Become 'Blockbuster' In Its First Year
The Wall Street Journal: Vertex Pharma Loss Narrows As Cystic Fibrosis Drug Sales Grow
Vertex Pharmaceuticals Inc. said its second-quarter loss narrowed, as sales of its cystic fibrosis drugs continued to grow. The Boston-based biopharmaceutical company’s top- and bottom-line results beat expectations. Its drug Orkambi, which received U.S. Food and Drug Administration approval roughly a year ago, treats patients with a genetic mutation that is the leading cause of the disease. The drug combines Vertex’s Kalydeco, which treats a different genetic type of cystic fibrosis, with another Vertex compound. (Stynes, 7/27)
Boston Globe: Vertex’s Cystic Fibrosis Drug On Track To Top $1 Billion In Sales This Year
Vertex Pharmaceuticals Inc. said Wednesday that its cystic fibrosis drug Orkambi, approved by US regulators last July, remains on track to generate sales of at least $1 billion this year, a feat that would make it a “blockbuster” in its first full year on the market. The biotech company, based in Boston, reiterated its 2016 revenue guidance of $1 billion to $1.1 billion for Orkambi and $685 to $705 million for another cystic fibrosis drug, Kalydeco, approved in 2012, in a second-quarter financial report in line with Wall Street expectations. (Weisman, 7/28)
The Wall Street Journal: GlaxoSmithKline Helped And Hurt By Sterling’s Post-Brexit Fall
While Brexit provided an expected boost to core earnings for GlaxoSmithKline PLC, it also led to a big write-down—the latest in a series of surprises stemming from Britain’s vote to leave the European Union. The U.K.-based drug giant said it recorded a £1.8 billion pound ($2.4 billion) charge to earnings, resulting in a net loss for the second quarter. The charge came after the company revalued its liabilities in line with the steeply lower pound. Sterling fell sharply after the Brexit vote last month and hasn’t recovered much. (Roland, 7/27)
Reuters: Teva Is Approved To Purchase Allergan’s Generics Business
Teva Pharmaceutical Industries won United States antitrust approval to purchase Allergan’s generics business after agreeing to sell 79 generic drugs to rival firms, the Federal Trade Commission said on Wednesday. The $40.5 billion deal, which was announced in July 2015, solidifies Teva’s position as the world’s largest maker of generics while freeing Allergan to focus on branded drugs. (7/27)
