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Thursday, February 6, 2020

Bristol-Myers +3% premarket on Q4 beat

Bristol-Myers Squibb (BMY) Q4 results: Revenues: $7,945M (+33.0%); R&D Expense: $7,662M (+34.1%).
Net loss: ($1,056M); loss/share: ($0.55); non-GAAP Net Income: $2,374M (+45.0%); non-GAAP EPS: $1.22 (+29.8%).
Key product sales: Eliquis: $2,034M (+19%); Opdivo: $1,763M (-2%); Revlimid: $1,299M; Orencia: $792M (+8%); Sprycel: $549M (+2%); Yervoy: $385M (unch); Pomalyst/Imnovid: $322M.
2020 guidance: Revenue: $40.5B – 42.5B vs. $42.21B S&P Capital IQ Consensus; EPS: $0.75 – 0.95; non-GAAP EPS: $6.00 – 6.20 vs. $6.20 S&P Capital IQ Consensus.
2021 guidance: Non-GAAP EPS: $7.15 – 7.45.
Shares are up 3% premarket.
https://seekingalpha.com/news/3539183-bristol-myersplus-3-premarket-on-q4-beat

Q4 sales of Alnylam’s Onpattro up 361%

Alnylam Pharmaceuticals (NASDAQ:ALNY) Q4 results:
Total revenues: $71.7M (+241.4%); Onpattro sales: $55.8M (+361.2%); collaborator revenue: $15.7M (+74.4%).
Collaborator revenue primarily from Regeneron partnership.
Givlaari: 13 start forms submitted. Initial sales of $0.2M represented initial channel stocking.
Net loss: ($221.3M); loss/share: ($2.47).
2020 guidance: Onpattro sales: $285M – 315M; collaborator revenue: $100M – 150M.
https://seekingalpha.com/news/3539198-q4-sales-of-alnylams-onpattro-up-361

Revance files U.S. application for frown line treatment

Revance Therapeutics (NASDAQ:RVNC) has filed a marketing application in the U.S. seeking approval of DAXI (daxibotulinumtoxinA for injection) for the treatment of moderate-to-severe glabellar (frown) lines. The agency’s action date is November 25.
Share up 3% premarket on light volume.
Related tickers: Allergan (NYSE:AGN), Nestle S.A. (OTCPK:NSRGY), Evolus (NASDAQ:EOLS), Ipsen (OTCPK:IPSEY)
https://seekingalpha.com/news/3539211-revance-files-u-s-application-for-frown-line-treatment-shares-up-3-premarket

Analyst action, Feb. 6

AbbVie (NYSE:ABBV) initiated with Buy rating and $96 (11% upside) price target at Mizuho Securities. Shares up a fraction premarket.
Alkermes plc (NASDAQ:ALKS) initiated with Neutral rating and $19 (flat) price target at Mizuho.
BioLife Solutions (NASDAQ:BLFS) initiated with Buy rating and $27 (89% upside) price target at B. Riley FBR.
Biohaven Pharmaceutical Holding (NYSE:BHVN) initiated with Buy rating and $62 (15% upside) price target at Mizuho.
Karuna Therapeutics (NASDAQ:KRTX) initiated with Buy rating and $120 (22% upside) at Mizuho.
Kodiak Sciences (NASDAQ:KOD) initiated with Buy rating and $101 (56% upside) price target at SunTrust.
Eli Lilly (NYSE:LLY) initiated with Neutral rating and $148 (flat) price target at Mizuho.
Neurocrine Biosciences (NASDAQ:NBIX) initiated with Neutral rating at Mizuho.
Pfizer (NYSE:PFE) initiated with Buy rating and $42 (10% upside) price target at Mizuho. Shares up 1% premarket.
Sage Therapeutics (NASDAQ:SAGE) initiated with Neutral rating at Mizuho.
Satsuma Pharmaceuticals (NASDAQ:STSA) initiated with Buy rating and $37 (56% upside) price target at Mizuho.
Tandem Diabetes Care (NASDAQ:TNDM) initiated with Outperform rating and $85 (14% upside) price target at Raymond James.
Voyager Therapeutics (NASDAQ:VYGR) initiated with Outperform rating and $26 (105% upside) price target at Oppenheimer.
Gilead Sciences (NASDAQ:GILD) downgraded to Market Perform with a $70 (6% upside) price target at Bernstein. Shares up 2% premarket.
https://seekingalpha.com/news/3539113-mizuho-likes-abbvie-in-premarket-analyst-action

Sanofi reports positive results on MS drug licensed from Principia

The French drug giant Sanofi on Thursday reported positive results in a study of its new pill to treat multiple sclerosis.
The drug, which Sanofi licensed from South San Francisco-based Principia Biopharma in 2017, “significantly reduced disease activity associated with multiple sclerosis as measured by magnetic resonance imaging,” the company said in a statement. Full data on the drug, called SAR442168, are not being made available yet, but will be presented at a later medical meeting.
The drug is designed to be different than existing treatments for the disease because it can enter the brain. In multiple sclerosis, the immune system attacks nerve cells in the brain and spinal cord; current treatments may have trouble protecting brain cells.
Sanofi controls all development of the drug, but the medicine has become important to its stock price, as well as Principia’s. It is seen as a key asset in the effort of new CEO Paul Hudson and research chief John Reed to revitalize Sanofi, and as a potential source of revenue for Principia, which has seen its stock price double in the past 12 months.
The design of the latest study was complicated and somewhat unorthodox. The goal of the new design was to spare patients having to take a placebo, said Erik Wallstroem, therapy head for neurology at Sanofi, and to speed up the conduct of the trial. Even larger studies in MS, he said, rely largely on MRI data, and Sanofi wanted to get evidence as quickly as possible.
Instead of comparing every dose of the drug to a placebo group, 60 patients received one of four doses of SAR442168 for 12 weeks, followed by four weeks on placebo. Another 60 received four weeks of placebo, followed by 12 weeks of SAR442168. The main statistical analysis of the study will compare the patients who received placebo first at four weeks to all of the patients after 12 weeks of taking the drug. (Patients who got placebo for the first four weeks would be measured at week 16; those who started on SAR442168 were measured at week 12.)
The result was that new active brain lesions seen on MRI were reduced in patients who had taken SAR442168 for 12 weeks compared to those who received placebo for four weeks. The statistical analysis takes into account whether this efficacy changed based on dose, a sign that a drug is effective.
“I would argue that that it gives quite a lot of confidence because you get a good read on the MRI,” said Wallstroem, “and we know that the MRI is strongly linked to the phase three outcomes.” He also emphasized that the study succeeded in being fast: It was started in 2019, and results are already available.
SAR44216 works by inhibiting Bruton’s tyrosine kinase, or BTK, a target on b-cells. Another BTK inhibitor, Imbruvica, is used to treat some blood cancers. No BTK inhibitor is yet approved in MS.
Sanofi reports positive results on multiple sclerosis drug licensed from Principia

Beam Therapeutics Announces Pricing of Initial Public Offering at $17

Beam Therapeutics Inc. (Nasdaq: BEAM), a biotechnology company developing precision genetic medicines through base editing, today announced the pricing of its initial public offering of 10,588,236 shares of common stock at a public offering price of $17.00 per share. All of the shares are being offered by Beam Therapeutics. In addition, Beam Therapeutics has granted the underwriters a 30-day option to purchase up to an additional 1,588,235 shares of common stock at the initial public offering price, less the underwriting discounts and commissions. Beam Therapeutics’ common stock is expected to begin trading on The Nasdaq Global Select Market on February 6, 2020 under the ticker symbol “BEAM.”
The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Beam Therapeutics, are expected to be approximately $180 million excluding any exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on February 10, 2020, subject to the satisfaction of customary closing conditions.
J.P. Morgan, Jefferies and Barclays are acting as joint book-running managers for the offering. Wedbush PacGrow is acting as lead manager for the offering.
https://www.biospace.com/article/releases/beam-therapeutics-announces-pricing-of-initial-public-offering-at-17-00-per-share-/

Schrödinger Announces Pricing of Initial Public Offering at $17

Schrödinger, Inc. (the “Company”) (Nasdaq: SDGR), whose differentiated, physics-based software platform enables discovery of high-quality, novel molecules for drug development and materials applications, today announced the pricing of its initial public offering of 11,882,352 shares of common stock at a public offering price of $17.00 per share, for total gross proceeds of approximately $202.0 million, before underwriting discounts and commissions and offering expenses payable by the Company. All of the shares are being offered and sold by the Company. The offering is expected to close on or about February 10, 2020, subject to the satisfaction of customary closing conditions. In addition, the Company has granted the underwriters a 30-day option to purchase up to 1,782,352 additional shares of common stock at the initial public offering price, less underwriting discounts and commissions.
The Company’s common stock is expected to begin trading on the Nasdaq Global Market under the ticker symbol “SDGR” on February 6, 2020. Morgan Stanley, BofA Securities, Jefferies LLC and BMO Capital Markets Corp. are acting as joint book-running managers for the offering.
https://www.biospace.com/article/releases/schrodinger-announces-pricing-of-initial-public-offering-at-17-00-per-share/