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Thursday, July 22, 2021

Merck, Eisai: FDA OKs KEYTRUDA-LENVIMA Combo for Certain Endometrial Cancers

 Immunotherapy and Tyrosine Kinase Inhibitor Combination Approved for the Treatment of Patients With Advanced Endometrial Carcinoma That is Not Microsatellite Instability-High or Mismatch Repair Deficient, Who Have Disease Progression Following Prior Systemic Therapy in Any Setting and Are Not Candidates for Curative Surgery or Radiation

Study Results Demonstrated Statistically Significant Improvements in Overall Survival, Progression-Free Survival and Overall Response Rate, Helping to Address a Significant Unmet Need in Advanced Endometrial Carcinoma

https://www.merck.com/news/fda-approves-keytruda-pembrolizumab-plus-lenvima-lenvatinib-combination-for-patients-with-certain-types-of-advanced-endometrial-carcinoma/

Danaher Raises 2021 Adjusted Core-Revenue Outlook

 Danaher Corp. said it expects adjusted full-year core revenue growth including Cytiva to be about 20%, up from its prior guidance of a growth in the high-teens percentage.

For the third quarter, the Washington, D.C.-based science and technology conglomerat Thursday said it expects adjusted core-revenue growth to be in the mid- to high-teens percentage range.

https://www.marketscreener.com/quote/stock/DANAHER-CORPORATION-12295/news/Danaher-Raises-2021-Adjusted-Core-Revenue-Outlook-35919034/

Abbott profit more than doubles as medical device sales rebound

 

Abbott Laboratories' quarterly profit more than doubled on Thursday, due to strength in its diagnostics business and a rebound in medical device sales.

The medical device maker and its rivals, Quest Diagnostics and Becton Dickinson and Co, banked on soaring sales of COVID-19 tests last year to cushion a lockdown-driven hit to their mainstay businesses.

But with curbs lifted and vaccinations gathering pace, demand for medical devices is returning as more people opt for non-urgent procedures.

Second-quarter sales in Abbott's diagnostics business grew nearly 63% to $3.25 billion, with COVID-19 testing-related sales at $1.3 billion, down from the previous quarter.

The company recorded sales growth of more than 11%, excluding COVID testing, on an organic basis in the quarter compared to pre-pandemic levels.

It maintained its 2021 adjusted earnings forecast of $4.30 to $4.50 per share from continuing operations.

The company's net earnings rose to $1.19 billion, or 66 cents per share, in the quarter ended June 30, from $537 million, or 30 cents per share, a year earlier.

https://www.marketscreener.com/quote/stock/BECTON-DICKINSON-AND-COM-11801/news/Abbott-profit-more-than-doubles-as-medical-device-sales-rebound-35919752/

Biogen Posts 2Q Sales, Earnings Declines on Lower Multiple-Sclerosis Drug Revenue

 Biogen Inc.'s reported second-quarter revenue and profit declined amid lower royalties from its multiple-sclerosis drug, but the metrics came in above analysts' expectations. Sales of Aduhelm, its recently approved drug for Alzheimer's disease, didn't make a significant contribution in the period.

The Cambridge, Mass.-based biotechnology company posted earnings of $2.99 a share, compared with $9.59 a share a year earlier. Net income attributable to the company was $448.5 million, compared with $1.54 billion, the company said.

Excluding one-time items, the company's adjusted earnings were $5.68 a share. Analysts had been expecting adjusted earnings of $4.55 a share, according to FactSet.

Revenue was $2.78 billion, down from $3.68 billion, the company said. Analysts had been anticipating revenue of $2.61 billion.

Royalties in sales of Ocrevus, a drug for multiple sclerosis, declined by 24% to $1.18 billion. Sales of Spinraza, a drug for spinal muscular atrophy, were up by 1% to $500 million, Biogen said.

Biogen reported $2 million in sales of its Alzheimer's-disease drug Aduhelm. The company said it expects Aduhelm to contribute modest revenue this year, with a ramp-up thereafter.

https://www.marketscreener.com/quote/stock/BIOGEN-INC-4853/news/Biogen-Posts-2Q-Sales-Earnings-Declines-on-Lower-Multiple-Sclerosis-Drug-Revenue-35920050/

Arvinas, Pfizer in Development Pact for Breast Cancer Treatment

 Arvinas Inc. and Pfizer Inc. said they entered into a global collaboration to develop and commercialize ARV-471, an investigational oral Proteolysis Targeting Chimera estrogen receptor protein degrader, a well-known disease driver in most breast cancers.

The companies said ARV-471 is currently in a Phase 2 dose expansion clinical trial for the treatment of patients with estrogen receptor positive/human epidermal growth factor receptor 2 negative locally advanced or metastatic breast cancer.

Under the terms of the agreement, Pfizer will pay Arvinas $650 million upfront. Pfizer will also make a $350 million equity investment in Arvinas.

The companies will equally share worldwide development costs, commercialization expenses, and profits.

ARV-471 currently is being evaluated as a treatment for metastatic breast cancer in a Phase 1 dose escalation study, a Phase 1b combination study with Pfizer's Ibrance palbociclib, and a Phase 2 monotherapy dose expansion study. Arvinas and Pfizer expect to initiate two additional trials of ARV-471 in 2021, including a second Phase 1b combination trial with everolimus and a trial in the neoadjuvant setting.

Arvinas is also eligible to receive up to $400 million in approval milestones and up to $1 billion in commercial milestones, in addition to sharing profits on ARV-471 worldwide.

https://www.marketscreener.com/quote/stock/ARVINAS-INC-46353308/news/Arvinas-Pfizer-in-Development-Pact-for-Breast-Cancer-Treatment-35920089/

Roche in ‘continued dialogue’ with FDA over Alzheimer’s prospect

 Roche is talking to the FDA about its Alzheimer’s disease drug candidate gantenerumab. CEO Severin Schwan declined to speculate on the outcome of the talks amid reports that it will join Eli Lilly in filing for accelerated approval in Alzheimer’s.

With the accelerated approval of Biogen’s Aduhelm opening the door to the approval of Alzheimer’s drug candidates on the strength of surrogate endpoints, Lilly outlined plans to submit donanemab to the FDA last month. Shortly after, analysts at Jefferies said Roche was preparing to submit its rival Alzheimer’s candidate gantenerumab for accelerated approval.

Roche dismissed the analyst report, stating it is focused on its phase 3 and engaging in discussions with the FDA “when appropriate.” Now, Schwan has told reporters from publications including Reuters that Roche is talking to the FDA.

“There is a continued dialogue with the FDA. I wouldn’t be able to speculate what the outcome of this dialogue will be,” he said. “Our trial is a well-designed, very comprehensive trial so, whatever the outcome of this trial will be, we will have a definitive answer of what we can do for patients with this terrible disease so let’s keep fingers crossed.”

Schwan made the comments in conjunction with a second quarter update (PDF) that revealed the removal of assets from Roche’s early-phase pipeline. The list of programs removed from phase 1 include tests of selicrelumab combinations in solid tumors. Roche’s decision to pull the plug on trials of the CD40 drug comes two years after Johnson & Johnson walked away from an asset against the same target.

Roche also disclosed the removal of two 4D Molecular Therapeutics-partnered gene therapies from its phase 1 pipeline. 4D revealed Roche had filed to terminate its license agreement for 4D-110 in choroideremia without cause last month. Roche also had an option on X-linked retinitis pigmentosa prospect 4D-125 but has dropped the gene therapy from its pipeline less than one year after 4D took it into the clinic. 

BCMAxCD16a bispecific RG6296 had a similarly short spell as a clinical-phase asset at Roche, with the Swiss pharma removing the asset from its pipeline just one year after taking it into a phase 1 clinical trial in multiple myeloma. Affimed, Roche’s partner on the project, disclosed the termination of the study “due to broader portfolio considerations” after the completion of dose escalation last month.

Finally, Roche disclosed the removal of a Chugai hyperphosphatemia prospect from its pipeline. The action comes shortly after Chugai granted Alebund Pharmaceuticals an option to pick up global rights to hyperphosphatemia candidate EOS789.

https://www.fiercebiotech.com/biotech/roche-continued-dialogue-fda-over-alzheimer-s-prospect

Danaher Earnings, Revenue Beat in Q2

 Danaher (NYSE:DHR) reported on Thursday second quarter earnings that beat analysts' forecasts and revenue that topped expectations.

Danaher announced earnings per share of $2.46 on revenue of $7.22B. Analysts polled by Investing.com anticipated EPS of $2.05 on revenue of $6.73B.

Danaher shares are up 7% from the beginning of the year, still down 2.50% from its 52 week high of $286.98 set on July 20. They are under-performing the Dow Jones which is up 13.69% from the start of the year.

https://www.investing.com/news/stock-market-news/danaher-earnings-revenue-beat-in-q2-2564993