AstraZeneca to create separate division for vaccines, antibody therapies

 AstraZeneca is creating a separate division for vaccines and antibody therapies to be led by senior executive Iskra Reić, the drugmaker said on Tuesday, as it builds focus on its COVID-19 shot and development of coronavirus treatments.

Reuters reported in July the Anglo-Swedish company was exploring options for its vaccine business and expected to have greater clarity on the matter by the end of 2021.

The new unit will combine research and development, manufacturing, commercial and medical teams, a spokesperson said.

"The team will be dedicated to our COVID-19 vaccine, our long-acting antibody combination and our developmental vaccine addressing multiple variants of concern, as well as to our existing portfolio for respiratory viral disease," he said.

https://finance.yahoo.com/news/1-astrazeneca-create-separate-division-153941926.html

SmileDirectClub cut from Hold to Sell by Craig Hallum

 Target to $3 from $8

https://finviz.com/quote.ashx?t=SDC

Thousands gather in Los Angeles to protest vaccine mandates

 Thousands of city workers gathered in Los Angeles on Monday to protest the coronavirus vaccine mandate implemented by the city council. 

The protest was organized by Firefighters 4 Freedom and occurred outside of city hall as city employees are expected to get fully vaccinated by Dec. 18 or risk losing their jobs, KTLA 5 reported. 

The protest was attended by police officers, sanitation workers, firefighters, electrical workers and other city employees.

“I’m here to show support for the men and women in law enforcement, the firefighters, those working in sanitation… who are here not so much against being vaccinated, or the vaccine, but they’re against being forced to do so by our local government,” retired LAPD Detective Moses Castillo said at the protest.

The city council implemented a coronavirus vaccine mandate saying it is necessary to protect the community. 

The flyer for the rally Monday stated the group was against both local and federal coronavirus vaccine mandates, according to the local outlet. 

“That’s an overreach on the government’s part, because it’s not your right to tell me what I do with my health care, what I put into my body,” John Knox, a member of Firefighters 4 Freedom, said.

The rally came two days after an appeals court temporarily halted the Biden administration’s vaccine mandate that would require companies with more than 100 employees to implement a vaccine mandate or have unvaccinated employees undergo frequent testing.

Police and firefighter unions around the country have been fighting back against city vaccine mandates in court, with many losing the legal battles.

https://thehill.com/policy/healthcare/580684-thousands-gather-in-los-angeles-to-protest-vaccine-mandates

AbbVie: New Data on RINVOQ in Psoriatic Arthritis, Axial Involvement

  Post-hoc analyses of the Phase 3 SELECT-PsA 1 and SELECT-PsA 2 trials show people with active psoriatic arthritis (PsA) demonstrated greater clinical responses related to axial involvement when treated with upadacitinib (RINVOQ®) compared to placebo at week 24[1]

- Results will be presented at American College of Rheumatology (ACR) Convergence 2021

AbbVie (NYSE: ABBV) today announced results from new post-hoc analyses from the Phase 3 SELECT-PsA 1 and SELECT-PsA 2 trials assessing the efficacy of upadacitinib (RINVOQ®) on axial symptoms in adult patients with active psoriatic arthritis (PsA) and axial involvement. The analysis showed that patients with active PsA demonstrated numerically greater clinical responses related to their axial involvement with upadacitinib (15 mg, once daily) compared to placebo at week 24 across both studies and consistently numerically higher responses compared to HUMIRA® (adalimumab) at week 24 in SELECT-PsA 1.1

Axial involvement was defined by investigator assessment and patient-reported-outcome-based criteria (Bath Ankylosing Spondylitis Disease Activity Index (BASDAI) ≥4 and BASDAI Question 2 ≥4 at baseline).1 These results will be featured at the American College of Rheumatology (ACR) Convergence 2021, in an oral presentation on Tuesday, Nov. 9, from 3:30-3:45 p.m. CT (Abstract #1945).

https://finance.yahoo.com/news/abbvie-presents-efficacy-data-upadacitinib-134500377.html

GE to split into three companies: Aviation, renewable energy, health care

 General Electric said on Tuesday it would split into three public companies as the storied U.S. industrial conglomerate seeks to simplify its business, pare down debt and breathe life into a battered share price.

The split marks the end of the 129-year-old conglomerate that was once the most valuable U.S. corporation and a global symbol of American business power. GE shares jumped 7% in early trading, reaching a nearly 3-1/2 year high.

GE has faced investor skepticism about its ability to turn a corner since the 2008 financial crisis, while struggling with rising debt. The company was also removed from the Dow Jones Industrial Average in 2018 following years of sliding valuation.

GE's revenue for 2020 was $79.62 billion, a far cry from the over $180 billion in revenue it booked in 2008.

In 2015, activist investor Nelson Peltz took a stake in GE and demanded changes at the company, including moving away from finance operations toward its industrial roots.

The company's stock, however, continued to underperform and was seen to have prompted former Chief Executive Jeff Immelt's departure.

Larry Culp, who became the company's first outsider CEO in 2018, was tasked with boosting cash flow and reducing debt.

The company has since spun-off or sold several of its businesses in an effort to streamline its bewildering structure.

Boston-based GE said the three businesses would focus on energy, healthcare and aviation. It will combine GE Renewable Energy, GE Power, and GE Digital and spin off the business in early 2024.

GE will also separate the healthcare company, in which it expects to retain a stake of 19.9%, in early 2023.

https://finance.yahoo.com/news/1-ge-split-three-companies-114806970.html

U.S. to pay $1 billion for 1.4 mln more courses of Merck's COVID-19 pill

 Merck & Co Inc and partner Ridgeback Biotherapeutics said on Tuesday the U.S. government would pay about $1 billion to buy an additional 1.4 million courses of their COVID-19 pill.

Merck's Molnupiravir has been closely watched since data last month showed that when given early in the illness it could halve the chances of dying or being hospitalized for those most at risk of developing severe COVID-19.

With Tuesday's purchase, the United States will have now secured a total of 3.1 million courses.

Several countries have rushed to sign deals with Merck for the drug, which could become the first oral antiviral treatment for COVID-19. Britain last week became the first country in the world to clear the use of the capsules.

The U.S. government had in June agreed to spend $1.2 billion for 1.7 million courses. It is now exercising options to buy the extra doses, valuing the contract at roughly $2.2 billion for a total of 3.1 million courses, the companies said.

Merck expects to produce 10 million courses of the treatment by the end of this year, with at least 20 million set to be manufactured in 2022.

The U.S. government also has options to purchase more than 2 million additional courses under the contract, the companies said.

https://finance.yahoo.com/news/1-u-buy-1-4-111357466.html

BioNTech Expects Nearly $20 Billion In Covid Shot Sales; But Was The Guide High Enough?

 BioNTech stock popped early Tuesday after the Covid vaccine maker reported adjusted income of $14.30 per share on roughly $7.05 billion in sales.

On average, analysts polled by FactSet expected BioNTech (BNTX) to earn $12.21 per share and report $5.91 billion in sales.

In the year-earlier period, BioNTech lost $1.04 a share and posted $80 million in sales, based on exchange rates at the time. That was before the company's Pfizer (PFE)-partnered Covid vaccine launched.

For the year, BioNTech guided to 16 billion to 17 billion euros in sales of Covid vaccine, or roughly $18.5 billion to $19.7 billion in sales. Analysts called for adjusted earnings of $41.83 a share and $19.83 billion in sales.

https://www.investors.com/news/technology/biontech-stock-biontech-earnings-q3-2021/