J&J to buy Abiomed in $16.6B deal to boost cardiovascular business

 Johnson & Johnson said on Tuesday it will acquire Abiomed Inc in a deal valued at $16.6 billion to boost the health care conglomerate's cardiovascular devices business.

The upfront payment of $380 per share represents a 50.7% premium to Abiomed's last closing price. Shares of Abiomed surged 48% in premarket trade.

Abiomed shareholders will also get a non-tradeable contingent value right entitling the holder to receive up to $35 per share in cash if certain commercial and clinical milestones are achieved.

The transaction broadens J&J's MedTech as a cardiovascular innovator, advancing the standard of care in one of healthcare's largest unmet need, heart failure and recovery, the company said.

The deal comes at a time when J&J is spinning off its consumer health business to focus on its pharmaceuticals and medical devices operations.

https://www.foxbusiness.com/markets/jj-buy-abiomed-16-6b-deal-boost-cardiovascular-business

Lilly cuts annual profit forecast on stronger dollar

 Eli Lilly and Co on Tuesday cut its annual profit forecast for the third time, as a stronger dollar piled more pressure on the drugmaker struggling with lower insulin prices and generic competition for its cancer drug.

The company now expects adjusted full-year earnings of $7.70 to $7.85 per share, compared to its prior forecast of $7.90 to $8.05.

The drugmaker said it took an additional $300 million hit from the stronger dollar.

Multinational companies such as Abbott Laboratories and Johnson & Johnson have been hit by the dollar's strength against a basket of currencies.

Sales of Mounjaro, Lilly's newly-approved diabetes drug, was $187.3 million, with over half coming from the United States

https://finance.yahoo.com/news/1-eli-lilly-cuts-annual-104521448.html

Pfizer RAISES 2022 OUTLOOK

• Solid Third-Quarter 2022 Revenues of $22.6 Billion

  • Due to Exceptionally Strong Growth Achieved in the Prior-Year Quarter, Revenues Declined 2% Operationally

  • Excluding Contributions from Paxlovid and Comirnaty(1), Revenues Grew 2% Operationally

• Third-Quarter 2022 Reported Diluted EPS(2) of $1.51, Reflecting 6% Growth Over Third-Quarter 2021, Including a $0.15 Incremental Benefit in the Current Period Related to Tax Resolutions for Multiple Years Impacting Both Reported(2) and Adjusted(3) Diluted EPS

• Third-Quarter 2022 Adjusted Diluted EPS(3) of $1.78, Reflecting 40% Growth Over Third-Quarter 2021; Excluding Foreign Exchange Impacts, Adjusted Diluted EPS(3) Grew 44%

• Raises Lower End of Full-Year 2022 Revenue Guidance(4) to a Range of $99.5 to $102.0 Billion, Reflecting an Improved Operational Outlook Combined with Incremental Unfavorable Foreign Exchange Impacts

  • Raises 2022 Revenue Guidance for Comirnaty(1) by $2 Billion to ~$34 Billion and Reaffirms Revenue Guidance for Paxlovid of ~$22 Billion, Despite Unfavorable Impacts from Foreign Exchange

• Raises and Narrows Full-Year 2022 Adjusted Diluted EPS(3) Guidance from $6.30 to $6.45 to $6.40 to $6.50

• Pipeline Programs That Have Achieved Positive Phase 3 Readouts Since Previous Earnings Release Include RSVpreF Vaccine in Older Adults & Maternal, Prevnar 20/Apexxnar in Pediatrics, Talzenna/Xtandi Combination in mCRPC and Pentavalent Meningococcal Vaccine in Adolescents and Young Adults

• Pfizer to Host Analyst Event on December 12 in New York City, Where It Will Showcase Its Portfolio of Upcoming Product Launches and Other Pipeline Programs with High-Value Potential

https://finance.yahoo.com/news/pfizer-reports-strong-third-quarter-104500928.html

Incyte guidance change, pipeline update

 – Total net product revenues grew to $713 million (+20% Y/Y) as a result of strong Jakafi® (ruxolitinib) and Opzelura™ (ruxolitinib) cream net product revenues

– Jakafi net product revenues of $620 million in Q3’22 (+13% Y/Y); raising the bottom end of full year guidance to a new range of $2.38 to $2.40 billion

– Opzelura net product revenues of $38 million in Q3'22 driven by robust demand and broadening payer access; launch in vitiligo underway

– Pipeline progresses with positive povorcitinib data in hidradenitis suppurativa at EADV, oral PD-L1 update at SITC and the pending acquisition of Villaris Therapeutics and auremolimab, a novel anti-IL-15Rβ mAb

https://finance.yahoo.com/news/incyte-reports-2022-third-quarter-110000458.html

BioCryst Q3 update, coming milestones

 —$66.0 million in ORLADEYO Q3 2022 net revenue; on-track to more than double sales in 2022 vs 2021—

—Underlying patient trends remain strong with nine percent paid patient growth in Q3 2022—

—Company expands complement pipeline by advancing second oral Factor D inhibitor, BCX10013, into clinical development with goal of once-daily dosing, and adding discovery targets—

—BCX9930 patient screening underway, data expected from approximately 15 newly-enrolled patients in mid-2023—

https://finance.yahoo.com/news/biocryst-reports-third-quarter-2022-110000654.html

Intercept 'on track' to re-submit NDA

 U.S. Ocaliva® net sales of $77.6 million; 16.4% growth over the prior year quarter

Company increases 2022 Ocaliva non-GAAP adjusted net sales guidance to $340 million to $350 million and narrows non-GAAP adjusted operating expense guidance to $350 million to $365 million

As of September 30, 2022, Company has cash, cash equivalents, restricted cash, and investment debt securities available for sale of $497.8 million

Company remains on track to resubmit new drug application (NDA) for obeticholic acid (OCA) in liver fibrosis due to NASH by end of 2022 based on the positive Phase 3 REGENERATE study

https://finance.yahoo.com/news/intercept-pharmaceuticals-reports-third-quarter-110000449.html

Neurocrine Raises 2022 INGREZZA Sales Guidance

 INGREZZA® (valbenazine) Third Quarter Net Product Sales of $376 Million

INGREZZA® (valbenazine) 2022 Net Product Sales Guidance Raised to $1.4 - $1.425 Billion

Supplemental New Drug Application (sNDA) of Valbenazine For the Treatment of Chorea in Patients with Huntington Disease Submitted to the U.S. Food and Drug Administration

https://finance.yahoo.com/news/neurocrine-biosciences-reports-third-quarter-113000163.html