Novo Nordisk: obesity drugs priority over century-old focus on insulin

 Novo Nordisk said on Thursday treating obesity with its weight-loss drug Wegovy as a precursor to type 2 diabetes was a priority for the company, continuing the Danish drugmaker's shift away from its century-long focus on insulin.

The company on Thursday reported record sales and operating profits for the third quarter driven by demand for Wegovy, even as the company cautioned shortages will continue in the short to medium term.

Wegovy sales totalled 9.6 billion Danish crowns ($1.36 billion) between July and September, 28% higher than the previous quarter and up eight-fold from the same period last year.

Insulin sales stood at 11.3 billion Danish crowns, almost unchanged from the previous quarter and down 12% from a year before, continuing a years-long trend. A drop in the U.S. was driven by lower realised prices and declining volume.

On a media call after the results announcement, Novo CEO Lars Fruergaard Jorgensen noted the company's 100-year history in diabetes, as one of the first companies to bring insulin to market.

Over the years type 2 diabetes has become the "dominating focus", he said, with many people who develop that type of diabetes suffering from weight issues.

Over time, he said, broader use of Wegovy could lead to fewer people with type 2 diabetes needing to take insulin, which he said would be a "very positive outcome" for society.

Novo's diabetes drug Ozempic and Wegovy are from the class called GLP-1 receptor agonists, and both contain the active ingredient semaglutide, originally developed to help control blood sugar in patients with diabetes.

Ozempic is approved for treatment of type 2 diabetes, while Wegovy is approved for weight loss.

Doctors have told Reuters that patients taking GLP-1s require less insulin. Analysts say that could over time further diminish insulin sales.

Jorgensen also referred to other health problems associated with obesity, such as heart disease, and mentioned the company's large study released in August that showed Wegovy had a clear cardiovascular benefit.

He said the company would continue to pursue other uses for Wegovy, and whether semaglutide could be used in combination with other agents to treat Alzheimer's due to its anti-inflammatory properties.

https://finance.yahoo.com/news/novo-nordisk-obesity-drugs-priority-103101203.html

Aurinia Third Quarter and Nine Months 2023 Financial and Operational Results

 Net product revenue of $40.8 million for the third quarter of 2023; an increase of 60% over the prior year third quarter

Total net revenue of $130.4 million for the nine months ended September 30, 2023, an increase of 24% over prior year

Achieved European pricing and reimbursement milestone triggering $10 million payment from Otsuka Pharmaceutical Co. Ltd.

Narrowing 2023 net product revenue guidance range to $155 - $160 million from net product sales of LUPKYNIS® (voclosporin)

Conference call to be hosted today at 8:30 a.m. ET

Aurinia will host a conference call and webcast to discuss the quarter ended September 30, 2023 financial results today, Thursday, November 2, 2023 at 8:30 a.m. ET. The audio webcast can be accessed under “News/Events” through the “Investors” section of the Aurinia corporate website at www.auriniapharma.com. In order to participate in the conference call, please dial the corrected call-in number for participants +1 (877) 407-9170 / + 1 201-493-6756 (Toll-free U.S. & Canada). An audio webcast can be accessed under “News/Events” through the Investors section of the Aurinia corporate website at www.auriniapharma.com. A replay of the webcast will be available on Aurinia’s website.

https://www.businesswire.com/news/home/20231102070232/en/

Regeneron beats quarterly profit estimates on eczema treatment strength

 Regeneron Pharmaceuticals on Thursday beat Wall Street estimates for third-quarter profit, driven by strong demand for its eczema treatment Dupixent.

Anti-inflammatory drug Dupixent, which was approved in 2017, has aided Regeneron's profits while sales of its eye drug Eylea has taken a backseat in recent quarters owing to increased competition from Roche's Vabysmo.

Quarterly sales of Dupixent, recorded by its partner Sanofi , rose 33% to $3.10 billion.

Eylea sales for the quarter fell 11% to $1.49 billion, which included $43 million sales from the higher dose, or 8 milligram dose that recently received approval in the United States.

Sales of the eye drug have missed Wall Street expectations so far this year, partly due to competition from Vabysmo since the rival secured U.S. approval last year.

A

nalysts on average had expected sales of $2.20 billion for the drug in the quarter, according to LSEG data.

The company's anti-inflammatory drug, Dupixent, is currently approved for five indications including asthma and atopic dermatitis, or eczema.

TD Cowen analysts in a note ahead of the results said the global reach of Dupixent is expected to expand with projected global sales of $19 billion in 2027, which includes potential approval for use of the drug in patients with a type of lung disease called chronic obstructive pulmonary disease (COPD).

Data from a late-stage trial of the drug in COPD is expected next year.

On an adjusted basis, the company earned $11.59 per share for the quarter, above analysts' estimates of $10.72, according to LSEG data.

Regeneron's total revenue of $3.36 billion beat expectations of $3.23 billion.

https://finance.yahoo.com/news/1-regeneron-beats-quarterly-profit-104416285.html

Lilly cuts annual profit view on acquisition charges despite Mounjaro beat

  Eli Lilly on Thursday cut its full-year adjusted earnings outlook owing to charges related to its recent acquisitions, even as its popular diabetes drug Mounjaro brought in a billion dollars in quarterly sales.

Mounjaro, currently approved for diabetes, has been in high demand since its U.S. launch last year. The drug, known chemically as tirzepatide, is expected to be approved for use in weight loss by the end of this year.

Lilly, now the world's most valuable healthcare company by market capitalization, has seen its shares gain over 60% this year, fuelled by investor bets on Mounjaro's success.

Shares of the U.S. drugmaker, which were up about 3% in premarket hours before the results, reversed course to decline about 2%.

Lilly and rival Novo Nordisk are ahead in the race to grab a slice of an estimated $100 billion market for new generation obesity treatments known as GLP-1 agonists.

Mounjaro's third-quarter sales rose to $1.41 billion, beating analysts' average estimates of $1.31 billion.

However, Lilly flagged that it experienced delays in fulfilling orders of certain Mounjaro doses due to high demand during the quarter.

The company now expects annual adjusted profit in the range of $6.50 to $6.70 per share, compared with its prior forecast of $9.70 to $9.90, to reflect charges in the quarter.

Lilly has been bolstering its pipeline through small deals, and had previously disclosed it expects to record a pre-tax charge of $2.98 billion, related to its recent acquisitions.

The company reported quarterly revenue of about $9.50 billion, compared with analysts' average expectation of $8.95 billion, according to LSEG data.

https://finance.yahoo.com/news/1-eli-lilly-beats-quarterly-104258541.html

Cigna Group Reports Strong Third Quarter 2023 Results, Raises 2023 Adjusted EPS, Revenue, and Cash Flow Outlook

 

• Total revenues in the third quarter were $49.0 billion
• Shareholders' net income for the third quarter was $1.4 billion, or $4.74 per share
• Adjusted income from operations¹ for the third quarter was $2.0 billion, or $6.77 per share
• 2023 outlook² for adjusted income from operations^1,2 increased to at least $24.75 per share

https://www.biospace.com/article/releases/the-cigna-group-reports-strong-third-quarter-2023-results-raises-2023-adjusted-eps-revenue-and-cash-flow-outlook/

Moderna Reports Third Quarter 2023 Financial Results and Provides Business Updates

 

• Third quarter 2023 revenues of $1.8 billion; Company expects 2023 revenues of at least $6 billion
• Spikevax U.S. market share to date increased to 45% from 36% in 2022
• Company anticipates 2024 revenue of approximately $4 billion and return to growth in 2025
• Company has significantly improved future cost of sales by resizing its manufacturing capacity, contributing to a third quarter net loss of $3.6 billion, primarily driven by mostly non-cash charges of $3.1 billion related to resizing and a tax valuation allowance
• Company's late-stage pipeline has six Phase 3 programs
• Company expects to break even in 2026 through product launches and disciplined investment

https://www.biospace.com/article/releases/moderna-reports-third-quarter-2023-financial-results-and-provides-business-updates-/

Storm Ciaran lashes northern Europe with strong winds and rain, one killed in France

 Storm Ciaran smashed into northwestern Europe on Thursday with strong winds and driving rain, killing one person in France and forcing the closure of schools, airports, and rail and ferry services.

A truck driver was killed by a falling tree northeast of Paris and 1.2 million French households were left without electricity. Authorities in Finistere, Brittany, urged people to stay at home and avoid winds which were hitting 207 kph, leading to reports of 20-meter waves off the coast.

Storm Ciaran, which follows on the heels of Storm Babet two weeks ago, was driven by a powerful jet stream that swept in from the Atlantic, unleashing heavy rain and furious winds that have already caused heavy flooding in Northern Ireland and parts of Britain.

France's Interior Minister Gerald Darmanin said on social media network X that 1,315 people had to be relocated to camp sites or shelters, and several houses were evacuated in the Finistere city of Brest after a crane fell.

"I repeat: stay at home," local prefect Alain Espinasse told RTL radio.

Still, the storm in France showed some signs of abating with the Meteo France weather service reducing its alert for strong winds in Mache, Finistere and Cotes d'Armor from red to orange.

In Britain, the Channel Islands were among the worst hit areas, with the BBC reporting that windows had been blown in and one roof ripped off a house on Jersey, forcing families to move into nearby hotels.

Southern England was also badly affected, with many schools closed and the rescue charity that saves lives at sea urging people to avoid the coast.

'FAIRLY NORMAL'

Britain's Met Office issued a yellow warning for London and southeast England.

"This rough weather could make visiting our coasts around southern England and Wales treacherous and bring very dangerous sea conditions," Ross Macleod of the RNLI said.

https://finance.yahoo.com/news/1-storm-ciaran-lashes-northern-104915462.html