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Wednesday, December 6, 2023

Veeva guidance disappoints

 Financial Outlook:

Veeva is providing guidance for its fiscal fourth quarter ending January 31, 2024 as follows:

  • Total revenues between $620 and $622 million.
  • Non-GAAP operating income of about $227 million(2).
  • Non-GAAP fully diluted net income per share of approximately $1.30(2).

Veeva is providing updated guidance for its fiscal year ending January 31, 2024 as follows:

  • Total revenues between $2,353 and $2,355 million.
  • Non-GAAP operating income of about $830 million(2).
  • Non-GAAP fully diluted net income per share of approximately $4.76(2).

Veeva is reiterating guidance for its fiscal year ending January 31, 2025 for the following metrics:

  • Total revenues of at least $2,750 million.
  • Non-GAAP operating income of at least $1,000 million(2).

Conference Call Information
Prepared remarks and an investor presentation providing additional information and analysis can be found on Veeva's investor relations website at ir.veeva.com. Veeva will host a Q&A conference call at 2:00 p.m. PT today, December 6, 2023, and a replay of the call will be available on Veeva's investor relations website.

What:

Veeva Systems Fiscal 2024 Third Quarter Results Conference Call

When:

Wednesday, December 6, 2023

Time:

2:00 p.m. PT (5:00 p.m. ET)

Online Registration:

https://conferencingportals.com/event/badXudFz 



Webcast:

ir.veeva.com


Even With Insurance, Cancer Out-of-Pocket Costs Can Be Punishing

 Commercial health insurance does not necessarily protect cancer patients from potentially devastating out-of-pocket costs.

METHODOLOGY:

  • Out-of-pocket costs contribute to financial toxicity in cancer, but little is known about how they vary across various tumor types and stages over time.
  • To find out, investigators reviewed claims data for 7494 US patients diagnosed with stage I-IV breast, cervical, colorectal, lung, ovarian, or prostate cancer from 2016 to 2020.
  • They assessed cumulative out-of-pocket (OOP) costs — defined as copayments, deductibles, and coinsurance — in the first 3 years following diagnosis.
  • Subjects had private, commercial health insurance through United Healthcare.

TAKEAWAY:

  • By the end of 3 years, average cumulative OOP costs ranged from $16,673 for stage I prostate cancer to $35,253 for stage IV lung cancer.
  • Across all cancer types, average OOP costs in the first year ranged from $2,754 for stage I anal cancer to $25,876 for stage IV vaginal cancer.
  • However, the upper limits of OOP costs exceeded $100,000 across many tumors and stages in the first year, reaching a high of $450,374 for stage I breast cancer and far exceeding $200,000 for stage II-IV colorectal and lung cancer.
  • OOP costs were generally highest during the first year of treatment and for cancers diagnosed at later stages.

IN PRACTICE:

"OOP costs may present an extreme economic stressor on patients diagnosed with cancer," leading to emotional distress, reduced treatment adherence, and poor outcomes. "Even cancer patients with insurance coverage [are] not protected." Future research is "needed to help clarify the type of patient most burdened by OOP costs" as well as ways to reduce them, including promoting "diagnosis at an earlier stage and increas[ing] access to health plans that minimize patient cost sharing."

SOURCE:

The work was led by November McGarvey of BluePath Solutions, Los Angeles, and published in the Journal of Medical Economics.

LIMITATIONS:

The study did not include additional OOP costs, such as transportation. It also did not assess the long-term impacts of cancer-related out-of-pocket spending. Details on health plan types and features were limited, and the results are limited to patients with commercial health insurance.

DISCLOSURES:

The work was funded by Grail. The investigators are employees of Grail or BluePath Solutions.

https://www.medscape.com/s/viewarticle/even-insurance-cancer-out-pocket-costs-can-be-punishing-2023a1000udh

Most Stop Taking Weight Loss Drugs Within 1 Year

 Patients receiving semaglutide for weight loss show a significantly higher rate of continuing the medication at 1 year compared with less effective anti-obesity drugs. However, even among those patients, continuation declines to fewer than half of patients.

"We now have effective US Food and Drug Administration-approved anti-obesity medications; [however], this study shows that in a real-world setting, the vast majority of patients discontinued their prescription fills within the first year," said first author Hamlet Gasoyan, PhD, lead author of the study and a researcher with Cleveland Clinic’s Center for Value-Based Care Research, said in a press statement.

The study was published online today in the journal Obesity.

While breakthrough drugs such as glucagon-like peptide-1 (GLP-1) receptor agonists have shown high efficacy in achieving weight loss while providing a host of other health benefits, their discontinuation has been shown to potentially result in a rapid regaining of weight that was lost, as well as a reversal of the other health benefits, such as cardiometabolic improvements, the study authors wrote.

To evaluate rates of persistence with those along with other weight loss medications and factors associated with discontinuation, Gasoyan and colleagues conducted a retrospective cohort study, identifying 1911 patients with obesity, who had an initial anti-obesity medication prescription filled between 2015 and 2022 at Cleveland Clinic centers in Ohio and Florida. 

Over the study period, 25% of patients filled a prescription for semaglutide, 34% for naltrexone-bupropion, 26% for phentermine-topiramate, 14% for liraglutide, and 0.9% for orlistat.

The patients had a median baseline BMI of 38, with obesity defined as a BMI of 30 or higher.

Medication Continuation Drops After 3 Months

With a median follow-up time of 2.4 years, the rate of persistence to the medications overall dropped from 44% at 3 months to 33% at 6 months and just 19% at 12 months. 

In a multivariate analysis, semaglutide was associated with the highest odds of 1-year persistence (adjusted odds ratio [AOR], 4.26), while naltrexone-bupropion had the lowest odds (AOR, 0.68), compared with phentermine-topiramate. The other agents did not have significantly different odds of persistence.

Semaglutide and liraglutide also had the highest persistence rates overall, including at 3 months (63% and 52%, respectively) and 6 months (56% and 37%, respectively).

Those with higher weight loss at 6 months had a higher likelihood of remaining on the weight loss medication at 1 year, with a 1% increase in weight loss at 6 months associated with 6% increased odds of still being persistent at year 1 (adjusted odds ratio, 1.06).

Those who did continue medications at 1 year had a mean of 10% weight loss at 12 months compared with just 2% among individuals who were not persistent (P <.001).

Most patients (84%) in the study were privately insured, and weight loss drug adherence varied significantly based on the insurance carrier. 

Studies demonstrating the effects of discontinuing treatment with semaglutide include the STEP 1 trial extension, which showed that 1 year after discontinuation of treatment and lifestyle intervention, participants regained two thirds of their lost weight on average, and the cardiometabolic improvements with the weight loss were reversed.

In light of those findings, "the current scientific knowledge favors using anti-obesity medications longer term for weight loss maintenance if they are well-tolerated and have resulted in clinically meaningful weight loss," Gasoyan told Medscape Medical News

Paradoxically, the possible regaining of weight could be a factor in some insurers denying longer-term coverage, he noted.

Discontinuing Medications Means Regaining Appetite

Anne Peters, MD, a p rofessor of medicine at USC's Keck School of Medicine in Los Angeles and director of the USC Clinical Diabetes Programs, underscored that the possibility of regaining weight with discontinuation of GLP-1 receptor agonists is indeed "a big concern because your appetite comes back in spades when you take away the effect of these hormones," she told Medscape Medical News. "For that reason, I don’t ever tell people to stop cold turkey."

Regarding the question of how long patients should remain on the medications, Peters said the scenario might be compared to the need for patients with type 1 diabetes to be on insulin, which is a gut hormone.

"These medications are also gut hormones, and some patients may need to also be on them for life to maintain the benefits," she said. 

"If a patient for some reason wishes to come off of the medication, for instance in order to be on less medicine, I have them titrate down and usually there will be a dose where they actually need only a small dose.

"I even have some patients who just take semaglutide once a month who are able to manage to maintain their weight loss," Peters noted. 

"But the whole goal in people who are overweight or obese is to establish a new set point and maintain whatever that new target weight is."

Peters agreed that the loss of insurance coverage for the medications can throw a big wrench into that maintenance, presenting adverse effects of its own by causing a lack of treatment continuity. 

"When you lose weight, you lose lean body mass and fat mass, but when you regain, it’s primary fat mass, so if you go on and off these drugs, it can contribute to a loss of lean mass. Therefore, these drugs should not be taken if someone is going to go on and off them repeatedly." 

The study received funding from the National Cancer Institute. Peters has consulted for Eli Lilly in the past.

https://www.medscape.com/viewarticle/most-stop-taking-weight-loss-drugs-within-1-year-2023a1000uiq

Facebook, Instagram expose underage users to sex predators, porn: New Mexico AG

 Underage Facebook and Instagram users are exposed to adult sex content and disturbing messages from alleged child predators — including “pictures and videos of genitalia” and six-figure offers to star in porn movies, according to a bombshell civil lawsuit filed by the New Mexico attorney general’s office.

New Mexico state investigators set up test accounts on the Meta-owned social media sites for four fictional children using AI-generated photos that purportedly portrayed children aged 14 or younger.

Meta and its CEO Mark Zuckerberg — whose platforms are already under fire for fueling a youth mental health crisis — allegedly failed to adequately protect those underage users from being inundated with the vile content, according to the complaint filed Tuesday in New Mexico state court.

“Meta has allowed Facebook and Instagram to become a marketplace for predators in search of children upon whom to prey,” according to the complaint, which was first reported by the Wall Street Journal.

“Meta’s conduct is not only unacceptable; it is unlawful.”

The lawsuit argues that Zuckerberg, who is named as a co-defendant, bears personal responsibility for the app design decisions that have placed children at risk.  

New Mexico investigators set up test accounts to probe Meta’s protections for underage users.Getty Images/iStockphoto

The shocking claims emerged as critics around the country accuse Meta of ignoring risks to young users in favor of profit.

In October, a coalition of 33 state attorneys general sued Meta alleging it knowingly built addictive features into its apps to the detriment of its young users.

The state of New Mexico’s allegations are similar to details that emerged from a recent Wall Street Journal investigation — where reporters who set up test accounts found that the Instaram Reels video feed recommends “risqué footage of children as well as overtly sexual adult videos” to adult users who follow children.

The accounts were created using adult birth dates – as underage users sometimes do to bypass app age restriction.

In one disturbing example cited in the lawsuit, state investigators set up a test account with the name “Issa Bee” who claimed to be a 13-year-old girl living in Albuquerque, New Mexico.

The fake profile gained more than 6,700 followers on Facebook – most of which are “males between the ages of 18- and 40-years old,” according to the suit.

“On Facebook Messenger, Issa’s messages and chats are filled with pictures and videos of genitalia, including exposed penises, which she receives at least 3-4 times per week,” the lawsuit says. “As the messages come in, she has no means of screening or previewing the messages.”

The “Bee” account also received horrifying sexual propositions from adult users, including one who allegedly “openly promised her $5,000 a week to be his ‘sugar baby,’” the suit said.

Critics say Facebook and Instagram haven’t done enough to protect young users.AP

“It is apparent, based on a review of Issa’s account activity, that Facebook is not scanning the text of messages she receives for child safety purposes,” the lawsuit says. “Despite overtly sexualized text messages and chats, Facebook has not removed or reported any message she received.”

Meanwhile, content recommended for “Bee” on Instagram “in her feed include explicit and sexualized images of teenage girls.”

The investigators also set up a test account that purportedly belonged to the girl’s mother and was filled with posts suggesting she was willing to sexually traffic her daughter.

Elsewhere, a test account that purportedly belonged to another 13-year-old girl received a recommendation to follow a Facebook account that allegedly sells “sexual videos,” the suit said.

In another case, investigators set up an account for a 14-year-old girl who joined “a Facebook group for individuals seeking jobs in New Mexico.”

The test account was solicited by a male group member who offered a six-figure payout if “she would have sex in a pornographic video,” according to the suit.

New Mexico Attorney General Raul Torrez said that his office submitted evidence uncovered regarding solicitation attempts to local law enforcement for possible prosecution against Meta.AP

“Mr. Zuckerberg and other Meta executives are aware of the serious harm their products can pose to young users, and yet they have failed to make sufficient changes to their platforms that would prevent the sexual exploitation of children,” New Mexico Attorney General Raul Torrez said in a statement.

“Despite repeated assurances to Congress and the public that they can be trusted to police themselves, it is clear that Meta’s executives continue to prioritize engagement and ad revenue over the safety of the most vulnerable members of our society,” he added.

Torrez told the Journal his office submitted some evidence uncovered regarding solicitation attempts to local law enforcement for possible prosecution.

When reached for comment by the Journal, Meta did not comment specifically on the lawsuit’s allegations. The company has argued that it makes extensive efforts to protect young users from harm.

“We use sophisticated technology, hire child safety experts, report content to the National Center for Missing and Exploited Children, and share information and tools with other companies and law enforcement, including state attorneys general, to help root out predators,” Meta said in a statement.

Meta is accused of ignoring safety risks in favor of profit.Getty Images/iStockphoto

Representatives for Meta did not immediately return a request for further comment.

New Mexico’s lawsuit asserts that child predators have regularly used Facebook and other social media platforms to solicit children — despite Meta’s assertations that it doesn’t allow child exploitation on its apps.

“Cases dating back more than a decade and continuing through this year, involve children in New Mexico who were contacted, groomed, and lured into sending explicit photographs or meeting predators through Facebook or Instagram,” the suit alleges.

The attorney general office’s lawsuit includes redactions and excluded some images that were “deemed too graphic and disturbing” to public, according to a release.

https://nypost.com/2023/12/06/business/facebook-instagram-expose-child-users-to-predators-new-mexico-ag/

Biden Tells Israel To Wrap Up War By January As An Estimated 80% Of Gazans Displaced

 With a ground war now raging in the Gaza Strip's second largest city of Khan Younis in the south, civilians have nowhere left to go. The Strip's southern half was initially declared a 'safe zone' by Israel's military, but it now says top Hamas commanders are hiding out there.

The United Nations has issued a fresh statement estimating that more than 80% of Gaza's population has been displaced. The UN issued a figure of 1.87 million people who have been driven from their homes.

Further the AP cited that UN as saying "fighting is now preventing distribution of food, water and medicine outside a tiny sliver of southern Gaza" and that the latest military evacuation orders are "squeezing people into ever-smaller areas of the south."

And the ground war and aerial bombardment is expected to continue with great intensity through at least January. "We are in a high-intensity operation in the coming weeks, then probably moving to a low-intensity mode," an Israeli official told CNN.

The Biden administration last week reportedly warned Israel that the clock is ticking on its military operation, and that it's unlikely to have even "months" to fight given domestic and international pressure is ratcheting in response to the soaring death toll (which according to Palestinian sources has surpassed 16,000 killed in Gaza).

According to details of the message delivered to Israeli leaders:

Officials from the Biden administration have marked the start of 2024 as the target date for ending Israel’s massive military campaign against terror group Hamas.

Officials have told their Israeli counterparts that this is not a deadline but a target. According to the administration, Israel is close to exhausting the extensive ground invasion it launched in late October in the aftermath of the Oct. 7 massacre and should switch to more focused efforts to bring down Hamas.

"The gap between us and the Americans is around three weeks to a month — nothing that cannot be resolved," an Israeli diplomatic source told Al-Monitor on condition of anonymity.

Israel reportedly wants a timeline of at least till the end of January and not the month's start. Some observers have warned it could in reality take "years" to fully dismantle Hamas.

According to analysis in The Washington Post, Hamas is still intact and its numbers have been barely dented. "At least 5,000 Hamas militants have been killed, according to three Israeli security officials, leaving the majority of the group’s estimated 30,000-strong military wing intact," the report says based on Israeli defense sources.

Scenes of Rashid Street west of Gaza City show an entire large area obliterated...

"This is going to be a long haul," a spokesman for the Israeli military, Lt. Col. Richard Hecht, told the Post. "We need the time," he said while acknowledging the growing international pressure.

But as WaPo underscores, "The cost has already been devastating, with nearly 16,000 Palestinians killed, including more than 5,000 children, according to Gaza’s Ministry of Health." By comparison there hasn't been this many civilian deaths in all of the Ukraine war, which is approaching two years of fighting.

https://www.zerohedge.com/geopolitical/biden-tells-israel-wrap-war-january-estimated-80-gazans-displaced