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$MACK said it reduced 22% of its headcount while eliminating more than $200MM in expected costs over the next 2 years. The company also said its CEO Robert Mulroy resigned, effective immediately. The BoD appointed Chairman Gary Crocker as interim CEO. $MACK had reported a 2Q16 loss of $50.8MM, hurt by higher R&D costs and interest expenses.
For FY18, $AGN expects its total net revenues to be in the range of $15.0 -15.3Bil and net loss per share is expected to be about $2.27-1.52. The company expects its 1Q18 total net revenues to be about $3.5-3.6Bil and net loss per share of about $1.27-1.07.
Drugmaker $AGN reported a profit for 4Q17 on strong demand for Botox. Net earnings came to $3.05Bil, or $8.88 per share, compared with a year-earlier loss of $70.2MM, or $0.20 loss per share. Adj. EPS was $4.86. Revenue rose 12% YoY to $4.33Bil, helped by the sales growth in drugs like Botox, Alloderm and Juvederm collection.
$CELG, which made two multi-billion dollar buyouts (Impact & $JUNO) in the beginning of 2018, swung to a loss in 4Q17, hit by the income tax charges. Celgene reported a loss of $81MM or $0.10 per share on a GAAP basis compared to a profit of $429MM or $0.53 per share, hurt by the impact of Tax Cuts and Jobs Act. Adjusted EPS rose 24% to $2.00.
$CELG Celgene Corp. Earnings AlphaGraphic: Q4 2017 Highlights. The increase in Revlimid and Otezla drug sales helped to boost Celgene's total revenue by 17% to $3.483Bil in the fourth quarter of 2017. Celgene swung to loss in the recently ended quarter on the impact of 2017 Tax Act.
Last week's rumor becomes reality. $CELG to acquire its strategic partner $JUNO for $9Bil. Juno Therapeutics, which had already skyrocketed nearly 50% in the last week, has increased more than 25% today in pre-market from Jan. 19th closing price of $67.81. Celgene expects that this deal will help it to boost the revenue generation beyond 2020.
$AGN and $IRWD reached an agreement with Indian pharma company Sun Pharma to resolve a patent litigation for the generic version of constipation drug Linzess in the U.S. As per the agreement, Sun Pharma will be able to market the generic version of Linzess in the U.S. from Feb. 1, 2031. All the litigations related to Linzess were dismissed.
$VRTX said the European Commission has granted extension of the Marketing Authorization for ORKAMBI, intended for the treatment of cystic fibrosis (CF) in people with two copies of the F508del mutation, to include children ages 6 through 11. Existing reimbursement agreements in countries such as Ireland will enable rapid access to ORKAMBI.
$CELG agreed to acquire start-up firm Impact Biomedicines for an upfront payment of $1.1Bil. Under the deal terms, Celgene will further pay up to $1.25Bil on Impact's cancer drug Fedratinib getting FDA's approvals. If the global annual net sales of the drug exceed $5Bil, Celgene will pay a maximum of $4.5Bil. The deal is expected to close in 1Q18.
$MYL announced the U.S.launch of Estradiol Vaginal Cream, the first generic version of Allergan's Estrace Cream. Mylan received final approval from the U.S. Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for this product, which is indicated in the treatment of vulvar and vaginal atrophy.
$MYL said the biosimilar Trastuzumab, co-developed by the company and Biocon Ltd. has been approved by ANVISA, the Brazilian regulatory agency, through their partner Libbs Farmaceutica. Trastuzumab is indicated for the treatment of breast cancer and gastric cancer. Libbs will commercialize the product in Brazil under the brand name Zedora.
$AGN said that the Federal Circuit confirmed that a proposed generic version of Combigan eye drug from Sandoz, a unit of $NVS, did not infringe Allergan's two patents. The Federal Circuit also reversed the district court's decision that Sandoz's proposed generic product infringes Allergan's 3rd patent. Allergan plans to file for rehearing within 30 days.