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1Q preview: Bayer, BMS, Celgene, GSK, Merck & Co, Pfizer and Sanofi

This article was originally published in Scrip

Executive Summary

The first batch of big pharma/big biotech 1Q results has now been released, and the second wave is due in the week beginning 27 April. Among those that have reported, Biogen revealed lower than expected sales of its newest multiple sclerosis therapy Tecfidera (dimethyl fumarate), whereas Novartis with its rival oral MS treatment Gilenya (fingolimod) performed somewhat better. It will be interesting to see how the third oral MS treatment, Aubagio (teriflunomide) performs when Sanofi reports its results. Meanwhile, all the financial results play out against the backdrop of the shifting currency rates and the strengthening dollar, which is having a mixed impact on pharma firms, with US firms like Lilly enjoying bolstered underlying earnings thanks to the impact of currency exchange on its costs, even as revenue performance is held back.

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