Lilly CEO ‘Encouraged’ By Trump Meeting As Volume – Not Prices – Drives 4Q Revenue Growth
Lilly’s new CEO David Ricks said he had confidence in the Trump Administration’s ability to understand and respond to the biopharma industry’s needs as well as address drug pricing concerns. The company’s fourth quarter earnings could insulate it from cost criticism, since sales volume drove revenue gains, not prices.
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Lilly will save $500m annually starting in 2018 after $1.2bn in layoff-related costs to reinvest in new products. Also, Cytori halves its headcount; VC OrbiMed closed a $551m Asia fund; and Insmed capitalizes on positive data.
1Q Pharma Results Preview: Biogen, Novartis, Lilly, Amgen, GSK, AstraZeneca, BMS, AbbVie, Roche, Bayer, Sanofi
Scrip offers some key points to watch for as the biopharmaceutical sales and earnings start to roll in. While the pricing debate in the US may have lost some steam, the negative impact of pricing pressure on J&J's pharma sales have analysts concerned.
In another blow for the amyloid hypothesis in Alzheimer's disease, Merck ended its pivotal EPOCH study for the BACE inhibitor verubecestat based on an interim assessment that there was "virtually no chance of finding a positive clinical effect" in the nearly completed Phase II/III clinical trial.