Amgen’s stock surged by over 12% following the release of positive initial data on its experimental weight loss injection. This news sparked concerns among investors about potential new competition in the rapidly expanding weight loss drug industry. As a result, shares of current obesity drug market leaders, Novo Nordisk and Eli Lilly, took a hit
Business
Wayfair, a prominent online furniture retailer, recently announced its first-quarter financial results, revealing a decline in sales. However, the company managed to reduce its losses after implementing a significant workforce reduction at the beginning of the year. Wayfair surpassed the expectations of Wall Street analysts in terms of both revenue and adjusted loss per share,
Johnson & Johnson has recently announced a major decision to pay $6.5 billion over 25 years to settle a large portion of the lawsuits in the U.S. that claim its talc-based products are responsible for causing ovarian cancer. This move comes in the face of mounting legal and public relations challenges that the company has
The recent decision by a federal judge in New Jersey has dealt a blow to the legal challenges brought by Johnson & Johnson and Bristol Myers Squibb against the Biden administration’s Medicare drug-price negotiations. This ruling marks a significant win for the White House in its ongoing battle with pharmaceutical companies over the affordability of
In a move that would not seem out of place in an episode of a hit TV series, Paramount Global is reportedly set to oust Chief Executive Officer Bob Bakish and replace him with a group of current division heads. This decision, which is expected to be announced on Monday, is part of a larger
The Food and Drug Administration recently approved Pfizer’s new gene therapy treatment for hemophilia B, a rare genetic bleeding disorder. This marks a significant milestone for the company in the field of gene therapy. However, the approval comes with a hefty price tag, raising concerns about accessibility and affordability for patients in need of this
In a recent announcement, Walgreens revealed its plans to work directly with drugmakers to provide cell and gene therapies to patients in the United States. This move is part of an overall expansion of the company’s specialty pharmacy services, aimed at meeting the growing demand for treatments for chronic, rare, or complex conditions. By launching
The analysis released by health policy research organization KFF indicates that more than 3 million Medicare beneficiaries could be eligible for coverage of Wegovy, a newly approved weight loss drug that also promotes heart health. However, despite this eligibility, some beneficiaries may still face out-of-pocket costs for the drug, and certain Medicare prescription drug plans
Despite reporting quarterly earnings and revenue that surpassed analysts’ expectations, PepsiCo faced challenges in the U.S. market. Weaker demand, caused by Quaker Oats recalls and backlash to higher prices for its products, led to a decline in shares by more than 2% in morning trading. The company reported earnings per share of $1.61, higher than
The real estate market is experiencing a stark contrast between the luxury sector and the rest of the market. While overall real estate sales have fallen by 4% nationwide, luxury real estate sales have actually increased by over 2%. This disparity is attributed to factors such as interest rates and supply. Mortgage rates have exceeded