Pharma Stock Roundup: Teva Announces Major Job Cuts, Lilly Provides 2018 Outlook

Key announcements this week were Teva Pharmaceutical Industries Ltd.’s (TEVAFree Report) restructuring plan and Eli Lilly and Company’s (LLY - Free Report) 2018 outlook. Focus also remained on data presentation at the annual conference of the American Society of Hematology ("ASH") where companies like J&J, Roche (RHHBY - Free Report) , Bristol-Myers Squibb (BMY - Free Report) and Merck (MRK - Free Report) were present.

Recap of the Week’s Most Important Stories

ASH Highlights: Several companies were at ASH with data on approved and pipeline drugs. Roche presented phase II data showing that polatuzumab vedotin plus bendamustine and MabThera/Rituxan ("BR") increased complete response rates compared to BR alone in previously treated aggressive lymphoma. Complete response rates increased from 15% to 40% on the addition of polatuzumab vedotin to BR and patients treated with this combination lived longer compared to patients on BR alone (11.8 months versus 4.7 months). Roche also presented data on a Tecentriq-Avastin combination in certain people with advanced kidney cancer and a Venclexta/Venclyxto - MabThera/Rituxan combination in previously treated chronic lymphocytic leukemia.

Bristol-Myers was also present at ASH with data on Sprycel (dasatinib), which when added to standard chemotherapy showed a three-year survival benefit in pediatric patients with newly diagnosed Ph+ acute lymphoblastic leukemia.

The company and partner Seattle Genetics also presented interim results from a phase I/II study on a combination of Adcetris and Opdivo in relapsed or refractory Hodgkin lymphoma. Combination data showed an objective response rate of 83% and a complete response rate of 62%.

Lilly Provides 2018 Outlook: Lilly provided its outlook for 2018 saying that it expects recently launched products like Trulicity, Taltz, Basaglar, Jardiance, Verzenio, Cyramza, Olumiant and Lartruvo to drive low-single-digit revenue growth. The company expects 2018 earnings per share of $4.60 - $4.70 on revenues of $23 - $23.5 billion. However, challenges remain for the company in the form of loss of patent exclusivity for products like Cialis and the impact of generic competition for Strattera, Effient and Axiron. U.S. pricing access pressure will also remain a headwind in 2018.

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