FDA approves Apellis' Empaveli for treatment of C3 glomerulopathy
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Yahoo
6 hours ago
- Yahoo
Lilly set for strong quarter after Novo profit warning
By Patrick Wingrove and Bhanvi Satija (Reuters) -Investors and analysts say they expect Eli Lilly to report stronger quarterly sales and profit next week than Danish rival Novo Nordisk did on Tuesday, and are anxiously awaiting a full-year outlook and updates on an experimental obesity drug to gauge the U.S. drugmaker's longer-term health. Lilly's weight-loss drug Zepbound leads the U.S. market and has faced less competition from cheaper copies made by compounding pharmacies, giving it an edge, they said, after investors wiped $70 billion from Novo's market value. Novo, which sells the obesity drug Wegovy and related diabetes medicine Ozempic, on Tuesday issued a profit warning, citing lower U.S. growth expectations and competition including from compounded versions. "I think that this is a pretty positive report for Lilly just because it shows the competitive note it has against their largest competitor," said Dave Wagner, portfolio manager at Aptus Capital Advisors. Analysts expect Lilly to post second-quarter earnings of $5.57 per share on revenue of $14.71 billion, according to LSEG data. They are also looking for a full-year profit of $21.83 per share. Lilly has forecast adjusted earnings of $20.78 to $22.28 per share for 2025. Still, Lilly's shares fell nearly 5% on Tuesday, reflecting concern that the company could be vulnerable if Novo cuts prices aggressively or if its growth in the obesity market also slows more than expected, analysts and investors said. Zepbound holds just under 60% of the obesity market, while Lilly's diabetes drug Mounjaro - containing the same active ingredient - accounts for over half of its segment against Ozempic, according to IQVIA data shared with Reuters by an analyst. IQVIA did not immediately respond to a request for confirmation. UBS analyst Trung Huynh said data also showed Lilly was getting around two-thirds of new patients onto Zepbound. The company in December posted results from a large head-to-head trial showing patients on Zepbound lost an average of 20.2% of their weight after 72 weeks compared to 13.7% for the group treated with Wegovy. Lilly is also expected to be first to the market with the next generation of oral obesity drugs. Lilly has said it intends to seek approval for its experimental drug orforglipron by the end of the year. Lilly has felt less heat from compounded versions of its medicines than Novo Nordisk, Huynh said, largely because Wegovy and Ozempic both hit the market before Lilly's drugs and built up patient recognition sooner. Compounding pharmacies earlier this year were restricted under U.S. law from making drugs that were essentially copies of Wegovy and Zepbound, but can still make personalized doses for patients who need them, or formulations not offered by FDA-approved medicines. Investors earlier this year were rattled by CVS Health's decision to drop Zepbound from some lists of medicines it covers for reimbursement starting on July 1, triggering a 10% share price plunge. But Lilly's stock has declined marginally so far this year, compared to a more than 40% fall in Novo Nordisk's shares, including Tuesday's moves. Barclays analyst Emily Field said Lilly could calm investors next week by reaffirming or boosting revenue and profit outlooks, or simply by delivering strong financial results. Brian Mulberry at Zacks Investment Management said signs of softness in the obesity or diabetes drug market, especially from a peer like Novo, typically trigger broad-based selling, which might account for Lilly's share drop on Tuesday. Sign in to access your portfolio
Chicago Tribune
10 hours ago
- Chicago Tribune
Recall issued over High Noon energy drinks mistakenly containing vodka
MODESTO, Calif. — Energy drinks that mistakenly contain vodka are being recalled in half a dozen states. High Noon is recalling two production lots of High Noon Beach Variety packs because some packs include cans containing vodka that were mislabeled as Celsius Astro Vibe Energy Drink, according to a U.S. Food and Drug Administration recall notice Wednesday. The cans contain vodka seltzer and were mislabeled as 'sparkling blue razz'-flavored Celsius Astro Vibe energy drinks, the notice said. Consumption of the liquid in the cans will result in 'unintentional alcohol ingestion,' the company said. The packs were distributed to retailers in Florida, New York, Ohio, South Carolina, Virginia and Wisconsin. The recall was initiated after the company discovered that a shared packaging supplier mistakenly shipped empty Celsius energy drink cans to High Noon. No illnesses or adverse events have been reported related to the labeling error, according to the company. Consumers who purchased the beverages with the impacted codes found in the recall notice should dispose of it, the notice said. Consumers are also encouraged to make sure any Sparkling Blue Razz Celsius Astro Vibe energy drinks do not contain the specific lot codes in the notice before drinking them.
Bloomberg
11 hours ago
- Bloomberg
AbbVie in Talks to Acquire Gilgamesh in $1 Billion Deal
AbbVie Inc. is in talks to acquire mental health therapeutics company Gilgamesh Pharmaceuticals in a deal highlighting growing takeover interest in the sector, according to people familiar with the matter. A potential deal could value privately held Gilgamesh at about $1 billion, the people said, asking not to be identified because the information is private. An announcement could be made in the coming weeks, the people said.
