Pharmaceutical Processing

AbbVie (NYSE:ABBV) shares took a hit today despite second-quarter results that topped the consensus forecast. The North Chicago-based company posted profits of $769 million, or 42¢ per share, on sales of $14 billion for the three months ended June 30, 2021, marking a massive bottom-line gain from losses of -$739 million last year on sales…

The managed care consortium Kaiser Permanente is suing Merck (NYSE: MRK) over alleged pay-to-delay agreements to withhold the production of generic drugs for Zetia and Vytorin. Zetia (ezetimibe) is a cholesterol absorption inhibitor while Vytorin combines ezetimibe with simvastatin, an inhibitor of 3-hydroxy-3-methyl-glutaryl-coenzyme A (HMG-CoA) reductase. FDA drugs treat high cholesterol levels. The lawsuit also names Glenmark, a…

Merck (NYSE: MRK) posted second-quarter results today that missed the consensus forecast on Wall Street, though the company expects up to 14% sales growth this year. The Kenilworth, N.J.–based pharmaceutical giant reported profits of $1.213 billion, or 48¢, off $11.402 billion in sales, nearly halving its bottom line while boosting sales 19% from Q2 2020.…

Pfizer (NYSE: PFE) posted second-quarter results today that beat the consensus forecast. In addition, thanks to solid vaccine sales, the company boosted its outlook for the remainder of the year. The company expects annual sales of the two-dose vaccine it jointly developed with BioNTech to hit $3.5 billion. The New York City–based company reported profits…

Calico Life Sciences, an R&D biotech founded in 2013 as a Google subsidiary, is reaffirming its partnership with AbbVie (NYSE: ABBV) it initially formed in 2014. The latest agreement extends the collaboration from 2022 to 2025 while allotting $500 million in additional funding from both companies. The two companies are collaborating on three clinical stage…

Pharma companies are resisting a tentative agreement between 130 countries to create a minimum corporate tax of 15%. The plan intends to combat tax inversion and other forms of tax avoidance. Some U.S. industries, including Big Tech, have backed the plan given its potential to simplify accounting — even if it increases their tax rate.…

Vacaville, Calif. is home to a burgeoning biotech hub. And there’s more to Vacaville’s biomanufacturing industry than Genentech’s presence there. “Genentech is just one of the biotech companies to open in Vacaville,” said Don Burrus, the city’s director of economic development services. “We’ve had biomanufacturers here for almost 30 years.” Genentech set up shop in…

California Attorney General Rob Bonta announced a $26 billion settlement with Johnson & Johnson, among other companies, over opioids. The settlement includes Johnson & Johnson, which manufactured and marketed opioids, and pharmaceutical distributors Cardinal, McKesson and AmerisourceBergen. According to a news release, the settlement resolves investigations and litigation over the companies’ roles in creating and…

Pfizer (NYSE:PFE) and BioNTech (NSDQ:BNTX) today announced an agreement with Biovac to manufacture the companies’ COVID-19 vaccine for distribution in Africa. Cape Town, South Africa-based Biovac will perform manufacturing and distribution activities within Pfizer and BioNTech’s global COVID-19 vaccine supply chain and manufacturing network to aid in distribution within the African Union, according to a…

HCW Biologics Inc. (NASDAQ:HCWB) has announced that it is launching an underwritten initial public offering of 7,000,000 shares of common stock. Initially valued at $8.00 per share, the IPO would generate approximately $56.0 million. That sum does not include underwriting discounts, commissions and other offering expenses. The Miramar, Fla.–based preclinical-stage company specializes in immunotherapies that…