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STAT+: Novo Nordisk’s less-bad news on its Wegovy pill boosts earnings and share price
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Good morning. We’ve got more earnings today, and my colleague Drew Joseph brings us a dispatch from Rome.
The need-to-know this morning
- German drug maker Bayer said it is acquiring Perfusion Therapeutics, a privately held developer of treatments for eye diseases.
- Vivek Ramaswamy, the biotech executive-turned politician, won the Republican primary for governor of Ohio on Tuesday.
- Madrigal Pharma said sales of its MASH drug Rezdiffra were $311 million in the first quarter, topping Wall Street estimates.
- United Therapeutics also reported earnings.
Novo Nordisk saw its shares rise after being able to report some less-bad news.
The Danish firm, which had been trailing rival Eli Lilly in the obesity drug market, has gained some recent momentum with the hugely successful launch of its Wegovy pill in the U.S. And in releasing first quarter results Wednesday, Novo ticked up its guidance for the year, saying that adjusted sales will drop from 4% to 12% (the company previously said they would be down 5% to 13%), an identical shift also seen in its forecast for adjusted operating profit. The improving outlook is largely driven by better sales performance, Novo said.
Want to stay on top of the science and politics driving biotech today? Sign up to get our biotech newsletter in your inbox.
Good morning. We’ve got more earnings today, and my colleague Drew Joseph brings us a dispatch from Rome.
The need-to-know this morning
- German drug maker Bayer said it is acquiring Perfusion Therapeutics, a privately held developer of treatments for eye diseases.
- Vivek Ramaswamy, the biotech executive-turned politician, won the Republican primary for governor of Ohio on Tuesday.
- Madrigal Pharma said sales of its MASH drug Rezdiffra were $311 million in the first quarter, topping Wall Street estimates.
- United Therapeutics also reported earnings.
Novo Nordisk saw its shares rise after being able to report some less-bad news.
The Danish firm, which had been trailing rival Eli Lilly in the obesity drug market, has gained some recent momentum with the hugely successful launch of its Wegovy pill in the U.S. And in releasing first quarter results Wednesday, Novo ticked up its guidance for the year, saying that adjusted sales will drop from 4% to 12% (the company previously said they would be down 5% to 13%), an identical shift also seen in its forecast for adjusted operating profit. The improving outlook is largely driven by better sales performance, Novo said.
Robert F. Kennedy Jr.’s health department has consistently touted radical transparency as being key to its mission. Recent instances—the FDA’s decision not to disclose the recipients of three Commissioner’s National Priority Vouchers and FDA and CDC choices not to publish vaccine-related papers—call this intent into question.
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Avalo shares spike on skin drug data; BioNTech to cut staff
Avalo reported study success in what’s proven to be a tough-to-treat skin disease. Elsewhere, BioNTech announced plans to close multiple plants and Madrigal picked up an RNA-based drug for MASH.
Avalo reported study success in what’s proven to be a tough-to-treat skin disease. Elsewhere, BioNTech announced plans to close multiple plants and Madrigal picked up an RNA-based drug for MASH.
Analysts and investors alike had been eagerly awaiting sales figures for Novo Nordisk’s Wegovy pill. The answer blew past expectations by 86%.
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STAT+: Novo Nordisk’s less-bad news on its Wegovy pill boosts earnings and share price
Bayer ends multi-year M&A drought with up to $2.45B Perfuse buy
Illinois’ financial crisis could bring the state to a halt
The final 6 ‘Game of Thrones’ episodes might feel like a full season
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Mod turns ‘Counter-Strike’ into a ‘Tekken’ clone with fighting chickens
Meet Superman’s grandfather in new trailer for Krypton
Disney’s live-action Aladdin finally finds its stars
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