Sales for the company’s health services segment rose 7.6% to $46.22 billion compared to the same quarter a year earlier. This includes sales at the company’s retail pharmacy chain as well as its pharmacy benefit management (PBM) business units.

Despite the group’s strong second-quarter results, CVS expressed concern over its costs for the quarter. Following the company’s acquisitions of primary-care provider Oak Street Health and home healthcare services firm Signify Health, CVS announced that it would begin to roll out a cost-cutting program.

The company recorded a further $496 million in pre-tax charges related to its cost-cutting agenda which began during the second quarter. CVS added that it would be pausing any acquisitions in the near term to keep costs minimal.

The post CVS Health Beats Q2 Profit Estimates appeared first on theprimarymarket.com.

Dow Jones e-minis declined by 51 points, or 0.14%, while S&P 500 e-minis fell by 7.25 points or 0.16%. Nasdsaq 100 e-minis fell by 32.5 points or 0.2%. This comes after the benchmark S&P 500 index hit a more than 15-month high on Monday. The index is now just 4.7% away from reaching its record intraday high on January 4, 2022.

Merck stock rose by 1.4% in premarket trading when the big pharma company raised its full-year profit forecast after beating analysts’ second-quarter estimates. Computing company Arista Networks jumped by 14.8% after beating its own Q2 earnings forecast, driven by demand for its cloud networking products.

Investors now await the ISM Manufacturing survey to assess U.S. factory activity in July. The Labor Department’s Job Openings and Labor Turnover Survey is also in the pipeline.

The post Futures Slip as Big Pharma Earnings Roll In appeared first on theprimarymarket.com.

Sales for Q2 were $15 billion, up from $14.6 billion during the same quarter a year ago. This comes despite a sharp decline in demand for the company’s COVID-19 therapeutic Lagevrio.

Keytruda drug sales for the quarter were $6.3 billion, outpacing the $5.9 billion forecasted by analysts. Sales for the cancer prevention drug Gardasil have surged by 47% to $2.5 billion. In contrast, sales of Lagevrio plummeted from $1.2 billion a year ago to $200 million today.

Despite positive revenue data, the company reported a quarterly adjusted loss of $5.2 billion, or $2.06 a share. This is primarily because of the $10.2 billion forked out by Merck to acquire Prometheus Biosciences. Even with this major expense, the company’s loss still beat analysts’ expectations of a $2.18 loss per share.

Merck now expects full-year sales in the range of $58.6 to $59.6 billion; up from its previous forecast of $57.7 billion to $58.9 billion.

The post Merck Raises Full-Year Forecast After Beating Q2 Estimate appeared first on theprimarymarket.com.

Walgreen’s core business, its U.S. retail pharmacy, recorded a revenue of $27.6 billion for the period, exceeding analysts’ expectations of $26.8 billion. The rise in sales came as the filing of non-COVID prescriptions increased as the demand for COVID vaccinations declined.

Although the administration of COVID vaccines and testing helped Walgreens to offset lower prescription volumes during the pandemic, prescription filling spiked back to pre-COVID levels as the pandemic subsided.

Same-store sales during the second fiscal quarter rose by 4.9% compared to last year, while prescriptions, excluding vaccinations, increased by 3.5%.

The drugstore chain pursued several expansion efforts in 2022, starting with its $9 billion takeover of urgent care provider Summit Health in January. This acquisition followed the takeovers of two smaller healthcare providers, VillageMD and CareCentrix, to a combined value of $5.5 billion in 2021.

The post Walgreens Beats Expectations In Latest Quarterly Earnings appeared first on theprimarymarket.com.

According to sources familiar with the matter, the highest bid on the company was submitted by UnitedHealth, with Amazon following close behind. It is believed that UnitedHealth’s bid comes in at over $30 per share.

Following news of the latest bidding action, Signify Health’s shares 41% to $29.81 on Monday morning, up from $21.20 on Friday. The stock has climbed by 6.7% since The Wall Street Journal reported that pharmacy chain CVS was considering a bid for the company.

Signify is scheduled to hold a board meeting on Monday to discuss the bids that have been submitted so far. A final decision is far from being made, however, with the deadline for bids being September 6.

Through the development of an array of software and services, Signify aims to help medical providers shift to value-based payment plans, whereby low-income patients can receive high-quality medical care at affordable costs. Its clients include payers such as government programs, health plans, and employers.

The post UnitedHealth, Amazon Enter Race For Signify Acquisition appeared first on theprimarymarket.com.

By acquiring ChemoCentryx, Amgen will be looking to add the company’s newly approved anti-inflammation treatment to its product portfolio. While Amgen’s arthritis drug, Enbrel, has been a top seller, it now faces stiff competition from new rivals that have recently entered the market. Furthermore, the drug’s patent is set to expire in 2029.

One of the main targets for Amgen was ChemoCentryx’s Tavneos, which was approved late last year. Used to treat a rare form of blood vessel inflammation, Tavneos raked in $5.4 million in sales during the first quarter following its launch.

In addition to Tavneos, there are three drugs that are currently going through early-stage trials that are to be used to treat inflammatory diseases, as well as a cancer drug. Analysts expect the company’s sales to exceed $1 billion by 2027.

The post Amgen to Purchase ChemoCentryx in $3.7 Billion Deal appeared first on theprimarymarket.com.

Sales for the company’s health services segment rose 7.6% to $46.22 billion compared to the same quarter a year earlier. This includes sales at the company’s retail pharmacy chain as well as its pharmacy benefit management (PBM) business units.

Despite the group’s strong second-quarter results, CVS expressed concern over its costs for the quarter. Following the company’s acquisitions of primary-care provider Oak Street Health and home healthcare services firm Signify Health, CVS announced that it would begin to roll out a cost-cutting program.

The company recorded a further $496 million in pre-tax charges related to its cost-cutting agenda which began during the second quarter. CVS added that it would be pausing any acquisitions in the near term to keep costs minimal.

The post CVS Health Beats Q2 Profit Estimates appeared first on theprimarymarket.com.

Dow Jones e-minis declined by 51 points, or 0.14%, while S&P 500 e-minis fell by 7.25 points or 0.16%. Nasdsaq 100 e-minis fell by 32.5 points or 0.2%. This comes after the benchmark S&P 500 index hit a more than 15-month high on Monday. The index is now just 4.7% away from reaching its record intraday high on January 4, 2022.

Merck stock rose by 1.4% in premarket trading when the big pharma company raised its full-year profit forecast after beating analysts’ second-quarter estimates. Computing company Arista Networks jumped by 14.8% after beating its own Q2 earnings forecast, driven by demand for its cloud networking products.

Investors now await the ISM Manufacturing survey to assess U.S. factory activity in July. The Labor Department’s Job Openings and Labor Turnover Survey is also in the pipeline.

The post Futures Slip as Big Pharma Earnings Roll In appeared first on theprimarymarket.com.

Sales for Q2 were $15 billion, up from $14.6 billion during the same quarter a year ago. This comes despite a sharp decline in demand for the company’s COVID-19 therapeutic Lagevrio.

Keytruda drug sales for the quarter were $6.3 billion, outpacing the $5.9 billion forecasted by analysts. Sales for the cancer prevention drug Gardasil have surged by 47% to $2.5 billion. In contrast, sales of Lagevrio plummeted from $1.2 billion a year ago to $200 million today.

Despite positive revenue data, the company reported a quarterly adjusted loss of $5.2 billion, or $2.06 a share. This is primarily because of the $10.2 billion forked out by Merck to acquire Prometheus Biosciences. Even with this major expense, the company’s loss still beat analysts’ expectations of a $2.18 loss per share.

Merck now expects full-year sales in the range of $58.6 to $59.6 billion; up from its previous forecast of $57.7 billion to $58.9 billion.

The post Merck Raises Full-Year Forecast After Beating Q2 Estimate appeared first on theprimarymarket.com.

Walgreen’s core business, its U.S. retail pharmacy, recorded a revenue of $27.6 billion for the period, exceeding analysts’ expectations of $26.8 billion. The rise in sales came as the filing of non-COVID prescriptions increased as the demand for COVID vaccinations declined.

Although the administration of COVID vaccines and testing helped Walgreens to offset lower prescription volumes during the pandemic, prescription filling spiked back to pre-COVID levels as the pandemic subsided.

Same-store sales during the second fiscal quarter rose by 4.9% compared to last year, while prescriptions, excluding vaccinations, increased by 3.5%.

The drugstore chain pursued several expansion efforts in 2022, starting with its $9 billion takeover of urgent care provider Summit Health in January. This acquisition followed the takeovers of two smaller healthcare providers, VillageMD and CareCentrix, to a combined value of $5.5 billion in 2021.

The post Walgreens Beats Expectations In Latest Quarterly Earnings appeared first on theprimarymarket.com.

According to sources familiar with the matter, the highest bid on the company was submitted by UnitedHealth, with Amazon following close behind. It is believed that UnitedHealth’s bid comes in at over $30 per share.

Following news of the latest bidding action, Signify Health’s shares 41% to $29.81 on Monday morning, up from $21.20 on Friday. The stock has climbed by 6.7% since The Wall Street Journal reported that pharmacy chain CVS was considering a bid for the company.

Signify is scheduled to hold a board meeting on Monday to discuss the bids that have been submitted so far. A final decision is far from being made, however, with the deadline for bids being September 6.

Through the development of an array of software and services, Signify aims to help medical providers shift to value-based payment plans, whereby low-income patients can receive high-quality medical care at affordable costs. Its clients include payers such as government programs, health plans, and employers.

The post UnitedHealth, Amazon Enter Race For Signify Acquisition appeared first on theprimarymarket.com.

By acquiring ChemoCentryx, Amgen will be looking to add the company’s newly approved anti-inflammation treatment to its product portfolio. While Amgen’s arthritis drug, Enbrel, has been a top seller, it now faces stiff competition from new rivals that have recently entered the market. Furthermore, the drug’s patent is set to expire in 2029.

One of the main targets for Amgen was ChemoCentryx’s Tavneos, which was approved late last year. Used to treat a rare form of blood vessel inflammation, Tavneos raked in $5.4 million in sales during the first quarter following its launch.

In addition to Tavneos, there are three drugs that are currently going through early-stage trials that are to be used to treat inflammatory diseases, as well as a cancer drug. Analysts expect the company’s sales to exceed $1 billion by 2027.

The post Amgen to Purchase ChemoCentryx in $3.7 Billion Deal appeared first on theprimarymarket.com.