Ozempic hits booze sales, Moderna likes AI, and Biogen's blockbuster drug: Pharma news roundup
A new report from Morgan Stanley finds that people using GLP-1 drugs — among them Ozempic, Wegovy, Mounjaro, and Zepbound — reduce their consumption of tobacco and alcohol while taking the medications. Moderna and ChatGPT-maker OpenAI announced an ongoing partnership Wednesday to embed AI across Moderna’s business. And Biogen’s groundbreaking Alzheimer’s drug Leqembi beat Wall Street analysts’ sales expectations this past quarter.
Check out those stories and more pharma news highlights.
Major drugmakers are bracing to lose their most lucrative patents this decade
Pharma giants Merck and Bristol-Myers Squibb are both getting ready for some of their key drug patents to expire in the next few years. Both companies reported quarterly earning Thursday, providing insights into how the drug manufacturers are preparing for likely hits to their revenues.
Drug sales keep beating Wall Street’s expectations and boosting pharma stocks
It has been a busy week for pharma giants reporting their latest quarterly earnings — and a lot of them have exceeded analysts’ estimates. Novartis, Merck, Bristol-Myers Squibb, Biogen, AstraZeneca, and Sanofi all reported quarterly earning this week and all but one managed to outperform Wall Street total revenue expectations.
Moderna’s CEO wants employees to use ChatGPT at least 20 times a day
One of the world’s top vaccine-makers is partnering with a major AI company to advance medicine — and its chief executive is excited. Moderna and OpenAI announced an ongoing partnership Wednesday to embed AI across Moderna’s business, giving its teams — including legal, research, and manufacturing — access to ChatGPT Enterprise.
Merck stock rises on sales of its blockbuster cancer drug Keytruda
Merck’s stock jumped 3%, to about $130, during Thursday morning trading after the New Jersey-based pharmaceutical company reported higher than expected sales of its blockbuster cancer drug Keytruda.
Bernie Sanders launched a Senate probe into high prices for Ozempic and Wegovy
U.S. Sen. Bernie Sanders sent a letter on Wednesday to Novo Nordisk CEO Lars Fruergaard Jørgensen announcing that the Senate Committee on Health, Education, Labor, and Pensions, which Sanders chairs, has launched an investigation into the high prices the company charges for its blockbuster diabetes and weight loss dugs.
Biogen stock rises on sales of groundbreaking Alzheimer’s drug
Biogen stock jumped 5% to about $202 during Wednesday morning trading, after the Cambridge, Massachusetts-based pharmaceutical company reported higher than expected sales of its groundbreaking Alzheimer’s drug Leqembi.
Wegovy could soon treat millions of Medicare patients
Millions of Americans could now be eligible for Medicare to cover their prescriptions of the popular weight loss drug Wegovy, according to a new analysis by KFF. The highly coveted medication belongs to the same class of drug as diabetes medication Ozempic, which is also known for its weight loss side effects.
Ozempic is coming for the alcohol and tobacco industries next
It’s not only food CEOs who need to worry about their bottom lines thanks to in-demand weight loss drugs like Ozempic. Big Tobacco and Alcohol have reason to fret, too.
Ozempic users are spending less money at restaurants, survey says
More than half of people who are on Ozempic or another GLP-1 drug — a class of weight loss and diabetes medications — say they are spending less money at restaurants, according to a recent survey by Morgan Stanley.