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Pharma-earnings-palooza, Alnylam's aims in Alzheimer's, & Bristol Myers' new CEO

April 27, 2023
National Biotech Reporter
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The need-to-know this morning

Pharma-earnings-palooza!

  • Let's not bury the lede on Eli Lilly: Mounjaro first-quarter sales in type 2 diabetes were $568.5 million, including U.S. sales of $536.4 million. The consensus for worldwide sales was $433.2 million, so a very big beat. 

  • Lilly also released top-line results from its Phase 3 SURMOUNT study of Mounjaro in people with obesity, showing an average weight loss of 15.7%, or 34.4 pounds for the highest dose compared to 3.3% or 7 pounds for placebo. The outcome achieved the goal of the study although weight loss was slightly lower than Lilly's previous Phase 3 study. Lilly said it will complete its FDA application "in the coming weeks" and expects an approval decision before the end of the year. 

  • Oh right, Lilly earnings: Adjusted profits in the quarter were $1.62 per share, a consensus miss, although it slightly beat on revenue of $6.96 billion. The company updated its financial guidance, including raising the revenue forecast to a range of $31.2 to $31.7 billion versus current consensus of $30.59 billion. The increase is driven by foreign exchange headwinds and underlying business performance.

  • Merck revenue in the quarter rose 15% year over year to $14.5 billion, beating consensus of $13.8 billion. Keytruda sales rose 20% to $5.8 billion. Gardasil sales grew 35% to $2 billion. Adjusted profits in the quarter were $1.40 per share, also topping consensus. Merck raised revenue guidance for the remainder of the year to a range of $57.7 billion to $58.9 billion, which still brackets current consensus. New adjusted earnings forecast is $6.88 to $7 per share, also still within consensus. 

  • AstraZeneca reported adjusted earnings of $1.92 per share, topping consensus of $1.71 per share. Revenue of $10.9 billion slightly beat consensus. Oncology sales rose 19%, driven by Imfinzi, the checkpoint inhibitor immunotherapy, with sales of $900 million versus $728 million consensus. AstraZeneca noted strong growth from its business in China, said it was on track to start 30 Phase 3 clinical trials this year, and also reiterated 2023 financial guidance. 

  • You want more pharma earnings? Bristol Myers Squibb, Sanofi and Abbvie also reported this morning.  
  • Haystack Oncology, a nascent blood-testing startup, is being acquired by medical testing giant Quest Diagnostics for $450 million. STAT reporter Allison DeAngelis has the details


Biotech

Alnylam's upstream Alzheimer's treatment shows early promise

An early-stage Alzheimer's disease treatment from Alnylam Pharmaceuticals showed promising signs of benefit in a small clinical trial, the company said yesterday, suggesting the medicine might be able to prevent the toxic brain plaques thought to drive the disease.

Unlike recently approved medicines that clear out those plaques, called beta-amyloid, Alnylam's treatment is designed to silence the gene responsible for their production. In a Phase 1 study enrolling 20 patients with early-onset Alzheimer's, a single dose of the therapy was well tolerated, the company said, and led to lasting reductions of APP, the protein that folds into amyloid plaques. Side effects of the treatment were mild or moderate, Alnylam said. The company said it would withhold detailed data on the drug until a later scientific meeting.

Read more.



regulatory

FDA approves a second microbiome drug

Seres Therapeutics won FDA approval for a treatment that uses bacteria to treat a bowel disorder, the agency said yesterday, making it the second microbiome therapy to hit the market.

As STAT's Allison DeAngelis reports, the drug, Vowst, is designed to treat recurrent infections of the Clostridium difficile bacteria, which unleashes toxins that wreak havoc on the digestive system. These infections can occur after a person takes antibiotics, which tend to wipe out both good and bad bacteria in the gut, allowing C. diff to take over.

Seres' drug works by introducing beneficial bacteria back into the digestive system. In clinical trials, nearly 90% of patients who took the drug after a C. diff infection were free from recurrence after eight weeks, compared to 60% in the placebo group.

Read more.


Research

Early findings in gene therapy death suggest CRISPR was not the cause

Months after the 2022 death of a patient in the first designer CRISPR trial, researchers have concluded that the genome-editing therapy was not the cause.

As STAT's Jason Mast reports, clinicians examined the case of Terry Horgan, who died eight days after receiving a CRISPR therapy meant to treat his Duchenne muscular dystrophy, and found no traces of Cas9, the central protein used to manipulate the genome, in his tissue. That suggests the CRISPR treatment never had a chance to harm or benefit the 27-year-old.

Horgan's therapy, developed by a nonprofit his brother founded, had been the first known attempt to use CRISPR to build a custom treatment for a particular mutation that may only affect a small handful of people. Other researchers working on so-called bespoke or n-of-1 approaches using CRISPR could rest assured his death hadn't also revealed a fundamental flaw in the technology itself, experts said, though it still left other questions about how Horgan died and what it means for the future of the ultra-rare disease field.

Read more.


Personnel

Bristol Myers CEO stepping down after two decades

Giovanni Caforio, who has spent 23 years at Bristol Myers Squibb, will retire as CEO in the fall, the company said yesterday.

Caforio's eight-year tenure as CEO will end Nov. 1, after which Christopher Boerner, the company's current chief commercial officer, will take over. Caforio will remain executive chairman of the board for an undetermined transition period, the company said.

Bristol Myers nearly tripled its revenue under Caforio's leadership, launching 12 new medicines in the process. He led 2019's $74 billion merger with Celgene, expanding the company's presence in oncology.


Washington

It helps to lead HELP

Sen. Bill Cassidy's newfound spot as the top Republican on the powerful health committee has made him a popular figure among pharmaceutical CEOs.

As STAT's Rachel Cohrs and Sarah Owermohle report, Cassidy received a slew of campaign contributions from drug industry executives about a week after the Louisiana Republican officially became the ranking member of the Senate HELP committee. Among his new benefactors are the CEOs of Pfizer, Eli Lilly, and Biogen, all of whom sit on the board of PhRMA.

Next month that committee, chaired by Sen. Bernie Sanders, is slated to hold a hearing on insulin pricing and mark up legislation regulating pharmacy benefit managers, something the drug industry has been pushing for years.

Read more.


More around STAT
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Thanks for reading! Until tomorrow,


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