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News Breaks
May 15, 2014
07:14 EDTABBV, RHHBY, PCYCAbbVie, Roche drug a real threat to Pharmacyclics, says Bernstein
After analyzing abstracts from the ASCO conference, Bernstein believes that ABT199, a treatment for CLL from Roche (RHHBY) and AbbVie (ABBV), is a "real threat" to Pharmacyclics' (PCYC) Imbruvica. However, the firm continues to believe that Imbruvica is impressive due to its duration of effect. It keeps an Outperform rating on Roche and a Market Perform rating on Pharmacyclics.
News For ABBV;RHHBY;PCYC From The Last 14 Days
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September 17, 2014
11:00 EDTRHHBYRoche CEO rules out megadeals, focused on bolt-on acquisitions, WSJ says
Roche CEO Severin Schwan said the company won't change its acquisition strategy following the recent deals made or abandoned in the pharmaceutical sector, reports the Wall Street Journal. In an interview with WSJ, Shwan said, "We have been very consistent in our approach to M&A." Regarding transformational deal-making, he said, "We have no intention to do that, whatever happens in the industry." Reference Link
07:43 EDTRHHBYBofA/Merrill to hold a conference
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September 16, 2014
07:31 EDTRHHBYEuropean Association for Study of Diabetes to hold annual meeting
50th Annual Meeting of EASD to be held in Vienna, Austria on September 15-19.
07:03 EDTPCYCPharmacyclics VA contract worth $6 per share, says William Blair
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September 15, 2014
10:55 EDTABBVRegulators to determine AbbVie, Shire deal by next month, Reuters says
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September 12, 2014
07:32 EDTABBVBiogen, AbbVie announce ZINBRYTA DECIDE Phase 3 study results
Biogen (BIIB) and AbbVie (ABBV) announced the full results from the Phase 3 DECIDE clinical trial, which show ZINBRYTA, dosed subcutaneously once a month, demonstrated a statistically significant improvement in reducing disease activity in people with relapsing-remitting multiple sclerosis compared to AVONEX. These results are being presented at the Sixth Triennial Joint Meeting of the Americas Committee for Treatment and Research in Multiple Sclerosis and the European Committee for Treatment and Research in Multiple Sclerosis. Patients on ZINBRYTA demonstrated a statistically significant 45% reduction in annualized relapse rate compared to patients treated with AVONEX. Based on the efficacy and safety data from the ZINBRYTA clinical development program, Biogen Idec and AbbVie plan to file marketing applications for ZINBRYTA with regulatory authorities during 1H15.
September 11, 2014
08:28 EDTPCYCPharmacyclics VA contract has ceiling of $3.81B, says JPMorgan
JPMorgan says the Veterans Affairs contract won by Pharmacyclics for Imbruvica has a ceiling price of $3.81B over the entire 5-year period, and that actual sales will depend on the demand the drug generates. The firm notes Imbruvica’s contracted price has been negotiated for year one, and that the VA will either renegotiate the price each year or continue as is. JPMorgan keeps an Overweight rating on shares of Pharmacyclics.
05:34 EDTABBVAbbVie reports Humira Phase 3 trial meets primary endpoint
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September 10, 2014
14:29 EDTPCYCPharmacyclics Veterans Affairs contract worth up to $17 per share, says Goldman
Today, the U.S. Department of Veterans Affairs awarded Pharmacyclics a contract worth up to $3.8B over the next five years to supply its cancer drug, Imbruvica. Goldman said the contract could be worth up to $17 per share if fully realized and views it as an unexpected windfall for the company.
14:07 EDTPCYCPharmacyclics ibrutinib designated as orphan treatment of follicular lymphoma
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13:11 EDTPCYCPharmacyclics climbs after leukemia drug wins VA contract
Shares of drug maker Pharmacyclics (PCYC) are rallying after a federal government website revealed that the company had won a contract that could be worth up to $3.8B. However, RBC Capital is warning that the deal is not as lucrative as it sounds and will not lead analysts to significantly raise their estimates for the company. WHAT'S NEW: A contract for Phamacyclics' Imbruvica drug, a treatment for chronic lymphocytic leukemia, was disclosed earlier today. The contract from Veterans Affairs, which has an award date of September 4, was revealed in a notice posted today to Federal Business Opportunities website and has a potential value of $3.809B, according to the posting. ANALYST REACTION: In a note to investors today, RBC Capital analyst Michael Yee wrote that the news is positive, but not to the extent that the size of the deal would suggest. Pharmacyclics is indicating that the size of the deal has been significantly misrepresented, Yee reported. Additionally, the order may not be a major surprise to analysts, since it is expected that the government will place orders for oncology drugs, he stated. Although Pharmacyclics is on pace to beat third quarter expectations, the order revealed today is unlikely to lead analysts to significantly raise their estimates, Yee stated. He kept a Sector Perform rating on the shares. PRICE ACTION: In early afternoon trading, Pharmacyclics advanced 5.5% to $125.
13:04 EDTRHHBYRoche unit receives orphan status for lung cancer mutation drug
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12:24 EDTPCYCPharmacyclics VA contract not likely to change estimates, says RBC Capital
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10:58 EDTPCYCPharmacyclics rises after VA contract award revealed
Shares of drugmaker Pharmacyclics are rising after a contract for its Imbruvica drug that was previously awarded by the Department of Veterans Affairs was disclosed. The contract, which has an award date of September 4, was revealed in an award notice posted today today to Federal Business Opportunities website and has a potential value of $3.809B, according to the posting. Pharmacyclics shares are up 6.5% to $126.35 in morning trading following the circulation of the FBO site posting.
10:51 EDTPCYCPharmacyclics receives contract up to $3B from Department of Veterans Affairs
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10:24 EDTABBVEnanta announces AbbVie initiated Phase 2b trial with ABT-493
Enanta (ENTA) announced that AbbVie (ABBV) initiated a phase 2b clinical study with ABT-493, Enanta’s next-generation protease inhibitor. ABT-493 is the second clinical-stage protease inhibitor candidate developed within the Enanta-AbbVie collaboration. The phase 2b study being conducted by AbbVie will evaluate the safety and efficacy of ABT-493 co-administered with ABT-530 in HCV patients. AbbVie has informed Enanta that results from this trial are expected in 2015 and AbbVie plans to start phase 3 development of the combination next year.
September 8, 2014
12:40 EDTABBVFTC sues AbbVie over blocking of AndroGel generics
The Federal Trade Commission has filed a complaint in federal district court charging several pharmaceutical companies with "illegally blocking American consumers’ access to lower-cost versions of the blockbuster drug AndroGel." The FTC's complaint alleges that AbbVie (ABBV) and its partner Besins Healthcare filed baseless patent infringement lawsuits against potential generic competitors to delay the introduction of lower-priced versions of the testosterone replacement drug AndroGel. While the lawsuits were pending, AbbVie then entered into an anticompetitive pay-for-delay settlement agreement with Teva Pharmaceuticals (TEVA) to further delay generic drug competition, the FTC claims. Reference Link
07:15 EDTRHHBY, ABBVIBC Life Sciences to hold a conference
10th Annual Cell Line Development & Engineering Conference to be held in Berkeley, California on September 8-10.
September 5, 2014
13:07 EDTRHHBYRoche has a conference call hosted by JPMorgan
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10:05 EDTPCYCOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Actavis (ACT) initiated with a Buy at ISI Group... Akamai (AKAM) initiated with a Buy at UBS... Alexion (ALXN) initiated with a Buy at SunTrust... Allegion (ALLE) initiated with a Buy at Buckingham... Allergan (AGN) initiated with a Buy at ISI Group... Aviat Networks (AVNW) initiated with a Neutral at H.C. Wainwright... Celgene (CELG) initiated with a Buy at SunTrust... EZCORP (EZPW) initiated with a Hold at Jefferies... Eaton (ETN) initiated with a Neutral at Buckingham... Emerson (EMR) initiated with a Neutral at Buckingham... HMS Holdings (HMSY) initiated with an Overweight at Stephens... Incyte (INCY) initiated with a Buy at SunTrust... Ingersoll-Rand (IR) initiated with a Neutral at Buckingham... Insmed (INSM) initiated with an Outperform at Cowen... Intercept (ICPT) initiated with an Outperform at Cowen... Johnson & Johnson (JNJ) initiated with an Outperform at BMO Capital... Lennox (LII) initiated with a Neutral at Buckingham... Mylan (MYL) initiated with a Hold at ISI Group... Orion Engineered Carbons (OEC) initiated with a Buy at Goldman... Parker-Hannifin (PH) initiated with a Buy at Buckingham... Pentair (PNR) initiated with a Neutral at Buckingham... Pharmacyclics (PCYC) initiated with a Neutral at SunTrust... Rockwell Automation (ROK) initiated with a Neutral at Buckingham... Sabre (SABR) initiated with an Outperform at Oppenheimer... Santander Consumer (SC) initiated with a Buy at Jefferies... Springleaf (LEAF) initiated with a Buy at Jefferies... Susser Petroleum (SUSP) initiated with a Neutral at Credit Suisse... Teva (TEVA) initiated with a Buy at ISI Group... Valeant (VRX) initiated with a Buy at ISI Group... WESCO (WCC) initiated with a Neutral at Buckingham... Watsco (WSO) initiated with a Neutral at Buckingham... Weyerhaeuser (WY) initiated with a Neutral at JPMorgan... World Acceptance (WRLD) initiated with a Hold at Jefferies.
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