Jazz recently acquired Cavion Inc for $52.5mm upfront and $260mm in clinical, regulatory and commercial milestone payments. This gives Jazz worldwide rights to CX-8998, which is being developed for essential tremor. Jazz plans to initiate an additional Ph.2b in 2020.
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Teva reported an above expectations Q219, that despite having some negatives (CFO departure & Ajovy miss etc…) should reassure investors about the performance of the business in the near term given 1) they reaffirmed FY guidance 2) they beat topline by $80mm.
Jazz reported a decent Q219 earnings, beating on both the top ($534 vs $511mm) and bottom-line ($4.05 vs $3.61). The beat, yet again, was driven by Xyrem which came in ~$20mm higher than consensus estimates ($413 vs $392mm) while the rest of its portfolio came inline outside of Erwinaze which missed by $6mm due to ongoing supply issues with PBL which are well understood at this point. Vyxeos came inline vs consensus ($31 vs $32mm) driven by the ongoing EU launch.
BHC just reported a solid Q219 earnings report that was driven by higher than expected performance on its Salix unit ($509 vs $466mm) including Xifaxan which was up 21% YoY ($356 vs $331mm) & Trulance ($17mm vs $14mm). We continue to believe that Xifaxan is mismodeled in consensus #’s.
Today (8/2/19) is the 1st of what we hope to make a reoccurring update of IMS charts we find interesting.
Wolfe Research's Senior Pharma Analyst, Tim Anderson, and Senior Biotech & Spec Pharma Analyst, Akash Tewari, hosted a webcast to discuss the minimal amount PFE can give of Upjohn for this to be an atractive deal for MYL, what Upjohn's true revs and margin structure are when adjusted for accounting disclosures and LOE's, what NewCo's capital structure looks like going forward, and more.
On Monday, July 29th, oral IPR arguments will be heard for the Vivitrol ‘499 patent that currently gives the product patent protection until 2029.
Opioid Litigation and Price Fixing Investigation Deep Dive PM Summary
Deep Dive on the DOJ Price Fixing Investigation, which includes our legal analysis and liability calculation for TEVA and MYL.
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