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Novo Nordisk cuts 1300 jobs in the midst of Trump's pricing pressures and depreciation of US dollar

Danish multinational Novo Nordisk has said that they will have cut 1,300 employees by the end of 2018. The decision has come partly in response to the Trump administration’s efforts to reduce the price of drugs, according to Novo Nordisk CEO Lars Fruergaard Jørgensen.  

The Novo Nordisk chief commented: “This is part of preparing for that [the Trump administration’s pricing plan] but it is as much about investing in the business, so we don’t have any plans about doing any new measures for 2019.”

Shire completes Baxalta takeover

UK drugmaker Shire (LSE: SHP) on Friday announced the completion of merger with rare disease specialist Baxalta (NYSE: BXLT). 

The company said it sees the joint firm to deliver double-digit compound annual top-line growth, with over $20 billion in annual projected revenue by 2020 and about 65% of total annual revenues being immediately generated by its rare disease products. 

Following the deal Shire now has more than 50 programs in clinical development, the company said in a statement. 

Allergan to buy back $10 billion of stock, Q1 earnings rise

Botox-maker Allergan (NYSE: AGN) said it plans to buy back as much as $10 billion in stock after completing the $40 billion sale of its generics business to Teva Pharmaceutical Industries (NYSE: TEVA).

The Dublin-based company said sale of its generics business will close in June and that it plans to use $8 billion of the total to write off its debts.

The company said it will purchase $4 billion to $5 billion in stock over four to six months, depending on market conditions. The company also reported first-quarter adjusted earnings ahead of estimates.

Endo shares plunge almost 40% as company cuts FY outlook

Shares in Endo International (Nasdaq: ENDP) plunged to close down nearly 40% after the company cut its full-year earnings forecast due to new generic competition.

The painkiller maker said earnings will be impacted by higher than estimated price erosion across the generics sector including for its Voltaren Gel.

The company now expects adjusted earnings of $4.50 to $4.80 on revenue of $3.87 billion to $4.03 billion for the year.

For the first quarter, Endo reported adjusted earnings of $1.08 a share on revenue of $964 million.

Pfizer revenue jumps 20%; ups FY16 outlook

US pharma giant Pfizer (NYSE: PFE) reported a 20% jump in first-quarter revenue boosted by performance of its new cancer and arthritis therapies and raised its 2016 outlook.

The results were also helped by last year’s acquisition of Hospira.

The drugmaker now sees earnings between $2.38 and $2.48 a share for the year 2016.

The company expects $51 billion to $53 billion in revenue for 2016, up by $2 billion from the previous forecast range.

Mylan Q1 revenue up 17%, maintains FY view

Pharma firm Mylan NV (Nasdaq: MYL) on Tuesday reported a 17% rise in first-quarter revenue and said it maintains its full year outlook.

The company reaffirmed 2016 total revenues outlook of $10.5 billion to $11.5 billion up 16% versus 2015. The company said it still sees 2016 adjusted earnings per share of $4.85 to $5.15.

Revenue for the quarter ended March 31 rose to $2.19 billion from $1.87 billion a year earlier.

Sobi profits rise as it rolls out haemophilia drug in Europe

Swedish Orphan Biovitrum (Sobi) (STO: SOBI) nearly doubled its first-quarter profit driven by immediate reimbursements from Germany.

The company reported gross profit of 944 million Swedish Krona ($117.1 million) compared with 519 million a year ago.

GlaxoSmithKline Q1 earnings up 14% on new product sales

GlaxoSmithKline (LSE: GSK) reported a 14% rise in first-quarter earnings driven by demand for new drugs.

The UK drug firm reported core earnings per share of rose to 19.8 pence versus 17.3 pence a year ago.

Sales for three months to March were up 11% at 6.23 billion pounds against 5.62 billion pounds a year earlier.

Revenue from GSK’s blockbuster respiratory drug Advair, plunged 19% to 753 million pounds, the company said in a statement.

Baxter hikes 2016 earnings view driven by strong Q1 results

Baxter International (NYSE: BAX) reported better-than-expected first-quarter profits and raised its earnings outlook for 2016.

The company now sees earnings excluding items of $1.59 to $1.67 per share for 2016, against $1.46 to $1.54 forecast earlier. Baxter now expects a 1% rise in full-year sales compared with a 1% drop estimated previously.

Eli Lilly Q1 earnings miss estimates, ups FY view; shares drop 2%

Shares in US drugmaker Eli Lilly (NYSE: LLY) dropped to close down over 2% Tuesday after the company posted first-quarter earnings below expectations but raised its outlook for the full year.

However, the company reported a 5% rise in first-quarter sales beating estimates driven by revenue from the two new diabetes drugs.

The company posted revenue of $4.87 billion helped by sales of two new diabetes therapies called Trulicity and Jardiance, as well as the cancer medicine Cyramza. Eli Lilly said sales were hurt by strong dollar in currency terms.

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