In a significant legal development, a federal judge in New Jersey dismissed the legal challenges posed by Johnson & Johnson and Bristol Myers Squibb against the Biden administration’s Medicare drug-price negotiations. This ruling confirms the constitutionality of the program and represents a victory for the White House in its ongoing battle against major drug manufacturers.
Business
As Paramount Global gears up to announce the departure of Chief Executive Officer Bob Bakish, the company is on the cusp of a major transformation. The move, strategically timed before an earnings report and potential merger agreement, has raised eyebrows among shareholders and industry insiders alike. While the exact reasons behind Bakish’s impending exit remain
The Food and Drug Administration recently approved Pfizer’s new treatment for a rare genetic bleeding disorder, marking a significant milestone for the company. The drug, known as Beqvez, is the first gene therapy from Pfizer to receive clearance in the United States. This innovative treatment is targeted towards adults with moderate to severe hemophilia B
In a move to broaden its specialty pharmacy services, Walgreens announced on Thursday that it will be collaborating directly with drugmakers to offer cell and gene therapies to patients in the United States. This initiative comes as the company launches a new business unit dedicated to its specialty pharmacy segment, which includes the specialty pharmacy
An analysis released by the health policy research organization KFF revealed that more than 3 million people with Medicare could potentially be eligible for coverage of Wegovy, a newly approved weight loss drug that also benefits heart health. While this is a positive development, there are still some challenges and limitations that eligible beneficiaries may
PepsiCo recently released its quarterly earnings report which exceeded analysts’ expectations in both revenue and earnings per share. Despite facing challenges such as weaker U.S. demand due to recalls and backlash on pricing, the company managed to report earnings per share of $1.61, surpassing the $1.52 expected. Additionally, the revenue of $18.25 billion also exceeded
The real estate market is currently experiencing a significant divide, with the luxury sector booming while the rest of the market struggles with challenges such as higher interest rates and low inventory. According to Redfin, overall real estate sales fell by 4% nationwide in the first quarter. However, luxury real estate sales saw an increase
The recent vote held by Volkswagen workers in Chattanooga, Tennessee, to join the United Auto Workers (UAW) is a significant milestone for the union. With 73% of the vote in favor of the UAW, this marks the first successful organizing drive of an automaker outside of Detroit’s Big Three. A total of 84% of eligible
Lululemon recently made the decision to close its distribution center in Sumner, Washington, leading to the layoff of 128 employees. This move comes after the company opened a new, large warehouse outside of Los Angeles. The closure of the Washington facility is part of Lululemon’s broader strategy to optimize its distribution network to support its
In a surprising move, Netflix announced that it will no longer provide quarterly membership numbers or average revenue per user starting next year. This decision comes as the streaming giant reported earnings that exceeded expectations on both the top and bottom line. The company’s total memberships rose to 269.6 million in the quarter, surpassing Wall