All entries for: Multiple

April 25, 2024

Bristol Myers Squibb

Discontinued Drug, Discontinued Research

Princeton, NJ

10,001-50,000 employees

10001-50000 employees

Bristol Myers Squibb will cut 6% of its workforce in a restructuring meant to save $1.5 billion in costs by the end of next year.

The layoffs will affect some 2,200 employees, the company said Thursday. It’s also trimming its pipeline of experimental medicines, consolidating its array of offices and laboratories and reducing “third party” spending…

Bristol Myers’ growth in the near term will be hampered by looming patent expirations for its two top-selling drugs: the blood thinner Eliquis, which it sells with Pfizer, and the cancer immunotherapy Opdivo. Its third highest-grossing product, the multiple myeloma treatment Revlimid, already faces limited generic competition.

Eliquis is also one of the first 10 drugs the U.S. government has targeted for price negotiations under the Inflation Reduction Act, or IRA…

“While the IRA has an impact in the middle of the decade, we feel very good about being able to more than compensate for that with a very young and attractive growth profile coming from our … portfolio and the pipeline,” said Boerner, on a conference call with analysts.

The restructuring announced Thursday is another step, designed to prioritize products that Bristol Myers sees as having the highest potential. The company said it plans to reinvest the targeted $1.5 billion in savings in those opportunities.

Two-thirds of the savings is expected to come out of Bristol Myers’ spending on research and development. The company has discontinued 12 programs, including a successor version of its immunotherapy Yervoy, and will continue to review its pipeline through the rest of the year, Samit Hirawat, Bristol Myers’ chief medical officer, said on Thursday’s call.”

1 Discontinued Drug: Yervoy (biologic)
12 Discontinued Research Programs: Yervoy, unnamed research programs

Disease Area: Multiple, Oncology

Drug Type: Biologic, Small Molecule

April 24, 2024

Roche

Discontinued Drug, Discontinued Research

Basel, Switzerland

50,001+ employees

50001+ employees

“As for its pipeline, the pharma group disclosed in Wednesday’s earnings presentation that it had discontinued the development of four early-stage assets including camonsertinib—which was being trialed in solid tumors—and belvarafenib, which was likewise being assessed for solid tumors in combination with Genentech’s Cotellic (cobimetinib). Roche also terminated two new molecular candidates—one for colorectal cancer and one for psychiatric disorders.”

4 Discontinued Drugs: camonsertinib (small molecule), belvarafenib (small molecule), unnamed colorectal cancer drug, unnamed psychiatric disorder drug
4 Discontinued Research Programs

Disease Area: Multiple, Oncology, Psychiatry

Drug Type: Small Molecule

April 24, 2024

BioMarin

Discontinued Drug, Discontinued Research, Layoffs

San Rafael, CA

1,001-5,000 employees

1001-5000 employees

As a result of its prioritized portfolio, four programs will be discontinued, including BMN 331, BMN 255, BMN 355 and BMN 365. None of the programs were discontinued due to safety signals.

4 Discontinued Drugs: BMN 331 (biologic), BMN 255 (biologic), BMN 355 (biologic), BMN 365 (biologic)
4 Discontinued Research Programs

Disease Area: Cardiology, Chronic Disease, Multiple, Rare Diseases

Drug Type: Biologic

November 13, 2023

IGM Biosciences

Negative Outlook

Mountain View, CA

201-500 employees

“The implementation of cost containment measures, including the prescription drug provisions under the Inflation Reduction Act, as well as other healthcare reforms may prevent us from being able to generate revenue, attain profitability, or commercialize our product candidates if approved.”

Disease Area: Multiple, Oncology

Drug Type: Biologic, Small Molecule

November 9, 2023

Recursion Pharmaceuticals

Neutral Outlook

Salt Lake City, UT

201-500 employees

Disease Area: Multiple, Oncology

Drug Type: Biologic, Small Molecule

November 8, 2023

Pfizer

Neutral Outlook

New York, NY

50,001+ employees

50001+ employees

“The drug pricing provisions of the IRA, which was signed into law in August 2022, began to be implemented in 2023 and implementation efforts will continue over the next several years. In August 2023, the Biden Administration unveiled the first round of medicines subject to the “Medicare Drug Price Negotiation Program,” which requires manufacturers of select drugs to engage in a process with the Federal government to set new Medicare prices which would go into effect in 2026. Among the medicines included in the first round is Eliquis. We continue to evaluate the impact of the IRA on our business, operations and financial condition and results as the full effect of the IRA on our business and the pharmaceutical industry remains uncertain. In addition, changes to the Medicaid program or the federal 340B drug pricing program, including legal or legislative developments at the federal or state level with respect to the 340B program, could have a material impact on our business.”

Disease Area: Multiple, Oncology

Drug Type: Biologic, Small Molecule

November 7, 2023

Zymeworks

Negative Outlook

Middletown, DE

201-500 employees

“Various industry stakeholders have initiated lawsuits against the federal government asserting that the price negotiation provisions of the Inflation Reduction Act are unconstitutional. The impact of these judicial challenges as well as future actions and agency rules implemented by the government on us and the pharmaceutical industry as a whole is unclear. The implementation of cost containment measures, including the prescription drug provisions under the Inflation Reduction Act, as well as other healthcare reforms may prevent us from being able to generate revenue, attain profitability, or commercialize our product candidates if approved. Complying with any new legislation and regulatory changes could be time-intensive and expensive, resulting in a material adverse effect on our business.”

Disease Area: Multiple, Oncology, Therapeutics

Drug Type: Biologic

November 3, 2023

Acadia Pharmaceuticals

Negative Outlook

San Diego, CA

10,001-50,000 employees

10001-50000 employees

TCJA: “Effective January 1, 2022, the Tax Cuts and Jobs Act eliminated the option to deduct research and development expenses for tax purposes in the year incurred and requires taxpayers to capitalize and subsequently amortize such expenses over five years for research activities conducted in the United States and over 15 years for research activities conducted outside the United States”

Disease Area: Multiple

Drug Type: Small Molecule

November 2, 2023

Alnylam

Negative Outlook

Cambridge, MA

1,001-5,000 employees

1001-5000 employees

“Under the IRA, a second FDA approval for vutrisiran for Stargardt Disease would cause us to lose the single-orphan exemption for AMVUTTRA from Medicare price negotiation. As a result, in October 2022, we announced we would not pursue a Phase 3 clinical trial to study vutrisiran in Stargardt Disease. The effect of the IRA on our business and the healthcare industry in general continues to develop and may have additional adverse impacts on our company or our industry.”

Disease Area: Multiple

Drug Type: Biologic

November 2, 2023

Regeneron

Neutral Outlook

Tarrytown, NY

10,001-50,000 employees

10001-50000 employees

“The IRA did not have a material impact on the Company’s financial statements for the three and nine months ended September 30, 2023.”

Disease Area: Multiple

Drug Type: Biologic, Small Molecule