Jul. 30, 2015, 1:37 PM
- Unsurprisingly, Express Scripts (ESRX -0.6%) takes a dim view of the proposed price of the cholesterol-lowering PCSK9 inhibitor Praluent (alirocumab). Last Friday, co-developers Sanofi (SNY +1.6%) and Regeneron Pharmaceuticals (REGN +0.4%) announced that the wholesale acquisition cost (WAC) of the once-every-two-week injection will be $40 per day or $14,600 per year. This is several orders of magnitude above the cost of statins, which average $2 - 3 per day.
- WAC is the average price that wholesalers and distributors pay for the drug. Patients will, of course, pay quite a bit more.
- Pharmacy benefit managers, still feeling the pinch from Gilead's (GILD +1.8%) HCV meds Sovaldi and Harvoni, will likely ratchet up their opposition as Praluent's U.S. launch commences.
- Related tickers: (AET +0.9%)(CTRX)(CNC +0.9%)(CI -0.7%)(HUM)(MRK +0.3%)(OCR +0.4%)(UNH -0.7%)(CVS -0.5%)
Jul. 28, 2015, 1:41 PM
- Teladoc (TDOC -2.2%) initiated with Overweight rating and $38 price target by JP Morgan; a Buy rating and $38 (23% upside) price target by Deutsche Bank; a Buy rating and $37 price target by SunTrust Bank and an Outperform rating by William Blair.
- Natera (NTRA +0.1%) initiated with Equal Weight rating and $20 (11% upside) price target by Morgan Stanley.
- Aegerion Pharmaceuticals (AEGR +9.4%) upgraded to Buy from Hold by Jefferies. Price target maintained at $26 (30% upside).
- Centene (CNC) upgraded to Buy from Neutral by UBS. Price target maintained at $80 (16% upside).
- Biogen (BIIB +2.4%) upgraded to Outperform from Market Perform by Bernstein. Price target lowered to $385 (21% upside) from $436.
- Anthem (ANTM +1.3%) upgraded to Buy from Neutral with $185 (21% upside) price target by Sterne Agee CRT. Cigna (CI -0.2%) also upgraded to Buy with a $190 (30% upside) price target.
- Alexion Pharmaceuticals (ALXN +2.6%) upgraded to Overweight from Not Rated by JP Morgan. Price target is $249 (23% upside).
- IGI Labs (IG +0.5%) upgraded to Buy from Neutral by Roth Capital. Price target raised to $11 from $7 (18% downside risk).
- Omnicare (OCR +0.3%) downgraded to Neutral from Overweight by JP Morgan. Price target lowered to $90 (6% downside risk) from $98.
- Ultragenyx (RARE +3.4%) downgraded to Equal Weight from Overweight by Morgan Stanley. Price target raised to $126 (5% upside) from $77.
- Biogen (BIIB +2.1%) downgraded to Neutral by Baird. Price target lowered to $316 (0% upside) from $480.
- Sunesis Pharmaceuticals (SNSS +21%) downgraded to Sell from Buy by Roth Capital Partners. Price target lowered to $1 (22% downside risk) from $5.50.
Jul. 24, 2015, 8:10 AM
- Omnicare (NYSE:OCR): Q2 EPS of $1.02 in-line.
- Revenue of $1.73B (+7.5% Y/Y) beats by $50M.
Jul. 23, 2015, 5:30 PM
May 21, 2015, 7:32 AM
- CVS Health (NYSE:CVS) confirms it will acquire Omnicare (NYSE:OCR) for $98 per share in a deal valued at $12.7B.
- The transaction is expected to close near the end of the year.
- The company sees the purchase adding $0.20 to EPS in 2016
- Previously: Bloomberg: CVS in advanced talks to buy Omnicare
- OCR +1.39% premarket to $95.95.
- CVS +1.77% premarket to $103.06.
May 20, 2015, 6:15 PM
- CVS is in advanced talks to buy nursing home pharmacy owner Omnicare (NYSE:OCR) and could reach a deal as soon as this week, sources tell Bloomberg.
- Omnicare hired advisors to find a buyer earlier this year. In April, Bloomberg reported CVS was one of several interested parties.
- OCR +5.7% AH to $100.00. CVS +0.5% to $101.80.
Apr. 30, 2015, 4:08 PM
- According to Bloomberg, the list of firms that have indicated an interest in Omnicare (NYSE:OCR) include Express Scripts (NASDAQ:ESRX), CVS Health (NYSE:CVS), Walgreens Boots Alliance (NASDAQ:WBA) and McKesson (NYSE:MCK). Initial bids for the $8.5B market cap firm are due in May.
- Previously: Omnicare reportedly exploring sale; trading halted (April 22)
- Previously: Omnicare buyer would need to pay $95/share - UBS (April 23)
Apr. 29, 2015, 8:15 AM
- Omnicare (NYSE:OCR): Q1 EPS of $1.02 beats by $0.01.
- Revenue of $1.66B (+5.7% Y/Y) beats by $20M.
Apr. 28, 2015, 5:30 PM
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Apr. 28, 2015, 1:31 PM
- DaVita Healthcare Partners (DVA -0.2%) upgraded to Outperform with a $95 (14% upside) by Baird.
- St. Jude Medical (STJ +0.5%) upgraded to Outperform with a $84 (15% upside) price target by Credit Suisse.
- Omnicare (OCR -0.3%) downgraded to Sector Perform with a $82 (5% downside risk) price target by RBC Capital and to Neutral by Credit Suisse with a $91 (6% upside) price target.
Apr. 23, 2015, 7:41 AM
- UBS estimates a buyer would have to pay $95 to acquire Omnicare (NYSE:OCR).
- Firm thinks Walgreens (NASDAQ:WBA) or Rite Aid (NYSE:RAD) could be interested, but are unlikely to pay up due to limited synergies.
- OCR increased management comp. in the event of a change in control, a possible indicator the company may be sold.
- Previously: Omnicare reportedly exploring sale; trading halted (Apr. 22)
Apr. 22, 2015, 3:33 PM
- According to Bloomberg, Omnicare (OCR +7.4%) is reportedly working with financial advisors seeking a buyer. Company representatives have declined to comment. Trading halted.
- Consensus Q1 view is EPS of $1.01 on revenues of $1.6B.
- The company is currently embroiled in a lawsuit filed by the U.S. Department of Justice over alleged kickbacks from Abbott Labs (ABT +2.4%) in exchange for purchasing the dementia drug Depakote.
- Previously: DOJ sues Omnicare over alleged dementia drug kickbacks (Dec. 22, 2014)
Feb. 25, 2015, 11:54 AM| Feb. 25, 2015, 11:54 AM
Feb. 25, 2015, 9:05 AM
- Omnicare (NYSE:OCR): Q4 EPS of $0.96 beats by $0.01.
- Revenue of $1.63B (+5.8% Y/Y) beats by $20M.
Feb. 24, 2015, 5:30 PM
Dec. 22, 2014, 6:58 PM
- The DOJ has filed a False Claims Act complaint against Omnicare (NYSE:OCR), alleging the healthcare services firm "solicited and received millions of dollars in kickbacks" from drug giant Abbott Labs (NYSE:ABT) in exchange for "purchasing and recommending the prescription drug Depakote for controlling behavioral disturbances exhibited by dementia patients residing in nursing homes serviced by Omnicare."
- The complaint states Omnicare's pharmacists "reviewed nursing home patients’ charts at least monthly and made recommendations to physicians on what drugs should be prescribed for those patients," and that the company "touted its influence over physicians in nursing homes in order to secure kickbacks from pharmaceutical companies such as Abbott."
- OCR -0.8% AH.