Mon, Mar. 23, 3:24 PM
- The Barron's 400 has regularly beaten the S&P 500 (NYSEARCA:SPY) since its 2007 launch, writes Chris Dieterich, and also powers the Barron's 400 ETF (NYSEARCA:BFOR), which has topped the S&P 500 by nearly 500 basis points since starting in June 2013. BFOR is up 6% YTD, more than double that of the S&P 500.
- Among those added to the index during last week's twice-yearly rebalancing were Celgene (NASDAQ:CELG), American Airlines (NASDAQ:AAL), Starbucks (NASDAQ:SBUX), and Ameriprise Financial (NYSE:AMP).
- Among those dropped were McDonald's (NYSE:MCD), Wells Fargo (NYSE:WFC), Verizon (NYSE:VZ), and IBM.
- A "ruthless" quantitative security-selection method screens for growth, value, and cash flow, and filters further with other factors such as diversification.
Thu, Mar. 19, 8:27 AM
- In a study published in the New England Journal of Medicine, a Phase 2 study evaluating Celgene's (NASDAQ:CELG) investigational oral antisense therapy, GED-0301, in patients with Crohn's disease demonstrated statistically significant efficacy compared to placebo at certain doses.
- The 166-subject trial enrolled patients with moderate-to-severe Crohn's disease, defined as Crohn's Disease Activity Index ((CDAI)) scores of 220 to 400 (scores <150 indicate remission, >450 severe disease). Patients were randomly assigned to receive treatment for two weeks with one of three daily doses of GED-0301 (10 mg, 40 mg, 160 mg tablets) or placebo and then evaluated for responses at Days 15, 28 and 84. The primary efficacy endpoint was the percentage of patients achieving clinical remission (CDAI score <150) at Day 15, maintained at Day 28.
- 65% of patients receiving GED-0301 160 mg and 55% of those receiving 40 mg met the primary endpoint compared to 12% for the 10 mg cohort and 10% for placebo (p < 0.001).
- The proportion of patients in the 160 mg cohort achieving clinical remission (CDAI score < 150) on Day 15, Day 28 and Day 84 was 67%, 72% and 67%, respectively, versus 21%, 14% and 21%, respectively, for placebo (p < 0.0001). The proportions for the 40 mg and 10 mg cohorts were 58%, 70% and 63% and 15%, 29% and 29%, respectively. The results for the 10 mg group did not reach statistical significance compared to placebo.
- On Day 28, 37%, 58% and 72% of patients treated with 10 mg, 40 mg or 160 mg once daily achieved a clinical response (a 100-point reduction in CDAI score, a secondary endpoint) compared to 17% for placebo (p = 0.04, p < 0.001, p < 0.001, respectively).
- Celgene intends to advance GED-0301, which it licensed from Dublin, Ireland-based Nogra Pharma about a year ago, to Phase 3 development.
Mon, Mar. 2, 10:47 AM
- The European Commission approves the use of Celgene's (CELG -0.5%) Abraxane (nab-paclitaxel) for the first-line treatment, in combination with carboplatin, of non-small cell lung cancer in adult patients who are not candidates for potentially curative surgery and/or radiation therapy. This adds to the product's currently-cleared indications in Europe for metastatic pancreatic and breast cancers.
- Abraxane is a nanotechnology agent contains albumin-bound paclitaxel nanoparticles. It is the company's second best seller after Revlimid. Sales were $624.5M last year.
- Previously: European Ad Comm supports expanded label for Abraxane (Jan. 23)
Fri, Feb. 20, 7:02 AM
- The European Commission approves the use of Celgene's (NASDAQ:CELG) Revlimid (lenalidomide) for the treatment of adult patients with previously untreated multiple myeloma who are not eligible for transplant. This adds to Revlimid's current marketing authorization for the treatment, in combination with dexamethasone, of multiple myeloma in adult patients who have received at least one prior therapy.
- Multiple myeloma strikes ~39K Europeans each year. The mortality rate within the first year of diagnosis is over 60%.
- In a 1,623-patient Phase 3 trial, patients treated with Revlimid plus dexamethasone showed a median overall survival of 58.9 months compared to 48.5 months for those receiving melphalan-prednisone-thalidomide therapy.
Thu, Feb. 19, 10:10 AM
- Facing ever-increasing pushback from payers over the high price of new treatments, some biotech firms are working on a new payment model that rewards them for the long-term performance of their drugs. Gene therapy developers, including BioMarin Pharmaceuticals (BMRN +0.4%) and Sangamo BioSciences (SGMO -0.1%), are leading the effort.
- The industry says that a one-time cure, even if priced greater than $1M, saves money over the long term but acknowledges that payers will balk at paying the cost upfront. The general consensus is that an upfront payment over $1M will be unacceptable.
- Under a pay-for-performance scheme, the annuity-like payments would cease if medical testing showed that the therapy was not working. Much work remains to be done, though, before this approach could be implemented. For example, legislation may be required to force insurers to pick up the tab for patients that switch coverage.
- Some proponents of the new scheme say that the payment streams could be securitized and sold to investors, like consumer debt.
- Gene therapies represent the highest priced treatments. Only one has cleared the regulatory hurdle to date, UniQure's (QURE +1.5%) Glybera, which costs 850K euros ($1M) in Germany. It will be sold for a one-time payment because it is too difficult to measure how well it works (this reasoning will undoubtedly pop up again).
- Previously: UniQure sets price record with Glybera (Nov. 26, 2014)
- Related tickers: (CELG +1.3%)(AMGN -0.2%)(BIIB +0.5%)(GILD +0.1%)(MRK -0.3%)(GSK -0.2%)(AZN +0.9%)(LLY +0.3%)(NVS +0.1%)(PFE -0.5%)(JNJ -0.3%)(OTCQX:RHHBY +1.4%)(BMY -0.4%)(ABT)(BAX -1.1%)
Wed, Feb. 18, 10:54 AM
- The FDA approves a label expansion for Celgene's (CELG +1.3%) Revlimid (lenalidomide) to now include the treatment, in combination with dexamethasone, of patients with newly diagnosed multiple myeloma (NDMM).
- Revlimid's other indications are for the treatment of previously treated multiple myeloma, relapsed/refractory mantle cell lymphoma and transfusion-dependent anemia due to low-or intermediate-1-risk myelodysplastic syndromes.
- Revlimid is the company's top selling product, generating $1.3B in sales in Q4.
Thu, Jan. 29, 7:57 AM
- Celgene (NASDAQ:CELG) Q4 results ($M): Total Revenues: 2,085.5 (+18.8%); Net Product Sales: 2,054.9 (+19.1%); U.S.: 1,232,5 (+21.2%); Intl: 822.4 (+16.2%).
- Key Product Sales: Revlimid: 1,322.5 (+16.4%); Abraxane: 235.9 (+16.9%); Pomalyst/Imnovid: 202.1 (+66.7%); Vidaza: 153.7 (-8.2%).
- COGS: 103.2 (+11.2%); R&D Expense: 584.9 (-20.0%); SG&A Expense: 544.4 (+21.3%); Net Income: 613.9 (+186.3%); EPS: 0.74 (+196.0%); CF Ops: 832.0 (+51.0%); Quick Assets: 7,546.7 (+32.7%).
- Gross Profit: 1,982.3 (+19.2%); COGS: 4.9% (-6.4%); Gross Margin: 95.1% (+0.4%); Operating Earnings: 853.0 (+76.5%); Operating Earnings Yield: 40.9% (+48.6%); Net Earnings Yield: 29.4% (+141.1%).
- 2015 Guidance: Net Product Sales: $9.0B - 9.5B; Revlimid: $5.6B - 5.7B; Abraxane: $1.00B - 1.25B; Non-GAAP Operating Margin: ~52%; Non-GAAP EPS: $4.60 - 4.75; GAAP EPS: $3.68 - 3.92.
Thu, Jan. 29, 7:33 AM
Wed, Jan. 28, 5:30 PM
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Fri, Jan. 23, 7:44 AM
- The European Medicines Agency's Committee for Medicinal Products for Human Use adopts a positive opinion recommending approval of Celgene's (NASDAQ:CELG) Abraxane (nab-paclitaxel) for the first-line treatment of non-small cell lung cancer in adult patients who are not candidates for potentially curative surgery and/or radiation therapy.
- A final decision by the European Commission usually takes ~60 days.
- Abraxane is also approved for the treatment of advanced breast cancer and advanced pancreatic cancer.
Mon, Jan. 19, 5:11 PM
- As expected, the European Commission approves Novartis' (NYSE:NVS) Cosentyx (secukinumab) as a first-line systemic treatment for adult patients with moderate-to-severe psoriasis. It is the first interleukin-17A inhibitor cleared in Europe.
- Cosentyx is also cleared for sale in Australia and Japan. FDA approval is imminent considering the unanimous positive vote by the Dermatologic and Ophthalmic Drugs Advisory Committee in October.
- Previously: Europe Ad Comm gives thumbs up to Novartis psoriasis drug (Nov. 21, 2014)
- Previously: Ad Comm backs approval of secukinumab (Oct. 21, 2014)
- Psoriasis-related tickers: (NYSE:JNJ) (NASDAQ:DERM) (NYSE:MRK) (NASDAQ:CELG) (NASDAQ:IDRA) (NYSE:HSP) (NYSEMKT:CANF) (NASDAQ:AMGN) (NYSE:AZN) (NYSE:PFE)
Fri, Jan. 16, 9:36 AM
- As expected, the European Commission approves Celgene's (CELG +1.8%) Otezla (apremilast) for two indications:
- For the treatment of adult patients with moderate-to-severe plaque psoriasis who failed to respond to or who have a contraindication to or are intolerant of other systemic therapies, including cyclosporine, methotrexate or psoralen and ultraviolet-A light (PUVA).
- For the treatment, alone or in combination with Disease Modifying Antirheumatic Drugs (DMARDs), of adult patients with active psoriatic arthritis who have had an inadequate response to or are intolerant of a prior DMARD therapy.
- The European commercial launch will commence in the coming months. The FDA approved Otezla in March of last year.
- Previously: Europe Ad Comm recommends approval of Celgene's Otezla (Nov. 21, 2014)
Wed, Jan. 14, 9:13 AM
- Express Scripts' (NASDAQ:ESRX) success in containing the prices of new HCV therapies by pitting Gilead Sciences (NASDAQ:GILD) against AbbVie (NYSE:ABBV) is sending shock waves through the biotech/pharma industry. Most of the big players slumped yesterday as investors fear that ESRX's tactics will spread to other high cost areas like cancer and cholesterol.
- At JPM15 yesterday, CEO George Paz said that the new cholesterol-lowering post-statin PCSK9 inhibitors will be the next big opportunity to pit drug firms against each other in order to drive costs down. FDA clearance of the first two therapies, one from Amgen (NASDAQ:AMGN) and the other from Regeneron Pharmaceuticals (NASDAQ:REGN) (NYSE:SNY), is expected to occur at about the same time.
- The prices of emerging cancer therapies will also be in payers' crosshairs. Amgen's Blincyto, for example, costs $178,000 per standard course of treatment while Merck's (NYSE:MRK) Keytruda is close behind at $150,000.
- Related tickers: (NYSE:AZN) (NYSE:GSK) (NYSE:LLY) (ABBV) (NYSE:PFE) (NASDAQ:BIIB) (NYSE:ABT) (NASDAQ:CELG) (NYSE:BMY) (OTCQX:RHHBY) (NYSE:JNJ) (NYSE:NVS) (OTCPK:BAYRY)
Mon, Jan. 12, 11:48 AM
- On a preliminary basis, Celgene's (CELG +1%) net product sales for 2014 were $7.56B (Q4: $2.05B), including Revlimid: $4.98B (+16%), Abraxane: $848M (+31%), Pomalyst/Imnovid: $680M (+123%) and Otezla: $70M. Non-GAAP EPS is expected to be ~$3.71 and GAAP EPS $2.38 - 2.41.
- Q4: EPS: $0.71 - 0.74; non-GAAP EPS: ~$1.01.
- 2015 Guidance: Net product sales: $9.0B - 9.5B; Revlimid: $5.6B - 5.7B; non-GAAP EPS: $4.60 - 4.75; EPS: $3.68 - 3.92.
Sun, Jan. 11, 10:29 PM
- Based on an assessment by the independent Data Monitoring Committee, Bristol-Myers Squibb (NYSE:BMY) stops its Phase 3 trial, CheckMate-017, evaluating Opdivo (nivolumab) versus docetaxel in previously treated patients with advanced squamous cell non-small cell lung cancer (NSCLC). The committee concluded that the study met its primary endpoint of demonstrating superior overall survival (OS) compared to docetaxel. This is the first time a PD-1 inhibitor has shown a survival advantage in lung cancer.
- Eligible patients will be informed of the opportunity to continue or start treatment with Opdivo in an open-label extension.
- The company will complete a full analysis of the data and work with investigators on the future presentation and publication of the results.
- PD-1-related tickers: (NASDAQ:MDVN) (NYSE:MRK) (NASDAQ:FPRX) (NASDAQ:CELG) (OTCQX:RHHBY) (NYSE:AZN)
Dec. 19, 2014, 9:16 AM
- The European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) adopts a positive opinion supporting the approval of Celgene's (NASDAQ:CELG) Revlimid (lenalidomide) for the continuous oral treatment on adult patients with previously untreated multiple myeloma who are not eligible for stem cell transplantation.
- In the EU, Revlimid is currently approved in combination with dexamethasone as a second-line treatment for multiple myeloma.
- A final decision by the European Commission usually takes about 60 days.
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