Pfizer easily beat Wall Street expectations as the biggest U.S. drugmaker's first-quarter net income jumped 27% due to higher sales, a lower tax bill and some one-time gains. The company raised its 2016 financial forecasts, citing the strong quarter and an improved business outlook.
Pfizer subsidiary Wyeth and the government have finalized a $784.6 million settlement over allegations that Wyeth hid drug discounts to avoid paying Medicaid millions of dollars in rebates.
The biggest U.S.-based drugmaker, Pfizer, will stay put thanks to aggressive new Treasury Department rules that succeeded in discouraging Pfizer's plan to acquire rival Allergan and move to Ireland—on paper—to reduce its tax bill.
The approval of Inflectra Tuesday is only the second time that the FDA has approved a quasi-generic version of a biotech drug for the U.S. market. Remicade, a medicine for inflammatory diseases, had $6.56 billion in sales last year.
Allergan's stock is down nearly 20% in pre-market Tuesday trading after the U.S. announced an aggressive push in its campaign to shut down so-called tax inversions by American companies.
The Food and Drug Administration expanded approval of a Pfizer drug to treat a small subset of lung cancer patients with a rare mutation.
Drugmaker Pfizer swung to a fourth-quarter financial loss, instead of a modest profit, as a result of a just-announced charge to settle a long-running federal case over reimbursements for its former blockbuster heartburn pill.
Sen. Ron Wyden says he has "a number of concerns" about how panelists were selected and screened for an advisory panel on pain issues that includes government experts, outside academics and patient advocates.
Dani Monroe was named chief diversity and inclusion officer at Partners Healthcare.
Pfizer's fourth-quarter profit fell by half due to higher costs for production, administration and restructuring, but new revenue from an acquisition helped the world's second-biggest drugmaker beat Wall Street expectations.
Last year ended as frenzied as it began for healthcare dealmakers. Globally, merger and acquisition activity reached record volume in 2015, and the value of global healthcare deals increased 66% last year to $723.7 billion, according to Dealogic.
Healthcare entered 2016 with market turmoil, and not because of China's economy. Investors grew anxious after third-quarter results last year suggested that the Affordable Care Act's boost to hospitals—and related companies such as staffing firms—had begun to wane.