contractpharmaAugust 26, 2020
Tag: Pfizer , AbbVie , Lilly , Regeneron , Novartis
Pfizer
2Q Revenues: $11.8 billion (-11%)
2Q Earnings: $3.4 billion (-32%)
YTD Revenues: $23.8 billion (-10%)
YTD Earnings: $6.8 billion (-24%)
Comments: Beginning in 2020, Upjohn began managing Pfizer’s Meridian subsidiary, the manufacturer of EpiPen and other auto-injector products, and a pre-existing strategic collaboration between Pfizer and Mylan for generic drugs in Japan. Acquisitions and other business development activities completed in 2019 and in the first half of 2020 impacted financial results. Revenues in the quarter included an estimated unfavorable impact of approximately $500 million, or 4%, due to COVID-19. Biopharma revenues were $9.8 billion, up 6% operationally, primarily driven by Vyndaqel/Vyndamax global revenues of $277 million. Global Eliquis sales were up 19% operationally, primarily driven by continued increased adoption. Ibrance sales in the U.S. were up 11%, primarily driven by increased cyclin-dependent kinase (CDK) class penetration and CDK market share in metastatic breast cancer. International Prevenar 13 sales were up 18% operationally, while sales in the U.S. were down 22% due to unfavorable impact of disruptions to wellness visits due to COVID-19. Inlyta in the U.S. was up 120%, primarily reflecting increased demand. Xtandi sales in the U.S. were up 32%, primarily driven by continued strong demand. International Enbrel sales were down 16% operationally, due to biosimilar competition. Chantix sales in the U.S. were down 21%, due to lower demand resulting from reduced doctor visits. Upjohn revenues totaled $2.0 billion, down 31% operationally, due to significant declines for Lyrica in the U.S. due to multi-source generic competition.
Abbvie
2Q Revenues: $10.4 billion (+26%)
2Q Loss: $739 million (earnings were $741 million 2Q19)
YTD Revenues: $14.7 billion (+52%)
YTD Earnings: $2.3 billion (-29%)
Comments: Revenues from the Immunology portfolio were $5.3 billion, up 8%. U.S. Humira sales were nearly $4 billion, up 5%; International Humira sales were $863 million, down 20% due to biosimilar competition. Skyrizi sales were $330 million. Rinvoq revenues were $149 million. Revenues from the Hematologic Oncology portfolio were $1.6 billion, up 26%. Global Imbruvica sales were $1.3 billion, up 17%, with U.S. revenues of $1.1 billion and international profit sharing of $233 million. Global Venclexta sales were $303 million. Revenues from the Aesthetics portfolio were $481 million with Global Botox Cosmetic sales of $226 million. Results in the quarter and YTD reflect transaction, financing and integration costs related to the Allergan acquisition.
Lilly
2Q Revenues: $5.5 billion (-2%)
2Q Earnings: $1.4 billion (+6%)
YTD Revenues: $11.4 billion (+6%)
YTD Earnings: $2.9 billion (-48%)
Comments: Trulicity revenue was $1.2 billion, up 20% in the quarter, driven by increased demand, partially offset by lower realized prices. Humalog revenue decreased 18% to $555.1 million. Revenue in the U.S. decreased 29 driven primarily by lower realized prices, reflecting a favorable Medicaid adjustment in 2Q19 and an unfavorable Managed Care adjustment in the quarter. Alimta revenue decreased 7% to $539.1 million, primarily driven by decreased demand in the U.S. Taltz revenue increased 12% to $395.2 million driven by increased demand, partially offset by lower realized prices. Humulin revenue decreased 3% to $313.6 million. U.S. revenue decreased 3%, to $214.3 million, driven by lower realized prices due to changes in segment mix. Basaglar revenue was flat at $290.4 million. Jardiance revenue was $262.0 million, up 13% compared with 2Q19, driven by increased demand. Forteo revenue decreased 30% to $252.7 million. U.S. revenue decreased 31%, driven by lower demand and lower realized prices. Cyramza revenue was $256.7 million, up 6%, primarily driven by higher realized prices and increased demand. Acquired in-process R&D expenses were $241.8 million in the quarter associated with upfront payments related to both a business development transaction with a preclinical stage company as well as transactions with AbCellera Biologics Inc., Evox Therapeutics, and Junshi Biosciences.
Regeneron
2Q Revenues: $1.95 billion (+24%)
2Q Earnings: $897 million (+365%)
YTD Revenues: $3.8 billion (+28%)
YTD Earnings: $1.5 billion (earnings were $654 million YTD19)
Comments: U.S. Eylea sales were $1.1 billion, down 6%, negatively impacted by the COVID-19 pandemic. Global Dupixent sales, which are recorded by Sanofi, were $945 million, up 70%. In May 2020 the U.S. FDA approved Dupixent as the first biologic medicine for children aged 6 to 11 years with moderate-to-severe atopic dermatitis. The company initiated clinical trials of REGN-COV2, its investigational two-antibody "cocktail" for the treatment and prevention of COVID-19. Following review from the Independent Data Monitoring Committee (IDMC) of REGN-COV2 Phase 1 safety results, a Phase 3 trial to evaluate REGN-COV2's ability to prevent infection among uninfected people who have had close exposure to a COVID-19 patient was initiated and is being run jointly with the National Institute of Allergy and Infectious Diseases (NIAID). In addition, REGN-COV2 moved into the Phase 2/3 portion testing the cocktail's ability to treat hospitalized and non-hospitalized patients with COVID-19.
Novartis
2Q Revenues: $11.3 billion (-4%)
2Q Earnings: $1.9 billion (-11%)
YTD Revenues: $23.6 billion (+3%)
YTD Earnings: $4.0 billion (+2%)
Comments: Innovative Medicines sales were $9.2 billion in the quarter. Key growth products, despite COVID-19, were: Zolgensma $205 million, Entresto $580 million (+40% cc), Cosentyx $944 million (+12% cc), Promacta/Revolade $422 million (+23% cc), Piqray $79 million and Kymriah $118 million (+103% cc). Sandoz Biopharmaceuticals grew 19% cc, with double digit growth; COVID-19 negatively impacted demand, particularly: Lucentis and mature ophthalmology. Sandoz sales were $2.2 billion (-9% cc) due to COVID-19 negative impacts, mainly the reversal of 1Q forward purchasing and lower retail demand, some contract discontinuations in the U.S. and a higher prior year base that included several first to market launches. Oncology sales grew 1% (cc) with continued momentum for Promacta/Revolade, Kymriah, Kisqali and Tafinlar + Mekinist as well as the launch uptake of Piqray was mostly offset by generic competition for Afinitor and Exjade and the negative impact of the COVID-19 pandemic, particularly in radioligand therapy. Generic competition had a negative impact of 4 percentage points, mainly driven by Afinitor, Exjade and Travatan, and net pricing had a negative impact of 4 percentage points.
Bristol-Myers Squibb
2Q Revenues: $10.1 billion (+61%)
2Q Loss: $80 million (earnings were $1.4 billion 2Q19)
YTD Revenues: $20.9 billion (+71%)
YTD Loss: $846 million (earnings were $3.1 billion YTD19)
Comments: Revenue growth in the quarter and YTD was driven primarily by the impact of the Celgene Acquisition, completed November 20, 2019. Sales were estimated to be negatively impacted by approximately $600 million due mainly to COVID-19 related channel inventory work downs from the first quarter, as well as lower demand resulting from reduced new patient starts. U.S. revenues increased 77% to $6.5 billion in the quarter. International revenues increased 40% to $3.6 billion. R&D expenses increased 90% to $2.5 billion in the quarter primarily due to $1.1 billion of costs associated with the broader portfolio resulting from the Celgene Acquisition. Eliquis sales were $2.2 billion up 6%. Opdivo sales were down 9% to $1.7 billion. Orencia sales were $750 million, down 4%. Sprycel sales were $511 million, down 6%. Yervoy sales were $369 million, up 1%. Top selling products acquired as part of the Celgene Acquisition: Revlimid sales were $2.9 billion in the quarter, Pomalyst/Imnovid sales were $745 million, and Abraxane sales were $308 million.
Johnson & Johnson
2Q Revenues: $18.3 billion (-11%)
2Q Earnings: $3.6 billion (-35%)
YTD Revenues: $39.0 billion (-4%)
YTD Earnings: $9.4 billion (+1%)
Comments: Pharmaceutical sales were up 2% to $10.8 billion in the quarter. Pharmaceutical sales growth was driven by STELARA for the treatment of a number of immune-mediated inflammatory diseases, DARZALEX for the treatment of multiple myeloma, IMBRUVICA for use in treating certain B-cell malignancies, ERLEADA, a next-generation androgen receptor inhibitor for prostate cancer, TREMFYA for the treatment of moderate to severe plaque psoriasis, UPTRAVI to treat pulmonary arterial hypertension and reduce hospitalization, INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA for the treatment of schizophrenia, and OPSUMIT for the treatment of pulmonary arterial hypertension. This growth was partially offset by the negative impact of COVID-19 as well as biosimilar and generic competition, with declines primarily in REMICADE, a biologic treatment for a number of immune-mediated inflammatory diseases, international VELCADE, a proteasome inhibitor for the treatment of multiple myeloma, and ZYTIGA for use in combination with prednisone for the treatment of metastatic castration-resistant prostate cancer.
Amgen
2Q Revenues: $6.2 billion (+6%)
2Q Earnings: $1.8 billion (-17%)
YTD Revenues: $12.4 billion (+1%)
YTD Earnings: $3.6 billion (-13%)
Comments: Growth in the quarter was driven by newer products, including Otezla, MVASI, KANJINTI, EVENITY and Repatha, offset partially by declines in select products from the impact of COVID-19 and biosimilar and generic competition. Earnings reflect the November 2019 acquisition of Otezla, offset partially by increased revenues. Otezla generated $561 million of sales in the quarter, reflecting 14% growth. MVASI sales were $172 million. KANJINTI sales were $123 million. EVENITY generated $101 million in sales. Repatha sales increased 32% to $200 million. Prolia sales decreased 6% to $698 million. Aimovig sales increased 18% to $98 million. Parsabiv sales increased 11% to $186 million. Enbrel sales decreased 9% to $1.2 billion. AMGEVITA sales were $62 million, down 28%. KYPROLIS sales decreased 5% to $253 million. XGEVA sales decreased 13% to $435 million. Vectibix sales were flat at $195 million. Nplate sales decreased 4% to $193 million. NEUPOGEN sales decreased 35% to $49 million. EPOGEN sales decreased 28% to $161 million. Aranesp sales decreased 11% to $387 million. Sensipar/Mimpara sales decreased 34% to $81 million.
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