Novartis & Sanofi Face Patent Expiries, Johnson & Johnson’s NJ Event: Healthcare Business Recap
A United States Senate Finance Committee report questions the integrity of research into Medtronic’s (NYSE:MDT) bone-growth protein Infuse, which is used in spine surgery. The report says that the firm was “heavily involved in drafting, editing and shaping the content of medical journal articles” in regards to its product.
Novartis (NYSE:NVS) is among several drug firms that are being currently impacted by patent expirations as its sales of Diovan, a blood pressure medication, fell by 32 percent to $969 million in September. The firm saw a third quarter net profit of $2.48 billion versus $2.49 billion consensus, but new drugs helped to offset the patent cliff, and also account for 29 percent of sales compared to 25 percent year-over-year.
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Sanofi (NYSE:SNY) saw a third-quarter loss in net profit of 20 percent, to €1.6 billion as the firm lost €448 million in sales to generic rivals subsequent to patent expiries, which included its blood thinner Plavix, and blood pressure med Avapro.
Johnson & Johnson (NYSE:JNJ) will host a Medical Devices & Diagnostics business review for the investment community commencing at 8:30 a.m.Eastern Time on Thursday, November 1st at the Hyatt Regency Hotel in New Brunswick, New Jersey. Featured in the program will be presentations by Johnson & Johnson’s senior management, representing the firm’s Medical Devices & Diagnostics segments. Vice President of Finance and Chief Financial Officer Dominic Caruso will open the meeting.