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Sanofi's third-quarter earnings surged 25% in its vaccines division, driven by strong sales of Beyfortus, its RSV antibody for infants, which generated 645 million euros. Overall, the company reported total sales of $13.4 billion, exceeding Wall Street expectations and reflecting nearly 16% growth. The recent approval of a new manufacturing line aims to enhance Beyfortus supply amid high demand, ensuring access for all eligible infants in the U.S.
AusBiotech 2024, running from October 29 to November 1, will feature over 260 speakers discussing advancements in Australia's biotechnology sector, including artificial hearts, quantum computing, and medtech innovations. The event highlights the industry's growth, driven by strategic partnerships, government support, and emerging trends in human therapeutics and agricultural biotechnology. With a valuation of AU$100.042 billion, the sector is poised for continued expansion, supported by significant government investment in research and development.
Bill Smead, founder of Smead Capital Management, emphasizes a concentrated investment strategy focusing on resilient companies amid market volatility, drawing parallels to past market cycles. He highlights Warren Buffett's recent stock sales and cash accumulation, suggesting a cautious outlook on equity risk premiums and future returns, reminiscent of the late 1990s. Smead and strategist Barry Bannister warn of potential market corrections as corporate profits soar relative to GDP, echoing Buffett's concerns about high valuations and investor psychology.
The CDC's advisory panel has recommended lowering the routine pneumococcal vaccination age from 65 to 50, potentially expanding the market for vaccines like Merck's Capvaxive and Pfizer's Prevnar. Analysts have adjusted sales forecasts, anticipating significant revenue growth for these vaccines, particularly for Merck in the near term, though competition from Vaxcyte's candidate may emerge by 2028.
Merck & Co. has acquired Modifi Biosciences for $30 million, with potential additional payments of up to $1.3 billion based on milestones. Meanwhile, Roche reported that sales of Sarepta's gene therapy Elevidys reached approximately $156 million outside the U.S. in the first nine months of the year. Sangamo Therapeutics is on track to file for accelerated approval of its Fabry disease treatment, while MacroGenics sold rights to its breast cancer drug Margenza for $40 million, with additional milestone payments possible.
Gilead has withdrawn its bladder cancer treatment Trodelvy after a confirmatory study failed to demonstrate improved survival rates. Initially granted accelerated approval in 2021, the decision reflects the FDA's increased scrutiny of such approvals. Despite this setback, Trodelvy remains a key player in Gilead's oncology portfolio, particularly for breast cancer, where sales are projected to reach $1 billion by 2030.
Belen Garijo, leading Merck KGaA, is focusing on oncology and immunology despite a 30% drop in stock since its 2021 peak. The company, with roots dating back to the 17th century, has three business units and is enhancing investments in China while bolstering local supply chains.
Novocure's Optune Lua device has received FDA approval for treating non-small cell lung cancer, claiming to disrupt malignant cell division through electric fields. The approval follows a controversial Phase 3 trial showing a 26% reduced risk of death when combined with standard therapies, although concerns about the trial's design and results have been raised. This approval could significantly boost Novocure's revenue, which has been lagging behind expenditures.
Argus has issued "buy" ratings for several pharmaceutical stocks, including Sanofi (SNY) with a $60 price target, Gilead Sciences (GILD) at $85, and GSK at $45. The sector is projected to grow significantly, driven by oncology sales, with companies like Johnson & Johnson and Merck also highlighted for their strong pipelines and dividend yields.
Sanofi is in negotiations with private equity firm Clayton Dubilier & Rice to sell a 50% controlling stake in its consumer health business, Opella, potentially valued at around €15 billion ($16.4 billion). This sale would allow Sanofi to focus more on its biopharmaceutical operations, which generated over €18 billion in sales in the first half of the year. Opella, known for products like Allegra and Icy Hot, operates in 100 countries and employs over 11,000 people.
Merck & Co., Inc.
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Sanofi reports strong earnings driven by Beyfortus and vaccine sales
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