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More biopharma earnings rolled out this week for names like Biogen, Bristol Myers Squibb, AbbVie and GlaxoSmithKline.
Biogen on Tuesday reported second-quarter earnings that topped Wall Street’s estimates, and also announced plans to cut 1,000 jobs, or about 11% of its workforce. Analysts had been expecting those layoffs, which aim to rein in costs as the biotech company prepares to launch its newly approved Alzheimer’s drug Leqembi.
Meanwhile, weight loss and diabetes drugs grabbed more headlines this week.
Eli Lilly on Thursday said its experimental drug helped patients lose about 26% of their weight on average in two late-stage clinical trials.
That sets a new bar for weight reduction seen in any phase three trial to date, and further bolsters Eli Lilly’s position in the budding weight loss drug market.
But Eli Lilly’s diabetes treatment, Trulicity, and weight loss drugs like Novo Nordisk’s Ozempic are now being investigated by health authorities in the U.K.
The Medicines and Healthcare products Regulatory Agency on Wednesday said it is reviewing the safety of those drugs after some patients who took the treatments reported thoughts of suicide or self-harm.
That, incidentally, came a day after the Biden administration announced new rules meant to push insurers to improve mental health coverage in the U.S.
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