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22 июня, 22:09

EpiPen maker's $98 million payout is just way too much, shareholders say

Mylan just got a rare scolding from shareholders fuming over a $98 million pay package for its former CEO.

22 июня, 22:09

EpiPen maker's $98 million payout is just way too much, shareholders say

EpiPen maker Mylan got a rare scolding from shareholders who are fuming over a $98 million pay package for its former CEO.

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22 июня, 19:14

Mylan investors reject bumper executive payouts

Shareholders vote against remuneration follows outcry over high EpiPen price

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22 июня, 00:36

Drugmaker Mylan Gets Tax Boost From Refined Coal

function onPlayerReadyVidible(e){'undefined'!=typeof HPTrack&&HPTrack.Vid.Vidible_track(e)}!function(e,i){if(e.vdb_Player){if('object'==typeof commercial_video){var a='',o='m.fwsitesection='+commercial_video.site_and_category;if(a+=o,commercial_video['package']){var c='&m.fwkeyvalues=sponsorship%3D'+commercial_video['package'];a+=c}e.setAttribute('vdb_params',a)}i(e.vdb_Player)}else{var t=arguments.callee;setTimeout(function(){t(e,i)},0)}}(document.getElementById('vidible_1'),onPlayerReadyVidible); NEW YORK, June 21 (Reuters) - Mylan N.V. is best known for producing EpiPen emergency allergy treatments and generic drugs. But a non-pharmaceutical offering – refined coal – has quietly generated hundreds of millions of dollars of tax credits for the company over the last six years that have boosted its bottom line, according to a Reuters review of company filings. Since 2011, Mylan has bought 99 percent stakes in five companies across the U.S. that own plants which process coal to reduce smog-causing emissions. It then sells the coal at a loss to power plants to generate the real benefit for the drug company: credits that allow Mylan to lower its own tax bill. These refined coal credits were approved by Congress in 2004 in order to incentivize companies to fund production of cleaner coal. They are available to any company that is willing to invest the capital, and are set to expire after 2021. Mylan is one of only a few public companies, and the only publicly-traded pharmaceutical maker, that uses these tax credits, a Reuters review of a comprehensive database of filings with the U.S. Securities and Exchange Commission found. It is possible other companies receive an immaterial amount of the tax credits and decline to disclose them. Future tax credits could prove valuable to Mylan, which has seen sales of its flagship EpiPen allergy treatment sag after consumer outrage over the allergy treatment’s $600 list price. The pricing issue, which has drawn scrutiny from members of Congress and the U.S. Department of Justice, and Chairman Robert Coury’s nearly $100 million pay package last year have caused a group of investors to launch an effort to vote down the company’s board at its annual meeting on Thursday. Mylan already carries a low tax rate after moving its headquarters overseas in 2015. The coal credits helped the company lower its effective tax rate further, to just over four percent in 2014 and 7.4 percent in 2015. Last year, the company actually had a tax benefit of $358 million, giving it an effective tax rate of negative 294 percent. Mylan confirmed Reuters’ calculations based on figures in the tax footnotes in the company’s annual reports. According to these calculations, Mylan used more than $100 million of “clean energy and research” tax credits in both 2016 and 2015, and around $95 million in 2014. A person familiar with the matter told Reuters these coal operations have increased Mylan’s net earnings by around $40 million to $50 million in each of the past two years. That accounts for around 9 percent of the company’s earnings last year and more than 5 percent of its 2015 earnings. Mylan has disclosed very little about the tax credit strategy or its coal refining operations. It did not announce the coal deals when they occurred or disclose how much they cost. Mylan has not discussed them on its earnings conference calls and does not disclose exactly how much in tax credits they generate or what effect they are having on its bottom line. Wells Fargo analyst David Maris, who has a market perform rating on the company, said he believes that, from an investor standpoint, the coal transactions adds unnecessary complexity. “The average investor looking at their financial statements or their press releases, would have no idea what this is or how it flows through to their profit and loss statement,” he said.  “BEING MINDFUL OF TAX PLANNING” Mylan refers to losses and interest expense generated by its “clean energy investments,” as well as the fact that they qualify for tax credits, in tables and footnotes at the bottom of its earnings releases. In filings with regulators, it discloses some risks around the investments, their carrying value, and liabilities related to the investments. “It does sound like they are being mindful of tax planning,” said Lisa De Simone, professor of accounting at Stanford Graduate School of Business. “From the perspective of shareholder value, companies have all of the incentive in the world to try to reduce their tax payments, to increase net income and increase distributions to shareholders.” Mylan spokeswoman Nina Devlin said in an emailed statement that the tax credits are available to any interested company, and often “made outside of a company’s ordinary course of business, and companies involved in such projects range across a variety of non-energy related sectors.” Other companies Reuters found that take the credits include insurance brokerage and risk management services firm Arthur J Gallagher, Waste Management Inc and industrial supply company WW Grainger. The companies vary in their level of disclosure of the investments, but some disclose the number of tax credits they receive from the facilities. Devlin added that the health company recognizes that the production at the refined coal facilities will no longer be eligible for a tax credit beginning in 2022. “Nonetheless, on an ongoing basis, we consider appropriate opportunities for tax planning with respect to our global operations,” she added. New York City Comptroller Scott Stringer spoke out against the tax strategy when informed about it by Reuters. Stringer, who is leading the effort to vote down Mylan’s current board, oversees New York City pensions that together own more than 1.1 million shares of Mylan stock. “From the EpiPen pricing debacle to embracing complex tax avoidance strategies, Mylan’s board appears more focused on financial engineering than on the company’s core business,” he said.  COAL INTEREST DATES TO 2011 Mylan made the first investment in the coal producing plants in 2011, and expanded its total holdings to 5 plants by 2014. Mylan Chief Executive Heather Bresch, who has led the company since 2012, has coal country roots: she is the daughter of U.S. Senator Joe Manchin of West Virginia, the second largest coal-producing state in the country. The company declined to discuss the origin of why it adopted the tax strategy. Mylan says in its last two annual reports that its holdings are equity method investments in five limited liability corporations that own refined coal production plants, but does not name them. Reuters was able to identify these operations by reviewing lists of the company’s subsidiaries included with its annual reports. Mylan has 99 percent stakes in 5 LLCs that own refined coal plants: Canton Fuels Company in Illinois, Chouteau Fuels Company in Oklahoma, Deogun Manufacturing Company in Utah, Marquis Industrial Company in Indiana and Powder Street LLC in West Virginia. Mylan is booking losses from the plants, which is not unusual for these facilities. The companies often pay a middleman who manages the coal production facilities as well as other costs. Mylan recorded pre-tax losses of $92.3 million in 2016, $93.2 million in 2015 and $78.9 million in 2014 from the operations. The loss generated by the coal plants, as well as depreciation, is tax deductible, according to tax experts. But the tax credits generated by the facilities are extremely valuable. Last year, companies received $6.81 in tax credits for every ton of refined coal produced. Mylan produced around 16 million tons of refined coal last year, according to a person familiar with the matter. According to the same person, expenses – including costs paid for the assets and adjusted for tax deductions – equate to around 60 percent of the gross credits earned. (Editing by Caroline Humer and Edward Tobin) -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

19 июня, 23:56

Novartis (NVS) Biosimilar of MabThera Approved in the EU

Novartis AG (NVS) announced that its generic arm, Sandoz, has received European Commission (EC) approval for Rixathon.

16 июня, 18:28

Adamis Gets FDA Nod for Generic Version of Mylan's EpiPen

Shares of Adamis Pharmaceuticals Corporation (ADMP) soared more than 50% after the FDA approved the company's Epinephrine injection, USP, (0.3 mg Pre-filled single dose syringe) which is the generic version of Mylan N.V.'s (MYL) EpiPen.

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13 июня, 18:14

EpiPen maker faces revolt over exec's $98 million pay

EpiPen maker Mylan is racing to put down a revolt from shareholders outraged by a $98 million pay package for its former CEO.

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13 июня, 18:14

EpiPen maker faces revolt over exec's $98 million pay package

EpiPen maker Mylan is racing to put down a revolt from shareholders outraged by a $98 million pay package for its former CEO.

13 июня, 16:52

Coherus Stock Plummets as FDA Rejects Neulasta Biosimilar

Coherus Biosciences, Inc. (CHRS) shares declined nearly 24% in yesterday's trading as it announced that it has received a complete response letter (CRL) from the FDA for its biosimilar version of Amgen Inc's (AMGN) blockbuster drug, Neulasta.

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12 июня, 21:20

Investors are being told to go scorched earth on the company that makes EpiPen

On June 22, Mylan, the maker of EpiPen, will hold a shareholder meeting, and ahead of that...

09 июня, 12:45

This Pharma Company Won't Commit To Fairly Pricing A Zika Vaccine You Helped Pay For

function onPlayerReadyVidible(e){'undefined'!=typeof HPTrack&&HPTrack.Vid.Vidible_track(e)}!function(e,i){if(e.vdb_Player){if('object'==typeof commercial_video){var a='',o='m.fwsitesection='+commercial_video.site_and_category;if(a+=o,commercial_video['package']){var c='&m.fwkeyvalues=sponsorship%3D'+commercial_video['package'];a+=c}e.setAttribute('vdb_params',a)}i(e.vdb_Player)}else{var t=arguments.callee;setTimeout(function(){t(e,i)},0)}}(document.getElementById('vidible_1'),onPlayerReadyVidible); Last year, as worries grew that Zika ― a mosquito-borne illness that can lead to devastating birth defects ― might spread north from Latin America, scientists working for the U.S. government got to work on a vaccine. The Walter Reed Army Institute of Research, which is part of the U.S. Department of Defense, began developing the vaccine in March 2016. In September, the Army announced that it had enlisted Sanofi Pasteur, a division of the Paris-based pharmaceutical giant Sanofi, as its research partner. Sanofi was awarded a $43 million grant to conduct a second phase of trials, set to begin in early 2018. If those prove successful, the government has promised Sanofi another $130 million to conduct the third phase of trials. But that’s not all Sanofi stands to gain if the Zika vaccine works. The Army intends to grant the company an exclusive license to sell the vaccine in the U.S., according to a notice filed in the Federal Register in December. That arrangement has consumer watchdogs and U.S. lawmakers, including Sen. Bernie Sanders (I-Vt.), raising the alarm. Millions of Americans of reproductive age could need this vaccine to protect against a virus that can spread through sex and cause major birth defects in the children of infected women. And Sanofi ― a company that has previously been accused of jacking up drug prices for American customers ― would be the one setting the cost of this much-anticipated vaccine. There hasn’t been a decision on this proposed short-term monopoly, nor are the details of the deal public. At this point, there isn’t even a vaccine. But when the Army requested a fair pricing promise from Sanofi, the company rejected it. And that has plenty of people worried. A monopoly in the making Broadly speaking, what’s going on here is not unusual. The U.S. government doesn’t commonly take the lead role in developing a drug for commercial use. Often, it funds university research, and it’s the universities that grant licenses to pharmaceutical manufacturers to actually produce and sell the vaccine or drug. While the Army led the initial research on the Zika vaccine, government agencies don’t have the capacity to mass-produce a vaccine and distribute it to hospitals, clinics and doctors’ offices. At first glance, Sanofi might seem like a good choice to handle that end of the process. The company has experience developing a vaccine for dengue fever, a virus spread by the same species of mosquito that carries Zika. And it’s one of the world’s biggest vaccine makers, with the ability to produce in large volumes if the Zika virus should ever reach pandemic status. But watchdog groups warn that granting Sanofi exclusive rights to this particular vaccine could be catastrophic. (Some 32 potential Zika vaccines are in various stages of development around the world, according to the National Institute of Allergy and Infectious Diseases. The Japanese drugmaker Takeda has also won U.S. government funding for phase one trials, albeit at much lower amounts. But it doesn’t appear to be as far along as Sanofi.) Sanofi has a history of overcharging U.S. customers for its products. The price of its multiple sclerosis drug Aubagio is eight times higher in the U.S. than in France and the United Kingdom, according to Knowledge Ecology International, a Washington-based nonprofit that advocates for fair drug prices and government transparency. Diabetic patients sued Sanofi and two other drugmakers in January for jacking up the cost of insulin. And in April, Sanofi agreed to pay $19.8 million to settle claims that it had overcharged the Department of Veterans Affairs for two vaccines, albeit as a result of what the company said was a clerical error caused by a computer glitch. (The company said the error led to undercharges, too.) Critics of the deal say the U.S would lose most of its leverage to negotiate affordable prices once it granted Sanofi an exclusive license to the Zika vaccine ― which means Americans could end up paying more for a drug that their own government played a key role in creating. “Today, the government can exert leverage, and say, ‘We’ll sign the license over to you, but first let’s talk price,’” said Jamie Love, director of KEI. “It’s harder to have that conversation after there’s only one company you can buy it from because you’ve made them a legal monopoly.” The Army did not respond to a request for comment. ’God forbid we have an outbreak’ The prospect of the Zika virus spreading north into Louisiana, with its large mosquito population and semi-tropical climate, petrifies Dr. Rebekah Gee, the secretary of the state’s Department of Health and Hospitals.  Her department already faces a budget crisis as dwindling tax revenue and low oil prices have left the state with a $1.1 billion shortfall. Money that Congress allotted last year to deal with Zika is running out, and the Trump administration has signaled that future funding for Zika prevention may be targeted for cuts. Gee worries that if the Zika virus does spread in her state, she will have to choose between using her limited Medicaid budget to maintain other basic health services or using it to provide vaccines for people who are, or want to become, pregnant. Gee doesn’t want to tell low-income women and their partners that they’re on their own ― that they’d better stock up on mosquito repellent and hope for the best. “I can just imagine the panic on their faces when we tell them we can’t afford it,” she said. “How can we do that?” Just 123 travel-related Zika cases have been reported in the States so far this year, according to the Centers for Disease Control and Prevention. U.S. territories, including Puerto Rico, have suffered more, with roughly 500 cases this year. The island declared an end to the epidemic on June 5, but Zika transmissions in Puerto Rico are ongoing. And on the brink of summer, which is peak mosquito season, the risk of an outbreak on the mainland remains high -- particularly in places like Louisiana, Texas and Florida, where other mosquito-borne diseases like dengue fever are a major health concern. The consequences of infection can be devastating. In the continental U.S., 10 percent of pregnant women with confirmed cases of Zika gave birth to babies with brain damage or other serious health issues, according a CDC study released in April. The agency estimates that the lifetime cost of caring for a baby born with microcephaly can top $10 million. “God forbid we have an outbreak,” Gee said. “Louisiana has the climate as well as the bugs that carry this illness. We have the perfect storm in terms of the right conditions for a Zika outbreak.” She worries about an exclusivity agreement for a vaccine that does not specify that American consumers be charged no more than people in other industrialized countries. “The U.S. taxpayer is by far the largest shareholder in the research of this drug,” Gee said. “To me, it’s completely irresponsible that this would then be given to a pharmaceutical company ― not even a U.S. company ― with no price protections whatsoever for the American people, including the stipulation that they’d charge us no more for this than they’d charge other countries when they paid nothing.” Louisiana is one of the poorest states in the country, ranking 44th with a median household income of less than $46,000 a year. Gee said the state has about 540,000 low-income people of reproductive age on Medicaid. If Zika hits the state hard, anyone of reproductive age having sex ― particularly couples looking to get pregnant ― would likely want to be inoculated. How much would that cost the Louisiana Department of Health? If Sanofi charged as little as $2 a vaccine, which isn’t her best guess, Gee said that’s $1 million she has to find. “Even if it’s $1, that’s still more than half a million.” Sanofi will consider “social value” and affordability when it eventually sets prices, company spokeswoman Ashleigh Koss told HuffPost. She pointed out that until an outbreak actually happens, the company won’t know how many doses it will need to produce and how much it will need to charge to break even on the expensive manufacturing process. Indeed, new cases of Zika virus in South and Central America have dropped dramatically this year, making it harder to carry out vaccine trials. Koss called it “premature to consider or predict Zika vaccine pricing.” But she added that “it is in the public-health interest to price this and other vaccines in a way that will facilitate access to and usage of a preventative vaccine.” Rather than rely on Sanofi’s goodwill, the government could build price protections into the exclusive licensing deal it plans to strike with the company. The most direct way would be to simply set a price in the contract. Alternatively, the Army could negotiate what economists call an “advanced market commitment,” where the government agrees to buy a fixed volume of the vaccine at a price high enough to guarantee that Sanofi’s investment is worthwhile. If the Zika outbreak proves worse than expected and the pre-purchased supply is used up, Sanofi would then be required to sell additional vaccine at production cost. Health advocates say it’s critical to bake price protections into any vaccine deal at the start, so that a drug company can’t raise prices if an outbreak drives up demand. “If the U.S. government gives an exclusive license to Sanofi without conditions, basically it’s a blank check to Sanofi to charge anything that they want,” said Judit Rius Sanjuan, a legal policy adviser at Doctors Without Borders. “This is completely unacceptable ― it’s fully funded by the U.S. government.” In January, KEI led a coalition of watchdog groups, including Doctors Without Borders, in filing comments urging the Army not to grant Sanofi an exclusive patent. They argue that the pending deal might violate the Bayh-Dole Act, a 1980 law that says the government can only award a company an exclusive license on an invention arising from federally funded research if the exclusivity is “a reasonable and necessary incentive to call forth the investment capital needed to bring the invention to practical application; or otherwise promote the invention’s utilization by the public.” In other words, in order to justify its proposed deal with Sanofi, the Army must demonstrate that the only way to manufacture and distribute the Zika vaccine in sufficient quantities is by offering Sanofi exclusive rights. Critics of the deal say the Army hasn’t proven that. Before President Trump makes this deal, he must guarantee that Sanofi will not turn around and gouge American consumers. Sen. Bernie Sanders (I-Vt.) An ounce of prevention Opposition to the deal has been growing in recent months. In February, Rep. Jan Schakowsky (D-Ill.) and 10 other House Democrats sent a letter to the Army’s acting secretary opposing the arrangement. Sanders, for his part, thrust the deal into the national spotlight in a March 10 New York Times op-ed calling on President Donald Trump to fulfill his promise to “make only the best deals on behalf of the American people” by securing price protections for the Zika vaccine. “Before President Trump makes this deal, he must guarantee that Sanofi will not turn around and gouge American consumers, Medicare and Medicaid or our military when it sells the vaccine,” Sanders wrote. “Unfortunately, the likelihood is that Sanofi will engage in exactly this predatory behavior ― because it’s happened before.” Sanders pointed to the prostate cancer drug Xtandi as an example. The drug was developed at the University of California, Los Angeles, with government grants and support from the Army and the National Institutes of Health ― but then the government transferred the patent to Astellas Pharma, which now charges U.S. patients $129,000 a year for the drug. In Canada, Sanders noted, “the same drug costs just $30,000 because, unlike the United States, Canada regulates drug prices.” “It is unacceptable that Sanofi has rejected the Army’s request for fair pricing,” Sanders told HuffPost. “American taxpayers have already spent more than $1 billion on Zika research and prevention efforts, including millions to develop this vaccine. Americans should not be forced to pay the highest prices in the world for a critical vaccine we paid to help develop.” Sanofi’s president of research and development fired back in a letter to the editor on March 21. Elias Zerhouni, a former NIH director under President George W. Bush, defended the deal. He said Sanofi “would make significant milestone and royalty payments” to the Army lab responsible for the vaccine, “allowing the United States government to recoup its investment.” The pressure for an affordably priced vaccine grew when the CDC alerted state health officials in April that federal funding for Zika prevention could run out by summertime. The following month, the House passed the American Health Care Act, which the Congressional Budget Office estimates would eliminate insurance coverage for roughly 23 million people. If anything like that bill manages to pass the Senate, there will be a whole lot more people who would need publicly funded vaccines. With the federal government preparing to step back, the cost of obtaining the vaccine for low-income people would likely fall on state and local health departments. Louisiana Gov. John Bel Edwards (D) wrote the Defense Department last month to warn that granting a single company an effective monopoly on the Zika vaccine without any price constraints “could cripple state budgets and threaten public health.” “No one should have to worry about their child being born with microcephaly or other birth defects, and certainly no one should have to face that frightening prospect simply because the vaccine is unaffordable,” Edwards wrote. Pharmaceutical industry representatives argue that concern over public image ― presumably including public backlash over tragic stories of brain-damaged babies ― is already forcing companies to discipline their own pricing. “This isn’t something the government can solve, because it isn’t a bright line — it’s a facts-and-circumstance test,” Allergan CEO Brent Saunders told CNBC’s “Closing Bell” last September. “And so I’d rather industry self-police, which is what Allergan is doing.” But such self-policing has a checkered record in other areas of business, and it’s hardly a widespread practice in the pharmaceutical industry. In 2015, Martin Shkreli, then CEO of Turing Pharmaceuticals, jacked up the price of a drug used to treat AIDS patients from $13.50 a tablet to $750. Last year, Mylan Inc. hiked the price of a two-pack of EpiPens from $100 to $500. Despite public outcry, inflating the price of lifesaving drugs remains common. “The incentives for any one company to raise its prices or engage in questionable conduct are quite high, while the incentives for the industry as a whole to corral and police its members are really quite difficult to see,” said Rachel Sachs, an associate law professor at Washington University in St. Louis. “The best thing the industry can do to help itself is to tie its own hands in some of these very public deals.” To be sure, Sanofi has expressed sensitivity to concerns about price gouging. The company said it would cap price increases for its product at 5.4 percent this year, with a few exceptions. It also said it benchmarks prices to the national health expenditures growth projection, a figure calculated by the U.S. Department of Health and Human Services. The Institute for Clinical and Economic Review, a drug price watchdog, praised Sanofi’s multiple sclerosis drug alemtuzumab, sold under the brand name Lemtrada, as a “good value.” What makes the Zika vaccine different is the extent to which U.S. taxpayers have already funded it, said John Gruber, an economics professor at the Massachusetts Institute of Technology. “Saying to Sanofi, ‘We’ve taken all the risk and development, and we’re going to let you make a lot of money off this,’” Gruber said, “that’s just crazy.” Until the federal government takes action, however, health officials like Gee are left to wait and worry. “The American people, with their money, developed this vaccine,” she said. “It’s not like the company went out, did the research, innovated and did this out of the goodness of its heart. To me, it’s inconceivable that the American people would pay for this and we’d have no protection whatsoever that we’d receive the benefit.” type=type=RelatedArticlesblockTitle=Related... + articlesList=57d6ab5fe4b00642712e494e,58534246e4b039044707f495,57f3b46de4b0703f7590ef2d,57aa27d3e4b0ba7ed23dbfd8,57adfa6ee4b071840411069a -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

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06 июня, 04:00

John Paulson's Outside Capital Base Crashes To Under $2 Billion

Back in 2011, after making a killing off of his infamous mortgage short, John Paulson found himself running one of the largest hedge funds on wall street with $38 billion in total capital under management, including roughly $19 billion in outside capital.  But, after gaining instant fame with his massive subprime bet, Paulson can't seem to buy a clue in recent years which has left many investors wondering whether he may have been nothing more than a "one-trick pony". Certainly returns in his Paulson Advantage fund would indicate some difficultly replicating historical success: 2011: -51% 2012: -19% 2013:+32 2014: -36% 2015: -3% 2016: -20% 2017 YTD: -9.7% For those keeping track, an investor who contributed $100,000 to the Paulson Advantage fund on 12/31/2010 would have under $24,000 left today...and that's before removing Paulson's annual fees. Therefore, it's not terribly surprising that, as Bloomberg points out today, Paulson's assets under management have crashed since 2011 to under $10 billion due a combination of abysmal returns and investor redemptions.  But, what is surprising is that, per the charts below, of the the $9.5 billion currently under management at Paulson & Co., only $1.8 billion is from outside investors.   Of course, it's hard work losing that much money...it requires an army of Harvard MBAs and those guys aren't cheap.  Unfortunately, since Paulson probably doesn't pay fees on his personal ~$8 billion in AUM, we suspect it's getting a bit harder to pay that Harvard army these days prompting speculation that Paulson will eventually have to return outside capital and convert to a family office.  Per Bloomberg: “As outside assets continue to erode, the running question for Paulson becomes more forceful: Why doesn’t he just convert to a family office?” said David Tawil, the founder of Maglan Capital LP, a New York based hedge fund that specializes in event-driven strategies. “But to get the firm back on the rails, I don’t think is impossible.”   Paulson, 61, is making the choice to fight back. The billionaire has no plans to turn the firm into one that solely manages his own wealth, according to a person familiar with his thinking. He’s opened at least three new funds in the past two years, including a private equity fund with a seven-year lock up. But at the end of 2016, that fund contained almost all internal money, the filing shows. As we pointed out last November, Paulson's losses came in part due to a massive bet on the consolidation of large multi-national pharmaceutical businesses which he hedged with bearish bets on the broader markets.  Unfortunately, exactly the opposite happened with the broader markets holding up while his largest pharma holdings collapsed anywhere from 20% - 40%.  Mr. Paulson’s hedge-fund firm, Paulson & Co., is suffering painful losses this year, extending a period of uneven performance that has left the firm managing about $12 billion, down from $38 billion in 2011. Behind the recent difficulties: A big, faulty bet on pharmaceutical companies, as well as excessive caution about the broader market, according to people close to the matter.   Over the past two years, Mr. Paulson has argued to his investors that the pharmaceutical industry’s consolidation would accelerate, boosting growth prospects of specialty drug companies cutting deals. Six of Paulson & Co.’s 10 largest holdings as of June 30 were pharmaceutical companies, the most recent securities filings show, including the firm’s four largest positions. At one point in late 2014, Mr. Paulson told a client that one of Paulson’s major holdings, Valeant Pharmaceuticals Inc., would hit $250 a share. At the time, the stock was trading at around $140. To hedge, or protect, his drug investments, Paulson adopted bearish positions on the overall market, viewing stocks to be expensive.   The trades haven’t worked out. Health care is the worst performer among the 11 sectors in the S&P 500, with a drop of 6.1% so far this year. Paulson’s holdings have done worse. Shares of the firm’s largest investment, U.K. pharmaceutical company Shire PLC, are down 19% so far in 2016. The holding, worth about $864 million at current share prices, represented 9.1% of Paulson & Co.’s portfolio at the end of June, according to FactSet Research Systems Inc. The next three biggest Paulson investments, Mylan NV, Allergan PLC and Teva Pharmaceutical Industries, are down 37%, 40% and 40% this year, respectively. The three stocks represent $2.16 billion of investments for the firm at current prices. Meanwhile, the S&P 500 is up 2.2% this year, undercutting Paulson’s bearish position.   But sure, all you pension managers out there should continue to consolidate your hedge fund allocations to just the 'smartest' hedge fund managers.

06 июня, 00:49

Trump Launches Infrastructure Week With Bridge Burning

Like what you read below? Sign up for HUFFPOST HILL and get a cheeky dose of political news every evening! President Trump decided to gut NATO on a whim, like some kind of bad imitation of that time Churchill and Stalin divvied up Europe on a napkin.  White House lawyers and the Secret Service were both placed in a tremendous bind today when the president shot himself in his own foot. And a D.C. bar will open early Thursday to air the Comey hearing; why D.C.’s line-waiting and speed-dating services haven’t capitalized by hosting a joint event outside of Hart 211 is beyond us. This is HUFFPOST HILL for Monday, June 5th, 2017: OR, ‘WHY LAWYERS MAKE SUCCESSFUL POLITICIANS’ - Matt Zapotosky: “President Trump on Monday derided the revised travel ban as a ‘watered down’ version of the first and criticized his own Justice Department’s handling of the case — potentially hurting the administration’s defense of the ban as the legal battle over it reaches a critical new stage…. ‘People, the lawyers and the courts can call it whatever they want, but I am calling it what we need and what it is, a TRAVEL BAN!’ Trump wrote. The president’s tweets could significantly damage his administration’s effort to restore the ban, which has been put on hold by two federal courts. Next week, those suing are expected to file arguments on the matter with the Supreme Court, and Trump’s latest remarks will surely be a part of their briefs. The administration appealed to the nation’s highest court after the U.S. Court of Appeals for the 4th Circuit upheld the freeze on the ban last month.” [WaPo] Alberto Gonzalez...Alberto Gonzalez! “Government lawyers trying to defend President Donald Trump’s travel ban in court might be excused if they decide they are stuck with the world’s worst client…. ‘To the extent that the government has taken a position...and that position is at odds with what the president has said, it presents a challenge that the Department of Justice will have to deal with,’ said Alberto Gonzales, who served as President George W. Bush’s attorney general a decade ago.” [HuffPost’s S.V. Date] ADMINISTRATION WON’T INVOKE EXECUTIVE PRIVILEGE RE: COMEY - Justin Sink and Shannon Pettypiece: “President Donald Trump won’t try to stop former FBI Director James Comey from testifying to the Senate this week about investigations of Russian meddling in the U.S. election that could touch on Trump as well as his current and former associates…. The decision eases concerns that Trump would make a last-minute move to stymie Comey’s appearance, though many legal experts said it wasn’t clear that the White House would have had grounds to invoke executive privilege in this case. There may still be issues Comey declines to answer in the public hearing after consulting with Robert Mueller, the special counsel appointed to oversee the Russia probe in the wake of Comey’s firing.” [Bloomberg] TRUMP IS HANDLING TERRORISM WRONG - Jessica Schulberg: “What troubled counterterrorism experts is that Trump’s approach as president hasn’t evolved. The patented alarmist response to terrorism attacks that he deployed in the election may have had political benefits to his campaign. But these experts view them as largely counterproductive to the goal of limiting the effectiveness of terrorist attacks. ‘Terrorism only works if people are terrified,’ said Clint Watts, a former FBI special agent. ‘And it seems like Trump’s comments, above all, seek to terrify.’” [HuffPost] Like HuffPost Hill? Then order Eliot’s book, The Beltway Bible: A Totally Serious A-Z Guide To Our No-Good, Corrupt, Incompetent, Terrible, Depressing, and Sometimes Hilarious Government Does somebody keep forwarding you this newsletter? Get your own copy. It’s free! Sign up here. Send tips/stories/photos/events/fundraisers/job movement/juicy miscellanea to [email protected] Follow us on Twitter - @HuffPostHill RUSSIA TRIED TO HACK VOTING SOFTWARE: NSA REPORT - Matthew Cole, Richard Esposito, Sam Biddle and Ryan Grim: “Russian military intelligence executed a cyberattack on at least one U.S. voting software supplier and sent spear-phishing emails to more than 100 local election officials just days before last November’s presidential election, according to a highly classified intelligence report obtained by The Intercept. The top-secret National Security Agency document, which was provided anonymously to The Intercept and independently authenticated, analyzes intelligence very recently acquired by the agency about a months-long Russian intelligence cyber effort against elements of the U.S. election and voting infrastructure. The report, dated May 5, 2017, is the most detailed U.S. government account of Russian interference in the election that has yet come to light.” [Intercept] WE’RE ALL GOING TO DIE - Susan Glasser: “European allies who hoped — and expected — [Trump] would use his speech to explicitly reaffirm America’s commitment to mutual defense of [NATO’s] members…. National security adviser H.R. McMaster, Defense Secretary James Mattis and Secretary of State Rex Tillerson all supported Trump doing so and had worked in the weeks leading up to the trip to make sure it was included in the speech, according to five sources familiar with the episode…. [W]hen Trump started talking at an opening ceremony for NATO’s new Brussels headquarters...the president’s national security team realized their boss had made a decision with major consequences — without consulting or even informing them in advance of the change…. The president appears to have deleted it himself, according to one version making the rounds inside the government” [Politico] TRUMP’S TWEETS DERAIL ANOTHER MESSAGING CYCLE - But – but, it’s not even the sabbath! “President Donald Trump kicked off ‘Infrastructure Week’ at the White House on Monday by angrily tweeting about London Mayor Sadiq Khan, decrying Khan’s assurances to Londoners following a terror attack over the weekend. The White House was hoping this week to pivot to the president’s efforts to overhaul the nation’s infrastructure system, with an emphasis on the potential for job creation. That message would offer some counterprogramming to former FBI Director James Comey’s highly anticipated testimony before Congress on Thursday…. But the president’s itchy Twitter finger threw the carefully crafted rollout into disarray…. Earlier in the morning, Trump also railed about his stalled travel ban on Twitter ― resulting in cable news coverage about the legal ramifications of his tweets, and drawing further attention away from the president’s infrastructure plan.” [HuffPost] About that infrastructure week: “The president plans to travel to Ohio on Wednesday to address ways of improving levees, dams and locks along inland waterways that are crucial to agricultural exports. His visit is expected to include a speech likely to touch on partnering with states and local governments…. On Friday, Trump will visit the Transportation Department to discuss regulatory changes related to roads and railways.” [AP’s Ken Thomas and Josh Boak] MAYBE TRUMP DOESN’T EVEN KNOW HE HASN’T NOMINATED ANYONE - Jessica Schulberg: “President Donald Trump on Monday morning accused Democrats of obstructionism for ‘taking forever to approve my people, including Ambassadors.’ The one problem with Trump’s tweet? After taking the unusual step of ordering politically appointed ambassadors to leave their overseas posts by Inauguration Day ― Jan. 20 ― he has sent only a handful of ambassadorial nominations to the Senate. Trump’s complaint was apparently prompted by coverage on the ‘Fox and Friends’ program.” [HuffPost] HUMAN RIGHTS: WHO NEEDS ‘EM? - Inalienable rights are just a product ginned up by the Deep State. Stephanie Nebehay: “The United States is expected to signal on Tuesday that it might withdraw from the United Nations Human Rights Council unless reforms are ushered in including the removal of what it sees as an ‘anti-Israel bias’, diplomats and activists said. U.S. Ambassador to the U.N. Nikki Haley, who holds cabinet rank in President Donald Trump’s administration, said last week Washington would decide on whether to withdraw from the Council after its three-week session in Geneva ends this month.” [Reuters] IT HAS BEEN [0] [0] [0] [1] DAYS SINCE A CONFLICT OF INTEREST IN TRUMP’S WORKPLACE SAFETY TEAM - Barry Meier and Danielle Ivory: “During the early months of the Trump administration, a former lobbyist for an industry group that has opposed the beryllium, silica and record-keeping rules served on the transition team at the Department of Labor, which oversees OSHA. That official, Geoffrey Burr, who has since moved to the Department of Transportation as chief of staff, had been a lobbyist for the Associated Builders and Contractors, which represents nonunion construction companies…. Experts...fear that a widespread regulatory rollback is beginning, and possible changes to the beryllium rule are particularly frustrating to them because it had taken so long to get the new standards in place.” [NYT] Hey, North Carolina GOP — SCOTUS knows you love disenfranchising black people, but they want you to cool it, okay? “The court on Monday upheld a lower court ruling that invalidated 28 state legislative districts because they were ‘racially gerrymandered’ — drawn by the Republican-controlled legislature with the objective of disadvantaging black voters.” [HuffPost’s Cristian Farias] Congratulations to people with a peanut allergy: “Mylan may have overcharged taxpayers as much as $1.27 billion over 10 years for its signature EpiPens, according to an analysis released Wednesday by the Department of Health and Human Services’s watchdog.” [STAT] OH GOOD, KELLYANNE CONWAY’S HUSBAND IS GETTING IN ON THE ACT - Leave it to a lawyer to really lean into alternative facts. Ryan J. Reilly: “George Conway, a conservative lawyer who last week dropped out of the running for a key position in the Justice Department, said Monday that President Donald Trump’s tweets about his administration’s travel ban could hurt the case in court…. ‘These tweets may make some [people] feel better, but they certainly won’t help [the Office of the Solicitor General] get 5 votes in [the Supreme Court], which is what actually matters,’ Conway tweeted. ‘Sad.’ … Conway later tweeted a link to a Washington Post story on how Trump’s tweets could hurt the administration’s efforts to restore the travel ban. Conway said he still ‘VERY VERY STRONGLY’ supports the administration, and that every sensible lawyer in the White House and Trump political appointees at DOJ would agree with him.” [HuffPost] ICYMI: ONE REALLY ILL-TIMED MISSPELLING - Eliot published a piece this weekend checking in with the Never Trump movement. He reached out to the Trump administration over allegations that it is incompetently run and, well, oh dear: “White House officials dismissed the criticism as textbook wound-licking from people whose side lost. ‘The President is holding his promises to the American people by growing the economy, creating jobs, protecting our boarders [sic] and ensuring that every American is safe and prospering,’ a White House spokesman said in a curiously spelled statement provided to HuffPost.” [HuffPost] @marincogan: Shaw’s Tavern, a bar in DC, is opening early Thursday morning to carry live coverage of the Comey hearing:  [Link] BECAUSE YOU’VE READ THIS FAR - Don’t let baboons into your home. BETTER ANGELS OF OUR NATURE TAKING A PERSONAL DAY, APPARENTLY - When they go low, we gather together a posse and get some good ol’ fashion street justice goin’. Jennifer Bendery: “A day after a terror attack in London that left seven people dead, a Republican congressman from Louisiana urged people to kill anybody they suspect could be a radicalized Muslim. ‘Hunt them, identity [sic] them, and kill them. Kill them all,’ Rep. Clay Higgins wrote on his Facebook page on Sunday. ‘For the sake of all that is good and righteous. Kill them all.’” [HuffPost] COMFORT FOOD - Bob Dylan’s Nobel Lecture. - How to pick a basic lock. - What it’s like being a model for an interactive AI. TWITTERAMA ME: -but what if Wonder Woman gets shot in an area that's not her wrists? SEAN SPICER: I think the movie was clear on this matter.— Jesse McLaren (@McJesse) June 5, 2017 Really enjoyed Wonder Woman but still kinda miffed that at the end someone yelled out, "But why didn't she go to Wisconsin?"— LOLGOP (@LOLGOP) June 5, 2017 Emerging trend: Pop up ads that ask you to choose between, say, getting the latest news and being 'not interested in amazing wine pairings.'— Matt Fuller (@MEPFuller) June 5, 2017 Got something to add? Send tips/quotes/stories/photos/events/fundraisers/job movement/juicy miscellanea to Eliot Nelson ([email protected]) -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

05 июня, 11:17

Why Is Momenta Pharmaceuticals (MNTA) Down 9.7% Since the Last Earnings Report?

Momenta Pharmaceuticals (MNTA) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

02 июня, 21:50

How Big Pharma Is Limiting Access To A Life-Saving Opioid Overdose Reversal Drug

function onPlayerReadyVidible(e){'undefined'!=typeof HPTrack&&HPTrack.Vid.Vidible_track(e)}!function(e,i){if(e.vdb_Player){if('object'==typeof commercial_video){var a='',o='m.fwsitesection='+commercial_video.site_and_category;if(a+=o,commercial_video['package']){var c='&m.fwkeyvalues=sponsorship%3D'+commercial_video['package'];a+=c}e.setAttribute('vdb_params',a)}i(e.vdb_Player)}else{var t=arguments.callee;setTimeout(function(){t(e,i)},0)}}(document.getElementById('vidible_1'),onPlayerReadyVidible); Soaring prices for a life-saving drug have heavy-hitters in the pharmaceutical industry pointing fingers and shirking blame. Express Scripts, the nation’s largest pharmacy benefits manager (PBM), is suing the pharmaceutical company Kaléo on the grounds that the company is price-gouging consumers and neglecting to pay administration fees, The New York Times and ProPublica reported earlier this week. The lawsuit alleges that Kaléo raised the price of its version of naloxone, an opioid overdose reversal drug, “in order to exploit for profit those who depend upon the medication.” Express Scripts also accused Kaléo of failing to pay more than $14.5 million in related fees and rebates, and said the company had dropped the drug, sold under the brand name Evzio, from its list of preferred medications. But the lawsuit also indicates that Express Scripts started charging Kaléo higher administration fees as the price of the drug increased. Moreover, Express Scripts dropping Evzio from its preferred list of medications means the pharmacy benefit manager is at least partly responsible for reducing access to the overdose reversal drug.  The legal conflict between the two companies shows just how much corporate interests can influence the health of Americans. It also comes at a particularly sensitive time, given that the opioid addiction epidemic in the U.S. is killing an average of 91 people each day ― more than die from gun homicides. Raising prices to increase profits during an opioid crisis  Compared to the complex history of the opioid epidemic, the response to a user in distress is quite simple: Emergency responders or a trained friend or family member can quickly administer naloxone, effectively canceling the effects of the opioid. At a time when the antidote is in critical demand, the list price for Evzio, a two-pack auto-injector delivery system, shot up 700 percent over three years ― from $690 to $4,500.  There are cheaper alternatives, including Narcan nasal spray and a generic injectable naloxone. Still, the price hike is a concerning snapshot of the gap between the pharmaceutical industry’s priorities and those of the American people ― 61 percent of whom say that lowering the cost of prescription drugs should be a “top priority” for President Donald Trump and Congress, according to a Kaiser Health Tracking Poll published in January.   A few politicians are trying to hold drug companies accountable. Sen. Amy Klobuchar (D-Minn.), for example, wrote a letter to Kaléo CEO Spencer Williamson in February, and called for transparency in drug pricing. “Due to the severity of the opioid epidemic and Evzio’s life-saving attributes, it is critical that your products remain affordable to Americans,” she wrote. She also sponsored an amendment that Sen. Bernie Sanders (I-Vt.) introduced in the Senate in January, to allow Medicare to negotiate with drug companies to secure lower prices and to enable Americans to import cheaper drugs from Canada and elsewhere. The amendment failed, 52 to 46.  Without drug industry regulation, however, it’s unlikely that the current pattern will change. Consumers will continue to shoulder the cost of increasing prescription drug prices in other ways, such as via increased premiums and deductibles. The hidden way consumers bear the cost of drug spikes Just because the price of Evzio has jumped 700 percent doesn’t mean patients are paying that much more for it. The list price is the average price wholesale buyers pay. “Pharmaceutical list prices are not a true net prices to insurance companies, pharmacy benefits managers or distributors due to the numerous discounts, chargebacks and rebates that are routinely negotiated in the health care system,” said Mark Herzog, vice president of corporate affairs at Kaléo. “Nobody actually pays that price,” Williamson told HuffPost. “There’s, I think, a lot of misunderstanding out there.” Kaléo provides free Evzio to qualifying patients who don’t have commercial or government insurance and have a combined household income of less than $100,000, Williamson said. As of early February, Kaléo had donated more than 200,000 doses in 30 states. There are no out-of-pocket costs for people with insurance, but those patients are still responsible for insurance premiums. Evzio costs $360 for patients without insurance and household incomes above $100,000. That higher price allows the company to absorb the cost of giving away free Evzio when insurance companies block the drugs from their plans, Williamson said.  Arthur Caplan, the founding director of New York University’s Division of Medical Ethics, doesn’t buy Williamson’s claim that donating Evzio to vulnerable patients offsets its high list price. Raising a drug’s list price, after all, also increases a company’s profits.  “Anytime the price goes up, access goes down,” Caplan said. “It doesn’t matter whether the consumer sees it, or the third-party payer sees it or the budget of the EMT department of Baltimore sees it.”  And that increased price gets passed on to the consumer eventually, with higher premiums, copays, deductibles or coinsurance ― which is when a patient shares responsibility for paying a percentage of the prescription’s cost with his or her insurance company.  Williamson declined to comment on how much money Kaléo makes from Evzio, saying, “We don’t share the confidential information about the company.” The fallacy of community donation programs Kaléo has responded to criticism of the price spike by highlighting its donation grant program, which provides free Evzio to nonprofits, harm reduction groups and health departments serving patients with financial hardships. But groups typically don’t get the drug for free unless they apply for a grant, and there’s no guarantee that the program will continue indefinitely. Insurance companies or municipalities that aren’t grant recipients may not choose to stock the drug if they can’t absorb the price increase. “There’s no such thing in the drug industry as a partial giveaway program,” Caplan said. “You just are buying it. It’s a sales tactic, not an altruistic charitable act.” There’s no such thing in the drug industry as a partial giveaway program. It’s a sales tactic, not an altruistic charitable act. Arthur Caplan, founding director of New York University’s Division of Medical Ethics Should the Kaléo’s giving streak run out, community organizations are left footing an exorbitant bill or switching to a more affordable form of naloxone.   After her son died of a heroin overdose, Aimee Dunkle founded the Southern California-based Solace Foundation to distribute naloxone. But when the group ran out of the free auto-injectors it had received from Kaléo, it couldn’t afford to buy more, even at the discounted rate. “There’s no way I can even contemplate buying it,” Dunkle told The Guardian in December. “We sometimes get some financial donations. One time I had about $1,500 that had been donated, and I bought $1,500 of Narcan. Then I had to select who to give it to. Not who was at most risk but who was most likely to witness an overdose. For a mother that’s lost a child, that’s a hellish decision to have to make: who gets the kits and who doesn’t.” The entire pharmaceutical industry is price-gouging  PBMs such as Express Scripts and CVS Health are basically the middlemen of the drug industry. They’re supposed to negotiate prices with drugmakers to make medicine more affordable for insurance companies and their patients.   But their critics, including drug makers and some members of Congress, say PBMs aren’t transparent about the fees they collect from drug makers. Take the revelation from the lawsuit Express Scripts filed, for example: The company was charging Kaléo higher administration fees as Evzio’s prices rose. “We filed this lawsuit to get money that is rightfully owed our clients,” Brian Henry, the corporate communications vice president at Express Scripts, told HuffPost. “Kaléo owes rebates and administrative fees that we share with our clients and we are working to get that money back.” A spokesman for the company told The New York Times that “the vast majority of the administrative fees are passed back to our clients.” Still, it remains unclear how much of that money the company is keeping. And the more money a PBM keeps, the more its customers pay. “They are supposed to use heavy-clout buying leverage to push prices down,” Alan Sager, a professor of health law, policy and management at Boston University School of Public Health, told HuffPost. “It’s an interesting mystery that they apparently failed to do so.”  Drug spending in the U.S. outpaces drug spending elsewhere in the world: The per capita figure that the United States spends on prescription drugs was twice as high as the average drug spending in 19 other industrialized nations, according to an article published in JAMA in August. “Naloxone’s price increase is part of an overall trend of increasing prescription-drug prices for both new brand-name drugs and old, off-patent generics,” reads an op-ed published in the New England Journal of Medicine in December. Take, for example, the case of Mylan Pharmaceuticals’s EpiPen pricing scandal, during which the company raised the price of its life-saving allergy pens by 500 percent between 2009 and 2016, from $100 for a two-pack to $600. Following outrage from parents of children with allergies, politicians and pharmaceutical watchdogs, Mylan expanding its patient purchase assistance program and introducing a generic EpiPen that sells for $300. The company also settled with the government for $465 million, but did not admit wrongdoing.   Clarification: This article previously implied that higher administrative fees, corresponding to an increase in the price of Evzio, contributed to more limited consumer access to the drug. This has been amended, as there is insufficient evidence to make such a conclusion.  This reporting is brought to you by HuffPost’s health and science platform, The Scope. Like us on Facebook and Twitter and tell us your story:[email protected] -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.