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4 minutes ago
- Yahoo
Eli Lilly accused of bribing providers to prescribe GLP-1RA drugs
Despite posting record Q2 growth for its blockbuster weight loss and diabetes drug tirzepatide, Eli Lilly is facing legal challenge from a lawsuit filed in Texas that accuses the pharma company of bribing providers to prescribe its drugs. Attorney General for Texas Ken Paxton and Health Choice Alliance claim Eli Lilly 'offered illegal incentives' to medical providers in the southern state so its most profitable drugs, including popular glucagon-like peptide-1 receptor agonist (GLP-1RA) medications tirzepatide, marketed as Mounjaro and Zepbound, would be preferentially prescribed to patients. The lawsuit marks the latest legal assault by the attorney general's office, having previously sued Eli Lilly over an industry conspiracy to increase insulin prices. Health Choice Alliance has also filed previous legal action against Eli Lilly in the past. In the latest filing, Paxton and Health Choice Alliance claim that Eli Lilly's actions cost Texas Medicaid 'millions of dollars'. The claimants argue that prescriptions were covered by the government insurance programme, resulting in claims to Texas Medicaid that were 'tainted by Eli Lilly's illegal marketing and quid pro quo arrangements'. As per the filing, Lilly is alleged to have participated in two schemes to induce and influence providers. In the first, the pharma company, with the help of third parties, apparently provided free nursing services. The second scheme alleges that Lilly continues to offer reimbursement support services to get their drugs prescribed over rivals. An Eli Lilly spokesperson told Pharmaceutical Technology that it intends to 'vigorously defend against these allegations'. The spokesperson added: 'Multiple courts and the federal government have rejected claims by this same corporate relator against Lilly as meritless. In fact, the United States Government determined that 'the relators' allegations lack sufficient factual and legal support' in a prior case, explaining that federal healthcare programs have a strong interest in ensuring that, after a physician has appropriately prescribed a medication, patients have access to basic product support relating to their medication." This referred to similar kickback claims previously made by Health Choice Alliance. Lilly was originally sued by the organisation in 2017, alleged to have participated in a 'multi-tiered kickback scheme' along with other pharma companies, including Bayer. This involved offering free nursing services in exchange for preferential drug prescriptions. The case was dismissed a year later by a judge in Texas. In 2021, a court of appeals upheld the prior decision to scrap the case amid attempts to revive the lawsuit. It is also not the first time the state of Texas has accused Lilly of unlawful activities. In October 2024, the attorney general's office sued several drugmakers and pharmacy benefit managers (PBMs) over insulin product prices. According to a statement at the time, Paxton accused manufacturers of a 'conspiracy' to artificially and willingly raise insulin prices and then pay an undisclosed amount back to PBMs in a quid pro quo arrangement. Lilly had a strong Q2 as it extended its lead over rival Novo Nordisk in the GLP-1RA treatment space. The company reported growth of 172% and 68% for Zepbound and Mounjaro, respectively. The two drugs brought in combined sales of $8.57bn in the quarter. "Eli Lilly accused of bribing providers to prescribe GLP-1RA drugs" was originally created and published by Pharmaceutical Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
4 minutes ago
- Yahoo
Why CoreWeave is getting hit hard: Opening Bid top takeaway
A market hooked on rate cut hopes. It's 35 days until the next Federal Reserve meeting, and investors are banking on a September rate cut. Currently, there's a 98.2% probability the Fed cuts rates at that meeting, according to the CME FedWatch tool. The probability got a boost on Tuesday following a Consumer Price Index reading that didn't signal accelerating tariff-driven inflation. Another side of the trade does exist, however. I know this may come as a shock to you, but not every stock in this market is ripping higher. Take a look at the plunges in Cava (CAVA) and CoreWeave (CRWV) today in the wake of their earnings last night. The poundings should serve as a reminder that in a hot market, no disappointments on an earnings day will be tolerated. No letdowns in sales. No letdowns in earnings. Not letdown in guidance. Reports must be darn near perfect, or else! Stock analysis: CoreWeave CoreWeave was teed up to let down investors last night. And it did on several fronts, with the stock tanking 15% today. First, the company's net loss was much higher than consensus. Second, capital expenditures were a whopping $1 billion higher sequentially. And third, capex may climb another $500 million in the current quarter. While I appreciate the company's revenue backlog of $30.1 billion doubled year over year, the company's mixed results and high debt load are real causes for concern. Here are two important call-outs this morning from DA Davidson analyst Gil Luria. I'm highlighting them because most on the Street have stayed bullish on CoreWeave post earnings, citing strong fundamentals. Luria presents a valid bear case. "With operating income of $200 million and interest expense of $(267 million) it appears that CoreWeave does not currently generate enough profit to pay all its debt holders, certainly not equity holders. Guidance of $(350)-(390) million of interest expense on only $160-190 million of operating income indicates that may be getting worse." "CoreWeave will likely need to add $10 billion more debt during the balance of the year to support their data center expansion plans. Management acknowledges that they will have to bring more debt onto the balance sheet in order to scale this business further, and we believe they will have to perform significant capital raises in the near-term just to meet their guidance and capacity commitments." Zoom-in: A Starbucks milestone A year ago today, I remember jumping out of my chair in astonishment as news broke that then-Chipotle (CMG) CEO Brian Niccol was named the new CEO of Starbucks (SBUX). I found the news mind-blowing for 75 different reasons, but I will offer two. For one, I just interviewed Niccol a few weeks prior — and definitely didn't get the sense he was ready to leave the burrito kingdom he had built. Two, while struggling and feeling the heat, Starbucks' then-CEO Laxman Narasimhan was still relatively new on the job. The stock surged 20% on the news. Niccol is one of the most highly regarded restaurant execs of the past 20 years. Since the appointment, Niccol has brought back condiment bars. Pared back items on the menu. Tried to bring down mobile order wait times. He has put the China business up for review. New menu items will hit stores soon, such as coconut water infused coffee. The overall business hasn't turned the corner (and the stock price is back to where it was one year ago today), but the pump is primed for better results over the next 12 months. The stock's valuation reflects that hope. Here is Brian in his own words: "I think there were some choices made before me that really set us back on our ability to create that great customer connection between our barista and customer ... And so that's really why we created the Green Apron service model. It's all around basically providing the right labor in store so that our partners have the right amount of time to execute the tasks that they need to execute." Brian Sozzi is Yahoo Finance's Executive Editor and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 minutes ago
- Yahoo
Affirm Expands Buy Now, Pay Later To In-Store Purchases Via Stripe Terminal
Affirm Holdings, Inc. (NASDAQ:AFRM) shares are trading higher on Wednesday. The company and Stripe are extending their collaboration to the checkout counter, introducing buy now, pay later at the point of sale through Stripe Terminal. The firm said its in-person BNPL option is now available on Stripe Terminal across the U.S. and Canada, giving merchants a unified way to offer pay-over-time both online and in stores via a network of more than one million checkout on Stripe Terminal, shoppers can select 'Pay with Affirm,' scan a code with their phone, complete a quick eligibility step, and, if approved, choose customized installment plans. Financing windows range from roughly one month to five years and are designed to accommodate purchases from about $35 up to $30,000. Affirm says it approves only amounts it believes customers can responsibly repay and does not levy late or hidden fees. 'We're excited to deepen our multi-year partnership with Stripe and bring Affirm to more shoppers via Stripe's in-person payment solution,' said Wayne Pommen, Chief Revenue Officer at Affirm. 'With over 80% of retail spend still happening in physical stores, enabling Affirm through Stripe Terminal gives us a powerful new way to help merchants drive growth and meet customers where they are – with more choice, transparency, and control at checkout.' The move brings BNPL to physical retail at scale, potentially lifting conversion and ticket sizes for merchants that already use Stripe online. For Affirm, the expansion broadens distribution without requiring separate hardware or onboarding, while retailers benefit from a consistent customer flow across digital and in-store channels. The integration is live for eligible U.S. and Canadian sellers using Stripe Terminal. Stripe customers can find setup details on Stripe's resources and documentation pages. Price Action: AFRM shares are trading higher by 1.15% to $77.77 at last check Wednesday. Read Next:Photo via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Affirm Expands Buy Now, Pay Later To In-Store Purchases Via Stripe Terminal originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
