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Business of Fashion
a day ago
- Business
- Business of Fashion
Viking's GLP-1 Pill Results Mixed, Shares Slump
Viking Therapeutics said on Tuesday its experimental weight-loss pill helped people with obesity lose up to 12.2 percent of their body weight over 13 weeks in a keenly watched study. Yet, shares of the company slumped nearly 35 percent in premarket trading after data showed that more patients who received Viking's drug stopped taking the treatment, compared to those who received placebo in the mid-stage study. Oral drugs are expected to take a significant share of the projected $150 billion weight-loss market, driven by their ease of use compared with injections such as Novo Nordisk's Wegovy and Eli Lilly's Zepbound. Viking's experimental oral pill is in a tight race with rival treatments being developed by the deeper-pocketed Novo and Lilly. Earlier this month, Eli Lilly said its experimental daily pill, orforglipron, showed a 12.4 percent weight loss in patients in a late-stage study over 72 weeks. In a separate trial, Novo's oral semaglutide has shown a weight loss of 15 percent over 68 weeks. Both the oral drugs are expected to be launched next year. Ahead of Viking's data, analysts expected weight loss in the range of 10 to 15 percent on average for the pill, known as VK2735. It had shown an 8.2 percent average weight-loss in a small early-stage trial. About 20 percent of those who received the drug discontinued due to an adverse effect, compared to 13 percent on placebo in the 280-patient study. The most common reasons for treatment discontinuation were gastrointestinal side effects, the company said. Like Lilly's Zepbound, Viking's drug also targets hormones known as GLP-1 and GIP that play a critical role in regulating the body's metabolism. Viking is testing both the oral and under-the-skin injection forms of the drug in overweight patients who have who at least one weight-related comorbidity. By Sriparna Roy and Siddhi Mahatole; Editors: Sriraj Kalluvila and Leroy Leo Learn more: GLP-1 Pills Will Be Priced Similarly to Injections, Wall Street Predicts US prices for obesity-treatment pills that Eli Lilly and Novo Nordisk aim to launch next year will likely be on par with their weight-loss injections, analysts and investors say.
Mint
05-08-2025
- Business
- Mint
Henry Schein falls after missing quarterly profit estimates
Aug 5 (Reuters) - Henry Schein missed Wall Street estimates for second-quarter profit and maintained its annual forecast on Tuesday, due to softer demand for its dental products in the United States. Shares of the Melville, New York-based dental and medical products distributor fell nearly 5% in premarket trading. High interest rates and inflationary pressures have hurt demand for non-urgent procedures such as orthodontic treatment and higher-end restorative dental procedures. The company said while its sales showed strong growth in international markets, it recorded a slowdown in U.S. orders beginning in May due to economic uncertainty from tariffs, but sales returned to normal by the end of the quarter. Henry Schein, which has seen declining revenue over the past two years, has come under pressure from investors to diversify its operations to better compete with larger distribution peers. Private equity firm KKR in January took a 12% stake in Henry Schein, becoming the largest non-index fund shareholder, and reached a deal to add members to the company's board. Henry Schein reaffirmed its 2025 adjusted profit per share forecast in the range of $4.80 and $4.94, and annual sales growth of 2% to 4%. "We expect 2025 to be the base year from which to grow and achieve our previously provided long-term goal of high-single digit to low-double digit earnings growth," CEO Stanley Bergman said. On an adjusted basis, the company earned profit per share of $1.10 for the second quarter ended June 28, below analysts' average estimate of $1.19, according to data compiled by LSEG. Quarterly revenue came in at $3.24 billion, slightly above estimates of $3.22 billion. (Reporting by Siddhi Mahatole in Bengaluru; Editing by Shailesh Kuber and Shinjini Ganguli)
Yahoo
29-07-2025
- Business
- Yahoo
Revvity trims 2025 profit forecast as China policy changes hit diagnostics demand
By Siddhi Mahatole (Reuters) -Revvity on Monday lowered its full-year adjusted profit forecast as it expects demand for diagnostics products in its key market China to be hurt by changes to the country's reimbursement policy, sending the company's shares down nearly 10%. The medical equipment maker said that it now expects sales of its diagnostics products to grow in the low single digits this year, compared to its previous forecast of mid-single digit growth. Sales in China for diagnostic products declined by double digits in the second quarter. "We are now expecting a fairly meaningful pullback in the immunodiagnostics business in China," said CEO Prahlad Singh. China's hospital lab reimbursement policy changes tied to Diagnosis Related Groups (DRGs), have reduced demand for Revvity's higher-value diagnostic products and significantly hurt revenues. Medical device maker Abbott recently said its diagnostics division will be hit hardest, with a projected $700 million revenue impact in 2025 due to fading COVID test sales and pricing pressure from China's procurement program that buys medical devices in bulk at steep discounts. These changes, which took effect in late April, have prompted physicians to reduce their orders for multiplex diagnostic products used to test for multiple conditions simultaneously, Revvity said. Instead, healthcare providers are increasingly opting for single-plex tests - simpler, less comprehensive diagnostics that Revvity also supplies. Last week, larger peer Danaher reported improving conditions in China's pharma and biotech sectors, though it said diagnostics demand in the country remains under pressure. Thermo Fisher Scientific and Danaher both raised their annual profit forecasts. In contrast, Revvity said it expects adjusted profit per share for 2025 between $4.85 and $4.95, down from its previous projection of $4.90 to $5. Despite the hit, Revvity's second-quarter results aligned with industry peers and life sciences product sales reached $365.9 million, surpassing estimates of $353.9 million. The Massachusetts-based company expects full-year revenue of $2.84 billion to $2.88 billion, slightly above its prior forecast of $2.83 billion to $2.87 billion, aided by a weaker U.S. dollar. 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
22-05-2025
- Health
- Yahoo
GSK's asthma drug wins FDA approval to treat 'smoker's lung'
By Siddhi Mahatole and Sriparna Roy (Reuters) -The U.S. Food and Drug Administration has approved British drugmaker GSK's asthma drug to treat some patients with a chronic lung disease commonly known as "smoker's lung", the company said on Thursday. The approval expands the use of the drug, Nucala, as an add-on treatment for patients with a type of chronic obstructive pulmonary disease. Sanofi and Regeneron's blockbuster drug Dupixent and Verona Pharma's inhaled therapy Ohtuvayre are also approved for the condition, which affects the lungs, causing restricted airflow and breathing problems. GSK's Nucala is a monoclonal antibody that inhibits interleukin-5, which helps regulate eosinophils, a type of white blood cell that causes inflammation in the lungs when overproduced. The regulator had set a target action date of May 7 for its decision on the drug. The approval, however, came two weeks later. This is the latest instance where the drug regulator has missed its deadline after mass layoffs as part of a major overhaul of federal health agencies under Secretary of Health and Human Services Robert F. Kennedy Jr. The approval was based on a late-stage trial, in which patients treated with Nucala and an inhaled maintenance therapy for up to 104 weeks had significantly reduced exacerbations by 21% compared to placebo. "There's a very high burden when you have severe exacerbations and end up being hospitalized. The aim is to keep patients out of the hospital, keep them stable, and keep them at home," GSK's Chief Commercial Officer Luke Miels said ahead of the approval. Nucala recorded 1.78 billion pounds ($2.38 billion) in total sales last year. The disease commonly affects cigarette smokers but can also be caused by air pollution and related occupational hazards. It is the fourth leading cause of death worldwide, according to the World Health Organization.
USA Today
07-05-2025
- Business
- USA Today
WeightWatchers files for chapter 11 bankruptcy to cut debt
WeightWatchers files for chapter 11 bankruptcy to cut debt Show Caption Hide Caption Compounding pharmacies to halt semaglutide sales May 22 Come May 22, compounding pharmacies must stop making semaglutide injections, which serve as a more affordable generic alternative to Ozempic and Wegovy. This decision follows a judge's denial of the pharmacies' request to continue selling the formulation. Fox - 10 Phoenix WW International WW.O, formerly known as WeightWatchers, has filed for Chapter 11 bankruptcy protection on Tuesday in a bid to cut its debt after hugely popular obesity drugs upended its business model. Shares of the company, which once boasted of media mogul Oprah Winfrey as one of its top shareholders, slumped 40% in extended trading after announcing plans to file for bankruptcy as part of a reorganization plan with a group of its lenders. WeightWatchers began as weekly weight-loss support group meeting with 400 attendees, and quickly turned into a worldwide phenomena with millions of members across the globe. In case you missed it: WeightWatchers faces bankruptcy amid financial struggles and declining demand But the rising popularity of GLP-1 drugs such as Novo Nordisk's Wegovy and Eli Lilly's LLY.N Zepbound hit demand for its traditional weight-loss programs. It also acquired a telehealth provider to provide weight-loss drugs in 2023, but reported a loss of $345.7 million last year, while its subscription revenues fell 5.6% year-over-year. WW said the reorganization plan will eliminate $1.15 billion in debt from the company's balance sheet. The company has accumulated substantial debt of around $1.6 billion. The company has estimated assets and liabilities in the range of $1 billion to $10 billion, according to the Chapter 11 petition filed in Delaware bankruptcy court. After its rebranding to WW International in 2018, the company aimed to focus on overall wellness rather than just weight loss. The company's shares have slumped 60% since the Wall Street Journal first reported in April that the company was preparing to file for bankruptcy in the coming months. Reporting by Siddhi Mahatole, Abhinav Parmar and Christy Santhosh in Bengaluru, and Dietrich Knauth in New York; Editing by Sriraj Kalluvila and Leroy Leo
