Pharmaceuticals

Corona Capital: Financial centers, Costco

25 Sep 2020

Concise views on the pandemic’s corporate and financial fallout: New York, London and other financial centers still have their luster even if workers will trudge in less to the office; Costco’s coronavirus costs add up.

Illumina takes pricey round-trip to find its Grail

21 Sep 2020

The $40 bln firm found out by accident years ago that it could detect cancer using genetic sequencing. It spun out Grail in 2017, bringing in cash from new investors. Now it's spending $7 billion to buy it back. Grail is a hot property, but it competes with Illumina's customers.

Corona Capital: Millionaire tax, Rent the Runway

18 Sep 2020

Concise views on the pandemic’s corporate and financial fallout: New Jersey taxes the rich to help close a budget gap; and high fashion has trouble competing against sweats.

Gilead goes all-in to inject excitement

14 Sep 2020

The $82 bln biotech attracted attention with a Covid-19 drug but has been unable to shake its low valuation multiple. Recent M&A hasn’t helped, either. A $21 bln deal to buy Immunomedics is a huge bet on a breast cancer treatment. Failure could even turn Gilead into a target.

AstraZeneca delay dents hope of fast Covid cure

9 Sep 2020

The $144 bln pharma group halted trials for its coronavirus vaccine after a human guinea pig fell ill. Such events are routine in drug development, but it shows that a remedy will take time and face setbacks. That means more travel and social curbs, and a slower recovery.

Corona Capital: Vaccine politics, Peloton

8 Sep 2020

Concise views on the pandemic’s corporate and financial fallout: Pharma firms like Merck and Pfizer are putting long-term profit first by promising to wait for full approvals for Covid-19 treatments; Peloton cycles towards more profit by cutting the price of its high-cost bikes.

Diet drive could spell leaner years for Big Pharma

7 Sep 2020

People with diabetes are more vulnerable to Covid-19. Now the UK is giving patients free shakes to help them lose weight. Evidence that slimmer waistlines and healthy living can beat the disease is good news; less so for drugmakers that sell $48 bln of insulin and other drugs.

Corona Capital: Davos delay, Political TV ratings

26 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: The World Economic Forum’s annual winter meeting becomes a summer gathering; and in the U.S., the Democrats’ online spectacle leads TV ratings over the Republicans’ more traditional convention.

Corona Capital: Nvidia, Air conditioners

20 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: Nvidia goes gangbusters, HVAC units have their moment in the sun.

J&J’s $6.5 bln drug deal follows the money

19 Aug 2020

The U.S. group’s new acquisition, Momenta, spent years making cut-price versions of existing drugs for little financial reward. So it swerved into high-priced new therapies instead – and its valuation soared. The buyout rounds out a tale of skewed incentives in the health system.

Corona Capital: Champagne, Canada, College chaos

18 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: Champagne growers cut production; Canada’s finance minister quits over stimulus costs; and some American universities are collecting tuition fees before telling students that in-person classes can’t happen.

Sanofi begins M&A spree with low-risk $3.7 bln bet

17 Aug 2020

The French drugmaker bought U.S. firm Principia Biopharma, its first deal after selling a $12 bln stake in Regeneron. Buying an established partner allows CEO Paul Hudson to grow in a familiar and fast-growing field, autoimmune diseases. The trade-off is a long wait for a return.

Breakdown: The scramble for a Covid-19 vaccine

11 Aug 2020

Drugmakers like AstraZeneca and Pfizer may soon get regulators’ blessing for coronavirus inoculations. Yet doubts will linger over the treatments’ efficacy and profitability, and manufacturing delays mean poor countries will have to wait. Breakingviews explains why.

Corona Capital: U.S. Jobs, Drugs

7 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: More Americans went back to work in July, though it’s a slowdown from June and Washington is still dithering over job relief aid; and President Trump wants to bring pharmaceutical production back home.

Rich $16.4 bln cancer deal is too ambitious

2 Aug 2020

Siemens Healthineers is re-entering radiation treatment about a decade after exiting, buying Varian. Combining diagnostics and treatments is a good idea. But savings don’t cover the $3 bln premium, and a financial wheeze from Siemens doesn’t compensate.

Mumbai’s slums test lockdown logic

30 Jul 2020

Nearly 60% of people in densely packed areas have had Covid-19, a study found, suggesting a low fatality rate. About 40% of the Indian financial capital's residents live in similar settings. The city’s strict shutdown may now be impoverishing more than protecting the poor.

Corona Capital: GM, Glaxo, Shopify, Movies, Pemex

29 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: General Motors pulls further ahead; GlaxoSmithKline’s vaccine-order boost; Shopify fills its revenue basket; AMC bows to online streaming’s growing power; Mexico’s oil giant puts on a brave face.

Drugs are the new bitcoin for stock hype

28 Jul 2020

Kodak shares tripled on news Uncle Sam lent it money to produce generic-medicine ingredients. The imaging firm enjoyed a similar bump after launching a cryptocurrency. That fell flat. This is closer to its roots and could be a good step. But the exuberance is likely to fade.

Corona Capital: LatAm pensions, Activism

23 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: Pension reform in Mexico and Chile gets a coronavirus makeover; UK chief executives catch a break during lockdown as the number of activist campaigns collapses.

Corona Capital: Thanksgiving shopping, Airlines

22 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: Walmart gives thanks to employees; Airlines’ relative winners emerge.