I-Bytes Healthcare Industry

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I-Bytes
Healthcare
August Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................55
3. Rewards and Recognition Updates.................................................................................................................112
4. Customer Services............................................................................................................................................119
5. Partnership Ecosystem Updates.....................................................................................................................128
6. Miscellaneous Updates....................................................................................................................................152

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Financial, M & A
Updates Healthcare Industry

Financial, M&A Updates
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AbbVie (United States) Reports Second-Quarter 2020 Financial Results
• AbbVie Reports Second-Quarter Diluted Loss Per Share of $0.46 on a GAAP Basis; Adjusted
Diluted EPS of $2.34
• Second-Quarter Net Revenues Were $10.425 Billion, an Increase of 26.3 Percent on a Reported
Basis, Inclusive of a Partial Quarter of Allergan and COVID-19 Pandemic Impact
• Second-Quarter Global Net Revenues From the Immunology Portfolio Were $5.316 Billion, an
Increase of 8.1 Percent on a Reported Basis, or 8.6 percent on an Operational Basis; U.S. Humira Net
Revenues Were $3.974 Billion, an Increase of 4.8 Percent; Internationally, Humira Net Revenues
Were $863 Million, a Decrease of 19.9 Percent on a Reported Basis, or 17.4 Percent on an Operational
Basis, Due to Biosimilar Competition; Global Skyrizi Net Revenues Were $330 Million; Global
Rinvoq Net Revenues Were $149 Million
• Second-Quarter Global Net Revenues From the Hematologic Oncology Portfolio Were $1.591
Billion, an Increase of 25.5 Percent on a Reported Basis, or 25.8 Percent on an Operational Basis;
Global Imbruvica Net Revenues Were $1.288 Billion, an Increase of 17.2 Percent, with U.S. Net
Revenues of $1.055 Billion and International Profit Sharing of $233 Million; Global Venclexta Net
Revenues Were $303 Million
• Second-Quarter Global Net Revenues from the Aesthetics Portfolio Were $481 Million; Global
Botox Cosmetic Net Revenues Were $226 Million
• Provides Combined Company 2020 GAAP Diluted EPS Guidance Range of $4.12 to $4.22;
Provides Combined Company 2020 Adjusted Diluted EPS Guidance Range of $10.35 to $10.45,
Representing Annualized Net Accretion From the Allergan Transaction of 11 Percent; Combined
Company Guidance Includes the Results of Allergan From May 8, 2020 to December 31, 2020
Executive Commentary
"AbbVie delivered another strong quarterly performance, ahead of our guidance. The adverse
impact from COVID-19 on legacy AbbVie was less than expected, demonstrating the robustness
and resiliency of our key brands, and new patient starts have stabilized and started to recover,"
said Chairman and chief executive officer, AbbVie. "The integration of Allergan is going well,
with a strong recovery in the aesthetics portfolio and accretion ahead of expectations."
1
Key Financial Highlights

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Abiomed (United States) Announces Q1 FY 2021 Revenue of $165 Million and
21% Operating Margin
• Worldwide Impella® heart pump revenue for the quarter totaled $155.4 million, a decrease of 22% compared to
revenue of $199.9 million during the same period of the prior fiscal year 2020.
• U.S. Impella product revenue for the quarter totaled $126.2 million, a decrease of 25% compared to revenue of
$168.3 million during the same period of the prior fiscal year with U.S. patient usage of the Impella heart pumps
down 22%.
• Outside the U.S., Impella product revenue for the quarter totaled $29.2 million, a decrease of 7% compared to
revenue of $31.5 million during the same period of the prior fiscal year. European Impella product revenue decreased
13% compared to prior year. Japan Impella product revenue increased 4% compared to prior year.
• Gross margin for the first quarter fiscal 2021 was 78.2% compared to 82.1% during the same period of fiscal 2020.
• Operating income for the first quarter fiscal 2021 was $34.1 million, or 20.7% operating margin, compared to $60.7
million, or 29.2% operating margin in the same period of fiscal 2020.
• First quarter fiscal 2021 GAAP net income was $44.6 million, or $0.98 per diluted share, which includes a $17.9
million, or $0.39 per diluted share, unrealized gain on our investment in Shockwave. This compared to GAAP net
income of $88.9 million or $1.93 per diluted share for the prior fiscal year, which benefited from a $30.0 million, or
$0.65 per share, unrealized gain on our investment in Shockwave and a $12.8 million, or $0.28 per share, of excess
tax benefits.
• The company generated operating cash flow of $31.8 million in the first quarter. As of June 30, 2020, the company
had $597.0 million of cash and marketable securities and no debt.
• On May 19, the company announced results presented during the 2020 Society for Cardiovascular Angiography &
Interventions (SCAI) Scientific Sessions.
• On July 1, the company announced outcomes of the first 55 patients treated with Impella 5.5 with SmartAssist as a
featured publication in the July edition of the American Society for Artificial Internal Organs (ASAIO) Journal. This
first published United States experience of Abiomed’s newest heart pump, Impella 5.5 with SmartAssist in the
treatment of acute on chronic heart failure patients in cardiogenic shock, reported an 84% survival to explant with
76% native heart recovery.
• On July 16, the company announced that the FDA approved one-way digital data streaming during patient support
from the company’s Automated Impella Controller (AIC), the external console used with Impella heart pumps. The
data streaming capability is facilitated through the Impella Connect interface, a HIPAA-compliant, cloud-based
remote monitoring platform. The approval means console data could be streamed live via Impella Connect to a secure
server where AI could provide predictive clinical information to the patient’s physician.
“I am proud of Abiomed’s execution during the COVID-19 pandemic, delivering on our Q1 RED
phase commitments and maintaining our focus to recover hearts and save lives. We achieved
sequential improvements in revenue and patients, strengthened our clinical data, and advanced
our pipeline technology,” said Abiomed’s Chairman, President and Chief Executive Officer. “We
will make fiscal year 2021 one of the most productive and transformative years for the company
as we build Abiomed 2.0 and continue to innovate products that are smaller, smarter and more
connected, while we pursue studies for Class I guidelines.”
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CVS Health (United States) reports second quarter results; diversified assets
deliver strong enterprise results
Second Quarter Year-over-Year Highlights:
• Total revenues increased 3.0% to $65.3 billion
• GAAP operating income increased 40.5% to $4.7 billion
• Adjusted operating income (1) increased 32.2% to $5.3 billion
• GAAP diluted earnings per share of $2.26
• Adjusted EPS (2) of $2.64
Year-to-date Highlights:
• Generated cash flow from operations of $10.4 billion
2020 Full Year Guidance:
• Raised GAAP diluted EPS guidance range to $5.59 to $5.72 from $5.47
to $5.60
• Raised Adjusted EPS (2) guidance range to $7.14 to $7.27 from $7.04 to
$7.17
• Raised cash flow from operations guidance range to $11.0 billion to $11.5
billion from $10.5 billion to $11.0 billion
CVS Health President and CEO stated, “We’re a health innovation
company that is built to meet the evolving needs of the millions we
serve every day. That’s been made clear as we continue to navigate the
health, social and economic impacts of COVID-19. Our earnings in this
environment demonstrate the strength of our strategy and the power of
our diversified business model. We have a strong foundation of clinical
expertise, data analytics and digital capabilities, and unmatched
consumer and community reach which has allowed us to rapidly bring
our strategy to life at an unprecedented time. The environment
surrounding COVID-19 is accelerating our transformation, giving us
new opportunities to demonstrate the power of our integrated offerings
and the ability to deliver care to consumers in the community, in the
home and in the palm of their hand which has never been more
important. We have stayed true to our purpose of helping people on their
path to better health, and we remain focused on creating value for all our
stakeholders.”
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Alexion (United States) Reports Second Quarter 2020 Results
• Net product sales were $1,444.5 million in the second quarter of 2020, compared to $1,202.5 million
in the second quarter of 2019.
• SOLIRIS net product sales were $975.5 million, compared to $980.8 million in the second quarter
of 2019.
• ULTOMIRIS net product sales were $251.1 million, compared to $54.2 million in the second quarter
of 2019, representing a 363 percent increase.
• STRENSIQ net product sales were $184.3 million, compared to $141.3 million in the second quarter
of 2019, representing a 30 percent increase.
• KANUMA net product sales were $33.6 million, compared to $26.2 million in the second quarter of
2019, representing a 28 percent increase.
• GAAP cost of sales was $144.9 million, compared to $99.2 million in the second quarter of 2019.
Non-GAAP cost of sales was $141.8 million, compared to $95.7 million in the second quarter of
2019.
• GAAP R&D expense was $221.1 million, compared to $187.6 million in the second quarter of 2019.
Non-GAAP R&D expense was $204.6 million, compared to $148.7 million in the second quarter of
2019.
• GAAP SG&A expense was $301.4 million, compared to $299.3 million in the second quarter of
2019. Non-GAAP SG&A expense was $253.6 million, compared to $255.8 million in the second
quarter of 2019.
• GAAP impairment of intangible assets was $2,053.3 million primarily related to an impairment
charge recorded during the second quarter 2020 related to the KANUMA intangible asset.
• GAAP income tax benefit was $284.0 million, compared to income tax expense of $39.7 million in
the second quarter of 2019. GAAP income tax benefit for the second quarter 2020 includes a deferred
tax benefit of $377.3 million associated with the impairment charge related to the KANUMA
intangible asset. Non-GAAP income tax expense was $125.5 million, compared to $90.2 million in
the second quarter of 2019.
• GAAP diluted EPS was $(4.84), inclusive of impairment charges of $2,053.3 million primarily
relating to the KANUMA intangible asset, compared to $2.04 in the second quarter of 2019.
Non-GAAP diluted EPS was $3.11, compared to $2.64 in the second quarter of 2019.
"Our teams have demonstrated remarkable resilience and agility in their successful navigation of
the uncertain COVID-19 pandemic environment. Despite these challenges, we have delivered
another strong quarter and continue to advance our LEAD-EXPAND-DIVERSIFY strategy for
long-term value creation," said Ph.D., Chief Executive Officer of Alexion. "As a result of
execution and delivery against our objectives, we have entered a new phase of company growth
and diversification, which enables us to adjust our capital allocation priorities and return value to
shareholders through an expanded stock buyback program. I am incredibly proud of what we
have accomplished so far and am confident that we are well positioned to build on this
momentum in the second half of the year."
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Align Technology (United States) Announces Second Quarter 2020 Financial
Results
• Q2’20 total revenues were $352.3 million, down 41.3% year-over-year. Q2’20
Clear Aligner revenues were $298.3 million, down 39.9% year-over-year and
Q2’20 Imaging Systems and CAD/CAM Services (formerly Scanner and
Services) revenues were $54.0 million, down 48.1% year-over-year.
• Q2’20 Invisalign volume was 221.9 thousand cases, down 41.2%
year-over-year. For the Americas and International regions, Q2’20 Invisalign
volume was down 52.2% and down 27.1% year-over-year, respectively.
• Q2’20 Invisalign volume for teenage patients was 70.6 thousand cases, down
31.9% year-over-year.
• Operating loss of $73.0 million in Q2’20, down 141.4% year-over-year from an
operating profit of $176.5M, resulting in a Q2’20 operating margin of (20.7)%.
• Q2’20 GAAP net loss was $40.6 million, or $(0.52) per diluted share.
• On a non-GAAP basis, Q2’20 net loss was $27.6 million, or $(0.35) per diluted
share.
Commenting on Align’s Q2’20 results, Align Technology President and CEO
said, “I’m pleased to report Q2 results and continued progress across all
regions and customer channels that reflect our COVID-19 recovery efforts
and those of our customers. Practices across every region have reopened and
are seeing patients, and many of those practices are embracing digital
treatment in new ways and more purposefully than ever before. In particular,
Invisalign providers are using the virtual tools we expedited over the last few
months to minimize in-office appointments and deliver doctor-directed,
personalized treatment that meets the needs of the moment – trusted, safe,
convenient, and reflecting digital adoption. We have received consistently
positive reactions and feedback from doctors in support of our efforts over the
last few months. While it is too early to know for sure how extensive and
sustainable the digital transition will be, interest in digital solutions is
building, even among doctors who were not early adopters or advocates prior
to the pandemic. This positive feedback and momentum is not just around
Invisalign treatment – it includes digital workflow around iTero scanners and
general dentistry. Doctors are telling us that the iTero imaging system is
central to their practice and to their practice workflows, and it is key to
driving digital treatment.”
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Amgen (United States) Reports Second Quarter 2020 Financial Results
• Despite the impact of the COVID-19 pandemic, total revenues increased 6% to $6.2 billion
in comparison to the second quarter of 2019, driven by higher unit demand, offset partially
by lower net selling prices.
• Product sales increased 6% globally, driven by 13% volume growth across a number of our
newer products, including Otezla® (apremilast), MVASI® (bevacizumab-awwb),
KANJINTI® (trastuzumab-anns), EVENITY® (romosozumab-aqqg) and Repatha®
(evolocumab), offset partially by declines in select products from the impact of COVID-19
and biosimilar and generic competition.
• GAAP earnings per share (EPS) decreased 15% to $3.05 driven primarily by the
amortization of costs associated with our November 2019 acquisition of Otezla, offset
partially by increased revenues. Of note, this is the first period to include our share of
BeiGene's net loss under the equity method of accounting.
• GAAP operating income decreased 13% to $2.3 billion and GAAP operating margin
decreased 8.7 percentage points to 39.3%, driven primarily by the amortization of intangible
assets from our Otezla acquisition.
• Non-GAAP EPS increased 7% to $4.25 driven by increased revenues and fewer
weighted-average shares outstanding while also taking into account our share of BeiGene's
net loss for the previous quarter as noted above.
• Non-GAAP operating income increased 9% to $3.2 billion and non-GAAP operating
margin increased 1.7 percentage points to 55.0%.
• The Company generated $2.7 billion of free cash flow in the second quarter versus $1.3
billion in the second quarter of 2019, an increase driven primarily by the timing of tax
payments.
• 2020 total revenues guidance reaffirmed at $25.0-$25.6 billion; EPS guidance revised to
$10.73-$11.43 on a GAAP basis and revised to $15.10-$15.75 on a non-GAAP basis.
"As our strong results demonstrate, we continue to reliably supply patients as we
navigate the COVID-19 pandemic," said Chairman and chief executive officer. "We
look forward to several significant pipeline updates in the second half of the year."
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Anthem (United States) Reports Second Quarter Results, Reaffirms Commitment
to Stakeholders During COVID-19 Pandemic
• Earnings Per Share: GAAP net income was $8.91 per share in the quarter, including net negative adjustment items of $0.29
per share. Adjusted net income was $9.20* per share.
• Membership: Medical enrollment totaled 42.5 million members at June 30, 2020, an increase of 309 thousand lives, or 0.7
percent, compared to March 31, 2020.
• Medical enrollment increased by 1.6 million lives, or 3.9 percent compared to the prior year quarter, reflecting growth in the
Medicaid, National, and Medicare businesses.
• Operating Revenue: Operating revenue was $29.2 billion in the second quarter of 2020, an increase of $4 billion, or 15.9
percent, versus the prior year quarter, driven by pharmacy product revenue related to the launch of IngenioRx.
• Benefit Expense Ratio: The benefit expense ratio was 77.9 percent in the second quarter of 2020, a decrease of 880 basis
points from 86.7 percent in the prior year quarter.
• Medical claims reserves established at December 31, 2019 developed in line with the Company’s expectations during the
second quarter of 2020.
• Days in Claims Payable: Days in Claims Payable was 46.0 days as of June 30, 2020, an increase of 4.1 days from March 31,
2020.
• SG&A Expense Ratio: The SG&A expense ratio was 13.9 percent in the second quarter of 2020, an increase of 90 basis points
from 13.0 percent in the second quarter of 2019, primarily driven by the return of the health insurance tax in 2020 and increased
spend to support growth, partially offset by growth in operating revenue.
• Operating Cash Flow: Operating cash flow was $5.5 billion, or 2.4 times net income in the second quarter of 2020, an increase
of $4.1 billion compared to the prior year quarter, primarily driven by growth in net income and the delayed payment of certain
federal income and payroll taxes in accordance with the CARES Act. The increase was further attributable to growth in
premium revenue due to the return of the health insurance tax in 2020.
• Share Repurchase Program: During the second quarter of 2020, the Company repurchased 213 thousand shares of its common
stock for $55 million, or a weighted average price of $258.77. Year to date, the Company has repurchased 2.1 million shares
for $584 million, or a weighted average price of $273.72.
• As of June 30, 2020, the Company had approximately $3.2 billion of Board-approved share repurchase authorization
remaining.
• Cash Dividend: During the second quarter of 2020, the Company paid a quarterly dividend of $0.95 per share, representing a
distribution of cash totaling $242 million.
• On July 28, 2020, the Audit Committee declared a third quarter 2020 dividend to shareholders of $0.95 per share..
• Investment Portfolio & Capital Position: During the second quarter of 2020, the Company recorded net realized gains of $18
million and impairment recoveries totaling $11 million. During the second quarter of 2019, the Company recorded net realized
gains of $11 million and impairment losses totaling $7 million.
• As of June 30, 2020, the Company’s net unrealized loss position in the investment portfolio was $713 million, consisting of
fixed maturity securities. As of June 30, 2020 cash and investments at the parent company totaled approximately $4.1 billion.
"During these uncertain times, our business has continued to adapt and respond to the needs of those we serve in light of
COVID-19 and the important discussions around health disparities and racial injustice facing our society. Now more than
ever, our members, customers, and local communities are looking to us for support and I am honored by the trust they
have placed in us," said President and CEO. "Together, with our more than 78,000 associates, Anthem is guided by our
mission of improving lives and building a better and healthier America."
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Baxter (United States) Reports Second-Quarter 2020 Results
• Second-quarter revenue of $2.7 billion decreased 4% on a reported basis, 1%
on a constant currency basis and 2% on an operational basis1
• Baxter expects full-year 2020 reported sales growth between -1% to +1%;
constant currency and operational sales growth of flat to up low single digits
• Baxter expects full-year U.S. GAAP EPS of $2.40 to $2.50; adjusted EPS of
$3.00 to $3.10
• Sales in the U.S. totaled $1.1 billion, decreasing 6% on a reported basis and
7% on an operational basis. International sales of $1.6 billion decreased 3% on
a reported basis and increased 1% on both a constant currency and operational
basis.
• For the second quarter, net income attributable to Baxter was $246 million,
or $0.48 per diluted share, a decline of 20% on a U.S. GAAP (Generally
Accepted Accounting Principles) basis. These results include special items
totaling $83 million after-tax, which were primarily related to intangible asset
amortization, intangible asset impairment expenses and business optimization
charges.
• On an adjusted basis, net income attributable to Baxter totaled $329 million
in the second quarter, or $0.64 per diluted share. Adjusted earnings per diluted
share declined 24% in the quarter, reflecting lower sales and increased
manufacturing and logistics related expenses resulting from the impact of
COVID-19, as well as incremental interest expense and a higher tax rate as
compared to the prior-year period.
"Baxter colleagues worldwide continue to address the urgent needs of
patients, clinicians and first responders in the ongoing battle against
COVID-19, while bringing our life-sustaining products to all those who
depend on us for chronic and acute care," said Chairman and chief
executive officer. "Our medically essential portfolio, geographic reach,
and the power of our business transformation strengthen our underlying
resilience as we navigate today's unprecedented landscape, position for
tomorrow's challenges, and embrace our strategic opportunities. I am
proud of our 50,000 employees, who are motivated by our Mission to Save
and Sustain Lives and dedicated to enhancing value for all of our
stakeholders."
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BD (United States) Announces $24 Million U.S. Government Investment to Support
Scale Up of U.S. Manufacturing of COVID-19 Diagnostic Tests
BD, a leading global medical technology company, announced a $24 million
investment from the U.S. Department of Defense in collaboration with the
U.S. Department of Health and Human Services to support the scale up of U.S.
manufacturing capabilities for BD Veritor™ Solution for Rapid Detection of
SARS-CoV-2. The additional capital equipment will bolster domestic
production and increase total production capacity by 50 percent. These
investments will enable global production of more than 12 million test kits per
month by the end of February 2021. BD announced that it had received FDA
emergency use authorization for the BD Veritor™ Plus SARS-CoV-2 antigen
assay on July 6, 2020 and plans to leverage its growing U.S. installed base of
more than 25,000 BD Veritor™ Plus instruments to enable the deployment of
the SARS-CoV-2 assay across the U.S. The easy-to-use design of the
instrument, slightly larger than a cell phone, makes it ideal for use in a variety
of clinical settings including hospitals, clinician offices, urgent care centers,
and retail pharmacies, where it has already been used in influenza, group A
strep and RSV testing for several years.
“Making COVID-19 diagnostic tests widely available is critical to
expanding rapid detection of COVID-19 infections, and mitigating the
impact of the disease by identifying affected patients, quickly quarantining
infectious individuals and tracing their contacts,” said President of
Integrated Diagnostic Solutions for BD. “This investment will bolster our
U.S. manufacturing capabilities helping us quickly scale our production of
point-of-care COVID-19 tests to ensure we have a robust supply for our
U.S. customers.”
Description
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BD (United States) Announces Results For 2020 Third Fiscal Quarter; Provides
Fiscal 2020 Guidance
• BD reported quarterly revenues of $3.855 billion for the third fiscal quarter ended June 30, 2020. This
represents a decrease of 11.4 percent as reported from the prior-year period, or 9.4 percent on a
currency-neutral basis.
• As reported, diluted earnings per share for the third quarter were $0.97, compared with $1.51 in the
prior-year period, which represents a decrease of 35.8 percent. Adjusted diluted earnings per share were
$2.20, compared with $3.08 in the prior-year period, which represents a decrease of 28.6 percent, or 25.0
percent on a currency-neutral basis.
• For the nine-month period ended June 30, 2020, as reported, diluted earnings per share were $2.38,
compared with $3.49 in the prior-year period. This represents a decrease of 31.8 percent. Adjusted diluted
earnings per share were $7.41, compared with $8.37 in the prior-year period, which represents a decrease
of 11.5 percent, or 9.7 percent on a currency-neutral basis.
Segment Results
• In the BD Medical segment, as reported, worldwide revenues for the quarter of $2.122 billion decreased
8.2 percent from the prior-year period, or 6.0 percent on a currency-neutral basis. The segment's results
were driven by performance in the Medication Delivery Solutions unit.
• For the nine-month period ended June 30, 2020, BD Medical revenues were $6.362 billion as reported,
which represents a decrease of 4.0 percent from the prior-year period, or 2.5 percent on a currency-neutral
basis.
• In the BD Life Sciences segment, as reported, worldwide revenues for the quarter of $0.951 billion
decreased 10.1 percent from the prior-year period, or 7.8 percent on a currency-neutral basis.
• For the nine-month period ended June 30, 2020, BD Life Sciences revenues were $3.187 billion as
reported, which represents an increase of 0.7 percent over the prior-year period, or 2.2 percent on a
• In the BD Interventional segment, as reported, worldwide revenues for the quarter of $0.782 billion
decreased 20.3 percent from the prior-year period, or 19.2 percent on a currency-neutral basis.
• For the nine-month period ended June 30, 2020, BD Interventional revenues were $2.784 billion as
reported, which represents a decrease of 4.4 percent from the prior-year period, or 3.7 percent on a
"During the third quarter, BD demonstrated our focus on execution and delivering results, even in this
challenging environment," said CEO and president of BD. "We enter the fourth quarter with
encouraging trends in health care procedures in June and July. We have continued strong demand for
our products that support the global COVID-19 response, including the recent launch of our
COVID-19 rapid point-of-care antigen test and our partnerships with governments around the world
to help prepare for national vaccination programs. BD is playing an essential role enabling the world's
response to COVID-19, and I'm confident the steps we are taking now will put BD in the best possible
position for the long term. We believe the diversity of our portfolio of leading technologies, the
strength and scale of our manufacturing infrastructure and the passion and determination of our team
make us a stronger partner for our customers and their patients at this consequential time."
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BioMarin (United States) Announces Second Quarter 2020 Total Revenue Growth
of 11% to $430 million
1. Net Product Revenues for the second quarter of 2020 increased to $419.0 million, compared to $379.1 million
in the second quarter of 2019. The increase in Net Product Revenues was attributed to the following:
• Aldurazyme Net Product Revenues increased by $26.5 million due to higher sales volume to Genzyme;
• Palynziq Net Product Revenues increased by $21.9 million driven by a combination of revenue from U.S.
patients achieving maintenance dosing and new patients initiating therapy;
• Brineura Net Product Revenues increased by $11.0 million due in large part growth in the number of patients
in all regions; and
• Kuvan Net Product Revenues increased by $9.3 million driven primarily by a U.S. price increase and Kuvan
product mix; partially offset by
• Naglazyme and Vimizim Net Product Revenues combined decreased by $23.2 million primarily due to timing
of orders as well as the impact of missed infusions resulting from the COVID-19 pandemic.
2. The decrease in GAAP Net Loss for the second quarter of 2020, compared to GAAP Net Loss for the same
period in 2019 was primarily due to the following:
• an increase in gross profit (Total Revenues less Cost of Sales) of $21.2 million primarily driven by higher
product sales; and
• an increase in the benefit from income taxes; partially offset by
• the effect of the one-time gain recognized in the second quarter of 2019 due to a third party's achievement of a
commercial milestone related to previously sold intangible asset; and
• higher selling, general and administrative (SG&A) expense related to pre-commercialization activities for
valoctocogene roxaparvovec.
3. Non-GAAP Income for the second quarter of 2020 increased to $57.4 million, compared to Non-GAAP
Income of $17.1 million for the same period in 2019. The increase in Non-GAAP Income for the quarter,
compared to the same period in 2019, was attributed to decreased R&D expense and higher gross profit, partially
offset by higher SG&A expense.
4. As of June 30, 2020, BioMarin had cash, cash equivalents and investments totaling approximately $1.7 billion,
as compared to $1.2 billion on December 31, 2019.
Commenting on second quarter 2020 results, Chairman and Chief Executive Officer of BioMarin, said, "In
the second quarter, BioMarin employees worked collaboratively to ensure access to our critically-important
medicines to the people we serve, despite the global impact of COVID-19. In these challenging times, our
strong financial results underscore both the essential nature of our products to patients and our ongoing
efforts to maintain supply around the world."
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Bio-Rad (United States) Reports Second-Quarter 2020 Financial Results
• Second-quarter 2020 net sales were $536.9 million, a decrease of 6.2 percent compared to
$572.6 million reported for the second quarter of 2019.
• Life Science segment net sales for the second quarter were $252.1 million, an increase of
18.7 percent compared to the same period in 2019.
• Clinical Diagnostics segment net sales for the second quarter were $283.2 million, a
decrease of 20.7 percent compared to the same period in 2019.
• Income from operations during the second quarter of 2020 was $51.7 million versus $56.4
million during the same quarter last year.
• Net income for the second quarter of 2020 was $966.4 million, or $32.15 per share on a
diluted basis versus the second quarter in 2019 in which net income was $598.8 million, or
$19.86 per share, on a diluted basis. Net income for the second quarters of 2020 and 2019
were significantly and favorably impacted by the recognition of changes in the fair market
value of equity securities of $1,183.5 million and $716.4 million, respectively, primarily
related to the holdings of our investment in Sartorius AG.
• The effective tax rate for the second quarter of 2020 was 22.4 percent, compared to 22.2
percent for the same period in 2019. The tax rates in both periods were driven by the large
unrealized gains in equity securities.
"As anticipated, sales during the second quarter were impacted by the coronavirus
pandemic," said Bio Rad President and Chief Executive Officer. "While sales of many
of our core products across Life Science and Clinical Diagnostics were slow, sales of
products associated with the coronavirus pandemic were robust and provided some
counterbalance. Although the COVID-19 situation is still unpredictable, we remain
focused on our core strategies. We would like to recognize our employees, who continue
to make extraordinary efforts to serve our customers during the pandemic.”
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Boston Scientific (United States) Announces Results For Second Quarter 2020
1. Boston Scientific Corporation generated sales of $2.003 billion during the second quarter of
2020. This represents a decline of (23.9) percent on a reported basis, (23.1) percent on an
operational1 basis and (28.7) percent on an organic2 basis, all compared to the prior year period.
2. The company reported a GAAP loss of $147 million or $(0.11) per share (EPS), compared to
GAAP earnings of $154 million or $0.11 per share a year ago.
3. Adjusted earnings per share of $0.08 for the period, compared to $0.39 a year ago.
4. Reported a GAAP loss of $(0.11) per share. Achieved adjusted earnings per share of $0.08.
The company did not provide second quarter sales and EPS guidance due to ongoing uncertainty
associated with the scope and duration of the COVID-19 pandemic.
5. Second quarter sales declined in each of our reportable segments4, compared to the prior year
period:
• MedSurg: (29.6) percent reported, (29.1) percent operational and (28.4) percent organic
• Rhythm and Neuro: (33.2) percent reported, (32.7) percent operational and (33.4) percent
organic
• Cardiovascular: (18.7) percent reported, (17.6) percent operational and (25.3) percent organic
6. Second quarter regional5 sales declined, compared to the prior year period:
• U.S.: (28.4) percent reported and operational
• EMEA (Europe, Middle East and Africa): (27.2) percent reported and (25.6) percent
operational
• APAC (Asia-Pacific): (14.8) percent reported and (14.0) percent operational
• Emerging Markets3: (19.7) percent reported and (14.6) percent operational
"We remain focused on the safety of our team, our customers and the patients they serve, and
were pleased to see the business recovering over the course of the quarter," said Chairman
and chief executive officer, Boston Scientific. "With a strong pipeline of differentiated
products and an agile global team, we'll continue to execute on our strategy and make
prudent decisions to position us for success as deferred procedures resume."
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Bristol Myers Squibb (United States) Reports Second Quarter 2020 Financial Results
• Bristol Myers Squibb posted second quarter revenues of $10.1 billion, an increase of 61% on a reported basis, or 63%
when adjusted for foreign exchange. The increase was driven primarily by the impact of the Celgene Acquisition, which
was completed on November 20, 2019.
• U.S. revenues increased 77% to $6.5 billion in the quarter. International revenues increased 40% to $3.6 billion in the
quarter. When adjusted for foreign exchange impact, international revenues increased 43%.
• Gross margin as a percentage of revenue increased from 68.6% to 73.4% in the quarter primarily due to product mix,
partially offset by the unwinding of inventory purchase price accounting adjustments.
• Marketing, selling and administrative expenses increased 51% to $1.6 billion in the quarter primarily due to $600
million of costs associated with the broader portfolio resulting from the Celgene Acquisition.
• Research and development expenses increased 90% to $2.5 billion in the quarter primarily due to $1.1 billion of costs
associated with the broader portfolio resulting from the Celgene Acquisition.
• Amortization of acquired intangible assets was $2.4 billion in the quarter primarily due to the Celgene Acquisition.
• Income taxes were $1.7 billion on pre-tax earnings of $1.6 billion in the quarter primarily due to tax charges resulting
from an internal transfer of certain intangible assets and the Otezla® Divestiture and purchase price adjustments. The
effective tax rate was 19.0% in the same period a year ago.
• The company reported net loss attributable to Bristol Myers Squibb of $85 million, or $0.04 per share, in the second
quarter, compared to net earnings of $1.4 billion, or $0.87 per share, for the same period a year ago. The results in the
current quarter include costs and expenses resulting from purchase price accounting, contingent value rights fair value
adjustments and other acquisition and integration expenses.
• The company reported non-GAAP net earnings attributable to Bristol Myers Squibb of $3.8 billion, or $1.63 per share,
in the second quarter, compared to net earnings of $1.9 billion, or $1.18 per share, for the same period a year ago. A
discussion of the non-GAAP financial measures is included under the “Use of Non-GAAP Financial Information”
section.
• Cash, cash equivalents and marketable debt securities were $22.2 billion and debt was $46.7 billion, as of June 30,
2020.
“Our second quarter results reflect the passion and focus of our employees, who continue to introduce new
medicines, support patients with serious diseases and deliver strong results during the COVID-19 pandemic,” said
M.D., chairman and chief executive officer, Bristol Myers Squibb. “Our teams drove strong commercial execution
while continuing to progress our integration initiatives. With several new product launches and the achievement
of multiple milestones from our late-stage pipeline, I am confident that we are building a leading biopharma with
a renewed portfolio of transformational medicines. Our financial flexibility and continued opportunities to invest
in innovation position us well to deliver for the long-term.”
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Bristol Myers Squibb (United States) and the Bristol Myers Squibb Foundation Commit $300
Million to Accelerate and Expand Health Equity and Diversity and Inclusion Efforts
Bristol Myers Squibb and the Bristol Myers Squibb Foundation announced
today a combined investment of $300 million as part of a series of
commitments. For Bristol Myers Squibb and the Bristol Myers Squibb
Foundation, the commitments are designed to address health disparities,
increase clinical trial diversity and for Bristol Myers Squibb, to increase the
company’s spend with diverse suppliers and continue to increase
Black/African American and Hispanic/Latino representation at all levels of the
company. These commitments build on each entity’s experience addressing
health disparities and, for Bristol Myers Squibb, its investments in increasing
the diversity of its workforce. The combined $300 million investment to health
equity focuses on raising disease awareness and education, increasing health
care access, and improving health outcomes for medically underserved
populations. The BMS Foundation’s commitment to clinical trial diversity
focuses on building clinical trial infrastructure in diverse communities and
high disease burden areas in the U.S. and increasing the diversity of
investigators through a fellowship program over five years.
“Our company has a long history of addressing health disparities as part of
our overall mission to serve patients with serious disease,” said M.D.,
chairman and chief executive officer, Bristol Myers Squibb. “Now more
than ever, we recognize the urgent need to do more to address serious gaps
in care among the underserved in communities around the world. This
commitment reflects our belief that investments toward achieving health
equity, and increasing diversity and inclusion are opportunities to advance
our vision of transforming patients’ lives through science.”
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Bristol Myers Squibb (United States) Enters Agreement to Acquire Forbius, Adding Lead
TGF-beta Asset to Portfolio
Bristol Myers Squibb and Forbius, a privately held, clinical-stage protein engineering
company that designs and develops biotherapeutics for the treatment of cancer and
fibrotic diseases, today announced that they have entered into a definitive agreement
under which Bristol Myers Squibb will acquire Forbius. Forbius has developed a
portfolio of highly selective and potent inhibitors of TGF-beta 1 & 3, which are key
mediators of immunosuppression and fibrosis. The transaction includes an upfront
payment and future success-based milestone payments. Prior to closing, Forbius’
non-TGF-beta assets will be transferred to a newly formed private company, which will
be retained by Forbius’ existing shareholders. The companies anticipate completing the
transaction in the fourth quarter of 2020, subject to the satisfaction of customary closing
conditions. Under this transaction, Bristol Myers Squibb would acquire Forbius’s
TGF-beta program, including the program’s lead investigational asset, AVID200.
TGF-beta is a key cytokine that regulates various cell processes, including regulation of
the immune system. Selective inhibition of TGF-beta 1 & 3 may enhance anti-tumor
efficacy by acting synergistically with immunotherapy. Bristol Myers Squibb intends to
initially focus research and development efforts of AVID200 in oncology and may
consider advancing the asset in other disease areas, such as fibrosis.
“With this acquisition, we extend our leading position in oncology by including new
pathways that complement our expansive oncology pipeline with the potential to
serve more patients with cancer, including those who may not respond to
immunotherapy,” said M.A., B.M., B.Ch., F.R.C.P., D.Phil., Executive Vice
President & President, Research & Early Development, Bristol Myers Squibb. “As a
science driven company, this transaction shows our continued commitment to source
innovation internally and externally to develop new treatments for patients with
significant unmet medical needs.”
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Cardinal Health (United States) Reports Fourth Quarter and Full Year Results for
Fiscal Year 2020
• Cardinal Health reported fourth quarter fiscal year 2020 revenues of $36.7
billion, a decrease of 2 percent from the fourth quarter last year.
• GAAP operating earnings were $270 million and non-GAAP operating earnings
were $442 million in the quarter, both of which include an estimated net negative
impact of approximately $130 million due to the COVID-19 pandemic.
• GAAP diluted earnings per share (EPS) were $2.23, which included a pre-tax
gain of $579 million related to the divestiture of a minority equity interest. Fourth
quarter non-GAAP diluted EPS were $1.04.
• Fiscal 2020 revenues were $152.9 billion, an increase of 5 percent from fiscal
2019.
• GAAP operating loss of $4.1 billion includes a $5.6 billion accrual in the first
quarter related to opioid litigation.
• Non-GAAP operating earnings were $2.4 billion for the year. GAAP diluted
loss per share for fiscal year 2020 was $12.61, while non-GAAP diluted EPS
were $5.45.
"In fiscal 2020, we delivered on our commitments, grew operating earnings
and exceeded our EPS guidance, despite the unprecedented global
environment," said CEO of Cardinal Health. "We play an essential role in
healthcare, and I'd like to thank our employees, especially our frontline teams,
for their dedication under the challenging circumstances of the past several
months. Our strong performance in fiscal 20 and the unwavering commitment
of our employees will enable us to manage the complexities ahead, serve our
customers and their patients, and continue our growth."
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Centene Corporation (United States) Reports Second Quarter 2020 Results
• June 30, 2020 managed care membership of 24.6 million, an increase of 9.6 million members, or 64%,
over June 30, 2019.
• Total revenues of $27.7 billion for the second quarter of 2020, representing 51% growth compared to the
• Health benefits ratio (HBR) of 82.1% for the second quarter of 2020, compared to 86.7% in the second
quarter of 2019.
• Selling, general and administrative (SG&A) expense ratio of 8.8% for the second quarter of 2020,
compared to 9.1% for the second quarter of 2019.
• Adjusted SG&A expense ratio of 8.5% for the second quarter of 2020, compared to 9.0% for the second
quarter of 2019.
• Diluted EPS for the second quarter of 2020 of $2.05, compared to $1.18 for the second quarter of 2019.
• Adjusted Diluted EPS for the second quarter of 2020 of $2.40, compared to $1.34 for the second quarter
of 2019.
• Operating cash flow of $3.7 billion for the second quarter 2020, representing 3.1x net earnings.
Accreditations & Awards
• In July 2020, for the third consecutive year, Centene was recognized with a 100 percent score on the
Disability Equality Index (DEI) as one of the Best Places to Work for People with Disabilities.
• In July 2020, Forbes announced Centene's position of #14 on its Corporate Responders list, which
assesses how well the 100 largest publicly-held companies in the U.S. have responded to COVID-19.
• In June 2020, Centene's subsidiary, Envolve Dental, earned Accreditation from the National Committee
for Quality Assurance (NCQA).
• In May 2020, FORTUNE announced Centene's position of #42 in its annual ranking of America's largest
companies based on 2019 revenue.
• In April 2020, several Centene health plans earned Accreditation from NCQA, including Ambetter from
Arkansas Health and Wellness, Sunflower Health Plan and QualChoice Health Insurance.
"I am pleased with our solid second quarter performance, which came in line with our expectations.
Our performance underscores the impact of shelter in place policies on our diversified platform in
addition to our team's solid execution in what continues to be a challenging operating landscape," said
Chairman, President and Chief Executive Officer of Centene. Looking ahead, while we expect the
national economic trajectory to remain choppy as we move through the second half of the year, we
believe that the return of utilization by our members seeking treatments will be regionally driven. We
continue to provide the highest quality of care to our members during this critical time and are
well-positioned to respond quickly to evolving dynamics as we execute on our growth strategy. We are
further supported by the strength of our balance sheet and solid financial position."
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Cigna (United States) Supports Pipeline Of Urban Superintendents With $250,000 Grant To
School Of Education
Howard University School of Education has tackled systemic inequality in education by
creating a pipeline of superintendents of color, specifically trained to lead in urban
school districts for the past five years. The AASA-Howard University Urban
Superintendents Academy announced it received a $250,000 grant from Cigna
Corporation, a global health service company, to expand the innovative program. Shawn
Joseph, Ed.D., previously a faculty member at The Graduate School of Education at
Fordham University, will join Howard’s School of Education as co-director of the
academy. In the face of a global pandemic and heightened visibility of racism and
discrimination, communities across the U.S. are grappling with structural barriers to the
success of students of color. Racism and bias not only impact health; they take a toll on
overall well-being, and when face to face with the education system, threaten to deepen
existing racial gaps in education. The AASA-Howard University Urban Superintendents
Academy was created as a direct response to less than five percent of superintendents in
America being persons of color. The program is needed now more than ever.
"We are grateful for the commitment that Cigna has shown in supporting urban
education," says Dean of Howard University’s School of Education. "We find
ourselves fighting a history of structural racism while also trying to safeguard our
health against a global pandemic. With the generous support of Cigna, we can attract,
develop and retain cohorts of educational leaders to advance change for more
equitable and just school systems."
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Cigna (United States) Expands Stakeholder And Community Support, Reports Second
Quarter 2020 Performance
• June 30, 2020 managed care membership of 24.6 million, an increase of 9.6 million members, or 64%,
over June 30, 2019.
• Total revenues of $27.7 billion for the second quarter of 2020, representing 51% growth compared to the
• Health benefits ratio (HBR) of 82.1% for the second quarter of 2020, compared to 86.7% in the second
quarter of 2019.
• Selling, general and administrative (SG&A) expense ratio of 8.8% for the second quarter of 2020,
compared to 9.1% for the second quarter of 2019.
• Adjusted SG&A expense ratio of 8.5% for the second quarter of 2020, compared to 9.0% for the second
quarter of 2019.
• Diluted EPS for the second quarter of 2020 of $2.05, compared to $1.18 for the second quarter of 2019.
• Adjusted Diluted EPS for the second quarter of 2020 of $2.40, compared to $1.34 for the second quarter
of 2019.
• Operating cash flow of $3.7 billion for the second quarter 2020, representing 3.1x net earnings.
Accreditations & Awards
• In July 2020, for the third consecutive year, Centene was recognized with a 100 percent score on the
Disability Equality Index (DEI) as one of the Best Places to Work for People with Disabilities.
• In July 2020, Forbes announced Centene's position of #14 on its Corporate Responders list, which
assesses how well the 100 largest publicly-held companies in the U.S. have responded to COVID-19.
• In June 2020, Centene's subsidiary, Envolve Dental, earned Accreditation from the National Committee
for Quality Assurance (NCQA).
• In May 2020, FORTUNE announced Centene's position of #42 in its annual ranking of America's largest
companies based on 2019 revenue.
• In April 2020, several Centene health plans earned Accreditation from NCQA, including Ambetter from
Arkansas Health and Wellness, Sunflower Health Plan and QualChoice Health Insurance.
"Cigna's mission to improve the health, well-being and peace of mind of those we serve continues to
guide us as we remain relentlessly focused on supporting the needs of our customers, clients, and
communities," said President and Chief Executive Officer. "Our stakeholders are facing
unprecedented challenges from the pandemic, uncertainty of a disrupted economy, and pain of racial
tensions and inequality. We are proud of the actions we have taken to provide innovative programs
and services and expanded financial support, all while delivering sustained, attractive financial
performance and generating substantial cash flows that fuel our offerings for the benefit of all we
serve."
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Community Health Systems, Inc. (United States) Announces Second Quarter
2020 Results
• Net operating revenues for the three months ended June 30, 2020, totaled $2.519 billion, a 23.7 percent
decrease, compared with $3.302 billion for the same period in 2019.
• Net income attributable to Community Health Systems, Inc. common stockholders was $70 million, or
$0.61 per share (diluted), for the three months ended June 30, 2020, compared with net loss of $(167)
million, or $(1.47) per share (diluted), for the same period in 2019. 7
• Adjusted EBITDA for the three months ended June 30, 2020, was $454 million compared with $402
million for the same period in 2019. Payments received through the PHSSEF had a positive impact on
Adjusted EBITDA for the three months ended June 30, 2020 in the amount of $448 million.
• The consolidated operating results for the three months ended June 30, 2020, reflect a 23.6 percent
decrease in admissions and a 29.2 percent decrease in adjusted admissions, compared with the same period
in 2019. On a same-store basis, admissions decreased 18.1 percent and adjusted admissions decreased 24.2
percent for the three months ended June 30, 2020, compared with the same period in 2019.
• Net operating revenues for the six months ended June 30, 2020, totaled $5.544 billion, a 17.0 percent
decrease, compared with $6.679 billion for the same period in 2019.
• Net income attributable to Community Health Systems, Inc. common stockholders was $87 million, or
$0.76 per share (diluted), for the six months ended June 30, 2020, compared with net loss of $(285) million,
or $(2.51) per share (diluted), for the same period in 2019. Excluding the adjusting items as presented in
the table in footnote (e) on page 16, net loss attributable to Community Health Systems, Inc. common
stockholders was $(0.73) per share (diluted), for the six months ended June 30, 2020, compared to $(1.00)
per share (diluted) for the same period in 2019.
• Adjusted EBITDA for the six months ended June 30, 2020, was $763 million compared with $793 million
for the same period in 2019. Payments received through the PHSSEF had a positive impact on Adjusted
EBITDA for the six months ended June 30, 2020 in the amount of $448 million.
• The consolidated operating results for the six months ended June 30, 2020, reflect an 18.3 percent
decrease in admissions and a 21.0 percent decrease in adjusted admissions, compared with the same period
in 2019. On a same-store basis, admissions decreased 11.5 percent and adjusted admissions decreased 14.5
percent for the six months ended June 30, 2020, compared with the same period in 2019.
Commenting on the results, Chairman and chief executive officer of Community Health Systems, Inc.,
said, “The COVID-19 pandemic continues to be an unprecedented public health crisis that has forever
changed our country and the healthcare industry. Our response to this crisis is guided by our most
important priority - to provide safe, quality healthcare for the patients who put their trust in us. We are
forever grateful to our incredible physicians, nurses and other caregivers who bravely step up and step
forward every day to care for their patients, communities and each other. And, we thank all of
America’s healthcare workers for their compassionate, professional, and truly heroic actions in this
pandemic. I am proud of our hospital leadership teams and the corporate support teams that have
demonstrated agility and resilience under pressure and leveraged all of the resources of our
organization to support their community response as well as one another. We will continue to adapt to
this evolving situation with a steadfast commitment to provide the best possible response to this public
health crisis, while at the same time focusing on long-term growth for all of the Company’s
stakeholders.”
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DaVita Inc. (United States) 2nd Quarter 2020 Results
• Consolidated revenues of $2.880 billion.
• Operating income of $410 million or 14.2% operating margin and
adjusted operating income of $461 million or 16.0% adjusted operating
margin.
• Diluted earnings per share from continuing operations of $1.62 and
adjusted diluted earnings per share from continuing operations of $1.95.
• Operating cash flow from continuing operations of $651 million and free
cash flow from continuing operations of $507 million.
• Issued an aggregate principal amount of $1.750 billion of 4.625% senior
notes. The net proceeds from the offering, together with cash on hand, were
used to redeem in full our $1.750 billion in aggregate principal amount of
outstanding 5.125% senior notes in July.
"The continued efforts of our 65,000 teammates in the face of this crisis
while caring for our patients and for each other is truly inspiring," said
CEO of DaVita Inc. "They are working tirelessly to embody the DaVita
name 'to give life' to over 236,000 patients worldwide."
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DSM (Netherlands) reports H1 2020 results
1. DSM reports a solid first half in a challenging COVID-19 environment
2. Group sales -1% and Adjusted EBITDA -4%
• Nutrition: sales +6%, organic sales +5%, Adjusted EBITDA +5%
• Materials: sales -16%, volumes -14%, Adjusted EBITDA -28%
3. Adjusted net profit down 4% to €399m. Net profit: €270m
4. Adjusted Net Operating Free Cash Flow of €342m, up 33% year to date
5. Interim dividend of €0.80 per ordinary share
6.Outlook 2020 unchanged: DSM expects Nutrition to deliver at least a mid-single
digit increase in Adjusted EBITDA, but given current limited visibility in Materials
the overall earnings outlook remains suspended
Co-CEOs commented: “Our teams continued to successfully navigate the
challenging global environment, with Q2 developments in line with the
expectations we set out in May. Business conditions for Nutrition were good
overall in the first half, with spikes in demand for Animal Nutrition in Q1 and
Human Nutrition in Q2 as end-markets reacted in response to COVID-19.
Trading conditions in Materials deteriorated abruptly at the end of Q1 as
customers’ operations and end user demand were impacted by COVID-19, with
these effects continuing throughout Q2. Having taken early actions to limit
capital expenditure and minimize operating costs in Materials, we have now also
initiated the next phase of our profit improvement actions aimed at delivering
annualized recurring savings of €25-30 million. Early in the year we launched
the Fit for Growth program in Nutrition. The new organizational structure, which
enables a more differentiated go-to-market approach, is in place and we are now
working on further building out our specialty business. Our recent acquisitions
all add to our specialty solutions offerings, accelerating our growth strategy. The
global human impact of the COVID-19 pandemic is a clear lesson and therefore
we have joined several of the ‘Build Back Better’ initiatives. As a purpose-led
organization, we believe it is more important than ever for the world to commit
to a more sustainable, fair and resilient future.”
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DSM (Netherlands) announces repurchase of shares to cover stock dividend
Royal DSM, a global science-based company active in Nutrition, Health and Sustainable Living, announces the repurchase of
200,000 ordinary shares to cover commitments for interim stock dividend, equivalent to approximately €25 million based on the
closing price of the DSM share on Euronext Amsterdam on 6 August 2020. The share buyback will be executed within the
limitations of the authority granted to the Managing Board by the Annual General Meeting (AGM) on 8th May 2020. The total
number of shares to be repurchased under this program represents approximately 0.11% of ordinary shares issued. DSM has
signed a Discretionary Management Agreement with a bank to commence the execution on its behalf and to make trading
decisions under the Agreement independently of DSM. In accordance with regulations DSM will inform the market about the
progress made in the execution of this program through weekly press releases. The share repurchase program is anticipated to
be completed in Q3 2020.
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Edwards Lifesciences (United States) Reports Second Quarter Results
• Sales for the quarter ended June 30, 2020 were $925 million, a decrease
of 15% over the prior year, or down 14% on an underlying basis.
• TAVR sales declined 12%; underlying1 sales declined 11%
• Previously announced IP settlement resulted in $368 million charge
• Diluted earnings per share for the quarter were negative $0.20, while
adjusted earnings per share decreased 26% to $0.34.
• Received FDA approval to initiate EVOQUE tricuspid replacement
pivotal trial
• 2020 sales guidance reiterated: $4.0 billion to $4.5 billion
• 2020 adjusted EPS guidance increased: $1.75 to $1.95 from $1.58 to
$1.75
• For the quarter, the company reported global TAVR sales of $594 million,
a decrease of 12% over the second quarter last year, or down 11% on an
underlying basis. Globally, average selling prices were stable.
"Even with the heroic efforts of the healthcare community, we know
that this remains a very difficult time for the patients we serve as they
continue to weigh the risk of COVID-19 against the severe effects of
progressive heart valve disease. Edwards is committed to providing the
opportunity for faster procedures, shorter hospital stays, and
exceptional patient outcomes," said Chairman and CEO. "Irrespective
of the unpredictable surges of this deadly pandemic, there is growing
recognition that valve therapy should not be postponed as these patients
have an urgent need."
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Lilly (United States) Reports Second-Quarter Financial Results, Raises EPS
Guidance
• Revenue in the second quarter of 2020 declined 2 percent, comprised of volume
growth of 6 percent, a 7 percent decrease in realized prices and a 1 percent
unfavorable impact from foreign exchange rates.
• The estimated negative impact of the COVID-19 pandemic on Q2 2020 revenue
included approximately $250 million of decreased customer buying that largely
offset product stocking that occurred in Q1 2020, as well as approximately $250
million of lower revenue resulting from delayed new patient prescription trends.
• On a year-to-date basis, revenue in 2020 increased 6 percent, driven by 13 percent
volume growth.
• Second-quarter 2020 operating expenses decreased 5 percent, driven by lower
marketing expenses.
• Second-quarter 2020 earnings per share (EPS) increased to $1.55 on a reported
basis and to $1.89 on a non-GAAP basis.
• Lilly continues to rapidly advance the development of potential therapeutics for the
treatment of COVID-19, including antibody therapies and baricitinib.
• Positive phase 3 data for Verzenio highlights promising opportunity in early breast
cancer treatment.
• Other notable recent events include FDA approvals for Retevmo, Lyumjev and
Tauvid, new approved indications for Taltz and Cyramza, as well as positive phase 3
data for Jardiance, mirikizumab and Trulicity.
• 2020 EPS guidance raised to be in the range of $6.48 to $6.68 on a reported basis
and $7.20 to $7.40 on a non-GAAP basis.
"In the second quarter, Lilly achieved several important R&D milestones,
including three FDA approvals for new medicines, positive phase 3 results for
several important clinical programs and continued progress in our quest to
develop medicines for patients with COVID-19," said Lilly's chairman and CEO.
"At the same time, the COVID-19 pandemic continues to strain healthcare
systems around the world and has decreased new patient starts for some of Lilly's
medicines. As anticipated, our second quarter financial results reflect the
variability caused by the pandemic, but our year-to-date revenue performance,
which includes 13 percent volume growth, demonstrates that our underlying
business fundamentals remain strong. We expect growth in new prescription
volume for our key growth products in the second half of 2020, and we remain
confident in our outlook for the year."
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Fresenius Medical Care (Germany) delivers very strong second quarter results
• Revenue increased by 5% to EUR 4,557 million (+5% at constant currency), with organic growth of 4%. Health Care Services
revenue rose by 5% to EUR 3,614 million (+4% at constant currency), mainly driven by growth in same market treatments and
contributions from acquisitions. Health Care Products revenue grew by 6% and amounted to EUR 943 million (+7% at constant
currency). This increase was mainly due to higher sales of products for acute care treatments and disposables for in-center
dialysis.
• In the first half of 2020 revenue rose by 7% to EUR 9,045 million (+6% at constant currency). Organic growth amounted to
4%. Health Care Services revenue grew by 6% to EUR 7,209 million (5% at constant currency). Health Care Products revenue
rose by 8% to EUR 1,836 million (+8% at constant currency).
• Operating income increased by 26% to EUR 656 million (+24% at constant currency), resulting in an operating income
margin of 14.4% (Q2 2019: 12.0%). Based on a strong, underlying business performance, the increase in margin was largely
due to the recovery of COVID-19 related negative effects experienced in the first quarter as well as ongoing cost saving
measures.
• Operating income for the first half increased by 14% to EUR 1,211 million (+12% at constant currency), resulting in a margin
of 13.4% (H1 2019: 12.5%).
• Net income grew by 38% to EUR 351 million (+36% at constant currency). Adjusted net income increased by 40% (+38% at
constant currency). Basic earnings per share (EPS) increased by 43% to EUR 1.20 (+41% at constant currency), driven by the
earnings effects described above coupled with a decrease in the average weighted shares outstanding.
• In the first half of 2020, net income increased by 21% to EUR 634 million (+18% at constant currency). EPS rose by 25% to
EUR 2.15 (+22% at constant currency).
• Fresenius Medical Care generated EUR 2,319 million of operating cash flow (Q2 2019: EUR 852 million) resulting in a
margin of 50.9% (Q2 2019: 19.6%). The increase was largely driven by the U.S. federal government advanced payments under
the CARES Act. In the first half of 2020, operating cash flow increased to EUR 2,903 million (H1 2019: EUR 928 million).
• Free cash flow (net cash used in operating activities, after capital expenditures, before acquisitions and investments)
amounted to EUR 2,103 million (Q2 2019: EUR 559 million), resulting in a margin of 46.1% (Q2 2019: 12.9%). In the first
half of 2020, the company generated a free cash flow of EUR 2,407 million (H1 2019: EUR 435 million).
Chief Executive Officer of Fresenius Medical Care, said: “As anticipated, we saw the COVID-19 pandemic spread
globally in the second quarter and continue to rise in Latin America and the U.S. In this challenging environment, the
wide-ranging measures we took at a very early stage to ensure the continuity and quality of care for our patients are
continuing to pay off. Together with the tireless efforts of our employees, these steps have given Fresenius Medical Care
a strong performance in the first half of the year. This validates our core value proposition and the resiliency of our
business model, which is grounded in our vertical integration strategy. Against this background and the anticipated
financial net effect from COVID-19, we confirm our outlook for the financial year 2020. We continue to monitor further
impacts of the pandemic and potential restrictions in the different markets.”
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Fresenius (Germany) acquires Malteser hospitals in German state of North Rhine-Westphalia
Fresenius Helios is acquiring three hospitals and four connected medical care centers in
the western German cities of Duisburg and Krefeld from the Malteser humanitarian aid
group. The facilities have a total of 870 beds, and sales last year were about €160 million.
Approximately 2,000 employees treat about 35,000 patients annually at the two
locations. The two Malteser Hospitals in Duisburg cover specialty areas including
general surgery; internal medicine; ears, nose and throat medicine; oral and maxillofacial
surgery, and geriatrics. Special expertise in hematological oncology is offered. At the
Malteser Hospital in Krefeld, a comprehensive range of medical services includes oral
and maxillofacial surgery, general surgery and internal medicine as the main specialty
areas. With approximately 18,000 employees, Helios treats some 300,000 inpatients
annually in the region. The company is one of the largest healthcare employers in North
Rhine-Westphalia, where Duisburg and Krefeld are situated, and the adjoining state of
Lower Saxony.
Fresenius Management Board said: “We welcome the opportunity to acquire three
additional Malteser hospitals just shortly after acquiring their hospital in Bonn.
When they’re combined with our existing facilities, we will be able to offer the
people of this region even better healthcare, tailored to their individual needs and
with inpatient and outpatient care that go hand in hand. We are very much looking
forward to working with our new colleagues.”
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Gilead Sciences (United States) Announces Second Quarter and First Half 2020
Financial Results
• Total revenues for the second quarter and first half 2020 were $5.1 billion and $10.7
billion, respectively, compared to $5.7 billion and $11.0 billion, respectively, for the
same periods in 2019.
• GAAP net loss and diluted loss per share for the second quarter 2020 were $(3.3)
billion and $(2.66), respectively, compared to net income and diluted EPS of $1.9
billion and $1.47, respectively, for the same period in 2019.
• GAAP net loss for the second quarter 2020 included an acquired in-process
research and development (“IPR&D”) charge of $4.5 billion related to Gilead’s
acquisition of Forty-Seven, Inc (“Forty-Seven”).
• Non-GAAP net income and diluted EPS for the second quarter 2020 were $1.4
billion and $1.11, respectively, compared to $2.2 billion and $1.72, respectively, for
the same period in 2019.
• Gilead’s core business delivered a solid performance, despite the global impacts of
COVID-19.
“Gilead’s first half performance demonstrates the strength and durability of our
core HIV business, even as we navigated the expected impact of the COVID-19
pandemic. We are already starting to see early signs of recovery from this impact
and we are fully confident in our long-term HIV leadership,” said Chairman and
Chief Executive Officer of Gilead Sciences. “We are also making important
progress with our pipeline. In addition to the critical work of advancing
remdesivir, we have continued to strengthen our presence in immuno-oncology.
This includes six immuno-oncology agreements this year and the recent FDA
approval for TecartusTM in mantle cell lymphoma.”
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GSK (United Kingdom) delivers Q2 sales of £7.6 billion -2% AER, -3% CER
(Pro-forma -10% CER*)
• Reported Group sales £7.6 billion -2% AER, -3% CER (Pro-forma -10% CER*; -8% CER
excluding divestments/brands under review). Pharmaceuticals £4.1 billion -5% AER, -5% CER;
Vaccines £1.1 billion -29% AER, -29% CER; Consumer Healthcare £2.4 billion +25% AER,
+25% CER (Pro-forma -6% CER)
• H1 Reported group sales £16.7 billion 8% AER, 8% CER (Pro-forma flat CER*; +1% CER
excluding divestments/brands under review)
• Sales decline in Q2 2020 reflects expected disruption from COVID-19, particularly in Vaccines
as well as destocking from Q1 2020 in Pharmaceuticals and Consumer Healthcare
• Total Respiratory sales £883 million +17% AER, +16% CER. Trelegy sales £194 million +62%
AER, +58% CER. Nucala sales £241 million +24% AER, +21% CER
• Total HIV sales £1.2 billion, -2% AER, -3% CER. Dolutegravir sales £1.1 billion, -1% AER,
-2% CER, two-drug regimen sales £181 million, >100% AER, >100% CER (Dovato sales £68
million, >100% AER, >100% CER, Juluca sales £113 million, +35% AER, +33% CER)
• Shingrix sales £323 million, -16% AER%, -19% CER
• Total Group operating margin 37.4%. Adjusted Group operating margin 22.9%, reflecting
lower sales and growth in investment in R&D
• Total EPS 45.5p; >100% AER, >100% CER reflecting profit on disposal of Horlicks and other
Consumer Healthcare brands
• Adjusted EPS 19.2p -37% AER, -38% CER reflecting lower sales and higher non-controlling
interests following creation of the Consumer Healthcare JV in 2019 and a higher tax rate
• Q2 net cash flow from operations £2.76 billion. Free cash flow £1.95 billion
• 19p dividend declared for the quarter
Chief Executive Officer, GSK said: "The fundamentals of GSK’s business remain strong and
we are maintaining good momentum on our strategic priorities. This quarter, we presented
promising data and had positive regulatory reviews for new speciality pipeline medicines to
treat HIV and Oncology; and made further progress with our Consumer Healthcare
integration and Future Ready programmes, both of which will prepare the company for
separation. We continue to believe that multiple options will be needed to prevent and treat
COVID-19 and are working at pace with our partners to develop potential adjuvanted
vaccines and therapeutics to fight the virus. At the same time, we have made strategic
investments in next-generation vaccine and antibody technologies, most recently through
our new collaboration with CureVac.”
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Grifols (Spain) acquires 10% stake in Bloodbuy, cloud-based marketplace for blood products
Grifols, a leading global producer of plasma-derived medicines and a leader in the
development of innovative diagnostic solutions, announced it has acquired 10% of Bloodbuy
(BloodSolutions, LLC), a cloud-based marketplace that facilitates buying and selling of
blood components in the U.S. Bloodbuy’s (www.bloodbuy.com) proprietary technology
platform and computer-based algorithms enable regional blood-collection centers to expand
their customer base across the U.S., while providing hospitals and other healthcare providers
greater access to vital blood components in an efficient and efficacious manner connecting
supply and demand. Along with this equity investment, Grifols will obtain a seat on the
Bloodbuy Board of Directors where it will be able to not only contribute to Bloodbuy’s
growth but also closely analyze the blood-component-product marketplace, potentially
allowing the company to make further investments in the digital healthcare space.
Bloodbuy’s platform allows participating healthcare providers to supplement their blood
component needs on both a recurring and on-demand basis, ensuring hospitals can continue
to provide the best care possible for their patients while providing blood-collection centers
the ability to distribute their lifesaving products more broadly. The platform also reduces
wastage costs of precious biological products while improving profitability.
“Grifols has always been interested in how digital technologies can disrupt the
healthcare model to deliver better patient care more effectively,” said Chief Innovation
Officer of Grifols. “We believe Bloodbuy provides a unique opportunity to use
technology to ensure critical blood components reach the patients who need them
quickly and efficiently.”
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H Lundbeck (Denmark) Strong momentum across all strategic brands with 25%
growth in the first half of 2020
• Revenue reached DKK 8,934 million in the first six months of 2020, a growth of
5% (5% in local currencies) compared to 2019. Excluding sales from Onfi®, total
revenue grew by 10%
• Revenue of the five strategic brands combined grew by 25% (23% in local
currencies), thereby reaching DKK 5,360 million or 60% of total revenue
• In the second quarter both revenue and earnings were negatively impacted by
slightly lower demand and destocking related to the ongoing COVID-19 pandemic
offsetting the positive effect seen in the first quarter of the year
• Core EBIT reached DKK 2,483 million corresponding to a core EBIT margin of
27.8%
• Reported EBIT reached DKK 1,085 million and the EBIT margin reached 12.1%
following an impairment due to the foliglurax product rights in the first quarter
• Core EPS reached DKK 10.30 and reported EPS reached DKK 3.69
• The 2020 financial guidance for revenue is maintained at DKK 17.4 – 18.0 billion
based on the current assessment of the COVID-19 impact. Lundbeck has raised the
guidance for core EBIT to DKK 3.9 – 4.3 billion from previously DKK 3.5 – 4.0
billion and EBIT is raised to DKK 1.8 – 2.2 billion compared to DKK 1.4 – 1.9
billion for 2020 issued previously
In connection with the financial report, Lundbeck’s President and CEO said: “I
am very pleased with the results for the first half of the year. COVID-19 is
challenging for all societies and for Lundbeck. Our top priority has been to
ensure that patients who need our medicines could continue to receive them
without interruption and we are proud to have been able to make that happen.
The first half performance is encouraging, and the company is strong. We
continue to execute on the Expand and Invest to Grow strategy. Vyepti has been
launched and despite being significantly impacted by a lower number of medical
procedures due to COVID-19, we remain very confident with Vyepti’s ability to
deliver on its promise based on how it has benefitted the patients treated.”
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Henry Schein (United States) Reports Second Quarter 2020 Financial Results
• Net sales for the quarter ended June 27, 2020, were $1.7 billion, a decrease of 31.2%
compared with the second quarter of 2019 due to the impact of COVID-19. In local
currencies, internally generated sales decreased 30.5%. Acquisition growth was
immaterial.
• GAAP net loss attributable to Henry Schein, Inc. from continuing operations for the
second quarter of 2020 was $11.4 million, or a loss of $0.08 per diluted share, compared
with prior-year net income from continuing operations of $116.8 million, or $0.78 per
diluted share.
• Non-GAAP net income from continuing operations for the second quarter of 2020 was
$0.6 million, or $0.00 per diluted share, compared with prior-year non-GAAP net
income from continuing operations of $125.7 million, or $0.84 per diluted share.
• Dental sales for the second quarter of 2020 of $941.3 million decreased 41.2% versus
the prior year. In local currencies, internally generated sales decreased 40.1%.
Acquisition growth was immaterial. The 40.1% internal decline in local currencies
included a decrease of 46.9% in North America and a decrease of 29.5% internationally.
• In North America, dental consumable merchandise internal sales in local currencies
declined 47.5% and dental equipment internal sales in local currencies declined 44.9%.
Internationally, dental consumable merchandise internal sales in local currencies
declined 29.2% and dental equipment internal sales in local currencies declined 30.5%.
“Regarding our second quarter financial results, COVID-19 significantly impacted
our worldwide results, particularly in our Dental business, yet sales improved
relative to our original expectations across all our business groups as we progressed
through the quarter. This was directly related to a resumption of operations for both
our dental and medical customers, which occurred faster than we had anticipated,
first in our international markets and then in North America,” said CEO of Henry
Schein. “We remain cautiously optimistic about the immediate future while closely
monitoring global diagnosed COVID-19 cases and the potential impact on customer
activity and focusing on cash management. Our enthusiasm for both our near- and
long-term business prospects remains unchanged.”
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Illumina (United States) Reports Financial Results for Second Quarter of Fiscal
Year 2020
• Revenue of $633 million, a 25% decrease compared to $838 million in the second
quarter of 2019
• GAAP net income attributable to Illumina stockholders for the quarter of $47 million,
or $0.32 per diluted share, compared to $296 million, or $1.99 per diluted share, for the
second quarter of 2019
• Non-GAAP net income attributable to Illumina stockholders for the quarter of $92
million, or $0.62 per diluted share, compared to $200 million, or $1.35 per diluted share,
for the second quarter of 2019. Non-GAAP net income excludes discrete tax expenses
and net gains from mark-to-market adjustments on our strategic investments, primarily
from our marketable equity securities (see the “Reconciliation Between GAAP and
Non-GAAP Net Income Attributable to Illumina Stockholders” table for a reconciliation
of these GAAP and non-GAAP financial measures)
• Cash flow from operations of $240 million compared to $143 million in the second
quarter of 2019. Cash flow from operations for the second quarter of 2019 included an
$84 million payment of the accreted debt discount related to the conversion of our 2019
Notes
• Free cash flow (cash flow from operations less capital expenditures) of $202 million
for the quarter compared to $96 million in the second quarter of 2019.
“As expected, the second quarter was significantly impacted by pandemic-related
disruption in our customers’operations and was particularly challenging for many of
our research customers who remain closed or operating at limited scale,” said
President and CEO. “It is clear that the role of genomics in infectious disease will
continue to grow through and beyond this pandemic.”
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Intuitive (United States) Announces Second Quarter Earnings
• Worldwide da Vinci procedures decreased approximately 19% compared with the second
quarter of 2019, primarily as a result of the significant disruption caused by the COVID-19
pandemic.
• The Company shipped 178 da Vinci Surgical Systems, a decrease of 35% compared with
273 in the second quarter of 2019.
• The Company grew its da Vinci Surgical System installed base to 5,764 systems as of June
30, 2020, an increase of 9% compared with 5,270 as of the end of the second quarter of 2019.
• Second quarter 2020 revenue of $852 million decreased 22% compared with $1,099
million in the second quarter of 2019. Second quarter 2020 revenue included a $59 million
decrease in service revenue relating to our previously announced Customer Relief Program.
• Second quarter 2020 GAAP net income was $68 million, or $0.57 per diluted share,
compared with $318 million, or $2.67 per diluted share, in the second quarter of 2019.
• Second quarter 2020 non-GAAP* net income was $132 million, or $1.11 per diluted share,
compared with $388 million, or $3.25 per diluted share, in the second quarter of 2019.
• Second quarter 2020 GAAP and non-GAAP* net income includes $37 million, or $0.31
per diluted share, of discrete income tax expense arising from the conclusion of a tax case
between an independent third party and the IRS related to charging foreign subsidiaries for
shared-based compensation.
“Intuitive continues to deliver programs and solutions to meet the clinical and economic
needs of our hospital and healthcare system customers," said Intuitive CEO. “We remain
committed to our mission to advance minimally invasive care and to address the
long-term need to improve patient outcomes.”
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IQVIA (United States) Reports Second-Quarter 2020 Results and Raises
Full-Year 2020 Guidance
• Revenue for the second quarter was $2,521 million compared to $2,740 million in the second
quarter of 2019, down 7.1 percent at constant currency and 8.0 percent on a reported basis.
• Technology & Analytics Solutions (TAS) revenue was $1,109 million compared to $1,102
million in the second quarter of 2019, representing growth of 2.0 percent at constant currency
and 0.6 percent reported.
• R&D Solutions (R&DS) revenue was $1,235 million compared to $1,435 million in the second
quarter of 2019, down 13.3 percent at constant currency and 13.9 percent reported. Excluding the
impact of pass throughs, R&DS revenue was lower by 10.8 percent year-over-year on a reported
basis.
• Contract Sales & Medical Solutions (CSMS) revenue was $177 million compared to $203
million in the second quarter of 2019, lower by 12.3 percent at constant currency and 12.8
percent on a reported basis.
• R&DS contracted backlog, including reimbursed expenses, grew 13.5 percent year-over-year to
$20.5 billion at June 30, 2020. The company expects approximately $5.4 billion of this backlog
to convert to revenue in the next twelve months, up from $4.9 billion at March 31, 2020.
• The contracted book-to-bill ratio including reimbursed expenses was 1.64x for the second
quarter of 2020. Excluding reimbursed expenses, the second-quarter contracted book-to-bill ratio
was 1.60x. For the last twelve months ended June 30, 2020, the contracted book-to-bill ratio was
1.43x including reimbursed expenses and 1.42x excluding reimbursed expenses.
• Second-quarter 2020 Adjusted EBITDA was $483 million. GAAP net income was $(23)
million, and GAAP diluted earnings per share was $(0.12). Adjusted Net Income was $229
million and Adjusted Diluted Earnings per Share was $1.18.
“Against the background of the ongoing COVID-19 situation, we delivered second quarter
results that exceeded our expectations,” said Chairman and CEO of IQVIA. “As we had
assumed, the R&DS business saw a gradual increase in the accessibility of clinical research
sites, exiting the quarter at 40 percent accessibility and currently at 53 percent, resulting in
an improvement in the number of weekly onsite visits from the start of the quarter. Deliveries
in our TAS segment continued with little disruption, and demand for our technology and
analytics offerings remains resilient. I am proud of how the IQVIA team is executing in this
environment - supporting our improved outlook for the year.”
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Johnson & Johnson (United States) to Acquire Momenta Pharmaceuticals, Inc., Expanding
Janssen’s Leadership in Novel Treatments for Autoimmune Diseases
Johnson & Johnson announced it has entered into a definitive agreement to acquire Momenta
Pharmaceuticals, Inc. (Momenta), a company that discovers and develops novel therapies for
immune-mediated diseases, in an all cash transaction for approximately $6.5 billion. This
acquisition provides an opportunity for the Janssen Pharmaceutical Companies of Johnson &
Johnson to broaden its leadership in immune-mediated diseases and drive further growth through
expansion into autoantibody-driven disease. The transaction will include full global rights to
nipocalimab (M281), a clinically validated, potentially best-in-class anti-FcRn antibody.
Nipocalimab gives Janssen the opportunity to reach significantly more patients by pursuing
indications across many autoimmune diseases with substantial unmet medical need in
maternal-fetal disorders, neuro-inflammatory disorders, rheumatology, dermatology and
autoimmune hematology. Nipocalimab recently received a rare pediatric disease designation
from the U.S. Food and Drug Administration. Momenta’s expertise in FcRn mechanisms is
especially important for nipocalimab as it supports and accelerates the development of a
medicine designed to target a number of autoantibody-driven conditions across several of
Janssen’s established therapeutic areas. Janssen expects nipocalimab to contribute to its goals of
achieving above-market growth over the mid and long term.
“This acquisition broadens Janssen’s leadership in autoimmune diseases and provides us
with a major catalyst for sustained growth. Autoantibody-driven diseases are often serious,
and patients are underserved by current treatment options," said Executive Vice President,
Worldwide Chairman, Pharmaceuticals, Johnson & Johnson. “We’re excited by the
opportunity to further advance patient care by combining Johnson & Johnson’s world-class
R&D, commercial and supply chain capabilities with Momenta’s talented people, pipeline
and deep expertise in this important area.”
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Johnson & Johnson (United States) to Acquire Momenta Pharmaceuticals, Inc., Expanding
Janssen’s Leadership in Novel Treatments for Autoimmune Diseases
Johnson & Johnson announced it has entered into a definitive agreement to acquire Momenta
Pharmaceuticals, Inc. (Momenta), a company that discovers and develops novel therapies for
immune-mediated diseases, in an all cash transaction for approximately $6.5 billion. This
acquisition provides an opportunity for the Janssen Pharmaceutical Companies of Johnson &
Johnson to broaden its leadership in immune-mediated diseases and drive further growth through
expansion into autoantibody-driven disease. The transaction will include full global rights to
nipocalimab (M281), a clinically validated, potentially best-in-class anti-FcRn antibody.
Nipocalimab gives Janssen the opportunity to reach significantly more patients by pursuing
indications across many autoimmune diseases with substantial unmet medical need in
maternal-fetal disorders, neuro-inflammatory disorders, rheumatology, dermatology and
autoimmune hematology. Nipocalimab recently received a rare pediatric disease designation
from the U.S. Food and Drug Administration. Momenta’s expertise in FcRn mechanisms is
especially important for nipocalimab as it supports and accelerates the development of a
medicine designed to target a number of autoantibody-driven conditions across several of
Janssen’s established therapeutic areas. Janssen expects nipocalimab to contribute to its goals of
achieving above-market growth over the mid and long term.
“This acquisition broadens Janssen’s leadership in autoimmune diseases and provides us
with a major catalyst for sustained growth. Autoantibody-driven diseases are often serious,
and patients are underserved by current treatment options," said Executive Vice President,
Worldwide Chairman, Pharmaceuticals, Johnson & Johnson. “We’re excited by the
opportunity to further advance patient care by combining Johnson & Johnson’s world-class
R&D, commercial and supply chain capabilities with Momenta’s talented people, pipeline
and deep expertise in this important area.”
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LabCorp (United States) Announces 2020 Second Quarter Results
• Revenue for the quarter was $2.77 billion, a decrease of (3.9%) from $2.88 billion in the second
quarter of 2019. The decrease in revenue was due to a (5.4%) decline of organic revenue, (0.3%)
from the disposition of a business, and (0.1%) from unfavorable foreign currency translation,
partially offset by 1.9% from acquisitions. The (5.4%) decline of organic revenue was due to the
pandemic, which reduced the Company's organic Base Business by (20.9%), partially offset by
COVID-19 Testing of 15.4%.
• Operating income for the quarter was $297.7 million, or 10.8% of revenue, compared to $335.7
million, or 11.6%, in the second quarter of 2019.
• The Company recorded restructuring charges, special items, and amortization, which together
totaled $83.0 million in the quarter, compared to $111.2 million during the same period in 2019.
• Adjusted operating income (excluding amortization, restructuring charges, and special items)
for the quarter was $380.7 million, resulting in a 13.8% adjusted operating margin, compared to
$446.9 million, or 15.5%, in the second quarter of 2019.
• Net earnings for the quarter were $231.6 million, compared to $190.4 million in the second
quarter of 2019.
• Diluted EPS were $2.37 in the quarter, an increase of 22.8% over $1.93 in the same period in
2019.
• Adjusted EPS (excluding amortization, restructuring charges, and special items) were $2.57 in
the quarter, a decrease of (12.3%) compared to $2.93 in the second quarter of 2019 due to the
pandemic. Adjusted EPS exclude the impact from the CARES Act Emergency Funding.
• Operating cash flow for the quarter was $370.7 million, compared to $253.5 million in the
• At the end of the quarter, the Company’s cash balance and total debt were $557.0 million and
$6.2 billion, respectively. During the quarter, the Company invested $11.3 million on
acquisitions.
“We continue to bring the full power of our combined diagnostics and drug development
capabilities against this virus, applying our scientific expertise and ingenuity across all
aspects of testing, treatments, and vaccines," said Chairman and CEO, LabCorp. "During the
second quarter, we delivered solid performance across the company despite the impact of the
pandemic. I continue to be impressed with how quickly our teams have rallied to confront
each and every challenge put before them, and I want to thank our 65,000 employees, as their
efforts have been heroic during this difficult time.”
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