Drug names starting with an X or a Z may be hard to pronounce but that is really the last thing that drugmakers consider when coming up with new names. They want something that is memorable.
Johnson & Johnson's ($JNJ) earnings surpassed analyst expectations. Its prescription drug sales were up 6.8%, helped by leaps forward in cancer drugs and anti-inflammatories. Its new prostate cancer drug Zytiga fell just a tad short of blockbuster status, and that's without its newly approved label expansion.
Chalk up an expanded use, and so an expanded market, for Zytiga, Johnson & Johnson's hot but pricey prostate cancer drug.
The market for prostate cancer drugs is expected to double by 2021 to $9.1 billion, thanks in part to the debut of new, more expensive drugs. According to Decision Resources, Johnson & Johnson's ($JNJ) Zytiga, along with Medivation ($MDVN) and Astellas Pharma's new Xtandi, will help drive sales growth in 7 major drug markets.
The company said on Thursday afternoon it sold more than 8.6 million shares for $16 per share, netting $129.1 million and adding to its coffers as the company readies for late-stage development of a potential breast cancer drug in-licensed from the drug giant Pfizer last year.
Generic competition hit a few of Johnson & Johnson's ($JNJ) big sellers during the third quarter, but other products--including its newest ones--more than filled the breach. The company's pharma division turned in a 7% increase in sales, to $6.4 billion, even after a 4.3 percentage-point currency hit.
Goldman Sachs analyst Jami Rubin can be tough to please. Particularly for companies that aren't jazzed about the idea of splitting themselves into smaller pieces. Hear that, Johnson & Johnson ($JNJ)?
More than two years ago Oxford BioMedica put out the word that the FDA had cleared a Phase II study for its troubled program for TroVax, an immunotherapy to be tested in 80 patients suffering from hormone resistant prostate cancer. For Oxford, the mid-stage study was a key part of its comeback strategy for TroVax, which had already failed a study for renal cancer in 2008.
Just days after reporting positive interim results from a mid-stage study of its closely-watched prostate cancer drug, San Diego-based Aragon Pharmaceuticals has topped up its bank account with a whopping $50 million venture round--bringing its total haul this year alone to $88 million.
Puma Biotechnology aims to list its shares on the New York Stock Exchange as the Los Angeles-based company, which now trades over the counter, advances a drug licensed from Pfizer ($PFE) to late-stage development for women with HER2-positive breast cancer, according to an SEC filing Friday.