Showing posts with label Wyeth. Show all posts
Showing posts with label Wyeth. Show all posts
Tuesday, November 10, 2009
Wednesday, November 04, 2009
Pfizer - Prempro: now that's punitive!
Pfizer must pay about $75 million in punitive damages to an Illinois woman who developed cancer after taking one of the drugmaker’s menopause treatments, people familiar with a sealed verdict in the case said.
A Philadelphia jury ordered Pfizer’s Wyeth unit Oct. 26 to pay the bad-conduct award, which is about 20 times larger than the $3.7 million in actual damages the panel awarded to Connie Barton over her use of Wyeth’s Prempro menopause drug, according to people with direct knowledge of the verdict.
A judge ordered Barton’s punitive-damage award sealed at Wyeth’s request until the trial of another Prempro lawsuit in the same courthouse is completed. Lawyers in that case say jurors won’t start deliberating on that suit’s claims for another three weeks.
A Philadelphia jury ordered Pfizer’s Wyeth unit Oct. 26 to pay the bad-conduct award, which is about 20 times larger than the $3.7 million in actual damages the panel awarded to Connie Barton over her use of Wyeth’s Prempro menopause drug, according to people with direct knowledge of the verdict.
A judge ordered Barton’s punitive-damage award sealed at Wyeth’s request until the trial of another Prempro lawsuit in the same courthouse is completed. Lawyers in that case say jurors won’t start deliberating on that suit’s claims for another three weeks.
Tuesday, October 06, 2009
Hat tip: Tuesday, February 24, 2009
Pharmafocus - 20 20 hindsight!
In retrospect, Pfizer's move to buy another major pharmaceutical company was inevitable. Like its peers, Pfizer has been energetically restructuring itself in recent times, from its salesforces to its R&D, but the fruits of these reforms cannot come quickly enough.
When Lipitor's US patent expires in 2011, it is set to lose most of its current $12 billion annual revenue in the space of just a few years. Meanwhile, other patent expiries and the relative failure of products like smoking cessation drug Champix/Chantix means there is nothing in the company's portfolio to replace it.
Pfizer's acquisitive approach to growth has set the pace for the industry over the last decade, and it is obvious that at least some of its peers could now follow its latest example.
Who? Go here.
When Lipitor's US patent expires in 2011, it is set to lose most of its current $12 billion annual revenue in the space of just a few years. Meanwhile, other patent expiries and the relative failure of products like smoking cessation drug Champix/Chantix means there is nothing in the company's portfolio to replace it.
Pfizer's acquisitive approach to growth has set the pace for the industry over the last decade, and it is obvious that at least some of its peers could now follow its latest example.
Who? Go here.
Monday, February 02, 2009
Sanofi Aventis + who?
Insider hears that Sanofi-Aventis is gearing up for acquisitions to expand and diversify operations under its new chief executive, Chris Viehbacher, who has held talks with bankers about financing possible deals.
Sunday, February 01, 2009
Pharma Giles comments
Your note on the RCP meeting got me thinking...
...recent pharma sales force reductions...
...a sudden rush to settle past off-label marketing investigations in the US at the same time as off-label promotion is to be accepted as legal by the FDA...
What is going on?
Fortunately, Phoni Pharm. CEO Johnny B. Sinister explains all...
...recent pharma sales force reductions...
...a sudden rush to settle past off-label marketing investigations in the US at the same time as off-label promotion is to be accepted as legal by the FDA...
What is going on?
Fortunately, Phoni Pharm. CEO Johnny B. Sinister explains all...
Phoni Pharm. Inc today announced that it was planning to reduce its US sales force headcount by over 2,500, or nearly 30%, during 2009.
“This move is in no way related to our recent hostile takeover and proposed asset-strip, sorry, acquisition, of Whyus,” said Phoni CEO Johnny B. Sinister. The Whyus takeover move has been welcomed by the financial sector given the promise of massive loan interest repayments, and also by Phoni investors, who have shown their enthusiasm for the takeover by wiping 20% off of the Phoni stock price since the announcement was made.
“The move to reduce our sales force was taken before the random desperation-stakes decision to buy up Whyus”, Sinister explained, “and was driven by our recent agreement to take a $2.3 billion dollar charge to end yet another federal investigation related to off-label marketing of our CASH-2 medicines Grababux and Buxtra.
“Not that we admit to any wrong doing,” Sinister emphasised, “we just like giving money to federal authorities, especially as they are a bit short of cash to give to banks who can then give it back to us so that we can buy up other companies…”
The recent rash of multi-million dollar settlements by Phoni and others has been widely interpreted as an attempt by the pharmaceutical industry to demonstrate to the new US administration that it is ‘getting its house in order”.
“We’ve worked hard to try and make sure that billion dollar settlements for corporate misdemeanours such as off-label marketing become a thing of the past,” said Sinister.
“That’s why we spent a fortune lobbying the previous administration to get off-label promotion legalised. And whilst we’ve done our best to make sure that the new administration is just as full of bought-and-paid-for patsies as the last one was, we don’t want to take any chances,” said Sinister. “$2.3 billion could turn out to be a good deal if the Democrats really live up to their promises…”
Phoni has been working closely with government investigators in order to help identify those responsible for the illegal marketing of Grababux and Buxtra. “We have traced these activities right back through the organisation to individual sales staff, and these employees will be making up many of those whose roles are being terminated,” said Sinister.
“After all, if these guys are dumb enough to get caught, we don’t want them as sales reps,” he argued. “Our disciplinary actions are in accordance with our Core Behaviours - our company values demand that we only employ sales representatives who are devious weasels of the highest calibre and smart enough to cover up all trace of illegal practices.”
“As for the rest of the deselected”, Sinister added, “they’ll be made of the sexually unattractive and all males over the age of fifty as usual, in line with our corporate policies on Respect and Diversity. After all, we don’t any mingers or old codgers in our field staff, do we…?”
Phoni has not ruled out further sales force reductions as a result of the recent takeover of Whyus.
“Now that off-label promotion via third-rate medical journals is acceptable, we won’t need as many sales staff reps as it’ll be far easier to broaden our markets without all of those time-consuming safety studies to worry about. That’s just as well, because due diligence tells us that there are individuals in the Whyus sales force who still believe that CME stands for ‘Continuing Medical Education’,” Sinister smirked.
“They need to understand that at Phoni, CME stands for ‘Concerted Marketing Exercise’, in accordance with our company’s financial expectations. We demand everyone to be Toadying Sycophants Who Do Exactly What They Are Told Without Question No Matter How Wrong, in line with our Core Behaviours of Teamwork and Integrity,” he said.
“A rigorous evaluation of sales performance against specific company characteristics will form part of the systematic approach to “right-sizing” the new combined sales team, as part of our ongoing ‘Shining Path’ initiative. Those losers, sorry, employees not meeting the expected criteria will be participating in our new ‘salary withdrawal’ scheme in line with our policy of treating all employees with Dignity and Respect.”
“This is all part of Making the Phoni Of The Future A Great Place To Work,” frothed Sinister. “Oh, and making bucket-loads of money any which way…”
Tales from the parallel universe of reality can be found here, here and here…
“This move is in no way related to our recent hostile takeover and proposed asset-strip, sorry, acquisition, of Whyus,” said Phoni CEO Johnny B. Sinister. The Whyus takeover move has been welcomed by the financial sector given the promise of massive loan interest repayments, and also by Phoni investors, who have shown their enthusiasm for the takeover by wiping 20% off of the Phoni stock price since the announcement was made.
“The move to reduce our sales force was taken before the random desperation-stakes decision to buy up Whyus”, Sinister explained, “and was driven by our recent agreement to take a $2.3 billion dollar charge to end yet another federal investigation related to off-label marketing of our CASH-2 medicines Grababux and Buxtra.
“Not that we admit to any wrong doing,” Sinister emphasised, “we just like giving money to federal authorities, especially as they are a bit short of cash to give to banks who can then give it back to us so that we can buy up other companies…”
The recent rash of multi-million dollar settlements by Phoni and others has been widely interpreted as an attempt by the pharmaceutical industry to demonstrate to the new US administration that it is ‘getting its house in order”.
“We’ve worked hard to try and make sure that billion dollar settlements for corporate misdemeanours such as off-label marketing become a thing of the past,” said Sinister.
“That’s why we spent a fortune lobbying the previous administration to get off-label promotion legalised. And whilst we’ve done our best to make sure that the new administration is just as full of bought-and-paid-for patsies as the last one was, we don’t want to take any chances,” said Sinister. “$2.3 billion could turn out to be a good deal if the Democrats really live up to their promises…”
Phoni has been working closely with government investigators in order to help identify those responsible for the illegal marketing of Grababux and Buxtra. “We have traced these activities right back through the organisation to individual sales staff, and these employees will be making up many of those whose roles are being terminated,” said Sinister.
“After all, if these guys are dumb enough to get caught, we don’t want them as sales reps,” he argued. “Our disciplinary actions are in accordance with our Core Behaviours - our company values demand that we only employ sales representatives who are devious weasels of the highest calibre and smart enough to cover up all trace of illegal practices.”
“As for the rest of the deselected”, Sinister added, “they’ll be made of the sexually unattractive and all males over the age of fifty as usual, in line with our corporate policies on Respect and Diversity. After all, we don’t any mingers or old codgers in our field staff, do we…?”
Phoni has not ruled out further sales force reductions as a result of the recent takeover of Whyus.
“Now that off-label promotion via third-rate medical journals is acceptable, we won’t need as many sales staff reps as it’ll be far easier to broaden our markets without all of those time-consuming safety studies to worry about. That’s just as well, because due diligence tells us that there are individuals in the Whyus sales force who still believe that CME stands for ‘Continuing Medical Education’,” Sinister smirked.
“They need to understand that at Phoni, CME stands for ‘Concerted Marketing Exercise’, in accordance with our company’s financial expectations. We demand everyone to be Toadying Sycophants Who Do Exactly What They Are Told Without Question No Matter How Wrong, in line with our Core Behaviours of Teamwork and Integrity,” he said.
“A rigorous evaluation of sales performance against specific company characteristics will form part of the systematic approach to “right-sizing” the new combined sales team, as part of our ongoing ‘Shining Path’ initiative. Those losers, sorry, employees not meeting the expected criteria will be participating in our new ‘salary withdrawal’ scheme in line with our policy of treating all employees with Dignity and Respect.”
“This is all part of Making the Phoni Of The Future A Great Place To Work,” frothed Sinister. “Oh, and making bucket-loads of money any which way…”
Tales from the parallel universe of reality can be found here, here and here…
Tuesday, January 27, 2009
Pfizer - Bextra: how to hide $ 2.3 billion
FiercePharma writes:
News of the Pfizer-Wyeth merger this morning drowned out some not so good news for the company. Just after announcing its $68 billion buyout of Wyeth, Pfizer published its 2008 fourth quarter earnings report. In it, Pfizer reveals a $2.3 billion charge to end investigations into allegations of off-label promotions of the company's COX-2 meds, including Bextra.
That settlement caused a 90 percent reduction in Pfizer's 2008 net income, according to its financial report.
Pfizer settled another set of lawsuits involving Bextra for $894 million last October. But the company seems to have been hiding this news in plaint sight, says BNET, pointing out that Pfizer reported the DOJ investigations to the SEC, but never revealed them in press releases.
News of the Pfizer-Wyeth merger this morning drowned out some not so good news for the company. Just after announcing its $68 billion buyout of Wyeth, Pfizer published its 2008 fourth quarter earnings report. In it, Pfizer reveals a $2.3 billion charge to end investigations into allegations of off-label promotions of the company's COX-2 meds, including Bextra.
That settlement caused a 90 percent reduction in Pfizer's 2008 net income, according to its financial report.
Pfizer settled another set of lawsuits involving Bextra for $894 million last October. But the company seems to have been hiding this news in plaint sight, says BNET, pointing out that Pfizer reported the DOJ investigations to the SEC, but never revealed them in press releases.
Sunday, January 25, 2009
Saturday, January 24, 2009
Saturday, December 13, 2008
Wyeth - Prempro: ghostwriters in Grassley's sights
Wyeth, the pharmaceutical company, paid ghostwriters to produce medical journal articles favorable to its hormone replacement therapy Prempro, according to Congressional letters seeking more information about the company’s involvement in medical ghostwriting.
Tuesday, April 29, 2008
Lundbeck's new CEO comes from Wyeth
Danish pharmaceutical group Lundbeck appointed on Tuesday Ulf Wiinberg as its new President and Chief Executive Officer.
Wiinberg comes from Wyeth, where he was president of the company's operations in Europe, Middle East, Africa and Canada, as well as being responsible for its biopharma activities.
His main task will be to find a new cash cow for Lundbeck, whose patents for blockbuster antidepressant Cipralex/Lexapro expire between 2012 and 2014.
Reuters
Wiinberg comes from Wyeth, where he was president of the company's operations in Europe, Middle East, Africa and Canada, as well as being responsible for its biopharma activities.
His main task will be to find a new cash cow for Lundbeck, whose patents for blockbuster antidepressant Cipralex/Lexapro expire between 2012 and 2014.
Reuters
Thursday, April 10, 2008
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