Reuters Health News Summary

Ovarian cancer claims account for 99% of the talc-related lawsuits filed against J&J, including about 54,000 lawsuits that are centralized in a New Jersey federal court proceeding. Cencora beats profit estimates on strong demand for costly specialty drugs Cencora beat Wall Street estimates for second-quarter profit on Wednesday, driven by robust demand for costly specialty medicines that treat complex diseases such as cancer and rheumatoid arthritis.

Following is a summary of current health news briefs.

Bio-Techne beats third-quarter estimates on improving demand for biotech products

Bio-Techne on Wednesday beat third-quarter profit and revenue estimates, helped by better-than-expected demand for its cell and gene therapy products and testing and diagnostic devices. On an adjusted basis, the company posted a profit of 48 cents per share, beating analysts' estimates of 45 cents per share, according to LSEG data.

Pfizer lifts profit view on cost cuts, smaller drop in Paxlovid demand

Pfizer lifted its annual profit forecast on Wednesday, and reported first-quarter results that topped Wall Street estimates on cost cuts, a smaller-than-feared drop in sales of its COVID antiviral treatment and strong sales of its pneumonia vaccine. Sales of cancer treatment Padcev, which Pfizer gained through its $43 billion deal for Seagen, also came in ahead of analysts' expectations.

GSK raises profit outlook on strong vaccine, HIV drug sales

GSK raised its full-year profit forecast on Wednesday on strong demand for its common respiratory vaccine and specialty HIV medicines, though it expects sales growth to slow in the second half. CEO Emma Walmsley's strategy has focussed on vaccines, cancer and infectious diseases and a shift in the company's HIV focus to long-acting treatment and prevention therapies. The strategy has paid off as GSK gears up for 12 launches from 2025.

Denmark to restrict Ozempic, other GLP-1 drugs, to treat type 2 diabetes

Denmark will start putting patients suffering from type 2 diabetes on cheaper drugs before prescribing so-called GLP-1 drugs such as Novo Nordisk's Ozempic, the Danish Medicines Agency said on Wednesday. In 2023, 50% of new patients suffering from type 2 diabetes began treatment with a reimbursed GLP-1 drug without trying a cheaper alternative first, the Medicines Agency said.

J&J advances $6.475 billion settlement of talc cancer lawsuits

Johnson & Johnson is moving forward with a $6.475 billion proposed settlement of tens of thousands of lawsuits alleging that its baby powder and other talc products contain asbestos and cause ovarian cancer, the company said Wednesday in a statement. The deal would allow it to resolve the lawsuits through a third bankruptcy filing of a subsidiary company. It will begin a three month voting period in hopes of reaching consensus on a settlement of all current and future ovarian cancer claims. Ovarian cancer claims account for 99% of the talc-related lawsuits filed against J&J, including about 54,000 lawsuits that are centralized in a New Jersey federal court proceeding.

Cencora beats profit estimates on strong demand for costly specialty drugs

Cencora beat Wall Street estimates for second-quarter profit on Wednesday, driven by robust demand for costly specialty medicines that treat complex diseases such as cancer and rheumatoid arthritis. The drug distributor has been benefiting from specialty drugs and biosimilars - close copies of complex biotech drugs - at a time when intense competition pulls down prices of generic medicines.

Arizona Senate expected to vote on 1864 abortion ban repeal

The Arizona Senate is expected to vote on Wednesday on a measure to repeal the state's 1864 ban on abortion, which could go into effect within weeks if not struck down. The Arizona House last week passed the measure after a handful of Republicans broke party ranks and voted with Democrats to send it to the Senate. The bill appears to have enough support to pass the upper chamber, even with Republicans holding a slim 16-14 majority.

CVS cuts 2024 profit forecast as insurance unit faces soaring medical costs

CVS Health Corp slashed its annual profit forecast and missed Wall Street estimates for first-quarter earnings on Wednesday, as elevated demand for medical procedures fueled higher costs at its Aetna health insurance business. The U.S. healthcare giant cut its per-share adjusted earnings forecast for 2024 to at least $7.00 from at least $8.30, adding it anticipates the surge in procedures to persist.

Optomed Oyj, AEYE Health say portable device to detect eye issues gets FDA nod

A portable device that detects eye conditions that can cause sight loss in people with conditions such as diabetes has received clearance from the U.S. health regulator, its developers Optomed Oyj and AEYE Health said. "I'm thrilled to announce that our Optomed Aurora handheld fundus camera with AEYE's AI has received FDA clearance," Optomed CEO Juho Himberg said in a statement on Tuesday. "This milestone marks a significant advancement in healthcare technology."

Amgen investors await weight-loss drug data

Amgen investors eyeing dramatic share price gains for rivals with successful obesity drugs will be focused on any updates the biotech company may provide on its own weight-loss drug candidates when it reports quarterly earnings on Thursday. Amgen has said it expects to have first-in-human results from a small, early-stage trial of experimental oral compound AMG786 before the end of June.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)