Farmas USA

TGTX

Pa dentro en 7,91...con 5 cromos!!! La madre que los parió...

HZNP

Reposteo mío de noviembre

11-11-2015
Express Scripts (NASDAQ:ESRX) terminates Linden Care Pharmacy from its network after it found that it predominantly dispensed prescription drugs made by Horizon Pharma (NASDAQ:HZNP) and failed to fulfill ESRX's pharmacy network agreement. The pharmacy benefit manager also says it is evaluating other pharmacies that appear to dispense mostly Horizon medicines. To top things off, it has filed suit in a Delaware court alleging breach of contract and seeks to recover ~$140M from Horizon for certain rebates owed to ESRX.
Express Scripts takes action against Horizon Pharma in a big way.
Horizon Pharma has half its revenue coming from specialty pharmacies.
Valeant and Horizon may not be able to use copay waivers to sell overpriced drugs if other PBMs follow.
Horizon's Vimovo and Duexis had been dropped from formularies, because they were just combinations of ancient generics.
Horizon has just been reminded that specialty pharmacies were for medications that required special handling and refrigeration, such as injections. Specialty pharmacies were not supposed to be used for copay subversion for ancient generics.
"If our strategies to mitigate formulary exclusions are not effective, these events may reduce the likelihood that physicians prescribe our products and increase the likelihood that prescriptions for our products are not filled."
Horizon's financial position
At least half of Horizon's revenue came through its specialty pharmacy program. In their Q3 earnings call they said:
We anticipate PME penetration for our primary care products to be in the 65% to 75% range. In the second quarter, PME penetration for Duexis, Vimovo and Pennsaid 2% were 71%, 61% and 69%, respectively, well within our expected range.
Horizon had $226 million of product revenue in Q3, of which $148 million was primary care. If primary care revenue was 70% PME, it works out to $104 million. But it was not just primary care that used PME:
And then on Rayos, PME penetration increased from 36% to 60% which drove an 88% increase in prescriptions in the quarter and gross to net increased from 40% to 55%.
Rayos was $12 million, so PME Rayos revenue would be around $7 million. Adding it all up, in my opinion, Horizon Pharma's debt holders will be in big trouble if other PBMs follow Express Scripts. Horizon's stock price had nearly doubled from the post-Philidor low, driven in part by the idea that Horizon did not own its specialty pharmacies.
Horizon has debt of $858 million. When such a huge chunk of revenue is at risk, the EBITDA drop is left to the imagination. In its latest earnings release, Horizon claims adjusted EBITDA of $239 million in the first nine months of 2015. Its hard to estimate just how bad the EBITDA can get without knowing the fixed costs at Horizon.
http://seekingalpha.com/article/3675356-horizon-hit-by-express-scripts-valeant-back-to-square-one?app=1&auth_param=7ib4d:1b46fr7:450c1159b3255f5bea6bfc2ccc485b7a&uprof=44
Comunicado de Horizon:

"Express Scripts is not only a pharmacy benefit manager that has significant control over prescriptions that flow to specialty pharmacies, it also operates its own mail-order pharmacy and thus is a direct competitor of small, independent specialty pharmacies throughout the United States. This competitive role, in our view, creates a clear conflict of interest, as Express Scripts stands as both a pharmacy's overseer and competitor. In fact, Express Scripts' specialty pharmacy, Accredo Health Group, Inc., is the largest in the United States with more than 28 percent market share. Based on its Accredo ownership, it's not surprising that Express Scripts would target small, competitive independent specialty pharmacies in order to force those pharmacies from its network, attempt to dominate the U.S. specialty pharmacy medicine distribution channel and further boost its own profits at the expense of patients. As the New York Times reported on July 15, 2015, independent specialty pharmacies believe that insurers and pharmacy benefit managers funnel business to their own pharmacies, even if others may provide better service."
"Additionally, we currently have an agreement with Accredo to provide one of our important orphan medicines to patients, and contrary to the misperception that Express Scripts wishes to create, Accredo accounts for a larger percentage of our revenue than any other pharmacy. However, based on current and past business practices by Accredo and Express Scripts, including its recent $60 million fraud settlement with the U.S. Department of Justice, we are re-evaluating this relationship to determine how we can most appropriately and ethically serve our patients, their physicians and our shareholders," Walbert continued.
"Profiteering, particularly in the case of Express Scripts which recognized more than $38 billion in revenues from specialty and home-delivery services in 2014, and anti-competitive behavior has to stop because ultimately it's the patients who suffer and the impact on the patient is far reaching," Walbert added. "As Linden Care stated in its legal complaint, 'if Linden does not receive a stay pending a hearing, the termination will remain in effect, resulting in innocent patients potentially missing medications due to a physical inability to obtain them through other channels, experiencing withdrawal symptoms from narcotics or experiencing errors in taking medications, thereby placing their well-being in jeopardy.' This isn't the right thing to do for patients and as an industry that exists to serve the patient, we need to take a stand to ensure that regardless of the hurdles we face from pharmacy benefit managers, we continue to do whatever possible to ensure patients have access to the medicines their physicians prescribe."

La farmacia esa de Accredo ya tiene antecedentes (con Novartis) por ese tipo de estratagemas y se plantean no volver a trabajar con ella. Juas. Lo que decía antes.
Según lo veo restrosprectivamente, la guerra esta empezó hace un año contra las marcas y en favor de los genéricos, y se la están tomandomuy en serio. Recuerdo cuando se anunció que varios seguros les sacaban a las dos sus fármacos de los medicamentos financiados. Eran las que yo llevaba con productos, pero obviamente ha afectado también a otras, y ahí está el ejemplo de GILD.
HZNP, al igual que Valeant y seguramente muchas otras que acabarán por salir o no según la estrategia bélica pertinente, se las ingeniaron para no perder esa cuota de mercado con diferentes subterfugios, y crearon directamente farmacias intermediarias o procuraron tener su control de alguna forma. Que hayan salido los casos de Valeant y HZNP es indicativo de que probablemente ha sido una práctica generalizada. Y no creo que suelten a HZNP tan fácilmente ahora que ha salido a la luz.
No sé si GALE habrá entrado en este juego también, pero la comunicación del otro día de que abandona la comercialización de sus fármacos me huele a que va a ser por esta razón. En su caso las ventas no eran tantas y han decidido centrarse en la investigación porque relación esfuerzo/beneficio/potenciales marrones seguramente no les compensa.
Todo esto es una deducción mía sin más, y me gustaría que la gente del mundillo expresara su visión al respecto. Es una guerra en que todavía queda mucho por andar y donde la administración va a presionar a las farmas para moderar el precio de sus medicamentos de marca respecto de los genéricos bajo la amenaza de joderles las ventas y machacarlas a base de escándalos, tal y como se está viendo.

IBB

Este Febrero/Marzo los íncides han recuperado en gran medida las pérdidas, ... EXCEPTO el IBB.

Soy novato en esto, y no sé si las bio se comportan así , .... o el sector está realmente tocado.

Pues claro que esta realmente tocado el sector, un -40% desde Agosto y ni en los rebotes levanta medio palmo .... 

Tras 7 años de vacas gordas, muy gordas, es lo que hay .. 

Sí, realmente han sido unos años en que el sector a captado mucho capital.
Me pregunto cómo están ahora los institucionales. Es decir, si las caídas se han producido por salidas de fondos, o bién se han producido con poco volumen.
Con esta caída del 40% vertical en menos de un año ( y añadiendo el EUR/USD ) el retail huye.
Pero, .. los institucionales mantienen ?

TGTX

Ala, ya van por 8,21 y yo con mis 5 cromos! que asco...

http://seekingalpha.com/news/3168168-cellceutix-finishes-last-patient-visit-mid-stage-prurisol-study-plaque-psoriasis-top-line?app=1&uprof=45#email_link

SRPT

Mucha subida, mucho volumen
http://www.bizjournals.com/boston/blog/bioflash/2016/03/sarepta-shares-spike-as-three-directors-buy-2-5m.html?ana=yahoo