Merck COVID sales decline: https://money.usnews.com/investing/news/articles/2023-02-02/merck-fourth-quarter-tops-expectations-on-strong-covid-pill-sales . Um, does anyone do research anymore? As we noted YESTERDAY, Merck’s COVID drug Molnupiravir is under fire for increasing COVID mutations. What do you think will happen to prescription volume?
Roche faces COVID sales decline: https://money.usnews.com/investing/news/articles/2023-02-02/roche-flags-2023-earnings-decline-on-slump-in-covid-products . As the article notes, Roche must find new drugs to fill its pipeline. They face major challenges in doing that, as do other drugmakers (the article mentions GSK in this regard). However, GSK has Shingrix as well as an RSV vaccine: https://money.usnews.com/investing/news/articles/2023-02-01/gsk-reports-q4-profit-sales-beat-wall-street-estimates . GSK’s main problem is underperformance of its cancer investments; that is where pipeline improvement is needed.
Lilly COVID sales underperform for Amgen: https://money.usnews.com/investing/news/articles/2023-01-31/amgen-revenue-falls-slightly-as-lilly-covid-deal-contributes-less . The theme here is that COVID antibody treatments are being outpaced by the virus. WSJ: More: https://www.wsj.com/articles/elililly-lly-q4-earnings-report-2022-11675341060 .
Quinapril blood pressure medication recalled again over cancer concerns: https://www.everydayhealth.com/hypertension/high-blood-pressure-medication-recall-again-due-to-possible-cancer-risk/ . Wait, AGAIN? Yep; the last time was a month ago: https://www.usatoday.com/story/news/health/2022/12/26/quinapril-blood-pressure-medication-cancer-recall/10953286002/ . Another drug company needs to buy these goofballs out and straighten out their manufacturing and quality control processes – yesterday …
WSJ: The battle over drug prices: https://www.wsj.com/articles/drugmakers-raise-prices-on-nearly-1-000-medicines-but-show-restraint-11675313960 . Americans pay too much for drugs relative to other countries. Everyone knows it. The drug companies need to adjust to the new realities.
WSJ: Markets bet against the Fed: https://www.wsj.com/articles/stock-bond-and-crypto-investors-call-feds-bluff-on-interest-rates-11675314448 . Big mistake. The markets are behaving as if they are detached from economic reality. Historically, this has never worked.
Is Social Security off the table? https://news.yahoo.com/debt-limit-social-security-is-a-hot-topic-even-as-the-gop-says-its-off-the-table-181710541.html . WSJ: More: https://www.wsj.com/articles/debt-ceiling-talks-sideline-social-security-medicare-11675344634 . Let’s review. The debt ceiling must be raised, because that money has already been spent. The GOP says tax increases and defense cuts will not happen. The only thing left is domestic spending. This is why Biden has asked McCarthy for specifics.
Cutting Social Security or Medicare is essentially insane. Workers have been promised the current benefits, any cuts would have to be phased in over a long period, and none of this would come close to balancing the budget any time soon. The only step will which makes major progress toward solving the impending trust fund bankruptcies is applying the Social Security and Medicare taxes to all income. Doubters are welcome to play with the American Academy of Actuaries’ Social Security solvency model: https://www.actuary.org/content/try-your-hand-social-security-reform .
As I have said repeatedly, the GOP apparently has given no thought to governing. Indeed, they have not educated themselves about the most basic of financial realities. Kevin McCarthy seems intent on taking the third rail of American politics and shoving it up his own rear. Hmm, I’m warming to the idea …
WSJ: Weekly jobless claims edge lower to 183,000: https://www.wsj.com/articles/u-s-jobless-claims-edged-down-last-week-11675346339 . This will encourage the Fed to continue to hike rates. Demand must slacken to reduce inflation.
WSJ: Russia claims small gains around Bakhmut: https://www.wsj.com/articles/russia-claims-gains-in-battle-for-bakhmut-11675331393 . Notice that the village the Russians claim is named Sacco and Vanzetti, commemorating a major miscarriage of American justice: https://en.wikipedia.org/wiki/Sacco_and_Vanzetti . Never forget that Americans have long held racist sentiments against perceived inferior immigrants, in this case two Italians. This tells you more about the Americans than the immigrants.
FTX criminal prosecution complicates FTX bankruptcy: https://www.msn.com/en-us/news/crime/the-criminal-case-against-sam-bankman-fried-and-caroline-ellison-could-put-jilted-ftx-customers-in-the-backseat/ar-AA172Hyy?cvid=39afad3dbe404091bf2c3752a3034c6c . That unfortunately is life in the big city. Everyone involved in the bankruptcy knew pretty quickly that criminal charges would dominate this situation. The fundamental problem relates to the almost nonexistent corporate accounting, which has allowed the leakage of assets. That leakage may have been irreparable early on in this process.
WSJ: Meta lawyers demonstrate foolish legal strategy: https://www.wsj.com/articles/ftc-denies-metas-bid-to-disqualify-chair-lina-khan-from-antitrust-lawsuit-11675369399 . Good grief, people! Rule No. 1! Here you’ve managed to piss off all the “judges”, and in particular the commissioner.
WSJ: Pelosi backs Adam Schiff for Feinstein seat: https://www.wsj.com/articles/nancy-pelosi-backs-adam-schiff-in-california-senate-race-11675352650 . So this tends to cut off Katie Porter at the knees. Also, the California Democrats are making it clear they have moved past Feinstein, even though she has not announced her plans. Here’s some misplaced horse-picking from about 3 weeks ago: https://www.thenation.com/article/politics/dianne-feinstein-katie-porter/ .
Insanity, Part 1: Parents abandon baby to catch flight: https://www.aol.com/news/parents-flight-abandon-baby-check-154447476.html .
Insanity, Part 2: Care facility ships woman in body bag to funeral home – she’s not dead: https://www.cbsnews.com/news/woman-mistakenly-pronounced-dead-in-iowa-gasped-for-air-after-being-found-by-funeral-home-staff-report-says/ . Apparently, the term “assisted living” does not apply to this “care facility”. Indeed, they self-describe as an “end of life” facility. What exactly did they check before zipping her in the bag? Also, the total fine for this is $10,000?
WSJ: Texas puts on its Annual Power Outage Holiday: https://www.wsj.com/articles/texas-storms-leave-more-than-400-000-without-power-11675364067 . While this does look like Groundhog Day Texas-style, 2021’s citizen deaths were driven by the power grid failure. These electrical failures came from weather damage to the lines, not the wind generators.
Groundhog Day, our only holiday devoted to a rodent: https://www.aol.com/every-groundhog-day-punxsutawney-phil-004113930.html . Helpfully, the rodent’s prediction is wrong more often than it’s right. So this is really our National Celebration of Failure Day. Yay? And by the way, Spellcheck doesn’t like my use of “it’s” – it wants “its”. Way to get in the spirit of the holiday, you failure!! WSJ: More: https://www.wsj.com/articles/groundhog-day-2023-when-is-it-and-how-the-tradition-began-11675283296 . The Journal notes that Punxsutawney Phil has been wrong 5 of the last 6 years. I’d say he qualifies for their Editorial Board.