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Latest From Andy Smith
Time is the least considered driver of asset valuations in life sciences – and may be a factor behind the low level of M&A deals so far this year. ICON’s Andy Smith provides some advice to the C-suite and business development managers on strategies to clarify the duration aspect in risk-sensitive transaction negotiations.
Mid-cap biotech companies Alexion and United Therapeutics both missed fourth-quarter sales expectations and although Intercept beat analysts' estimates with $13.4m in sales, does that justify a $3bn valuation?
Debt-fueled acquisitions helped Teva, Shire and Allergan report well-received fourth-quarter earnings. But sector circumstances have changed since 2016 and the ability to grow by debt-funded acquisition is now severely restricted.
A lackluster fourth-quarter earnings season at least didn't get any worse with the reports of Merck, Lilly, Sanofi and GSK. Flat earnings guidance might be considered to be an improvement on guidance cuts, but financial guidance that depends on currency effects and the absence of generic competition may ultimately be unreliable.
Lackluster reports from Pfizer, Roche, AstraZeneca and Novo Nordisk in a second week of earnings season pervaded by below consensus 2017 guidance followed a first week punctuated by missed sales estimates. So much bad news hanging over the sector feels like a nuclear winter.
Fourth-quarter earnings reports from J&J, Novartis, AbbVie and Biogen all missed on sales but more worryingly, lower sales from some recent acquisitions contributed to the missed expectations. The time from child star to problem child seems to be shorter than I remember.