AbbVie reported a net loss of $1.83 billion in the fourth quarter of 2018, down from the company's net income of $52 million in the same period last year, Investor Place reports.
Pharmacy
Civica Rx, the nonprofit generic drug company formed by a group of hospital systems, expects to provide about 20 products this year to alleviate shortages, according to Reuters.
About 89 percent of the credit rating changes in the pharmaceutical industry in the last five years have been downgrades, according to a new report from S&P Global Ratings.
In a major win for generic drugmakers, the U.S. Supreme Court upheld disputed language in a patent law that could make patents easier to cancel, STAT reports.
Massachusetts Gov. Charlie Barker unveiled a plan Jan. 23 to rein in the rising cost of prescription drugs in the state by allowing direct negotiation with drugmakers and increasing state oversight of expensive medications, according to The Boston Globe.
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Theravance Biopharma Inc., headquartered in South San Francisco, will cut 14 percent of its workforce in a cost-saving move as it works to launch one drug and expand other drugs into clinical trials, the San Francisco Business Times reports.
In a 171 page report, the World Health Organization concluded that cancer medication prices are "impairing" the ability of governments to provide access to the potentially lifesaving treatments, STAT reports.
Despite a recent string of controversies, Johnson & Johnson was ranked the top pharma company among Fortune's list of the world's most admired companies.
Drug giant Bristol-Myers Squibb saw a fourth-quarter profit of $1.3 billion in 2018, up from a loss of $2.3 billion in the same quarter one year prior, The Wall Street Journal reports.
Vertex Pharmaceuticals fired Ian Smith, its COO and interim CFO, for unspecified personal behavior that violated the company's code of conduct.