Agilent Technologies Reports First-Quarter Fiscal Year 2019 Financial Results

On February 20, 2019 Agilent Technologies, Inc. (NYSE: A) reported revenue of $1.28 billion for the first quarter ended January 31, 2019, up 6 percent year over year (up 6 percent on a core basis(1)) (Press release, Agilent, FEB 20, 2019, https://www.agilent.com/about/newsroom/presrel/2019/20feb-gp19006.html [SID1234533539]).

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On a GAAP basis, first-quarter net income was $504 million or $1.57 per share, which included a discrete tax benefit of $299 million. This is compared to last year’s first-quarter net loss of $320 million or $0.99 net loss per share, which included a tax charge of $533 million related to U.S. Tax Reform legislation.

"We are pleased to start the year with a strong performance driving excellent revenue and EPS growth and exceeding our guidance," said Mike McMullen, Agilent president and CEO. "The Agilent team is delivering on our commitment to drive superior revenue and earnings growth."

"Our Agilent team continues to do a great job addressing customer needs across our business groups," continued McMullen. "We kicked off 2019 strengthening our best-in-class portfolio bringing new solutions and services to our customers to help them gain new insights and achieve greater productivity in their labs."

Financial Highlights

Life Sciences and Applied Markets Group

First-quarter revenue of $607 million from Agilent’s Life Sciences and Applied Markets Group (LSAG) grew 2 percent year over year (up 1 percent on a core basis(1)). Demand in the pharma, environmental and forensics markets led the results. LSAG’s operating margin for the quarter was 26.1 percent.

Agilent CrossLab Group

First-quarter revenue of $442 million from Agilent CrossLab Group (ACG) grew 8 percent year over year (up 10 percent on a core basis(1)). Growth was excellent across services and consumables, regions and end-markets. ACG’s operating margin for the quarter was 23.9 percent.

Diagnostics and Genomics Group

First-quarter revenue of $235 million from Agilent’s Diagnostics and Genomics Group (DGG) grew 13 percent year over year (up 12 percent on a core basis(1)). Strength in the pharma and clinical and diagnostics end-markets led an excellent performance. DGG’s operating margin for the quarter was 14.0 percent.

Second-Quarter and Full-Year Outlook

Agilent expects second-quarter 2019 revenue in the range of $1.255 billion to $1.270 billion. Second-quarter 2019 non-GAAP earnings are expected to be in the range of $0.70 to $0.72 per share(3).

For fiscal year 2019, the company is raising full-year revenue guidance to a range of $5.15 billion to $5.19 billion and non-GAAP earnings guidance to a range of $3.03 to $3.07 per share(3).

Conference Call

Agilent’s management will present more details about its first-quarter fiscal year 2019 financial results on a conference call with investors today at 1:30 p.m. (Pacific Time). This event will be webcast live in listen-only mode. Listeners may log on at www.investor.agilent.com and select "Q1 2019 Agilent Technologies Inc. Earnings Conference Call" in the "News & Events — Calendar of Events" section. The webcast will remain available on the company’s website for 90 days.

Additional information regarding financial results can be found at www.investor.agilent.com by selecting "Financial Results" in the "Financial Information" section.

A telephone replay of the conference call will be available at approximately February 20, 2019 at 4:30 PM (Pacific Time) after the call and through February 27 by dialing +1 855-859-2056 (or +1 404-537-3406 from outside the United States) and entering pass code 6738126.

Agios Announces FDA Acceptance of Supplemental New Drug Application for TIBSOVO® (ivosidenib) for the Treatment of Patients with Newly Diagnosed Acute Myeloid Leukemia with an IDH1 Mutation Not Eligible for Standard Therapy

On February 20, 2019 Agios Pharmaceuticals, Inc. (NASDAQ:AGIO), a leader in the field of cellular metabolism to treat cancer and rare genetic diseases, reported that the U.S. Food and Drug Administration (FDA) has accepted the company’s supplemental New Drug Application (sNDA) for TIBSOVO (ivosidenib) for the treatment of patients with newly diagnosed acute myeloid leukemia (AML) with an isocitrate dehydrogenase 1 (IDH1) mutation who are not eligible for standard therapy (Press release, Agios Pharmaceuticals, FEB 20, 2019, View Source [SID1234533529]).

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The sNDA was granted Priority Review and has been given a Prescription Drug User Fee Act (PDUFA) action date of June 21, 2019. The FDA’s Priority Review status accelerates the review time from 10 months to a goal of six months from the day of filing acceptance and is given to drugs that may offer major advances in treatment or may provide a treatment where no adequate therapy exists. In addition, the FDA accepted the TIBSOVO sNDA under its Real-Time Oncology Review pilot program, which aims to make the review of oncology drugs more efficient by allowing the FDA access to clinical trial data before the information is formally submitted to the agency.

"In less than seven months since TIBSOVO’s approval in relapsed or refractory AML, we are pleased to be working with the FDA to expand its labeled indication into the frontline setting," said Chris Bowden, M.D., chief medical officer of Agios. "Patients with newly diagnosed AML who are not eligible for standard treatments, such as intensive and non-intensive chemotherapy, are currently offered only palliative care. There is tremendous need for new treatment options, and we believe AML patients with IDH1 mutations have the potential to benefit from this targeted therapy."

TIBSOVO is a first-in-class, oral, targeted inhibitor of mutant IDH1. The sNDA submission is based on results from the untreated AML patients from the Phase 1 dose-escalation and expansion study of ivosidenib in patients with newly diagnosed AML ineligible for standard treatment. Data from the untreated AML portion of this study were presented at the 2018 American Society of Hematology (ASH) (Free ASH Whitepaper) Annual Meeting.

About TIBSOVO (ivosidenib)

TIBSOVO (ivosidenib) is an isocitrate dehydrogenase-1 (IDH1) inhibitor indicated for the treatment of adult patients with relapsed or refractory acute myeloid leukemia (AML) with a susceptible IDH1 mutation as detected by an FDA-approved test. For more information, visit TIBSOVO.com.

IMPORTANT SAFETY INFORMATION

WARNING: DIFFERENTIATION SYNDROME

Patients treated with TIBSOVO have experienced symptoms of differentiation syndrome, which can be fatal if not treated. Symptoms may include fever, dyspnea, hypoxia, pulmonary infiltrates, pleural or pericardial effusions, rapid weight gain or peripheral edema, hypotension, and hepatic, renal, or multi-organ dysfunction. If differentiation syndrome is suspected, initiate corticosteroid therapy and hemodynamic monitoring until symptom resolution.
WARNINGS AND PRECAUTIONS

Differentiation Syndrome: See Boxed WARNING. In the clinical trial, 19% (34/179) of patients with relapsed or refractory AML treated with TIBSOVO experienced differentiation syndrome. Differentiation syndrome is associated with rapid proliferation and differentiation of myeloid cells and may be life-threatening or fatal if not treated. Symptoms of differentiation syndrome in patients treated with TIBSOVO included noninfectious leukocytosis, peripheral edema, pyrexia, dyspnea, pleural effusion, hypotension, hypoxia, pulmonary edema, pneumonitis, pericardial effusion, rash, fluid overload, tumor lysis syndrome, and creatinine increased. Of the 34 patients who experienced differentiation syndrome, 27 (79%) recovered after treatment or after dose interruption of TIBSOVO. Differentiation syndrome occurred as early as 1 day and up to 3 months after TIBSOVO initiation and has been observed with or without concomitant leukocytosis.

If differentiation syndrome is suspected, initiate dexamethasone 10 mg IV every 12 hours (or an equivalent dose of an alternative oral or IV corticosteroid) and hemodynamic monitoring until improvement. If concomitant noninfectious leukocytosis is observed, initiate treatment with hydroxyurea or leukapheresis, as clinically indicated. Taper corticosteroids and hydroxyurea after resolution of symptoms and administer corticosteroids for a minimum of 3 days. Symptoms of differentiation syndrome may recur with premature discontinuation of corticosteroid and/or hydroxyurea treatment. If severe signs and/or symptoms persist for more than 48 hours after initiation of corticosteroids, interrupt TIBSOVO until signs and symptoms are no longer severe.

QTc Interval Prolongation: Patients treated with TIBSOVO can develop QT (QTc) prolongation and ventricular arrhythmias. One patient developed ventricular fibrillation attributed to TIBSOVO. Concomitant use of TIBSOVO with drugs known to prolong the QTc interval (e.g., anti-arrhythmic medicines, fluoroquinolones, triazole anti-fungals, 5-HT3 receptor antagonists) and CYP3A4 inhibitors may increase the risk of QTc interval prolongation. Conduct monitoring of electrocardiograms (ECGs) and electrolytes. In patients with congenital long QTc syndrome, congestive heart failure, electrolyte abnormalities, or in those who are taking medications known to prolong the QTc interval, more frequent monitoring may be necessary.

Interrupt TIBSOVO if QTc increases to greater than 480 msec and less than 500 msec. Interrupt and reduce TIBSOVO if QTc increases to greater than 500 msec. Permanently discontinue TIBSOVO in patients who develop QTc interval prolongation with signs or symptoms of life-threatening arrhythmia.

Guillain-Barré Syndrome: Guillain-Barré syndrome occurred in <1% (2/258) of patients treated with TIBSOVO in the clinical study. Monitor patients taking TIBSOVO for onset of new signs or symptoms of motor and/or sensory neuropathy such as unilateral or bilateral weakness, sensory alterations, paresthesias, or difficulty breathing. Permanently discontinue TIBSOVO in patients who are diagnosed with Guillain-Barré syndrome.

ADVERSE REACTIONS

The most common adverse reactions (≥20%) of any grade were fatigue (39%), leukocytosis (38%), arthralgia (36%), diarrhea (34%), dyspnea (33%), edema (32%), nausea (31%), mucositis (28%), electrocardiogram QT prolonged (26%), rash (26%), pyrexia (23%), cough (22%), and constipation (20%).
The most frequently reported ≥Grade 3 adverse reactions (≥5%) were electrocardiogram QT prolonged (10%), dyspnea (9%), leukocytosis (8%), tumor lysis syndrome (6%), and differentiation syndrome (5%).
Serious adverse reactions (≥5%) were differentiation syndrome (10%), leukocytosis (10%), and electrocardiogram QT prolonged (7%). There was one case of progressive multifocal leukoencephalopathy (PML).
DRUG INTERACTIONS

Strong or Moderate CYP3A4 Inhibitors: Reduce TIBSOVO dose with strong CYP3A4 inhibitors. Monitor patients for increased risk of QTc interval prolongation.

Strong CYP3A4 Inducers: Avoid concomitant use with TIBSOVO.

Sensitive CYP3A4 Substrates: Avoid concomitant use with TIBSOVO.

QTc Prolonging Drugs: Avoid concomitant use with TIBSOVO. If co-administration is unavoidable, monitor patients for increased risk of QTc interval prolongation.

LACTATION

Many drugs are excreted in human milk and because of the potential for adverse reactions in breastfed children, advise women not to breastfeed during treatment with TIBSOVO and for at least 1 month after the last dose.

Please see full Prescribing Information, including Boxed WARNING.

About Acute Myelogenous Leukemia (AML)
AML, a cancer of blood and bone marrow characterized by rapid disease progression, is the most common acute leukemia affecting adults. Undifferentiated blast cells proliferate in the bone marrow rather than mature into normal blood cells. AML incidence significantly increases with age, and the median age of diagnosis is 68. The vast majority of patients do not respond to chemotherapy and progress to relapsed/refractory AML. The five-year survival rate for AML is approximately 27 percent. IDH1 mutations are present in about 6 to 10 percent of AML cases.

Moleculin Announces Outlicensing Deal To Accelerate Preclinical and Clinical Development

On February 20, 2019 Moleculin Biotech, Inc., (Nasdaq: MBRX) ("Moleculin" or the "Company"), a clinical stage pharmaceutical company focused on the development of oncology drug candidates, all of which are based on license agreements with The University of Texas System on behalf of the M.D. Anderson Cancer Center, reported that it has entered into a sublicense agreement with WPD Pharmaceuticals (WPD), located in Poland (Press release, Moleculin, FEB 20, 2019, View Source [SID1234533527]).

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The agreement provides WPD with exclusive rights, subject to current license agreements, to develop and market a range of Moleculin’s technologies in certain European countries (which does not include the UK, France, Italy and Spain) in exchange for contributing a minimum of $4 million in development expenditures agreed upon by Moleculin during the term of the agreement plus an ongoing royalty on future revenues. The agreement is specifically geared to provide Moleculin with the benefit of European Union (EU) grant funding, which is available to companies like WPD that are formed and present in EU countries.

The Company has previously entered into similar agreements with Dermin s.p. z.o.o. with some of its technologies in similar territories and Dermin has succeeded in obtaining grant funding in Poland benefiting the Company’s development objectives.

"Prior to being a public company, our portfolio benefited from funding obtained by Dermin in the past allowing us to accelerate our lead drug development in exchange for the rights to selected territories," commented Walter Klemp, Moleculin’s Chairman and CEO, "so, we already have a strong track record of pursuing and utilizing EU funding sources. Since our Scientific Founder, Dr. Waldemar Priebe has a major interest in both Moleculin and WPD, we believe we have an even better alignment of priorities allowing both companies to work together for our mutual benefit with this new agreement going forward."

Mr. Klemp added: "We view this as a potential source of ‘non-dilutive financing’ that we believe greatly benefits Moleculin shareholders. We estimate that the territories we are outlicensing represent approximately 10% of the worldwide spending on healthcare (as reported by the World Health Organization), and exclude key markets considered important to potential future outlicensing opportunities with ‘Big Pharma,’ so, we believe the opportunity to access $4 million and potentially significantly more in spending toward our development objectives, without dilution to shareholders, is a good deal for Moleculin. We believe this deal may allow us to pursue new indications for our lead drugs that otherwise would remain unexplored, which may ultimately increase our market opportunities and our chances for earlier drug approval. An added and extremely important benefit of this approach is that Moleculin doesn’t have to invest its own resources in establishing an EU-based infrastructure that would be required to access such grant funding of our own. We believe this deal continues our low overhead, capital efficient approach."

Roth Capital Partners rendered a fairness opinion to the Company’s board of directors in connection with the transaction with WPD.

AOP Orphan announces EU Marketing Authorization for BESREMi® (Ropeginterferon alfa-2b) for rare blood cancer (PV)

On February 20, 2019 AOP Orphan Pharmaceuticals AG (AOP Orphan), a European pioneer in rare disease, reported that the European Commission (EC) has granted Marketing Authorization for BESREMi (Ropeginterferon alfa-2b) as first line monotherapy in adults for the treatment of Polycythaemia Vera (PV) without symptomatic splenomegaly (Press release, AOP Orphan Pharmaceuticals, FEB 20, 2019, View Source [SID1234533522]).

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BESREMi is now approved for use in all twenty-eight-member states of the European Union, as well as in Iceland, Liechtenstein and Norway.

The EC approval was based on data generated in the clinical development program, comprising of pivotal PROUD-PV, PEN-PV, PEGINVERA and the ongoing trial CONTINUATION-PV. Clinical study data on patients receiving treatment up to seven years are available underlining the long experience with BESREMi in PV.

"BESREMi is the first approved interferon in PV and now, our next goal is to make it available to patients living with this condition in Europe as soon as possible," said Andreas Steiner, Chief Executive Officer of AOP Orphan.

About BESREMi

BESREMi is a novel, long-acting, mono-pegylated proline interferon (ATC L03AB15). Its pharmacokinetic properties offer a new level of tolerability. BESREMi is designed to be self-administered subcutaneously with a pen once every two weeks, or monthly during long-term maintenance. This treatment schedule is expected to lead to overall better safety, tolerability and adherence compared to conventional pegylated interferons.

For the EC Summary of Product Characteristics please visit:

View Source

Ropeginterferon alfa-2b was discovered by PharmaEssentia Corp. based in Taiwan (see www.pharmaessentia.com). In 2009, AOP Orphan and PharmaEssentia entered into a License and Manufacturing agreement for Ropeginterferon alfa-2b which is manufactured by PharmaEssentia in its new Taichung Plant opened in Oct 2012 which has also received a GMP-certificate by a European regulatory body in Jan 2018. The finished product was developed as a pre-filled pen by Vetter (Germany) and Ypsomed (Switzerland) under the overall project lead of AOP Orphan in order to make administration easier compared to a vial or syringe. AOP Orphan has the exclusive rights for clinical development and commercialization of Ropeginterferon alfa-2b in PV, other myeloproliferative neoplasia (MPN) and chronic myeloid leukemia (CML) for European, Commonwealth of Independent States (CIS), and Middle Eastern markets. AOP Orphan informs separately when BESREMi will be available on the respective markets.

About Polycythemia Vera
Polycythemia Vera (PV) is a rare cancer of the blood-building stem cells in the bone marrow resulting in a chronic increase of red blood cells, white blood cells and platelets. This condition increases the risk for circulatory disorders such as thrombosis and embolism, its symptoms lead to a reduced quality of life and on the long run may progress to myelofibrosis or transform to leukemia. While the molecular mechanism underlying PV is still subject of intense research, current results point to blood-building stem cells in the bone marrow with a set of acquired mutations, the most important being a mutant form of JAK2 that make up the malignant clone. Important PV treatment goals are to achieve healthy blood counts (hematocrit below 45%), improve quality of life and to slow or delay the progression of disease.

Medtronic EVP & RTG President Geoff Martha to Speak at Leerink Partners Global Healthcare Conference

On February 20, 2019 Medtronic plc (NYSE:MDT), the global leader in medical technology, reported it will participate in the 8th Annual Leerink Partners Global Healthcare Conference in New York (Press release, Medtronic, FEB 20, 2019, View Source;p=RssLanding&cat=news&id=2388179 [SID1234533520]).

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Geoff Martha, executive vice president and president of the Restorative Therapies Group (RTG) of Medtronic, will make a brief presentation and answer questions on the company, beginning at 9:00 a.m. EST (8:00 a.m. CST) on Wednesday, February 27, 2019.

A live audio webcast of the presentation will be available on February 27, 2019, by clicking on the Investor Events link at View Source An archive of the session will be available on the same webpage later in the day.