Pfizer Reports Strong Second-Quarter 2024 Results And Raises 2024 Guidance

On July 30, 2024 Pfizer reported financial results for the second quarter of 2024 and raised its full-year 2024 guidance for both Revenues and Adjusted diluted EPS (Press release, Pfizer, JUL 30, 2024, View Source [SID1234645357]).

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Takeda Quarterly Financial Report For the Quarter Ended June 30, 2024

On July 30, 2024 Takeda reported its Financial Report For the Quarter Ended June 30, 2024 (Presentation, Takeda, JUL 30, 2024, View Source [SID1234645449]).

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MacroGenics Announces Achievement of $100 Million in Milestones Related to Retifanlimab Collaboration with Incyte

On July 30, 2024 MacroGenics, Inc. (NASDAQ: MGNX), a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing innovative antibody-based therapeutics for the treatment of cancer, reported the achievement of $100 million in milestones from Incyte Corporation related to development progress of ZYNYZ (retifanlimab-dlwr), following an agreement on July 24, 2024, pursuant to which certain milestones were deemed to have been met (Press release, MacroGenics, JUL 30, 2024, View Source [SID1234645160]). ZYNYZ is an intravenous PD-1 inhibitor indicated in the U.S. for the treatment of adult patients with metastatic or recurrent locally advanced Merkel cell carcinoma. ZYNYZ is a monoclonal antibody initially developed by MacroGenics and licensed to Incyte under a 2017 exclusive global collaboration and license agreement. Incyte and its collaborators continue to pursue development of retifanlimab in other indications, which include both monotherapy and combination regimens.

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Under the 2017 collaboration agreement with Incyte, MacroGenics received an upfront payment of $150 million and has achieved a total of $215 million in milestones, including the recent $100 million described above. MacroGenics remains eligible to receive up to a total of $210 million in potential development and regulatory milestones and up to $330 million in potential commercial milestones. MacroGenics receives tiered royalties, which range from 15 to 24 percent, on worldwide net sales of ZYNYZ.

MacroGenics expects to provide its June 30, 2024 cash, cash equivalents and marketable securities balance in its second quarter earnings announcement on or around August 6, 2024. The Company currently anticipates that its June 30, 2024 cash balance plus the $100 million in milestones achieved from Incyte, in addition to projected and anticipated future payments from partners and product revenues should support its cash runway into 2026. The Company’s expected funding requirements reflect anticipated expenditures related to its ongoing clinical and preclinical studies.

Pillar Biosciences’ FDA Approved Solid Tumor NGS Kit oncoReveal™ CDx Launched at Molecular Pathology Laboratory Network, Inc.

On July 30, 2024 Pillar Biosciences, Inc., the leader in Decision Medicine, reported that Molecular Pathology Laboratory Network, Inc., (MPLN) is now the first national molecular reference laboratory to verify and launch oncoReveal CDx (Press release, Pillar Biosciences, JUL 30, 2024, View Source [SID1234645179]).

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The oncoReveal CDx pan-cancer solid tumor IVD kit has been FDA PMA approved for general tumor profiling for 22 clinically relevant genes across all solid tumors, including CDx claims for KRAS (Erbitux & Vectibix) in colorectal cancer (CRC) and EGFR (TKI Class Approval) in non-small cell lung cancer (NSCLC). oncoReveal CDx has a rapid single-day workflow that can be performed by any clinical laboratory enabled with an Illumina MiSeq Dx platform with an integrated sample-to-report time of as little as 48 hours. Up to 46 clinical samples can be performed on a single MiSeq Dx run.

"We are proud to partner with Pillar Biosciences on the global launch this important IVD assay kit," said Dr. Roger Hubbard, Ph.D., Chief Executive Officer, Molecular Pathology Laboratory Network. "MPLN’s goal is to bring innovative technologies to diagnostic care and clinical trial studies. We see this diagnostic assay as an important clinical tool to help quickly select certain cancer patients for 1st line targeted therapy or clinical trials. Given this assay was an FDA approved kit, our laboratory team was quickly able to perform full IVD assay verification within 2 weeks of training. We look forward to working with our physician network and biopharma partners to implement this new solid tumor IVD product."

"The potential of increased FDA regulation on LDTs is putting immense pressure on CLIA-certified molecular reference laboratories," said Dan Harma, Chief Commercial Officer, Pillar Biosciences. "The launch of our oncoReveal CDx now enables these laboratories with an FDA approved solid tumor assay which can be quickly and easily verified and performed in any laboratory with an Illumina MiSeq Dx NGS platform to rapidly profile patients with solid tumors. We see this as a great opportunity to improve care and reduce the delay in patients receiving targeted therapy."

Consolidated Financial Results for the Three-month Period Ended June 30, 2024

On July 30, 2024 NEC reported consolidated Financial Results for the Three-month Period Ended June 30, 2024 (Press release, NEC, JUL 30, 2024, View Source [SID1234647173]).

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