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profits 47 articles

Drug company enjoys rising profits from controversial blood thinner Pradaxa

Boehringer Ingelheim Chief Executive Andreas Barner says he expects the drug company’s profits to rise by a “high-single-digit percentage” this year and to continue to climb in 2013 thanks to new blockbuster drugs, including the blood thinner Pradaxa. Blockbuster status is defined as generating annual sales of $1 billion or more. Pradaxa (dabigatran) is the first anticoagulant in more than five decades to be approved by the Food and Drug Administration (FDA) since warfarin (Coumadin). It is indicated for the prevention of strokes in patients with atrial fibrillation, a type of irregular heartbeat that can cause strokes. Pradaxa was presented ... Read More

Do drug companies protect profits by unethical means?

Sometimes it is hard to know whom you can trust. But trust is of the utmost importance when it involves human life. Unfortunately, drug companies are apparently demonstrating they are more interested in profits than in protecting the consumers who use their products. One troubling example is the antidepressant Paxil. The drug is in a class of medications known as selective serotonin reuptake inhibitors (SSRI), which are among the most prescribed medications in the United States. The drug was listed as a Category C pregnancy medication, meaning there was no evidence to show whether the drug was dangerous to developing ... Read More

Transvaginal mesh maker profiting despite mounting lawsuits

C.R. Bard Inc. is rolling in higher profits after postings its third quarter results, but the celebration may be short lived. The medical device company is facing dozens of lawsuits from patients who have asked to join a multi-district federal case against the company for allegedly selling defective and dangerous products, namely its Avaulta transvaginal mesh. The multi-district litigation, consolidated from 21 individual lawsuits earlier this fall, includes complaints from women who received three different types of Avaulta mesh – Avaulta Biosynthetic, Avaulta Plus, and Avaulta Solo mesh. Earlier this year, 29 other women who had previously filed lawsuits against ... Read More

J-and-J report puts company’s quality standards into question

American consumer health care products and medical device giant Johnson & Johnson released its annual report to shareholders this week, but the report has critics wondering if the company is more focused on profits than the quality of its products. J&J pulled in a whopping $13 billion in profits last year, but shelled out $751 million in taxpayer health care fraud claims; paid $70 million to settle foreign bribery charges; has been sued by consumers over its its allegedly defective metal-on-metal hip implant, and was forced to shut down a major facility that produces Tylenol and other popular brand name ... Read More

Profits of diabetes drug Actos drop amid bladder cancer scare

Japan pharmaceutical company Takeda has announced a nosedive in first-half operating profits in the wake of new bladder cancer warnings on its top-selling type 2 diabetes pill Actos. The company posted a 4.8 percent drop in profits despite an April-September operating profit of ¥211 billion, the equivalent to about $2.7 billion. Takeda says part of the blame rests on currency losses from a strong yen and generic competition. However, the new warnings placed on Actos labels in Europe and the United States have caused sales of the type 2 diabetes pill to wane. New studies released within the past few ... Read More

Drug companies should not hide risk for birth defects

When pharmaceutical companies receive reports that suggest a medication may cause birth defects, they should immediately inform the public. However, too often companies are swayed by rising profits and the fear of bad press and may withhold or cover up this information to protect themselves. It is the public that stands to suffer. This month, 13 Americans are suing Grunethal GmbH and companies now merged into GlaxoSmithKline and Sanofi, claiming the drug companies conspired to withhold the results of studies that showed their drug Thalidomide, used to treat morning sickness in pregnant women, caused birth defects, including missing and malformed ... Read More

High fuel prices aided BP’s quick return to profitability

The Gulf Coast and its many of its residents are still languishing in the aftermath of the largest oil spill in U.S. history, with contaminated fish and shrimp habitats and lost tourism revenues, but BP is once again pulling in multi-billion earnings, fueled in part by the near-record gas prices that leave motorists fuming at the pumps. BP posted $5.3 billion in earnings for the second quarter Tuesday, a remarkable reversal of fortune compared to the same time last year when it reported a loss of $17.2 billion. From absorbing costs associated with cleaning up and containing the spilled oil ... Read More

DePuy hip implant recalls chip away at Johnson & Johnson profits

DePuy Orthopaedics is starting to hurt earnings for parent company Johnson & Johnson as litigation, healthcare, and marketing expenses involving the company’s two recalled hip-implant devices – the ASR XL Acetabular and ASR Hip Resurfacing Systems — pile up. Johnson & Johnson’s earnings dropped nearly 20 percent in the second quarter from a net income of $2.8 billion ($1 per share) from $3.5 billion ($1.23 per share) in the same period last year. The company blames the decline primarily on strong economic headwinds (more and more consumers are postponing certain nonessential medical procedures), but also on the costs of recalling ... Read More

Strong Yen + weak dollar = more Toyota cost cuts

The strong Yen may feel great to Japanese consumers buying imported products or traveling to foreign destinations with a weaker currency, but it’s causing Toyota and other Japanese manufacturers a lot of pain. As the Yen continues to grow in strength against the weak dollar, Japanese exports such as Toyota and Lexus vehicles grow more expensive to the American consumer. This dilemma poses yet another challenge to Toyota, which is facing hundreds of personal injury, wrongful death, and economic loss lawsuits over the sudden unintended acceleration defects in its vehicles. The company also has paid millions of dollars in civil ... Read More

BP posts soaring profits, expects to resume Gulf drilling

It’s still a struggle for Gulf Coast communities racked by last year’s catastrophic oil spill, but BP is flying high on its first-quarter profits and the expectation that it will resume drilling in the Gulf of Mexico again before the end of the year. Thanks to painfully high crude oil prices, BP posted soaring net profits for the first quarter – up 17 percent from $6.08 billion in the first quarter of 2010 to $7.12 billion. The earnings were enough to offset an 11 percent decline in oil and natural gas production caused by last year’s $24 billion in asset ... Read More