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Merck Gilead Patent Trial 3/22/16
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Merck Gets Win Over Gilead in Hepatitis C Drug Patent Dispute
Mar 22, 2016 | Wall Street Journal
By Peter Loftus
Merck & Co. won a legal victory over rival Gilead Sciences Inc. on Tuesday when a California jury upheld the validity of two patents that Merck says should entitle it to a portion of the multibillion-dollar sales of Gilead’s hepatitis C drugs. -
UPDATE 2-Merck patents on Hepatitis C treatment found valid in Gilead dispute
Mar 22, 2016 | Reuters
By Rory Carroll and Andrew Chung
federal jury on Tuesday upheld the validity of two Merck & Co patents in a high-profile dispute with rival Gilead Sciences Inc, which could be forced to hand over a portion of the billions of dollars in revenue from its blockbuster cure for hepatitis C. -
Merck Wins Chance for Royalties on Gilead’s Hepatitis C Cure
Mar 22, 2016 | Bloomberg Business
By Kartikay Mehrotra
Merck & Co. won a jury verdict that allows it to seek royalties from Gilead Sciences Inc. for the drugs that have dominated the hepatitis C market with $20 billion in U.S. sales since 2013. -
Jury Finds for Merck in Hepatitis Drug Fight With Gilead
Mar 22, 2016 | Associated Press
By Linda A. Johnson
A federal jury in California has ruled in favor of drugmaker Merck & Co. in a high-stakes lawsuit against rival Gilead Sciences Inc. over patents for lucrative new drugs that rapidly cure hepatitis C. -
Merck wins high-stakes battle with Gilead over hep C patents
Mar 22, 2016 | STAT
By Ed Silverman
A federal jury on Tuesday upheld the validity of two Merck patents in a high-stakes battle with Gilead Sciences, which may now have to pay royalties on some of the billions of dollars in sales generated by its wildly successful hepatitis C treatments. -
After-Hours Stock Movers 03/22: (SCS) (AFFX) (DF) Higher; (KKD) (NKE) (RHT) Lower (more...)
Mar 22, 2016 | Street Insider
Gilead Sciences (Nasdaq: GILD) 2.2% LOWER; Merck won a jury verdict allowing it to seek royalties from Gilead Sciences (Nasdaq: GILD), according to Bloomberg. The report said jurors embraced Merck's claims that its scientists were responsible for early breakthroughs that led to the development of Sovaldi and Horvoni. Merck (NYSE: MRK) 1% HIGHER; won a jury verdict allowing it to seek royalties from Gilead Sciences (Nasdaq: GILD), according to Bloomberg. The report said jurors embraced Merck's claims that its scientists were responsible for early breakthroughs that led to the development of Sovaldi and Horvoni. -
Gilead Sciences Falls as Jury Finds in Favor of Merck in Hep C Dispute
Mar 22, 2016 | Barrons
By Ben Levisohn
Merck & Co. won a jury verdict that allows it to seek royalties from Gilead Sciences Inc. for the drugs that have dominated the hepatitis C market with $20 billion in U.S. sales since 2013. -
Merck +0.9%, Gilead -2.1% as jury rules Merck's patents valid
Mar 22, 2016 | Seeking Alpha
By Jason Aycock
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After-hours buzz: Nike, Gilead, Five Below & more
Mar 22, 2016 | CNBC
By Anita balakrishnan
Check out the companies making headlines after the bell Tuesday: -
Isis Pharmaceuticals Inc.: Ionis Pharmaceuticals and Merck Receive Positive Verdict on Gilead HCV Drug Patent Case
Mar 22, 2016 | The Wall Street Transcript
Client Attorney Privileged/Attorney Work Product/At Request of Counsel
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Merck Gets Win Over Gilead in Hepatitis C Drug Patent Dispute
Mar 22, 2016 | Wall Street Journal
By Peter Loftus
Merck & Co. won a legal victory over rival Gilead Sciences Inc. on Tuesday when a California jury upheld the validity of two patents that Merck says should entitle it to a portion of the multibillion-dollar sales of Gilead’s hepatitis C drugs.
The financial repercussions of the decision weren’t immediately clear. The jury must still consider what damages to award to Merck and its co-owner of the patents, Ionis Pharmaceuticals Inc., Merck said in an emailed statement
Merck said it “believes the jury’s verdict accurately reflects the evidence in this case.”
Gilead said in an emailed statement it was disappointed in the jury’s verdict, and that there are a number of remaining issues to be decided by the jury and the judge.
The verdict followed a trial that began earlier this month in federal court in San Jose, in which Gilead argued that it shouldn’t have to share any of the sales of its hepatitis C drugs Sovaldi and Harvoni with Merck. Last year, combined U.S. sales of the two drugs were $12.5 billion, out of a global haul of $19.1 billion.Advertisement
Merck staked a claim because it believes sofosbuvir, the active ingredient shared by Gilead’s drugs, infringes two Merck patents that cover related compounds, and it wants royalties from Gilead. In the trial, which arose from Gilead’s 2013 lawsuit against Merck, Gilead was seeking a judgment that the Merck patents are invalid and that it owes Merck nothing. Merck recently began selling its own hepatitis C drug, Zepatier.
The case is one of several legal battles that have erupted over a new wave of effective but expensive hepatitis C drugs, as companies try to assert the patent rights they will need to grab a piece of the pie.
Merck said in a court document last month that it filed applications in 2002 for patents covering the use of certain compounds to fight hepatitis C infection. In 2013, Merck proposed to license its patents to Gilead in exchange for a royalty of 10% of U.S. sales of products containing sofosbuvir, according to Gilead’s lawsuit against Merck. Gilead countered in a court document that a 10% royalty is a “prohibitive demand.”
Gilead said in a court document last month that the original applications for the Merck patents weren’t specific enough to cover Gilead’s drugs. Gilead also said certain claims in the Merck patents weren’t added until several years after the original applications, following patent applications and research publications by scientists from Pharmasset, the company that developed sofosbuvir and was acquired by Gilead for more than $11 billion.
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UPDATE 2-Merck patents on Hepatitis C treatment found valid in Gilead dispute
Mar 22, 2016 | Reuters
By Rory Carroll and Andrew Chung
A federal jury on Tuesday upheld the validity of two Merck & Co patents in a high-profile dispute with rival Gilead Sciences Inc, which could be forced to hand over a portion of the billions of dollars in revenue from its blockbuster cure for hepatitis C.
The verdict in federal court in San Jose, California, is a major setback for Gilead, whose drugs Sovaldi and Harvoni brought in $19.2 billion in worldwide sales last year. Merck has demanded more than $2 billion in damages and a royalty of 10 percent of Gilead's sales going forward. The jury must now decide exactly how much Gilead owes.
Gilead shares were down $1.92 to $91.80 in after-hours trading. Merck rose 57 cents to $53.60.
In a statement, Gilead spokeswoman Michele Rest said, "Although we are disappointed by the jury's verdict today, there are a number of remaining issues to be decided by the jury and the judge."
A spokeswoman for Merck said the verdict "accurately reflects the evidence in this case," adding that strong patent protection is essential to innovation.ADVERTISINGinRead invented by Teads
The trial, which began on March 7, came as pharmaceutical companies race to capture a slice of the lucrative market for the newest hepatitis C treatments, which can cure well over 90 percent of patients with the liver disease.
Insurers, politicians and patient groups have denounced the list prices of the drugs. Harvoni, at $1,125 per pill before discounts, costs $94,000 for a 12-week regimen. In January, the U.S. Food and Drug Administration approved Merck's Zepatier drug.
In 2013 Merck contacted Gilead saying the active ingredient in Gilead's drugs, sofosbuvir, infringed Merck's patents, according to court papers.
Foster City, California-based Gilead then asked the federal court in San Jose to declare the patents invalid, saying they do not clearly describe any disease fighting effects.
Merck, based in Kenilworth, New Jersey, countersued for infringement, demanding 10 percent royalty on U.S. sales for all past and future sales, a figure Gilead called "outrageous." Gilead has made $23 billion on the two drugs in the U.S. in 2014 and 2015.
Gilead said in court filings that Merck played no role in the discovery of sofosbuvir, but that when its breakthrough potential became clear, "Merck came knocking on Gilead's door with its two patents in hand."
Last month, U.S. District Judge Beth Labson Freeman ruled that the sale and use of Gilead's drugs infringe Merck's patents.
The case is Gilead Sciences, Inc v Merck & Co, Inc, in the U.S. District Court for the Northern District of California, No. 13-cv-4057. (Reporting by Rory Carroll in San Jose and Andrew Chung in New York; Editing by Alexia Garamfalvi and Chris Reese)
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Merck Wins Chance for Royalties on Gilead’s Hepatitis C Cure
Mar 22, 2016 | Bloomberg Business
By Kartikay Mehrotra
Merck & Co. won a jury verdict that allows it to seek royalties from Gilead Sciences Inc. for the drugs that have dominated the hepatitis C market with $20 billion in U.S. sales since 2013.
Jurors in their verdict Tuesday embraced Merck’s claims that its scientists were responsible for early breakthroughs that led to the development of the Sovaldi and Harvoni medicines that propelled Gilead to become the world’s largest biotechnology firm by market valuation. The jury will hear more evidence before deciding whether to award Merck as much as $2 billion in damages.
Gilead’s loss comes amid projections that the Foster City, California-based company’s sales will flatten this year as competition to market treatments for the liver disease intensifies among drugmakers.
The compound at issue in the trial, sofosbuvir, helped generate about $19 billion in revenue in 2015 for Gilead, with list prices in the U.S. from $84,000 for a 12-week course to $94,500 before discounts. The court fight started two and a half years ago after Merck demanded a 10 percent royalty, claiming that its laboratory 15 years ago laid the scientific foundation for sofosbuvir to later be developed by Pharmasset Inc. before that company was acquired by Gilead in 2011.
At the trial in federal court in San Jose, California, Gilead and Merck each tried to show the other was claiming undeserved credit for scientific advances. Over two weeks, a parade of doctors and scientists for Gilead, Pharmasset and Merck and its partner Ionis Pharmaceuticals Inc. testified about their roles in the patent process.
“Although we are disappointed by the jury’s verdict today, there are a number of remaining issues to be decided by the jury and the judge,” Michele Rest, a Gilead spokeswoman, said in an e-mailed statement. “Therefore, it is premature to comment any further.”
Juanita Brooks, a lawyer for Gilead, said during closing arguments on March 16 that Merck’s scientists “went down to the patent office and effectively took claim for the work” done by Pharmasset’s chemists.
Merck’s lawyer sought to convince the jury that a Pharmasset scientist who worked on creating sofosbuvir cheated by relying on an invention that Kenilworth, New Jersey-based Merck patented in 2002.Merck’s Patent
“Gilead blatantly used Merck’s own patent to make billions of dollars,” attorney Bruce Genderson said in his closing argument. “That’s good. We are glad they’ve helped get this drug to the market. But Merck should be credited for their role in the invention.”
Merck’s own liver disease treatments Victrelis and PegIntron last year generated $200 million in global sales, tumbling almost 63 percent in a year. The company said the fall was a contributor to Merck’s 6.5 percent drop in sales in 2015. In 2012, the year before sofosbuvir hit the market, Merck’s two hepatitis C drugs combined to generate about $1.2 billion in sales, according to data compiled by Bloomberg.
Gilead shares fell 3.1 percent to $90.79 at 4:30 p.m. in New York after the market closed. Merck shares rose 2.8 percent to $54.50.
The case is Gilead Sciences Inc. v. Merck & Co., 13-cv-04057, U.S. District Court, Northern District of California (San Jose).
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Jury Finds for Merck in Hepatitis Drug Fight With Gilead
Mar 22, 2016 | Associated Press
By Linda A. Johnson
A federal jury in California has ruled in favor of drugmaker Merck & Co. in a high-stakes lawsuit against rival Gilead Sciences Inc. over patents for lucrative new drugs that rapidly curehepatitis C.
Merck accused Gilead of infringing on patents it filed over a decade ago, claiming Gilead's sofosbuvir infringes on those patents. Merck, which is based in Kenilworth, New Jersey, is seeking billions in damages and royalties on sales of Gilead's two hepatitis drugs.
Sofosbuvir is the active ingredient in Gilead's Sovaldi and a component of its Harvoni. They were launched in 2013 and 2014, respectively, and became blockbusters overnight. Together, the two drugs brought in $19.1 billion last year — nearly two-thirds of total revenue for Gilead, a biologic drugmaker based in Foster City, California.
On Tuesday, a jury in San Jose, California, ruled Merck's patents are valid. That came a month after a federal judge ruled that Harvoni and Sovaldi do infringe on Merck's patents. Now the jury's ruling sends the case to a new phase to decide damages.
"The jury's verdict accurately reflects the evidence in this case," Merck said in a statement.
Merck won U.S. approval on Jan. 28 for its own hepatitis C drug, Zepatier, and priced it well under Harvoni's list price of $94,000 per treatment course. That set up a battle between the companies to win favorable formulary positions, and thus more sales, from insurers and prescription benefit managers.
Meanwhile, the courtroom battle concerned whether Pharmasset, a company Gilead bought for $11 billion in 2011 to get the rights to then-experimental drug Sovaldi, used Merck's 2002 patents to develop that drug.
Merck argued that Gilead infringed two patents for compounds and methods to develop treatments for the liver-destroying virus. Merck said it, a company called Ionis Pharmaceuticals of Carlsbad, California, and their partners spent years and significant money developing Zepatier.
Gilead denied any patent infringement, saying Pharmasset began working on sofosbuvir's development a year earlier.
In a statement Tuesday, Gilead said, "Although we are disappointed by the jury's verdict today, there are a number of remaining issues to be decided by the jury and the judge. Therefore, it is premature to comment any further."
According to Merck, Gilead initially filed the lawsuit, seeking a declaratory judgment that the Merck and Ionis Pharmaceuticals patents were invalid.
Merck had been a dominant maker of hepatitis C treatments until Gilead's drugs were approved. Those drugs, as well as Merck's and new ones from a couple other rivals, have revolutionized treatment for hepatitis C, which roughly 3 million Americans have.
Older drugs required a year of treatment, with awful side effects, yet barely cured half of the patients. The new drugs cure about 95 percent of patients in eight to 12 weeks.
In after-hours trading, Merck shares rose 1.8 percent to $54, and Ionis Pharmaceuticals rose nearly 3 percent to $42.95. Shares of Gilead dipped 2.5 percent to $91.35.
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Merck wins high-stakes battle with Gilead over hep C patents
Mar 22, 2016 | STAT
By Ed Silverman
A federal jury on Tuesday upheld the validity of two Merck patents in a high-stakes battle with Gilead Sciences, which may now have to pay royalties on some of the billions of dollars in sales generated by its wildly successful hepatitis C treatments.
The jury for the US District Court for the Northern District of California sided with Merck’s claims that its scientists were responsible for the discoveries that led to the development of Gilead’s Sovaldi and Harvoni medications, which have transformed the hepatitis C market, thanks to their high prices and exceedingly high cure rates. Together, the drugs generated more than $19.1 billion in sales last year and accounted for roughly 60 percent of Gilead’s revenue.
The battle between the two pharmaceutical behemoths began in earnest three years ago, when Merck proposed to license its patents to Gilead in exchange for a 10 percent royalty on US sales of any product containing Sovaldi, according to court documents. Gilead responded by filing a lawsuit accusing Merck of infringing its patents.READ MOREMerck ushers in price war for hepatitis C medicines with new drug
Gilead maintained the original Merck patent applications weren’t specific enough to cover the Gilead drugs and that Merck added information years later from information developed by yet another company called Pharmasset. Pharmasset had actually developed Sovaldi and was later bought by Gilead for $11 billion in 2011.
For its part, Merck has demanded more than $2 billion in damages in addition to the royalty. The jury will now decide how much Gilead must pay its rival. A Merck spokeswoman said the company “believes the jury’s verdict accurately reflects the evidence in this case.”
A Gilead spokesperson wrote, “Although we are disappointed by the jury’s verdict today, there are a number of remaining issues to be decided by the jury and the judge.” She declined to comment further.
In an investor note, RBC Capital Markets analyst Michael Yee wrote that he expects Gilead to appeal, and, as a result, “this would take some time to drag out.” He added that the jury was instructed to set a royalty rate for damages on Sovaldi and Harvoni sales through December 2015, but the federal overseeing the case will decide the rate beyond that time.
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After-Hours Stock Movers 03/22: (SCS) (AFFX) (DF) Higher; (KKD) (NKE) (RHT) Lower (more...)
Mar 22, 2016 | Street Insider
Pieris Pharma (NASDAQ: PIRS) 11.7% HIGHER; reported Q4 EPS of ($0.07), versus ($0.21) reported last year. Revenue for the quarter came in at $2.14 million, versus $3.27 million reported last year.
Krispy Kreme Doughnuts (NYSE: KKD) 6.4% LOWER; reported Q4 EPS of $0.22, $0.01 better than the analyst estimate of $0.21. Revenue for the quarter came in at $130.4 million versus the consensus estimate of $133.02 million. Systemwide domestic same store sales rose 1.6%, including a 0.2% gain at Company shops; constant currency international franchise same store sales declined 7.1%. GUIDANCE: Krispy Kreme Doughnuts sees FY2017 EPS of $0.87-$0.91, versus the consensus of $0.93.
Steelcase (NYSE: SCS) 6.2% HIGHER; reported Q4 EPS of $0.64, $0.43 better than the analyst estimate of $0.21. Revenue for the quarter came in at $747.9 million versus the consensus estimate of $737.8 million. GUIDANCE: Steelcase sees Q1 2017 EPS of $0.12-$0.16, versus the consensus of $0.18. Steelcase sees Q1 2017 revenue of $690-715 million, versus the consensus of $710.55 million. Also declared a quarterly dividend of $0.12 per share, or $0.48 annualized. This is a 6.7% increase from the prior dividend of $0.1125.
Nike (NYSE: NKE) 5.8% LOWER; reported Q3 EPS of $0.55, $0.06 better than the analyst estimate of $0.49. Revenue for the quarter came in at $8.03 billion versus the consensus estimate of $8.2 billion. As of the end of the quarter, worldwide futures orders for NIKE Brand athletic footwear and apparel scheduled for delivery from March 2016 through July 2016 were 12 percent higher than orders reported for the same period last year. Excluding currency changes, futures orders would have increased 17 percent.**** The Street was looking for a gain of 16.1 percent.
Affymetrix (Nasdaq: AFFX) 5.1% HIGHER; Origin Technologies Corporation, LLC (Origin), a newly created entity owned by a group of former Affymetrix executives for the purpose of privatizing Affymetrix, Inc. (Nasdaq: AFFX), announced that it has submitted a revised proposal to the Affymetrix Board of Directors, increasing the value of its all-cash offer for Affymetrix to $17.00 per share.
Five Below (NASDAQ: FIVE) 5% LOWER; reported Q4 EPS of $0.77, $0.01 better than the analyst estimate of $0.76. Revenue for the quarter came in at $326.4 million versus the consensus estimate of $323.74 million. Comparable store sales increased 3.6%. GUIDANCE: Five Below sees Q1 2016 EPS of $0.09-$0.10, versus the consensus of $0.10. Five Below sees Q1 2016 revenue of $186-189 million, versus the consensus of $188.5 million. Five Below sees FY2016 EPS of $1.27-$1.33, versus the consensus of $1.31. Five Below sees FY2016 revenue of $995-1005 million, versus the consensus of $1010 million.
SunEdison, Inc. (NYSE: SUNE) 4.7% LOWER; continues today's 26% sell-off earlier reports of DIP talks with second-lien debtholders.
Shell Midstream Partners, L.P. (NYSE: SHLX) 4.2% LOWER; announced the commencement of an underwritten public offering of 8,500,000 common units representing limited partner interests. In connection with the offering, Shell Midstream Partners intends to grant the underwriter a 30-day option to purchase up to an additional 1,275,000 common units.
Red Hat (NYSE: RHT) 4% LOWER; reported Q4 EPS of $0.52, $0.05 better than the analyst estimate of $0.47. Revenue for the quarter came in at $544 million versus the consensus estimate of $534.6 million. GUIDANCE: Red Hat sees FY2017 EPS of $2.22 - $2.26, versus the consensus of $2.19. Red Hat sees FY2017 revenue of $2.38 - $2.42 billion, versus the consensus of $2.36 billion. Red Hat sees Q1 2017 EPS of $0.50, versus the consensus of $0.50. Red Hat sees Q1 2017 revenue of $558 $-566 billion, versus the consensus of $554.58 billion.
Dean Foods Company (NYSE: DF) 2.7% HIGHER; recovers some intra-day losses after the compnay confirmed that Walmart recently announced that it plans to build a dairy processing plant in Indiana. The company currently estimates that the impact of this decision may result in the loss of approximately 100 million gallons of very low-margin private-label fluid milk volume beginning in late 2017. Given the ample lead time they have to respond to this development, they do not expect this will have a material impact on our financial results.
Biogen (NASDAQ: BIIB) 2.5% LOWER; Kyle Bass IPR instituted against challenged Biogen (NASDAQ: BIIB) '514 Tefidera patent
Gilead Sciences (Nasdaq: GILD) 2.2% LOWER; Merck won a jury verdict allowing it to seek royalties from Gilead Sciences (Nasdaq: GILD), according to Bloomberg. The report said jurors embraced Merck's claims that its scientists were responsible for early breakthroughs that led to the development of Sovaldi and Horvoni.
Merck (NYSE: MRK) 1% HIGHER; won a jury verdict allowing it to seek royalties from Gilead Sciences (Nasdaq: GILD), according to Bloomberg. The report said jurors embraced Merck's claims that its scientists were responsible for early breakthroughs that led to the development of Sovaldi and Horvoni.
Celator Pharmaceuticals, Inc. (Nasdaq: CPXX) 1% LOWER; announced that it intends to offer and sell shares of its common stock in an underwritten public offering. This offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
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Gilead Sciences Falls as Jury Finds in Favor of Merck in Hep C Dispute
Mar 22, 2016 | Barrons
By Ben Levisohn
Shares of Gilead Sciences (GILD) are falling in after-hours trading after a jury found in favor ofMerck (MRK) in a dispute over royalty payments for its hepatitis-C treatments. Bloomberg’s Kartikay Mehrotra has the details:Gilead Sciences
Merck & Co. won a jury verdict that allows it to seek royalties from Gilead Sciences Inc. for the drugs that have dominated the hepatitis C market with $20 billion in U.S. sales since 2013.
Jurors in their verdict Tuesday embraced Merck’s claims that its scientists were responsible for early breakthroughs that led to the development of the Sovaldi and Harvoni medicines that propelled Gilead to become the world’s largest biotechnology firm. The jury will hear more evidence before deciding whether to award Merck as much as $2 billion in damages.
Shares of Gilead Sciences have dropped 2.1% to $91.78 at 5:36 p.m. in after-hours trading today, while Merck has gained 0.9% to $53.50.
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Merck +0.9%, Gilead -2.1% as jury rules Merck's patents valid
Mar 22, 2016 | Seeking Alpha
By Jason Aycock
Merck (NYSE:MRK) is up 0.9% after a quick 3.7% spike after hours, and Gilead Sciences (NASDAQ:GILD) down 2.1%, as a jury has decided that Merck's 2002 patents related to sofosbuvir are valid, lending credence to Merck's argument that Gilead is infringing via its Pharmasset unit, acquired in 2011.
Gilead's Sovaldi and Harvoni were ruled last month to infringe on Merck patents, and the next step was to decide the validity of the Merck patents.
The case now proceeds to damages owed. Sovaldi and Harvoni brought $19.2B in global sales last year.
Merck has demanded more than $2B in damages and 10% of Gilead's sales of the products going forward.
Previously: Merck after a big slice of Gilead's sofosbuvir pie (Mar. 08 2016)
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After-hours buzz: Nike, Gilead, Five Below & more
Mar 22, 2016 | CNBC
By Anita balakrishnan
Shares of Nike fell in extended trading after the apparel and sports equipment brand posted lower-than-anticipated sales in the latest quarter. Nike reported earnings of 55 cents per share, higher than the 48 cents expected by Thomson Reuters consensus estimates. But revenues came in at $8.03 billion, below the 8.2 billion expected.
Pharmaceutical giants Merck and Gilead moved when a federal jury said Gilead might have to hand over a portion of its revenue from Sovaldi and Harvoni. The hepatitis C treatments, which generate billions in revenue, have been part of a patent dispute between the two companies, Reuters reported.
Merck's shares rose on the news while Gilead share prices dipped, as did competitor Biogen.
Dean Foods's stock gained after it said a new Walmart plant would not negatively impact sales. Mega-retailer Walmart said it plans to build a dairy processing plant in Indiana, Reuters reported. Dean's milk brands include Meadow Gold, Lehigh Valley and Land of Lakes.
Red Hat shares slipped despite reporting rising revenue and income in its latest quarterly earnings. The maker of open-source software like Linux operating systems had earnings of 29 cents per share on revenue of $543.5 million, Reuters reported.
Discount retailer Five Below saw shares sink after hours, despite better-than-expected earnings in the latest quarter. The company, which boasts merchandise under $5, posted earnings of 77 cents per share, edging out the 76 cents per share expected by Wall Street, the Associated Press reported.
Shares of office furniture firm Steelcase were higher after it posted adjusted earnings of 22 cents per share in the latest quarter, according to the AP. The company managed to grow despite a negative impact of about 6 percent from the insurance and energy sectors in the Americas, the company's statement said.
Global miner Eldorado Gold shares popped ahead of Wednesday's earnings report. Gold futures closed higher Tuesday as the safe-haven precious metal rallied after deadly terrorist attacks in Belgium.
Office Depot shares rallied after reports that it would raise prices after its merger with Staples. Office Depot, based in Boca Raton, Florida, sent letters warning their corporate customers to lock in prices before they rise, according to a Sun Sentinal report. The FTC is currently opposing the merger of the two enterprise retailers.
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Mar 22, 2016 | The Wall Street Transcript
CARLSBAD, Calif., March 22, 2016 /PRNewswire/ -- Ionis Pharmaceuticals, Inc. (NASDAQ: IONS) announced today that a jury in the United States District Court, Northern District of California found in favor of Merck and Ionis in a patent dispute related to Gilead's sofosbuvir-based medicines for the treatment of hepatitis C virus (HBV), including Sovladi and Harvoni. The jury found in favor of Merck and Ionis upholding all claims from the two patents in the case, including two methods and eight composition of matter claims. Ionis and Merck are co-inventors on the patents that serve as the basis for the dispute. In the next phase of the trial, the jury in the case will consider the amount of damages to be paid to Merck by Gilead as compensation for its past and future infringement. Ionis will receive 20% of the damages awarded to Merck that exceed the costs Merck incurred to conduct the litigation and Ionis will also receive 20% of all future payments.'Ionis is an expert in developing novel nucleic acids for use as therapeutic agents. We used our expertise in a 1998 collaboration with Merck to discover and develop modified nucleosides that benefit patients with HCV. The patents derived from our work with Merck are another example of the strong intellectual property portfolio we have created around our pioneering work in antisense drug technology,' said Stanley T. Crooke, chairman and chief executive officer at Ionis. 'The verdict today confirms the validity and value of the intellectual property covering the nucleoside analogs and methods we and Merck invented to treat HCV.'
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ABOUT IONIS PHARMACEUTICALS, INC.
Ionis is the leading company in RNA-targeted drug discovery and development focused on developing drugs for patients who have the highest unmet medical needs, such as those patients with severe and rare diseases. Using its proprietary antisense technology, Ionis has created a large pipeline of first-in-class and/or best-in-class drugs, with over a dozen drugs in mid- to late-stage development. Drugs currently in Phase 3 development include volanesorsen, a drug Ionis is developing and plans to commercialize through its wholly owned subsidiary, Akcea Therapeutics, to treat patients with familial chylomicronemia syndrome and familial partial lipodystrophy; IONIS-TTR, a drug Ionis is developing with GSK to treat patients with all forms of TTR amyloidosis; and nusinersen, a drug Ionis is developing with Biogen to treat infants and children with spinal muscular atrophy. Ionis' patents provide strong and extensive protection for its drugs and technology. Additional information about Ionis is available at www.ionispharma.com.IONIS' FORWARD-LOOKING STATEMENT
This press release includes forward-looking statements regarding Ionis Pharmaceuticals' business and the therapeutic and commercial potential of Ionis' technologies and products in development, including nusinersen, IONIS-TTR, volanesorsen, the expected benefits from its hepatitis C virus patents and its relationship with Merck. Any statement describing Ionis' goals, expectations, financial or other projections, intentions or beliefs is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties, particularly those inherent in the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs. Ionis' forward-looking statements also involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although Ionis' forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by Ionis. As a result, you are cautioned not to rely on these forward-looking statements. These and other risks concerning Ionis' programs are described in additional detail in Ionis' annual report on Form 10-K for the year ended December 31, 2015, which is on file with the SEC. Copies of this and other documents are available from the Company.In December, 2015, the Company changed its name from Isis Pharmaceuticals, Inc. to Ionis Pharmaceuticals, Inc. In this press release, unless the context requires otherwise, 'Ionis,' 'Company,' 'we,' 'our,' and 'us' refers to Ionis Pharmaceuticals and its subsidiaries.
Ionis Pharmaceuticals™ is a trademark of Ionis Pharmaceuticals, Inc. Akcea Therapeutics™ is a trademark of Ionis Pharmaceuticals, Inc.
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ionis-pharmaceuticals-and-merck-receive-positive-verdict-on-gilead-hcv-drug-patent-case-300240001.html
SOURCE Ionis Pharmaceuticals, Inc.
D. Wade Walke, Ph.D., Vice President, Corporate Communications and Investor Relations, 760-603-2741, or Amy Williford, Ph.D., Associate Director, Corporate Communications,760-603-2772
Isis Pharmaceuticals Inc. issued this content on 22 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 22 March 2016 22:49:25 UTC
Original Document: http://ir.isispharm.com/phoenix.zhtml?c=222170&p=irol-newsArticle&ID=2150312
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