Stock Markets

Drugmakers to raise US prices on over 250 medicines starting Jan. 1

Published

3 days ago

January 1, 2025

By Michael Erman

NEW YORK (Reuters) – Drugmakers plan to raise U.S. prices on at least 250 branded medications including Pfizer (NYSE:) COVID-19 treatment Paxlovid, Bristol Myers (NYSE:) Squibb’s cancer cell therapies and vaccines from France’s Sanofi (NASDAQ:) at the start of 2025, according to data analyzed by healthcare research firm 3 Axis Advisors.

Nearly all of the drug price increases are below 10% – most well below. The median price increase of the drugs being hiked Jan. 1 is 4.5%, which is in line with the median for all price increases last year.

The increases are to list prices, which do not include rebates to pharmacy benefit managers and other discounts.

Larger drug price increases were once far more common in the U.S. but in recent years drugmakers have scaled them back after price hikes drew sharp criticism in the middle of the last decade.

“Drugmakers don’t have much real estate any longer to increase prices over time, which means taking greater liberties on launch prices is really the only option they have in the face of expanded penalties for year-over-year price increases,” 3 Axis President Antonio Ciaccia said.

A Reuters analysis of prices for new drugs found that pharmaceutical companies launched new U.S. drugs in 2023 at prices 35% higher than in 2022.

The over 250 drug hikes represent an increase from Dec. 29 last year when drugmakers unveiled plans to raise prices on more than 140 brands of drugs.

Drug companies are also reducing some prices on Jan. 1. Merck & Co (NYSE:) plans to cut the list price of its heavily discounted diabetes drugs Januvia and Janumet “to align the list price more closely to the net price.”

U.S. PAYS MOST

The U.S. pays more for prescription medicines than any other country, and incoming President Donald Trump has vowed to lower drug costs by focusing on middlemen in the U.S. healthcare system.

More drug price increases are likely to be announced by other drugmakers over the course of January – historically the biggest month for drugmakers to raise prices.

Pfizer raised prices of the most drugs on the latest list – more than 60 drugs. As well as a 3% hike on Paxlovid, the company raised prices on medicines including migraine treatment Nurtec and cancer drugs Adcetris, Ibrance and Xeljanz between 3% and 5%.

“Pfizer has adjusted the average list prices of our medicines and vaccines for 2025 below the overall rate of inflation – approximately 2.4% – across many products in our diverse product portfolio,” Pfizer spokesperson Amy Rose said in an email. She said the increases help support investments in drug development and offset costs.

Bristol Myers raised the price of its expensive cancer cell therapies Abecma and Breyanzi by 6% and 9%, respectively. The personalized blood cancer treatments can already cost close to half a million dollars.

A BMS spokesperson said in an email that the company is “committed to achieving unfettered patient access” to its medicines. She said the price of Breyanzi in particular “is reflective of the potentially transformative, individualized treatment in a one-time infusion.”

Sanofi raised prices on around a dozen of its vaccines between 2.9% and 9%.

The largest brand price increases according to the 3 Axis analysis were from Leadiant Pharmaceuticals, a unit of Italy’s Essetifin. The company raised prices around 15% on its Hodgkin’s disease treatment Matulane and about 20% on Cystaran, eye drops to help patients with symptoms from a rare condition called cystinosis.

Spokespeople from Leadiant and Sanofi did not immediately respond to requests for comment.

Stock Markets

Binah Capital Recognized Among Industry Leaders in the Financial Planning’s Top Deal Makers List Top IBD Moves and M&A Deals of 2024

Published

21 hours ago

January 3, 2025

Recognition Underscores Binah’s Transformative Impact on the Financial Services Industry

NEW YORK, Jan. 02, 2025 (GLOBE NEWSWIRE) — Binah Capital Group, (NASDAQ: BCG) (“Binah” or the “Company”), a financial services enterprise that owns and operates a network of industry-leading firms empowering independent financial advisors, is honored to be recognized for its significant role in four of the most impactful financial transactions of the year, as featured in the Financial Planning’s premier “Top IBD Moves and M&A Deals of 2024” list. Through its affiliate, Binah Capital has solidified its position as a leader in driving transformative growth within the financial advisory sector. The highlighted transactions, in which a Binah subsidiary was involved, include Americana Partners, Merit Financial Advisors, Wentworth Management Services, and Perigon Wealth Management. These transactions exemplify Binah’s expertise in facilitating partnerships, scaling operations, and expanding market presence for its affiliates.

Craig Gould, CEO of Binah Capital, commented: These landmark transactions demonstrate Binah Capital’s dedication to empowering independent advisory firms with the strategies and tools needed to thrive in an evolving marketplace. Being recognized in the Financial Planning’s list, particularly in a year with significant industry consolidation, is a testament to the strength of our team and consistent execution of our vision.

This recognition highlights Binah Capital’s role as a transformative force in the financial services industry. The company remains committed to driving innovation and delivering strategic success for its affiliates and partners nationwide.

About Binah Capital
Binah Capital Group (NASDAQ: BCG) is a financial services enterprise that owns and operates a network of industry-leading firms that empower independent financial advisors. As a national broker-dealer aggregator, Binah specializes in delivering value through its innovative model, making it an optimal platform for RIAs navigating today’s complex financial landscape. Binah’s portfolio companies are built to help advisors run, manage, and execute their business seamlessly while providing best-in-class resources to support their practice. Binah Capital Group stands alongside RIAs as a trusted ally, delivering the structure, flexibility, and cutting-edge solutions they need to succeed in an increasingly competitive marketplace.

Contacts
ir@binahcap.com
media@binahcap.com

Stock Markets

Nikkiso Clean Energy & Industrial Gases Group promotes Jeff Mumford to Executive Vice President of Operations and Manufacturing

Published

21 hours ago

January 3, 2025

TEMECULA, Calif., Jan. 02, 2025 (GLOBE NEWSWIRE) — Nikkiso Clean Energy & Industrial Gases Group, part of Nikkiso Co. Ltd.’s Industrial Business segment, has appointed Jeff Mumford be its new Executive Vice President of Operations and Manufacturing, effective January 2, 2025. In this role, his responsibilities will include the oversight of global operations and manufacturing as well as management of corporate departments including IT, Facilities, Safety Health Environmental and Quality (SHEQ), and Project Management.

Mumford joined Nikkiso in 2016 as a project manager and has since been promoted several times into leadership roles including Procurement Director, Project Management Director and General Manager at the Group’s Las Vegas operations. During his tenure at Nikkiso Jeff has created efficiencies while continuing to grow the business.

Mumford has a bachelor’s degree in Literature and Linguistics from the University of Nevada, Las Vegas, and is certified Project Management Professional (PMP).

Jeff is a proven leader with an admirable dedication to continuous improvement. He is recognized for his ability to drive transformational change while maintaining focus on growing the business.

Adrian Ridge
President and CEO, Nikkiso Clean Energy & Industrial Gases Group

About Nikkiso Clean Energy & Industrial Gases Group
Nikkiso’s Clean Energy & Industrial Gases Group is a leading provider of cryogenic equipment and solutions around the world. It facilitates the cryogenic and liquid side value chains of hydrogen, ammonia, CO2, LNG, and other industrial gases for the energy, transportation, marine, aerospace, and industrial gas markets while remaining independent of the molecule. The Group is headed by Cryogenic Industries, Inc. in Southern California, U.S. ” a wholly owned subsidiary of Nikkiso Co., Ltd. (TSE: 6376).

Media contact
pr@nikkisoceig.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9ce420b1-d6ab-4dc1-af1f-4858d989f1d6

Jeff Mumford promotion announcement EVP Operations and Manufacturing

Effective Jan. 2, 2025, Jeff Mumford is Executive Vice President of Operations and Manufacturing for Nikkiso Clean Energy & Industrial Gases

Source: Cryogenic Industries

Stock Markets

Simon Property Group director Daniel Smith acquires $56,309 in stock

Published

21 hours ago

January 3, 2025

Daniel C. Smith, a director at Simon Property Group Inc. (NYSE:), a $64.8 billion market cap retail REIT with a GREAT financial health score according to InvestingPro, recently acquired additional shares of the company’s common stock. According to a Form 4 filing with the Securities and Exchange Commission, Smith purchased 334 shares on December 30, 2024, at a price of $168.59 per share. This acquisition, valued at approximately $56,309, was made through the reinvestment of dividends received on restricted stock, as part of the Simon Property Group, L.P. 2019 Stock Incentive Plan. The company currently offers a 4.88% dividend yield and has maintained dividend payments for 31 consecutive years. Following this transaction, Smith holds a total of 30,113 shares in the real estate investment trust. InvestingPro subscribers can access 8 additional key insights and a comprehensive analysis of Simon Property Group’s financial metrics.

In other recent news, Simon Property Group has seen noteworthy developments. The company’s third quarter performance showcased a solid financial and operational stance, with a real estate funds from operations (FFO) increase of 4.8% year-over-year to $3.05 per share, and a dividend hike to $2.10 per share, marking a 10.5% rise from the previous year. Despite a non-cash loss related to Klépierre exchangeable bonds, the company maintained strong occupancy rates and leasing momentum.

Analysts at Jefferies upgraded Simon Property Group’s stock from Hold to Buy, citing factors like the resilience of the consumer market and the company’s ability to convert temporary leases to permanent ones. Jefferies also projected a growth in the company’s occupancy rate to 96.7% by the fourth quarter of 2025, surpassing pre-pandemic levels.

However, Deutsche Bank (ETR:) initiated coverage on the company with a Hold rating, expressing concern over the impact of tariffs on trading multiples across the mall sector. This could potentially overshadow the company’s strong underlying business performance. These recent developments provide investors with a snapshot of Simon Property Group’s current position within the real estate market.

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