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Nov.11 -- Brent Saunders, Allergan Chairman & chief executive officer discusses striking a balance between blockbuster therapies and steady growth. He speaks with Bloomberg's Caroline Hyde on 'Bloomberg Markets.'
(Bloomberg) -- Elizabeth Warren said Friday her Medicare-for-All plan would be implemented over three years, a major concession to the difficulty of fundamentally changing the way Americans get health care. Managed-care and hospital stocks moved higher on the news.A Medium post Warren published Friday mapped out a strategy to enact a mandatory government-run health care system that she estimates would cost $20.5 trillion but others have tagged at more than $30 trillion.Warren said she would inch up to Medicare-for-all, starting with a plan to cover children and poor families. That would happen through a legislative maneuver in her first 100 days in the White House, while not actually eliminating private insurance plans until her third year in office.Health-care companies, which worried about extinction, rallied Friday, leading the S&P 500 Health Index to an all-time high. Among them, some of the nation’s largest insurers such as UnitedHealth Group Inc., Humana Inc., Anthem Inc. and Centene Corp. have climbed more than 5% in Friday’s trading.The advance in health care is a turnaround from the first nine months of the year, when the industry trailed most of its market peers over drug-pricing regulations and Medicare for All proposals.Even if Warren wins the White House and Democrats win control of both the House and Senate, Warren’s timeline is still optimistic, given how Congress operates.She said she would ask Congress to use a quirk in the budget process to allow a simple majority vote -- bypassing the 60-vote Senate threshold -- and “fast-track” a Medicare for All option that would immediately cover children under the age of 18 and families making less than $51,000 a year, and provide an option for expanded Medicare for people over 50.In the first three years, anyone else could buy into Medicare for All at a “modest” cost, Warren said, before it eventually became free.By her third year in office, Warren said, “the American people will have experienced the full benefits of a true Medicare for All option, and they can see for themselves how that experience stacks up against high-priced care that requires them to fight tooth-and-nail against their insurance company.”She added, “I won’t hand Mitch McConnell a veto over my health care agenda,” referring to the current Senate majority leader.After repeated questioning about how she would finance a government-run Medicare for All system that eliminates private insurance, Warren on Nov. 1 rolled out a $20.5 trillion proposal funded by taxing the rich and large corporations.Her gradual implementation “will give people time to adjust, people in the industry will have time to look for other jobs, pension plans will have time to start changing their portfolio and it will give the government time to gear up the bureaucracy,” said Gerald Friedman, professor of economics at the University of Massachusetts at Amherst, who consulted on Bernie Sanders’s 2016 presidential campaign on Medicare for All, the basis of Warren’s plan.The new proposal sets Warren apart from Sanders, who has said he wouldn’t compromise with incremental health-care changes.But Friedman cautioned that a long transition period could leave the private health insurance industry in shambles.“If you know that in three years your company is going to be wiped out, then it could create perverse incentives, staff start exiting and companies may become dysfunctional before the government program is set up,” Friedman said.Warren’s new proposal at least at first ends up looking much like that of her moderate rivals, Joe Biden and Pete Buttigieg: Expanded government-run insurance without mandating it for everyone.Spokesmen for Biden and Buttigieg quickly weighed in.“Senator Warren is now trying to muddy the waters even further,” said deputy campaign manager Kate Bedingfield. “We’re not going to beat Donald Trump next year with double talk on health care.”Buttigieg spokeswoman Lis Smith said, “Senator Warren’s new health care ’plan’ is a transparently political attempt to paper over a very serious policy problem, which is that she wants to force 150 million people off their private insurance -- whether they like it or not.”Even if Democrats control the entire federal government in 2021, their best-case scenario is a narrow Senate majority that would likely leave Warren far short of the votes to pass Medicare for All. And several key Democrats have pledged not to eliminate the legislative filibuster. But the party is more united around the idea of a government-run insurance option.The budget fast-track process, known as reconciliation, has been used by majorities in both parties to avoid a filibuster. Democrats under President Barack Obama used it to pass Obamacare in 2010, while Republicans under President Donald Trump tried to use the procedure to repeal the health-care law in 2017 but came up short.“While Republicans tried to use fast-track budget reconciliation legislation to rip away health insurance from millions of people with just 50 votes in the Senate, I’ll use that tool in reverse – to improve our existing public insurance programs,” Warren wrote.Still, budget reconciliation creates complications as Senate rules require that such legislation be limited to changes involving taxes and spending. Republicans struggled to shoehorn their attempted repeal of Obamacare, which included regulatory reforms, into the process.Warren also vowed to take immediate action to lower drug prices in her first day as president, including insulin, EpiPens and drugs that save people from opioid overdoses. A Warren administration would help companies produce expensive medicines as a price-control measure and use administrative authority to ensure sufficient supply.(Updates with details in first, second, third paragraphs.)\--With assistance from Tatiana Darie.To contact the reporters on this story: Misyrlena Egkolfopoulou in Washington at email@example.com;Sahil Kapur in Washington at firstname.lastname@example.orgTo contact the editor responsible for this story: Wendy Benjaminson at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). We'll show how you can use...
UnitedHealth (UNH) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
The Dow is firmly in the positive territory with a gain of 19.1% year to date. This is an excellent performance after a disappointing 2018, when the index lost nearly 6%.
(Bloomberg) -- Biohaven Pharmaceutical Holding Co. is readying for what Chief Executive Officer Vlad Coric calls a “David versus Goliath” showdown with large-cap competitor Allergan Plc in a race to sell a new class of migraine medicines.A potential first-quarter approval of Biohaven’s rimegepant, a medicine that has shown clinical success in treating migraines, would place it behind competitor Allergan’s expected approval next month. However, publications in the New England Journal of Medicine and the Lancet medical journals paired with plans to use direct-to-consumer advertising may give Biohaven a leg up, Coric said.“Telemedicine, e-commerce, social media; we’re going to incorporate a modern day launch with a traditional launch as well,” Coric said in an interview at Bloomberg’s New York headquarters on Tuesday. “If you’re prepared to run your business -- that will also open up a lot of optionality,” Coric added, when asked about plans for potential partnerships or deals to better compete with larger peers.Coric said a potential partnership or deal would have to be more than an “incremental” step as the company looks to “build value year-over-year,” he said.Biohaven -- long the subject of deal speculation, including a Bloomberg report in April that the company was exploring a sale -- has continued to build out a commercial team for the migraine drug. The New Haven, Connecticut-based company elected to raise roughly $300 million in a June public share offering to help bolster its cash reserves as it makes the jump from development to commercialization.Upcoming results from a migraine prevention study of rimegepant could also position the company better to compete with Allergan as the maker of Botox gets closer to completing its sale to AbbVie Inc., according to Coric. If the results are positive in the coming months, “that would give patients one dose of one drug” to help both treat and prevent migraine attacks, he said.Coric wants investors who may be focused solely on the regulatory decision for the company’s migraine drug to know that Biohaven will have data from other later-stage assets in the coming months. If successful, results from troriluzole in Alzheimer’s disease and generalized anxiety disorder may offer the drugmaker an opportunity to “transform,” he said.To contact the reporter on this story: Bailey Lipschultz in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Cristin Flanagan, Jeremy R. CookeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Zacks Analyst Blog Highlights: Booking, Allergan, Honda Motor, Infosys and Activision Blizzard
Procter & Gamble (PG) is benefiting from ongoing initiatives to improve productivity. Also, the company is focused on product improvement, packaging and marketing initiatives, and cost-saving plans.
Avon's (AVP) Open Up strategy and productivity efforts appear promising. Also, its endeavors to expand the e-commerce business are driving growth.
(Bloomberg) -- In the four years since it was founded, Convoy Inc. has assembled a lineup of big-name investors that includes Bill Gates, Jeff Bezos and Marc Benioff. It’s adding one more to the list: Al Gore.The former U.S. vice president’s sustainability-focused investing fund, Generation Investment Management LLP, led a $400 million funding round for Convoy, which makes software to connect freight shippers with truck drivers. T. Rowe Price Group Inc. co-led the investment with Gore’s firm, Convoy said Wednesday. The deal values the startup at $2.75 billion.Convoy is often described as “Uber for trucking”—a moniker that took hold before Uber Technologies Inc. set up a competing business. Uber has committed to hire 2,000 people to expand freight operations in Chicago. Another rival business in the United Arab Emirates, Trukker, said Tuesday it received a $23 million investment led by a Saudi Arabian venture capital fund.A big part of Convoy’s pitch is that it can improve the trucking business by making it more efficient, both financially and environmentally. Transportation is the largest source of U.S. emissions today, and heavy-duty trucks represent about 13% of those emissions. Convoy’s service is designed to eliminate unnecessary driving by ensuring trucks can get loads on each trip. The business isn’t yet profitable, but Dan Lewis, the chief executive officer, has said it will be eventually.Customers include Procter & Gamble Co. and Anheuser-Busch InBev NV. Among the investors in the new funding round are Alphabet Inc.’s CapitalG, Baillie Gifford, Durable Capital Partners, Fidelity Investments and Lone Pine Capital. The new funds are expected to help the company accelerate its expansion and fend off competition from upstarts, as well as the likes of J.B. Hunt Transport Services Inc.\--With assistance from Dina Bass and Thomas Black.To contact the reporter on this story: Emily Chasan in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Mark Milian at email@example.com, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Want the lowdown on what's moving European markets in your inbox every morning? Sign up here.Good morning. Donald Trump made threats on tariffs and criticized the Fed, Spanish politicians still have work to do and the violence in Hong Kong is showing few signs of abating. Here’s what’s moving markets.Tariffs and RatesThe highly-anticipated speech from U.S. President Donald Trump at the Economic Club of New York didn’t include too much that was new but reiterated some favored topics with verve. Trump said the U.S. will substantially raise tariffs on Chinese goods if no deal is struck between the two countries and he repeated the same threat for any other countries that don't play ball. The president also went after the Federal Reserve again, slamming the central bank’s shunning of negative rates as bad for the U.S. He also warned that should he lose the 2020 election, that could put market gains in danger.Spain’s GovernmentSpanish Acting Prime Minister Pedro Sanchez’s Socialists cut a deal on Tuesday to work with the anti-establishment Podemos party to work together in a coalition to govern the country, an attempt to bring at least some degree of certainty to the country’s political situation. It’s a significant move but there are still some big hurdles to get over yet, not least the fact that the two parties don’t have enough votes to form a majority and so some wooing of the smaller parties will be required to get a government fully formed. All eyes on Madrid after Spanish stocks and bonds underperformed following Tuesday’s news.‘Unthinkable’Stocks in Hong Kong took a plunge again and the swings are getting wilder as the tensions between pro-democracy protesters and the local government show few signs of abating, with the security chief warning of “unthinkable consequences” if the violence continues. There is growing debate among the protest leaders about the tactics being used amid fears they could embolden China to exert its authority further. Early data indicate the economy is still suffering the effects of the unrest and local banks are telling staff to cancel meetings and be safe.BorrowingFunding costs are low and companies are getting in while the getting is good. U.S. drugmaker AbbVie Inc. has sold the largest block of bonds of the year to fund its purchase of Allergan Plc, encouraged by narrowing credit risk premiums as investors pile money into corporate credit funds. These cheaper costs and the outlook for these to rise in coming months may also help explain the bold pushes in recent weeks from private equity, another example of which can be seen in reports that 3G Capital, known normally for investing in consumer businesses, is eyeing the elevator business of German conglomerate ThyssenKrupp AG.Coming Up…Asian stocks retreated, led lower by Hong Kong’s Hang Seng, and futures in the U.S. and Europe aren’t painting a prettier picture of the open. U.K. and U.S. inflation data will land, as will the latest World Energy Outlook report from the International Energy Agency. On the earnings front, the U.K. has flurry of midcap names reporting including housebuilder Taylor Wimpey Plc, property firm British Land Co. Plc and pub chain JD Wetherspoon Plc, where the man in charge is a notable Brexit supporter. Also, the impeachment hearings will start and be televised, plus President Trump is meeting with Turkey’s Recep Tayyip Erdogan.What We’ve Been ReadingThis is what’s caught our eye over the past 24 hours. U.K. public services cuts under austerity have been laid bare. Global pollution is rising and won’t peak before 2040. The unsolved mystery of the Medallion Fund’s success. Inside the toxic phone booths at WeWork. Google sued a London taxi outfit called Goooglie Cars. The demise of Libor will upend a popular derivatives contract. The new sustainable travel trend? Train bragging.Like Bloomberg's Five Things? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close.Before it's here, it's on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. Learn more.To contact the author of this story: Sam Unsted in London at firstname.lastname@example.orgTo contact the editor responsible for this story: Celeste Perri at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- AbbVie Inc. sold $30 billion of bonds to help finance its acquisition of Allergan Plc as investors flocked to buy a piece of the largest debt sale this year. Demand for the notes was strong with the order book peaking at $77 billion.The drug maker capitalized on some of the cheapest borrowing costs of the year, with risk premiums over Treasuries at the lowest level since October 2018. That should encourage more borrowers to come forward, with investment-grade syndicate desks projecting another $17 billion in sales this week on top of AbbVie’s expected offering.Read more: IG ANALYSIS: AbbVie Prints $30b Through Curve; $73b Final BookAbbVie’s sale tops the chart as the biggest bond sale this year and it’s the fourth largest of all time. The offering came in 10 parts with the 30-year security yielding 1.90 percentage points above Treasuries, after initially discussing around 2.1 percentage points, according to people with knowledge of the matter, who asked not to be identified as the details are private. Investors placed about $77 billion in orders, people familiar with the order book said.AbbVie agreed to buy Allergan in June for $63 billion in one of the largest pharmaceutical deals this year. It should bring much-needed diversity to the acquirer’s line-up, as AbbVie’s cornerstone drug Humira, which treats arthritis, has been facing more competition, especially in Europe. U.S. antitrust officials are still reviewing the deal, which the companies expect will close early next year.The deal is expected to take the combined company’s debt to more than three times a measure of its earnings, credit raters have said. Still, Moody’s Investors Service has left its rating on AbbVie unchanged at two levels above speculative grade, as the transaction should generate significant free cash flow. S&P Global Ratings, however, said it will likely cut AbbVie one level to BBB+, three levels above junk.Read more: Corporations Pile Into Bond Market as Borrowing Costs DropManagement has reiterated its intention to pay down debt, to achieve a ratio of net debt to Ebitda -- earnings before interest, tax, depreciation and amortization -- of 2.5 times by the end of 2021. Further deleveraging through 2023 is possible, Chief Financial Officer Rob Michael said on an earnings call earlier this month.Morgan Stanley, Bank of America Corp. and Barclays Plc managed the bond sale, the person said.\--With assistance from Brian Smith.To contact the reporter on this story: Elizabeth Rembert in New York at firstname.lastname@example.orgTo contact the editor responsible for this story: Nikolaj Gammeltoft at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Matthews International Corporation (NASDAQ:MATW), which is in the commercial services business, and is based in United...
The US pharmaceuticals group AbbVie sealed one of the largest US corporate bond deals on record on Tuesday to finance its $83bn takeover of rival Allergan. AbbVie borrowed $30bn from investors clamouring ...