Lilly’s Lechleiter back at helm after health scare
Eli Lilly and Co. Chairman and CEO John Lechleiter is back to full-time work after taking a leave in May to have surgery for a dilated aorta, the company announced Monday morning.
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Lilly drug for Alzheimer’s gets limited Medicare coverage
Lilly officials said they will push ahead with the first-of-a-kind imaging chemical, despite the mostly negative ruling by Medicare officials.
Company news
Eli Lilly and Co. and Boehringer Ingelheim GmbH submitted their long-acting insulin for market approval in Europe, using the pathway for generic biotech, or biosimilar, drugs. If approved, the drug, known as insulin glargine, would finally allow Indianapolis-based Lilly to catch up with competitors Sanofi-Aventis SA and Novo Nordisk N/A in offering a once-a-day insulin for diabetics. France-based Sanofi launched the first long-acting insulin, Lantus, in 2000. Denmark-based Novo followed with its own version, Levemir, in 2004. Analysts predict sales of Lilly’s insulin glargine could top $1 billion by 2020, with some of that revenue flowing to Germany-based Boehringer.
The federal Medicare issued a mostly negative reimbursement proposal for Eli Lilly and Co.’s Amyvid imaging agent for diagnosing Alzheimer’s disease in living patients. According to Bloomberg News, the federal health plan for seniors will pay for the brain scans using Lilly’s drug only for patients participating in approved clinical studies. The $3,000 test, approved last year by the U.S. Food and Drug Administration, identifies clusters of the brain protein amyloid, which is an indicator of Alzheimer’s disease. Previously, such protein clusters could be viewed only during an autoposy. The ruling is an unexpected setback for Amyvid after European Union regulators endorsed it in January. Lilly paid $300 million in 2010 to acquire the drug and its developer, Avid Radiopharmaceuticals Inc.
The private equity firms that own Warsaw-based Biomet Inc. want their money back, according to the Financial Times. They are considering relisting the maker of orthopedic implants as a public company or selling it whole to other investors, the London newspaper reported, citing three unnamed sources. Biomet was purchased in 2007 for $11.4 billion by four private equity firms: Blackstone, KKR, TPG and the private equity arm of Goldman Sachs. The volume of hip and knee surgeries has declined since Biomet was purchased, but Biomet’s financial performance has improved, anyway. The company concluded its most recent fiscal year with $3 billion in sales and $946 million in earnings before interest, taxes, depreciation and amortization. Still, the Financial Times says current stock prices for Biomet’s competitors suggest the company may have a value of $8 billion—less than what its owners paid for it.
Major Health Partners will decide in the next six months whether to spend $23 million to maintain its existing hospital in downtown Shelbyville or spend $100 million to build a new hospital in the Intelliplex business park north of town. According to the Shelbyville News, Major Health Partners has been gradually moving to Intelliplex since 2005, opening outpatient centers focused on oncology, orthopedics, cardiology and obstetrics. Now hospital officials have drawn up tentative plans to build a 240,000-square-foot facility in Intelliplex. Major officials also said they could build a “shell” facility at Intelliplex and then add services there, while maintaining its existing, 61-bed hospital. “At some point, we will have to move, but when do we pull the trigger? That is the tough question," Major CEO Jack Horner told the Shelbyville News. Major, which is owned by the city of Shelbyville, will hold community forums before making a decision.
Indiana University Health lost a four-month battle to convince the Illinois Medicaid program to pay for a multi-organ transplant for two patients. The surgeries were expected to cost more than $1 million each, according to Crain’s Chicago Business, yet no hospitals in Illinois are capable of performing them. That’s why the two patients, a 32-year-old woman and a 67-year-old woman, came to IU Health in Indianapolis. An ethics panel called the procedures, which IU Health’s surgeons have performed 38 times, experimental. Also, the Illinois Medicaid program cited a dearth of resources in declining to cover the procedures.
People
Eli Lilly and Co. Chairman and CEO John Lechleiter is back to full-time work after undergoing surgery on May 13 for a dilated aorta. The Indianapolis-based drugmaker said both a company doctor and Lechleiter's personal physician have cleared the 59-year-old to return. Chief Financial Officer Derica Rice served as acting CEO for the Indianapolis-based drug company during Lechleiter's leave, and independent director Ellen Marram served as acting chairwoman.
KENNEDY: Equality economics hitting home
When it comes to the culture-war politics of same-sex marriage, our governor and legislators would be well advised to listen to Indiana’s business and corporate leadership and forgo their pious pandering to the shrinking number of Hoosiers spooked by social change.
Lilly aims potential Alzheimer’s drug at early patients
The trial of 2,100 patients, called Expedition III, will use new measures of cognitive function, such as the ability to do tasks like cooking or driving, or remembering words after a delay.
Daniels’ hiring of ex-aides for Purdue posts draws scrutiny
About 30 new management or professional hires have appeared on Purdue's payroll since Daniels took office in January. At least six are former colleagues from Daniels' days as governor and as a top executive at Eli Lilly and Co.
Company news
Eli Lilly and Co. said it will test its experimental Alzheimer’s drug in patients with early stages of the disease after the medicine failed to slow the condition in more advanced patients. According to Bloomberg News, the trial of 2,100 patients, called Expedition III, will measure patients’ ability to do daily tasks like cooking or driving, and to remember words after a delay. Lilly is pushing ahead with the drug, called solanezumab, as potentially the first medicine to demonstrate that it treats Alzheimer’s causes rather than just the symptoms. The drug targets the buildup of plaque known as beta amyloid in the brain that’s thought to be a basis of Alzheimer’s. The trial should take about 22 months to complete. In earlier clinical trials, solanezumab failed to show overall effectiveness, but did appear to slow the progression of Alzheimer’s in patients with mild forms of the disease. Lilly’s new trial will use new tests for biological signs of the disease to help enroll early-stage patients and to see whether their illness is advancing. More than 5 million Americans have Alzheimer’s, the most common form of dementia, and the number is expected to surge to as many as 16 million by 2050 as the population ages, according to the Alzheimer’s Association. No drugs on the market have been shown to slow the disease. The market for medicines may be worth $20 billion annually, Deutsche Bank estimated last year. Merck & Co., Novartis AG, Roche AG and other large drugmakers are pursuing treatments.
San Diego-based American Specialty Health Inc., a wellness-program provider, plans to open an office in Carmel by March, employing at least 300 in “an operations, customer service and redundancy center.” Sources familiar with the situation said Carmel may also become the company’s corporate headquarters. Founded in 1987 in CEO George DeVries’ extra bedroom, ASH operates 13 subsidiaries that offer health-and-wellness services to employer groups, health plans and insurance companies nationwide. Its Healthyroads unit, for example, provides a Silver&Fit “healthy aging” program to Medicare Advantage beneficiaries. ASH and other players in the wellness industry are expected to keep growing thanks to provisions in the 2010 Affordable Care Act that create incentives to promote health-management programs. Privately held ASH reported revenue of $221 million last year, up 64 percent from 2009, when the company first appeared on the Inc. 5000 list of the country’s fastest-growing businesses. DeVries is a graduate of Culver Academies in northern Indiana and serves on its board. ASH already has a nine-person office on 96th Street in Indianapolis, and Freeman said those employees eventually will move to Carmel.
Indianapolis-based WellPoint Inc. will pay $1.7 million to the U.S. Department of Health and Human Services to resolve allegations it left the information of more than 612,000 members available online because of inadequate safeguards. According to the Associated Press, between Oct. 23, 2009, and March 7, 2010, security weaknesses in an online application database left the information of 612,402 people accessible to unauthorized users. That information included names, birthdates, addresses, telephone numbers, Social Security numbers, and health data. WellPoint, the nation’s second-largest health insurer, reported the breach to the Health and Human Services Department. The agency then started an investigation, saying WellPoint's actions may have violated the Health Insurance Portability and Accountability Act, or HIPAA.
Catarmaran Corp., a pharmacy benefits manager, plans to hire 205 people within two years at a hub it's building in Jeffersonville, according to the Associated Press. The Illinois-based company has committed to hiring 104 full-time, permanent employees next year and a total of 205 by 2015. The jobs paying an average of nearly $24 per hour will include pharmacists, technicians, call-center employees and others.
Lilly freezes pay for workers, executives
The pay freeze will save $400 million through 2016, said a spokesman for the Indianapolis-based company. Lilly won’t give pay raises to executives, supervisors or most employees. Some bonuses will also be reduced.
Marian’s med school quest was leap of faith
Marian University, a small Catholic college started by Franciscan nuns, next month will launch just the second medical school in Indiana. Marian President Dan Elsener is credited with pulling off the audacious move with a mix of big dreaming, careful planning, deft networking and “don’t take no for an answer” fundraising.
Company news
Eli Lilly and Co. will freeze pay this year for most workers, including executives, in a move designed to save $400 million by the end of 2016, according to Bloomberg News. The Indianapolis-based drugmaker, which employs more than 38,000 workers worldwide, is reducing expenses and counting on emerging markets, animal health products and experimental diabetes drugs to revive growth as it loses revenue from top products to generic competitors. Cymbalta, a depression pill that at $5 billion a year is the drugmaker’s biggest seller, loses U.S. patent protection in December. That development, as well as the 2014 expiration of patents on the osteoporosis drug Evista, will slash Lilly’s revenue 20 percent, the company said.
Indianapolis-based ApeX Therapeutics, a cancer drug discovery firm, received a $240,332 grant from the National Cancer Institute at the National Institutes of Health via the Small Business Innovation Research program. ApeX, which uses technology licensed from Indiana University, will use the grant to develop an oral or injectable medicine to treat leukemia and other tumors in children. ApeX previously received funding from Indiana University's Innovate Indiana Fund and Indianapolis-based Pearl Street Venture Fund.
Indianapolis-based Elevate Ventures invested $50,000 in Evansville-based Curvo Labs LLC, which has developed a data platform to help hospitals, surgery centers and medical device companies share information. Curvo uses supply purchase histories and surgeon preference data from hospital and surgery centers to identify business opportunities for medical device companies. It also helps hospital administrators drive down their costs of purchasing medical devices. Elevate Ventures is a private organization charged with investing funds provided by the state of Indiana.
Lilly shares rise after drugmaker reports solid second quarter
Strong sales and penny-pinching helped Eli Lilly and Co. beat Wall Street’s expectations in the second quarter, leading the company to raise its profit forecast for the year.
IU med school’s research efforts have multiplied, but so have peers’
Retiring Indiana University School of Medicine Dean Dr. Craig Brater has, in his 13-year tenure, doubled the school’s number of research-oriented faculty to 700, doubled the amount of space for them to work in, and doubled the revenue from research grants and contracts. But all that effort has hardly budged IU in national rankings.
Company news
Indianapolis-based ApeX Therapeutics Inc. has raised $2.5 million to fund clinical trials of an experimental childhood leukemia drug. The fundraising, disclosed in a filing with the U.S. Securities & Exchange Commission, was partly funded by Indianapolis-based BioCrossroads’ Indiana Seed Fund II. ApeX’s drugs are based on the work of Mark Kelley, a researcher at the Indiana University School of Medicine.
WellPoint Inc. CEO Joe Swedish predicted July 24 that the Indianapolis-based company’s operating revenue will soar nearly 27 percent over the next three years, to a whopping $90 billion, up from about $71 billion this year. He added that he expected the revenue growth to also come with compounded growth in annual profit of 4 percent to 6 percent per year—even before any acquisitions. Previously, there were concerns both inside and outside WellPoint because a huge portion of the company's profit comes from its plethora of small employer customers. With Obamacare creating new online exchanges later this year for those small employers, it looked like WellPoint would struggle to compete with more health insurers and in unfamiliar markets, just to hold its profit steady. But now, most health insurers are just focusing on the local markets where they are already strong, WellPoint officials said—rather than trying to steal business from their peers. And WellPoint thinks its well-recognized brand and established relationships in local markets will win the day in the exchanges. In addition, WellPoint expects growth to come as half of the 14 states in which WellPoint operates its Blue Cross and Blue Shield plans expand their Medicaid programs. WellPoint’s 2012 acquisition of Amerigroup Corp. is helping WellPoint move from an employer-focused company to one with a competitive business for managing government-funded health plans.
Sales grew but profit fell in the second quarter at Dow AgroSciences LLC, the company reported July 25. The Indianapolis-based ag biotech firm racked up nearly $1.9 billion in revenue in the quarter, an increase of 10 percent from the same period a year earlier. Quarterly profit totaled $290 million before accounting for interest, taxes, depreciation and amortization—down from last year’s second-quarter record of $307 million. Sales of crop-protection products rose 12 percent, driven by large gains in Latin America, where sales of new crop-protection products grew 14 percent. Dow AgroSciences is a unit of Michigan-based Dow Chemical Co.
Zimmer Holdings Inc. saw second-quarter earnings slump 29 percent as the orthopedic-device maker set aside an additional $47 million to cover the cost of lawsuits related to its Durom hip cups, according to the Associated Press. The Warsaw-based company stopped marketing the products in 2008 and has put more than $400 million in reserve to cover potential legal costs, including $108 million in the fourth quarter of 2012. Earnings fell to $152.1 million, or 89 cents per share, from $214.5 million, or $1.22 per share, a year ago. If the legal reserve charge and other one-time items are excluded, Zimmer said, its earnings rose to $1.43 per share from $1.34 per share. Revenue increased 4 percent, to $1.2 billion. Zimmer narrowed its profit guidance for the year and now expects to earn $5.70 to $5.80 per share. The company had previously projected adjusted profit of $5.65 to $5.85 per share.
Eli Lilly and Co. earned $1.2 billion in the second quarter, an increase of 31 percent compared with the same quarter last year, the drugmaker reported July 24. Earnings per share totaled $1.11, compared with 83 cents a year ago. Because it outperformed analysts’ expectations, Lilly hiked up its profit expectations for the year by a range of 13 cents to 18 cents per share. The company now expects to earn $4.28 to $4.38 for the year. In the second quarter, Lilly was able to boost its sales 6 percent worldwide, to $5.9 billion. Lilly’s best-selling drug, the antidepressant Cymbalta, is set to lose its U.S. patent protection in December, after which its sales will switch to cheaper generics. Sales of Cymbalta grew 22 percent in the second quarter, to nearly $1.5 billion. Lilly is hoping to win approval on new diabetes and cancer drugs to offset those coming hits to its sales. Lilly expects a 20-percent reduction in revenue in 2014 because of the U.S. expiration of the Cymbalta and Evista patents.
WellPoint Inc. earned $2.64 per share in the second quarter, the health insurer reported July 24. Excluding investment gains, WellPoint earned $2.60 per share, a 27.5-percent increase over the same quarter a year ago. WellPoint raised its full-year profit forecast 20 cents per share, excluding the impact of investments, to $8 per share. Overall profit for the quarter rose 24 percent from a year ago, to $800.1 million, as WellPoint’s customers continued to file modest amounts of medical claims. WellPoint spent 83.9 percent of its premium revenue on claims, a tick higher than in the first quarter but well below its predicted level of 85.5 percent for the year. WellPoint’s revenue for the quarter rose 16 percent, to $17.8 billion. WellPoint provided health benefits for 35.7 million Americans at the end of June, more than any other company in the United States.
Indiana chamber staying neutral in gay marriage fight
A leading Indiana business organization says it doesn't expect to get involved in what could be a contentious fight next year over whether to add a same-sex marriage ban to the state constitution.
BECK: Jobs, marriage amendment don’t mix
The morning the news broke that the U.S. Supreme Court had struck down a key part of the Defense of Marriage Act, people across the country did a double-take. Was it possible that the members of the highest court in the land rendered one of the greatest wedge issues of our time obsolete?
MAURER: Good jobs build civic pride
Businesses across a broad spectrum are adversely affected when a headquarters is lost. Our firms suffer when goods and services are no longer purchased locally. The mediocre occupancy rate in downtown office space is a direct result of vanishing downtown headquarters.
New retail downtown sitting idle
A flood of downtown apartments coming on the market is leasing up quickly, but much of the attached retail space continues to languish as some begin to wonder whether the residential boom will create enough retail demand.
Delta Faucet builds innovation machine in Carmel
One of Indiana’s most innovative companies in the past decade doesn’t make surgical instruments or drugs or engines. It makes water faucets and toilets. Delta Faucet Co. has secured 589 patents in the past 20 years.
PROXY CORNER: Eli Lilly and Co.
Indianapolis-based Eli Lilly and Co. discovers, develops, manufactures and sells pharmaceutical products for humans and animals.