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Hello, everyone. Damian here with a close look at an en-vogue idea in oncology, an awkward welcome for a new CEO, and a twist on the classic drug pricing backlash.
The need-to-know this morning
• Biogen reported third-quarter adjusted earnings of $4.36 per share on total revenue of $2.53 billion — both metrics higher than the Street’s consensus estimate. Multiple sclerosis product revenue fell 14% year over year, but sales of the rare disease therapy Spinraza rose 4%.
• Last night, Gilead Sciences reported third-quarter adjusted earnings of $2.29 per share on total revenue of $7.05 billion, also topping consensus. Sales of Veklury, Gilead’s treatment for Covid-19, were strong at $636 million, benefiting from a summer surge in cases.