Health Sector Updates: Thriving Businesses and Ongoing Challenges

Recent health news highlights key industry shifts, including Bristol Myers' profit growth, Baxter's production recovery after floods, FDA's rejection of Lexicon Pharma's diabetes drug, and Teva's major EU fine. Additionally, mpox and bird flu outbreaks raise concerns, while Purdue Pharma nears a critical bankruptcy deal.

In recent health news, Bristol Myers Squibb reported a significant third-quarter profit jump, boosted by robust sales of its older drugs and new entries like Camzyos and Breyanzi. The company's shares reached their highest level since last October. Meanwhile, Baxter International has resumed production at a hurricane-affected facility in North Carolina, addressing the needs for essential IV solutions.

The FDA's advisory panel has voted against Lexicon Pharmaceuticals' new diabetes treatment, citing insufficient support for its efficacy alongside insulin therapy. On another front, Teva faced a hefty antitrust fine from the EU, resulting from attempts to prevent competition for its top-selling sclerosis treatment, Copaxone.

Amid these developments, global health concerns persist. The mpox spread in Africa sees a 500% year-on-year increase, and the U.S. reports its first pig infected with H5N1 bird flu, underscoring zoonotic risks. Purdue Pharma is nearing a settlement regarding its role in the opioid crisis, signaling potential resolutions after protracted legal battles.

(With inputs from agencies.)