New York, NY (
Johnson & Johnson
, in recent days, has been hit with a spate of both good and bad news.
First the bad news.
Johnson & Johnson's competitor Celgene will soon be releasing a report providing data that could convince doctors to favor its cancer pill Revlimid over Johnson & Johnson's intravenous drug Velcade, according to Bloomberg.
Celgene could more than triple the sales for its top-selling Revlimid drug after the findings are released next week, according to Bloomberg.
Revlimid generated $1.3 billion in sales last year. The drug is used as an alternative for blood cancer multiple myeloma patients who haven't responded to other treatments.
And now to the good news.
A Johnson & Johnson division says that the Food and Drug Administration has granted the company full approval of an HIV drug used to treat patients who have stopped responding to other treatments.
The FDA gave the HIV drug Intelence preliminary approval in January of last year, which allowed Johnson & Johnson to market the drug.
More recent data submitted by Johnson & Johnson's Tibotec division shows that 60% of patients taking the drug for 48 weeks have had undetectable levels of HIV in their blood compared with 38% of patients taking a placebo.
Such information provided in Johnson & Johnson's follow-up data of Tibotec's effectiveness was enough to convince federal regulators to grant the company full approval of the drug.
Intelence is a twice-daily tablet that blocks the enzyme HIV needs to multiply. It is already approved for use in 50 countries worldwide.
Johnson & Johnson stocks have nudged 0.5% lower to $62.60 in morning trading. Its rival
has inched up 0.3% to $55.20.
Price movements of other companies in the healthcare sector are mixed in morning trading.
stocks slid 0.5% to $36.70. Shares of
are up 0.6% to $55.70.
stocks are up 0.2% to $62.60.
-- Reported by Andrea Tse in New York
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