Shares of Amgen, Inc. (NASDAQ:AMGN) ended Friday session in red amid volatile trading. The shares closed down -0.82 points or -0.47% at $174.80 with 2.24 million shares getting traded. Post opening the session at $176.27, the shares hit an intraday low of $174.61 and an intraday high of $176.85 and the price vacillated in this range throughout the day. The company has a market cap of $130.20 billion and the numbers of outstanding shares have been calculated to be 748.36 million shares.
Amgen, Inc. (AMGN) on Sept. 23, 2016 announced that the U.S. Food and Drug Administration (FDA) has approved AMJEVITA™ (adalimumab-atto) across all eligible indications of the reference product, Humira® (adalimumab). AMJEVITA is the first adalimumab biosimilar approved by the FDA and has been approved for the treatment of seven inflammatory diseases, including moderate-to-severe rheumatoid arthritis, moderate-to-severe polyarticular juvenile idiopathic arthritis, psoriatic arthritis, ankylosing spondylitis, moderate-to-severe chronic plaque psoriasis, adult moderate-to-severe Crohn’s disease and moderate-to-severe ulcerative colitis. AMJEVITA is Amgen’s first biosimilar to receive regulatory approval.
“Approval of AMJEVITA is an exciting accomplishment as it marks a new chapter in Amgen’s story of being a leader in biotechnology. In addition, AMJEVITA holds the potential to offer patients with chronic inflammatory diseases an additional treatment option,” said Sean E. Harper, M.D., executive vice president of Research and Development at Amgen. “This milestone exemplifies our ongoing dedication to the development of high quality biologic medicines.”
Shares of Tenet Healthcare Corp (NYSE:THC) ended Friday session in green amid volatile trading. The shares closed up +0.16 points or 0.73% at $21.97 with 2.38 million shares getting traded. Post opening the session at $21.98, the shares hit an intraday low of $21.77 and an intraday high of $22.20 and the price vacillated in this range throughout the day. The company has a market cap of $2.25 billion and the numbers of outstanding shares have been calculated to be 99.52 million shares.
Tenet Healthcare Corp (THC) on August 2, 2016 reported a net loss from continuing operations of $44 million in the second quarter of 2016, a $16 million improvement when compared to a $60 million net loss from continuing operations in the second quarter of 2015. Adjusted EBITDA was $617 million in the second quarter of 2016, an increase of $49 million, or 8.6 percent, compared to $568 million in the second quarter of 2015.
“Our strategic investments in high-acuity service lines helped us to grow same-hospital patient revenue and revenue per adjusted admission,” said Trevor Fetter, chairman and chief executive officer. “Our Conifer Health and USPI subsidiaries performed well and both achieved double-digit revenue growth. We are pleased with the progress we are making on our core strategies across all three business segments and remain on track to meet our Adjusted EBITDA Outlook for the year.”
Hospital Operations and Other Segment
Net operating revenue in the hospital operations and other segment increased to $4.202 billion, up 0.6 percent from $4.175 billion in the second quarter of 2015. On a same-hospital basis, patient revenue increased to $3.743 billion, up 4.4 percent from $3.586 billion in the second quarter of 2015. The increase was driven by a 0.5 percent increase in adjusted patient admissions and a 3.9 percent increase in net patient revenue per adjusted admission.
Adjusted EBITDA in Tenet’s hospital segment was $415 million, representing a decline of 9.6 percent as compared to $459 million in the second quarter of 2015. The decline was primarily driven by divestitures and a decline in electronic health record incentives, and was partially offset by acquisitions.
Total hospital segment selected operating expenses, defined as the sum of salaries, wages and benefits, supplies and other operating expenses, increased 3.4 percent per adjusted admission in the quarter. Approximately half of the 3.4 percent increase was attributable to a $47 million increase in expense at Tenet’s health plan business, which was substantially offset by higher plan premium revenues, and incremental expense related to our discounted malpractice liabilities as a result of the decline in Treasury rates.