Analysts characterized the deal as savvy and said it will reshape the company’s earnings towards a “faster growing, higher margin, and improved capital return profile.”
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Analysts said the inquiry, while in early stages, could pressure the company’s stock. “This creates a new potential risk factor that we are unlikely to get clarity on for some time,” SVB Leerink analyst Whit Mayo said.
Along with ongoing pandemic stresses, the California nonprofit is facing rising expenses amid intense workforce pressure as it faces the start of a major strike next week.
For decades, most patients have traveled to providers—whether medical offices or hospitals—for care. However, the coronavirus exposed the cracks in this facility-centric paradigm.
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For most payers, higher-than-expected coronavirus costs were offset by patients continuing to delay nonessential medical care.
The drugmaker, which last week won FDA clearance of its vaccine in younger children, plans to quickly ask the agency for emergency authorization of the drug in high-risk patients.
The deal was reached on six contracts covering about 2,500 employees at Catholic Health, according to the New York hospital. The union was originally pushing for one master contract.
Legislation backed by President Joe Biden and top Democratic lawmakers would allow for price negotiation on up to 20 older drugs, potentially impacting blockbusters from Pfizer, Bristol Myers Squibb and others.