There's a lot in this legislation, including a provision that will allow Medicare to directly negotiate the prices of the costliest drugs. The U.S. House of Representatives is expected to vote in favor of the bill later this week. President Joe Biden has already stated that he's ready to sign it into law.
CRISPR Therapeutics (CRSP) reports a wider-than-expected Q2 loss. Revenues also miss estimates.
Vertex Pharmaceuticals' shares have soared 24% year to date despite the macroeconomic headwinds in its way. The biotech owes that in part to its dominance in the market for drugs that treat the underlying causes of cystic fibrosis (CF), an area in which Vertex is the only game in town. Revenue and earnings continue to grow for Vertex thanks to its CF franchise.