Categories
Health

Biogen’s controversial Alzheimer’s drug generates $2 million gross sales in first few weeks after approval

Aduhelm from Biogen

Source: Biogen

Biogen’s Alzheimer’s drug Aduhelm made $ 2 million in sales in the first few weeks after its approval, the company said Thursday when it released its second quarter results along with an open letter about the controversial drug.

Biogen increased its sales guidance for the year and expected total sales for the year of $ 10.65 billion to $ 10.85 billion. That’s an increase from its earlier estimates of $ 10.45 billion to $ 10.75 billion. The new forecast assumes “modest” income for Aduhelm in 2021, which will then be ramped up, the company said.

Here’s how Biogen performed in the three months ended June 30, compared to Wall Street’s expectations, according to Refinitiv’s average estimates:

  • Adjusted earnings per share: $ 5.68 versus $ 4.54 expected
  • Revenue: $ 2.78 billion versus an expected $ 2.61 billion

The company’s stock rose slightly in early trading.

Aduhelm was approved by the Food and Drug Administration on June 7th. The drug, scientifically known as aducanumab, offers new hope to friends and families of patients living with the disease and is set to generate billions in revenue for the company.

However, its approval has since been questioned, and the head of the FDA is now calling for a state investigation into the interactions between agency employees and the biotech company.

Biogen’s Chief Research Officer, Dr. Al Sandrock, defended the drug in an open letter released Thursday along with the company’s profits, saying its approval was subject to “extensive misinformation and misunderstanding”.

He said it was “normal” for scientists and clinicians to discuss and debate data from experimental and clinical trials, but added that those discussions had taken a turn “outside the boundaries of legitimate scientific reasoning”.

“We welcome a formal review of the interactions between the FDA and Biogen in the process of obtaining aducanumab approval,” said Sandrock. “A better understanding of the facts is good for everyone involved in building confidence in the therapy and the approval process as we prioritize the issues that affect patients.”

Correction: In an earlier version, Aduhelm was misspelled.

Categories
Entertainment

HBO and HBO Max Subscribers Seen Reaching 73 Million in 2021

AT&T may not want HBO Max anymore, but the streaming platform is gaining traction with customers.

HBO and HBO Max, home to genre-bending franchises such as “Game of Thrones” and “The Sopranos” and Hollywood blockbusters like “Wonder Woman 1984,” have added 10.7 million customers in a little over a year, with 2.8 million coming in the three months ending in June, AT&T reported on Thursday. Those figures include both HBO Max and the HBO TV channel.

The company has 67.5 million subscribers to HBO and HBO Max, with 47 million in the United States. AT&T, which has struck a deal to sell its media businesses, expects HBO and HBO Max will have between 70 million and 73 million customers by the end of the year, exceeding earlier predictions.

Netflix, the most popular streaming service, has 209 million subscribers, with about 66 million in the United States. It gained customers in the second quarter, but growth has considerably slowed and it lost 430,000 subscribers across the United States and Canada, a sign that cracks are beginning to show in the streamer’s long-held dominance.

Speaking on the broader streaming industry, Jason Kilar, the chief executive of AT&T’s media arm, WarnerMedia, said in an interview: “The only thing I can promise you is change. There is no doubt that change is coming, and that’s appropriate because we live in a dynamic time.”

WarnerMedia, which includes CNN, the Warner Bros. film and television studios and the Turner cable networks, is about to become the property of Discovery Inc., as media companies continue to gobble each other up in an effort to take on Amazon, Apple, Facebook and Google. The deal, which is expected to close around the middle of next year, will create the second-largest media business in the United States, behind the Walt Disney Company and ahead of Netflix and NBCUniversal.

Mr. Kilar, who learned of the acquisition only weeks before it would be announced, could be out of a job after the deal closes.

Both companies are prohibited from working together until the merger is approved by government regulators, including striking any employment agreements. Still, such deals often involve tacit arrangements about leadership. Mr. Kilar said that he had met socially with David Zaslav, the head of Discovery, but that he hadn’t broached the topic of his employment.

“David and I have known each other for a long time,” he said, “and I think it’s fair to say there’s a lot of shared respect between the both of us.”

Mr. Kilar, who took charge of the company only 15 months ago, said he did not have plans to step away.

“There will be a point where I pick my head up next year where I think about this topic,” he continued. “But I certainly don’t intend to do it until 2022.”

Mr. Kilar, who was the founding chief executive of Hulu, is considered within Hollywood to be a bit of an iconoclast. In 2011, he broadsided the industry with a now-famous manifesto on the future of entertainment that, to many, came across as a blistering critique of Hulu’s corporate ownership.

The post panned traditional TV for running far too many commercials. Mr. Kilar also blasted cable, predicting that viewers would eventually drop expensive packages.

After Mr. Kilar joined WarnerMedia, he quickly shuffled the executive ranks and cut costs in an effort to streamline the business.

Then he angered Hollywood (again) by breaking with tradition and releasing the entire 2021 lineup of Warner Bros. films on HBO Max on the same day they were scheduled to appear in theaters. The move would have cost some of Hollywood’s biggest players back-end profits — the commission that top-flight producers and stars earn based on box office receipts — but the company quickly worked out deals to make sure they would be paid.

Unlike Netflix, Disney+ and HBO Max and other new entrants into streaming have legacy agreements with cable distributors and Hollywood studios that prevent a more full-throated approach to making films and TV shows immediately available online.

For Mr. Kilar, the move wasn’t about upsetting Hollywood, but rather was part of a larger strategy to goose HBO Max.

It seems to have worked. The release of made-for-the-big-screen spectacles like “Godzilla vs. Kong” on HBO Max helped to increase the service’s customer rolls.

Mr. Kilar intends to keep up that strategy through 2022. Warner Bros. will release 10 films exclusively for the streaming platform. And big-budget films like “The Batman,” a reimagining of the comic book character starring Robert Pattinson, will have relatively short windows in theaters of 45 days before they show up on HBO Max, according to Mr. Kilar.

“That’s very, very different than the way the world operated in 2019,” he said. “Ultimately, I do think that as long as you’re thoughtful about it, change could be very, very good for not only the customers but also the people we get to work with.”

Categories
Entertainment

17 New York Arts Organizations Are Amongst These Receiving $30 Million

The Queens Museum is among 46 cultural nonprofit organizations selected for a new $30 million program by Bloomberg Philanthropies that is intended to support improving technology at the groups and helping them stabilize and thrive in the wake of the pandemic. A Bloomberg Tech Fellow is being appointed at each organization, the philanthropies announced Tuesday.

Heryte Tequame, assistant director of communications and digital projects at the museum, was chosen as its fellow in what is known as the Digital Accelerator program and will be in charge of developing a digital project of her choice. In an interview she said that in 2020, the museum “realized where we needed to expand our capacity and invest more.”

“I think now we’re really taking the time to see what we can do that has longevity,” Tequame said. “And not just being responsive, but really being proactive and having a real future-facing strategy.”

The organizations don’t know exactly how much of the $30 million each will receive yet, but Tequame said she wants to use at least some of it on the museum’s permanent collection.

Another recipient, Harlem Stage, selected Deirdre May, senior director of digital content and marketing, as its tech fellow.

That performing arts center — which largely focuses on artists of color — aims to use the assistance in part to increase accessibility, Patricia Cruz, its chief executive and artistic director, said in an interview. “People who cannot leave their homes, for example, would be able to see some of the finest artistic performances that could be made,” Cruz said, because “that’s the core of what we do.”

The 46 organizations selected for the program include nonprofits in the United States and Britain. Among them are 26 in the United States, and 17 of those are in New York City, including the Apollo Theater, the Ghetto Film School and the Tenement Museum. The chief executive of Bloomberg Philanthropies, Patricia E. Harris, said in a statement that when the pandemic hit, cultural organizations had to get creative to keep their (virtual) doors open.

“Now we’re excited to launch the Accelerator program to help more arts organizations sustain innovations and investments,” Harris said, “and strengthen tech and management practices that are key to their long-term success.”

As Cruz from Harlem Stage put it, “We’re ready to be accelerated.”

Categories
World News

‘Black Widow’ nabs $13.2 million in field workplace gross sales Thursday

Scarlett Johansson plays Natasha Romanoff, AKA Black Widow, in Marvel’s “Black Widow”.

Disney | wonder

“Black Widow” sold $ 13.2 million in preview tickets Thursday, raising the box office bar of the pandemic era.

The Marvel movie is expected to gross between $ 80 million and $ 110 million in box office revenue this weekend.

Universal’s “F9” grossed $ 7.1 million in its Thursday previews last month and $ 70 million on its debut weekend. Both were records for a film released in the wake of the coronavirus pandemic.

The revenue for “Black Widow” on Thursday is equal to the $ 15.4 million raised from “Spider-Man: Homecoming” and the $ 14.5 million raised from “Thor: Ragnarok” . Both films were released in 2017. “Spider-Man” grossed $ 117 million on its three-day opening weekend and “Thor: Ragnarok,” according to Comscore, $ 123 million.

The strong preview numbers – coupled with pre-sales of tickets that keep pace with several Marvel films released before the pandemic – suggest fans will see this feature hit the big screen, despite it being available at Disney + for US $ 30 Dollar is available.

“This is the weekend Marvel fans have been waiting for, and their enthusiasm is reflected in Thursday’s preview figures, which point to what may well be the best pandemic-era opening weekend for Black Widow,” said Paul Dergarabedian, senior media analyst at Comscore. “Despite its availability on Disney +, ‘Black Widow’ is undeniably a big screen event and once again proves the essence of the cinematic experience.”

The number of cinemas open to the public is still below the level of 2019. Before the weekend, around 81% of the cinemas will sell tickets, reports Comscore.

Regardless, Black Widow is headed for the biggest opening of the pandemic, and the industry is likely to see the highest total weekend box office gross since March 2020. This will be a massive step up from the $ 901,000 domestic box office made during the same weekend last year.

Disclosure: NBCUniversal is the parent company of Universal Studios and CNBC.

Categories
Health

Tyson Meals Recollects 8.5 Million Kilos of Frozen Rooster

Tyson Foods is recalling nearly 8.5 million pounds of frozen chicken that may have been contaminated with listeria, the Department of Agriculture said.

The voluntary recall was issued after Agriculture Department investigators were briefed last month on two people with listeriosis, the ministry said in a statement on Saturday.

An investigation found evidence linking these cases to frozen chicken from Tyson Foods, the agency said. Investigators eventually identified three cases related to the recalled products, including one fatality, the department said.

Symptoms of listeriosis, an infection caused by the bacterium Listeria monocytogenes, include fever, cramps, muscle pain and gastrointestinal problems, according to the Ministry of Agriculture.

The recalled products were frozen, fully cooked chicken made between December and April, the department said. Products include chicken strips, chicken pizza, and pulled chicken breasts, which were sold under brand names such as Tyson, Jet’s Pizza, and Casey’s General Store.

The department announced that the “company code” P-7089 is printed on the packages.

In a statement, Tyson Foods said the recalled products were made at a facility in Dexter, Missouri. The company distributed the chicken to shops, hospitals, schools, restaurants and other locations, the Department of Agriculture said.

“We are committed to providing safe, healthy food that people rely on every day,” said Scott Brooks, senior vice president of food safety and quality assurance for Tyson Foods, in the statement. “We take this precautionary step out of great caution and in accordance with our security promise.”

The Department of Agriculture said it will continue its investigation to see if more listeriosis cases are linked to the recalled products.

The department asked people to throw away or return the recalled chicken. Pregnant women, adults over 65, and people with compromised immune systems are most susceptible to a severe case of listeriosis, according to the Centers for Disease Control and Prevention. Symptoms usually appear one to four weeks after consuming food contaminated with listeria.

Categories
Health

Behind Biden’s Pledge to Share 80 Million Vaccine Doses

WASHINGTON – When an airliner carrying 2.5 million doses of the coronavirus vaccine took off from Moderna from Dallas to Islamabad, Pakistan on Wednesday, federal officials had just gone through a dizzying bureaucratic back and forth getting them there.

The United States had a donation agreement with Moderna and Covax, the longstanding vaccine exchange initiative. Covax had previously entered into indemnity agreements with Moderna that protect the company from liability for possible damage caused by the vaccine. Officials at the American embassy in Islamabad had worked with regulators there to assess the Food and Drug Administration’s review of the vaccine; Pakistani regulators had to sift through tons of materials on the vaccine batches and the factory that made them before approving their use there.

Once signed, the result was what is known as a tripartite agreement: a type of agreement that increasingly engages the Biden government’s pandemic response efforts and underscores how the demand for vaccines in the United States is lagging as many countries seek help ask of those who have a surplus.

Amid criticism from some public health experts that President Biden’s vaccine diplomacy has been slow and inadequate, the White House plans to announce Thursday that it has fulfilled the president’s pledge to distribute 80 million doses by June 30 around 50 countries, the African Union and the Caribbean consortium of 20 nations have been officially offered, with around half already delivered and the rest planned in the coming weeks, said Natalie Quillian, the Biden government’s deputy Covid-19 response coordinator .

The dose-sharing effort has become an ongoing activity across the federal government, with alternate-level meetings several times a week and daily operational reviews. The White House can hold up to 15 country-specific calls a day, starting at 7 a.m., often to the National Security Council, Centers for Disease Control and Prevention, the Department of State and Defense, and other agencies.

Approximately 75 percent of the doses are routed through Covax, which has delivered more than 91 million doses to both affluent and low-income countries. The rest is distributed through bilateral agreements that allow countries to retrieve and distribute cans more directly.

Researchers have estimated that 11 billion doses of vaccines are needed worldwide to potentially eradicate the coronavirus pandemic. In the past few months, tens of millions of doses of the three federally approved vaccines in the United States have gone unused, and more have come off the supply lines. White House officials said they wanted to ensure adequate supplies to Americans this spring before completing the overseas shipping overseas work.

To date, more than three billion vaccine doses have been administered worldwide, which is 40 doses per 100 people. Some countries have not yet reported a single dose, although the highly contagious Delta variant is spreading around the world, exposing other inequalities.

“If this is the pace at which it is continuing, then unfortunately it is much slower than necessary,” said Dr. Saad B. Omer, the director of the Yale Institute for Global Health, on the US effort.

Ms. Quillian said more doses would be shipped over the summer, in addition to the 500 million doses of the Pfizer BioNTech vaccine the Biden government promised this month to distribute to about 100 countries next year. She described this phase of vaccination diplomacy as procedurally more complex than the domestic vaccination program. Challenges with bilateral agreements, such as the three million doses of the Johnson & Johnson vaccine sent to Brazil last week, include: the recipient country is negotiating compensation agreements with the manufacturers.

When the cans destined for Pakistan were declared for shipping last week, attention shifted to packaging and transportation to the Dallas airport. The health authorities in Pakistan and an organization behind Covax – UNICEF, the United Nations Children’s Fund – will deliver it, an effort the Biden government wants to oversee. Less than two percent of the Pakistani population are fully vaccinated.

Dr. Hilary D. Marston, a member of the government’s Covid-19 Response Team and a former National Security Council and National Institutes of Health official who helped coordinate supplies, said the State Department and Centers for Control of Disease and Prevention had also worked with Pakistani officials to find out how many doses the country could store.

Pakistan is an obvious candidate for a vaccine donation, Ms. Quillian said. As a neighbor of India, which faced a devastating spike in virus cases this spring, Pakistan has likely been affected by the spread of the Delta variant, which was first identified in India. But the wider list of countries the United States has sent vaccines to required more consideration.

Updated

June 30, 2021, 6:05 p.m. ET

Jake Sullivan, the White House national security adviser, said at a news conference earlier this month that the government was initially prioritizing neighbors of the United States and Asian countries with spikes in virus cases.

The sharing of cans can sometimes appear to be an international matchmaking scheme. Some countries have requested the vaccine from Johnson & Johnson due to simpler storage requirements and its attractiveness as a one shot shot. Others have already approved one or more of the vaccines used in the US, which speeds up the process.

“Any country we offered a vaccine to,” said Ms. Quillian, “if they asked for a specific type, we were able to accommodate that request.”

Officials can still face significant hurdles. Since the donated cans were manufactured and sold according to American legal and official procedures, they must be approved separately by the recipient countries. The process often involves working out kinks with overseas regulators.

The use of Covax doses can sometimes stall, as in South Sudan and Congo, both of which put some of the initiative back due to logistical problems and vaccine reluctance. There have been clearer successes in bilateral agreements that the US has already negotiated. South Korea, which received a million doses of the Johnson & Johnson vaccine from the United States, reported that it used up 99.8 percent of the doses in just a few weeks, White House officials said.

Dr. Omer said that because of the time it takes vaccines to elicit an immune response, targeting donations to countries with outbreaks is insufficient.

“It has been six months, even since the vaccination program started, that we had some substantial movement on this issue,” he said of the dose-sharing campaign.

Ms. Quillian defended the government’s timing. “It’s hard to remember three months, or even February or January. We didn’t have enough vaccine for this country, ”she said. “The president wanted to make sure that we can take care of ourselves first and show that it can work here, and then we always wanted to share when we have surpluses.”

The government of Biden, said Dr. Omer said he needed to rely more on the CDC’s expertise in global vaccination campaigns, including its success in organizing the distribution of polio vaccines.

Dr. Michael H. Merson, professor of global health at Duke University and former director of the World Health Organization’s global program on AIDS, said a useful model for distributing vaccines overseas was the President’s Emergency Plan for AIDS Aid, or Pepfar. who worked with The Global Fund to provide, administer, and monitor the safety of antiretroviral drugs.

The CDC’s disease outbreak prediction operations recently received a financial boost from Mr Biden’s American rescue plan, which would enhance the White House’s efforts to identify potential virus hotspots overseas, White House officials said. A more organized program to do this work is underway, they said.

Categories
Health

Juul Settles N.C. Vaping Case, Agrees to Pay $40 Million

Mr. Tobias said he was not surprised that Juul did not admit to wrongdoing.

“That almost always happens in these kinds of settlements — that’s a standard clause,” he said.

Juul has not begun other serious settlement talks, however, because none of the other 2,600 lawsuits against the company have been scheduled to begin during 2021. The company is waiting for the F.D.A. ruling before deciding how to move forward. If the F.D.A. will permit Juul’s products to stay on the market to help adult smokers quit, executives believe their negotiating stance will be strengthened.

But settling with numerous plaintiffs would be expensive. Juul has seen sales plummet during the past year, analysts say. The company is private so does not disclose its financial data.

Marc Scheineson, a lawyer with Alston & Bird, whose practice includes small tobacco companies, called the $40 million in the North Carolina settlement “a relatively small sum to pay to avoid mounting legal fees and the plaintiff pile-on syndrome.”

He also noted that most of the steps Juul agreed to take in the consent degree, such as not advertising near schools and behind-the-counter sales, are actions that it has already taken in an effort to gain public favor. Mr. Scheineson also said that electronic nicotine delivery products, such as Juul, “still have an important public health use by adults as a proven effective tool to quit smoking more harmful cigarettes.”

Juul faces other legal threats, too. The Federal Trade Commission is suing Juul, along with the big tobacco company Altria and related parties, seeking to unwind the 2018 deal that gave Altria 35 percent of Juul. Altria, the maker of Marlboro cigarettes, paid $12.8 billion for that stake, but it has since written down the value of the investment to $1.5 billion.

The commission says that the two companies entered into a series of agreements, including Altria’s investment, that eliminated competition in violation of federal antitrust laws. The F.T.C. also claims that Altria and Juul started as competitors in the e-cigarette market, but that as Juul became more popular, Altria dealt with the threat by taking its own Mark Ten e-cigarette off the market in exchange for a share of Juul’s profits. Both Altria and Juul have denied the charges.

Categories
Health

J&J commits to finish sale of opioids nationwide in $230 million New York settlement

New York State Attorney General Letitia James speaks during a press conference to announce criminal justice reform on May 21, 2021 in New York City, United States.

Brendan McDermid | Reuters

Johnson & Johnson has reached a $ 230 million settlement with New York State that prevents the company from promoting opioids and has confirmed that sales of such products have ceased in the United States.

New York Attorney General Letitia James’s office said in a statement Saturday the agreement prohibits J&J from promoting opioids by any means and prohibits lobbying for such products at the federal, state or local levels.

Johnson & Johnson has not marketed any opioids in the US since 2015 and completely ceased business in 2020.

As part of the settlement, the company will settle opioid-related claims and spread payments over nine years. It could also pay $ 30 million more in the first year if the state executive board signs a new law creating an opioid settlement fund, according to the press release from James’ office.

The settlement follows years of lawsuits filed by states, cities, and counties against large pharmaceutical companies over the opioid crisis that killed nearly 500,000 people in the United States over the past few decades.

Governments have argued that companies have prescribed the medication too often, causing people to become addicted and abuse other illegal forms of opioids, while companies have stated that they have distributed the required amount of the product to people with medical problems help.

“The opioid epidemic has wreaked havoc in countless communities in New York state and the rest of the nation, and millions are still addicted to dangerous and deadly opioids,” James said in a statement.

“Johnson & Johnson helped start that fire, but today they are pledging to leave the opioid business – not just in New York but across the country,” she said. “J&J no longer makes or sells opioids in the United States.”

The New York opioid lawsuit against the rest of the defendants will begin this week, according to the announcement. Other defendants in the New York lawsuit include Purdue Pharma; Mallinckrodt LLC; Endo health solutions; Teva Pharmaceuticals USA; and Allergan Finance LLC.

In a statement on Saturday, Johnson & Johnson said the settlement was “not an admission of liability or wrongdoing by the company” and “in line with the terms of the previously announced $ 5 billion settlement agreement in principle for opioid settlement “. and claims from states, cities, counties, and tribal governments. “

The company also said it will continue to defend itself against lawsuits that the definitive deal won’t resolve.

James said the state will focus on funding opioid prevention, treatment and education efforts to “prevent any future devastation”.

Categories
Politics

Stephen Ross-funded PAC spent over $1 million going into NYC major election

A super PAC funded largely by real estate billionaire Stephen Ross spent just over $1 million to influence New York City’s primary race for City Council, with part of that investment going against progressives who are running for key council posts.

The organization, Common Sense NYC, has raised over $2 million. Ross, the chairman and founder of the real estate giant Related Companies, donated $1 million, and Ronald Lauder, also a billionaire and the youngest son of makeup legend Estee Lauder, contributed $500,000. Ross and Lauder have a combined net worth of over $12 billion, according to Forbes.

Ross, who is also the owner of the Miami Dolphins, came under fire in 2019 when he hosted a fundraiser in the Hamptons for former President Donald Trump. Equinox and SoulCycle, two luxury fitness brands owned by Related Companies, distanced themselves from the Trump event as customers threatened to boycott. In August, CNBC reported that Lauder, who has been a friend of Trump’s for years, had yet to start raising money for the then-president’s reelection campaign.

The financial might of the group was evident in the 24 hours before the official primary day. The New York City Campaign Finance Board shows that the organization spent over $100,000 and distributed at least nine mailers on Monday, the day before the election, opposing a group of progressive City Council candidates.

The PAC may not be done trying to sway voters away from various City Council contenders. A leader of the committee told CNBC they’re leaving open the possibility of continuing their efforts into the November general election.

“In the event that there are competitive NYC Council races in the general election, Common Sense NYC may be involved. I personally don’t anticipate more than two or three Council races being competitive in November,” Jeff Leb, the PAC’s treasurer, said in an email to CNBC on Tuesday.

The sheer amount raised and spent going into Tuesday’s primary by the group, officially labeled an independent expenditure committee, shows the importance to business leaders of influencing the lesser known City Council races. The PAC’s messaging has been focused, in part, on pushing back on the idea of defunding the police and other progressive causes.

The New York City Council is the legislative body responsible for creating and voting on proposed New York City laws. A group such as Common Sense can raise and spend an unlimited amount of money on the City Council races they deem important. Wall Street executives have already poured over $9 million into the race for New York’s next mayor, with most of the big money going to former presidential candidate Andrew Yang and Brooklyn Borough President Eric Adams.

Longtime New York Democratic strategist Hank Sheinkopf told CNBC that beyond the group being worried about New York in a post-pandemic world, the move by the Ross-backed PAC to spend a ton against progressive candidates for City Council represents a power play by the real estate community.

“This is an attempt to … prove how powerful they are,” Sheinkopf told CNBC in an interview on Tuesday. Sheinkopf noted that members of the City Council have publicly taken on New York’s big business leaders and said Common Sense’s campaign is a test of how much power New York executives have going forward.

“Well, let’s say if they don’t win those races, will people be afraid of them? The fact is people aren’t afraid of them now. If they win, people will be more afraid. Power is about fear and not friendship,” Sheinkopf said.

The political strategist said that the City Council has become more and more progressive over the years and business leaders have often been criticized by those politicians, which led to the creation of PACs such as Common Sense NYC. “Business interests have been attacked by this council and there’s been an attempt to constrain the business community, including pushback on the power of the real estate community,” Sheinkopf said.

Leb defended the candidates the group supported in a separate email to CNBC.

“Common Sense NYC supported a broad slate of candidates who are pragmatic in their thinking and who are demonstrably qualified to help New York recover from the pandemic,” Leb said on Tuesday. “We are highlighting which candidates are qualified for local office and which are not, in races that are getting little attention otherwise. None of our funders played an active role in the operation or direction of Common Sense and they did not pick the races we engaged in.”

Leb, who is also a managing partner at Capitol Consulting, is ranked by City & State as one of the top lobbyists in New York.

The PAC has spent over $540,000 supporting 18 local candidates for office and nearly the same amount opposing eight others.

Representatives for Ross and Lauder did not respond to requests for comment before publication.

One of the big targets of Common Sense NYC has been Michael Hollingsworth, who is running for Brooklyn’s 35th District on the City Council. The PAC has spent over $100,000 opposing him. Two mailers against Hollingsworth were delivered to voters on Monday. One of the mailers reviewed by CNBC takes aim at Hollingsworth wanting to cut back on New York policing.

“While crime continues to go up, Michael Hollingsworth wants police funding to go down,” the mailer reads. “We must stop Michael Hollingsworth from defunding the police!” the ad says. The Gotham Gazette reports that Hollingsworth is supported by New York City’s Democratic Socialists of America and has received an endorsement by former gubernatorial candidate Cynthia Nixon.

Hollingsworth responded to the campaign being waged against him in a tweet after this story was published.

“We are not beholden to the wealthy, real estate donors, or special interests. We’re with the people,” he said on Twitter.

Common Sense NYC has spent over $95,000 to oppose Jaslin Kaur, who running for District 23’s City Council spot. The district is located in Queens, and Kaur was recently endorsed by progressive Rep. Alexandria Ocasio-Cortez, D-N.Y. The City reported that Kaur was also endorsed by the Democratic Socialists of America.

Common Sense NYC spent just over $26,000 on two mailers against Kaur that were distributed on Monday.

Others seeing opposition from the Ross-backed effort include John Choe, who is running in a primary for District 20’s seat, and Alexa Aviles, a contender for New York City’s District 38 seat who also saw an endorsement from Ocasio-Cortez.

Choe commented on the moves being made by the Ross-backed PAC in a tweet Tuesday in response to this story.

“As the founder of our neighborhood Chamber that helps small businesses, I challenge the notion these super PAC vultures represent anything more than the rapacious greed and hubris of the billionaire oligarchs who are slowly destroying our country,” Choe said on Twitter.

Aviles said the PAC’s decision to take aim at her represents a larger campaign being waged by the real estate industry.

“It’s no wonder that Common Sense NYC, Inc. is spending a ludicrous amount of money attacking our people-powered campaign in District 38,” Aviles told CNBC after this story was published. “After all, one of their top donors is Trump-supporting Stephen Ross, a billionaire real-estate developer focused on devouring up our neighborhoods. I’m proud that the real-estate industry recognizes that we will fight them back. Our campaign is unequivocally against the interests of billionaires, because we’re fighting for working people.”

Categories
Health

Medicaid Enrollment Surpassed 80 Million, a Document, Throughout the Pandemic

Medicaid’s enrollment soared during the pandemic, with nearly 10 million Americans joining the public health program for the poor, a government report released Monday showed.

Eighty million people were insured with Medicaid, a record. This reflected an increase of nearly 14 percent over the twelve month period ended January 31. The number also includes participation in the children’s health insurance program, which covers children whose parents earn too much for Medicaid but too little to be able to afford any other coverage.

The increase in enrollments shows the increasingly important role of Medicaid not only as a safety net, but also as a pillar of the American health system that protects a quarter of the population.

“This tells us that Medicaid is an important program for American families,” said Chiquita Brooks-LaSure, the Biden government official who oversees Medicaid. “What we have seen during this pandemic is people want access to affordable health insurance and how important it is during a public health crisis.”

The Affordable Care Act transformed Medicaid from a targeted health service designed to help specific groups – such as expectant mothers and people with disabilities – to a much broader program that provides largely free insurance to most people below a certain income threshold. A notable exception are the 12 states – mostly in the south – that have declined to expand Medicaid under the ACA

Medicaid, where the state and federal government share the cost, covers all adults with incomes up to 138 percent of the poverty line, which would be about $ 17,420 this year for a person who would qualify.

The expansion of Medicaid in most states since most of the ACA came into effect in 2014 has provided a source of public protection for the new unemployed that did not exist a decade ago. Adult enrollment in Medicaid grew twice as fast as child enrollment, suggesting that the widespread job loss associated with the pandemic has created a large group of newly eligible adults.

“There has been significant growth in Medicaid enrollments in recent economic downturns, but their focus has been on children,” said Rachel Garfield, co-director of the Medicaid and Uninsured Program for the Kaiser Family Foundation. “This time around, it’s interesting that a lot of the enrollment is among adults.”

She also noted that Medicaid enrollment increased much faster during the economic contraction of the pandemic than in previous downturns. In 2009, at the start of the Great Recession, fewer than four million Americans took part in the program.

There may also be increased interest among uninsured Americans who were already eligible for Medicaid but only chose to enroll because of heightened health concerns during the pandemic.

“So often when we look at who’s not insured, it’s people who are eligible but not enrolled,” said Ms. Brooks-LaSure, the Medicaid officer. “Right now we see that if we make it easy for people to sign up, they will.”

In the years before the pandemic, the number of Medicaid enrollments had decreased. More than a million children lost insurance coverage between December 2017 and June 2019, a trend that rocked health care advocates. Many attributed the changes to new rules during the Trump administration that made it more difficult to log in and stay logged in.

That changed last spring when the pandemic hit and Congress gave states additional money to fund their Medicaid programs. Congress announced a 6.2 percent increase in spending on the condition that states do not de-register patients or tighten eligibility requirements.

For example, a woman who gave birth would normally have lost coverage 60 days after giving birth, but due to legislation, she could stay on Medicaid for the duration of the pandemic. These rules will remain in effect until the federal government declares the public health emergency over.

Three states – Utah, Idaho, and Nebraska – expanded Medicaid last year after voters approved voting initiatives; these countries recorded particularly large swings in school enrollment. A fourth, Oklahoma, will expand Medicaid to most low-income adults starting next month.

Even after growing under the Affordable Care Act, the Medicaid program has loopholes that are difficult to fix. The 2012 Supreme Court ruling that upheld the law’s individual insurance mandate also made the expansion of Medicaid optional for the states.

As a result, millions of low-income adults in the 12 holdout states that include Florida and Texas are still without insurance. A recent study at JAMA found that Medicaid enrollment grew faster during the pandemic in states participating in the expansion, most likely because many more people were eligible for coverage.

Generous financial incentives offered by the recent stimulus package weren’t enough to convince any of the 12 states to expand Medicaid, but senior Biden government officials say they continue to hope some get on board.

“We hope we can encourage them,” said Xavier Becerra, the secretary for health and human services, in a call to reporters last week. “We want to make sure that they expand the supply and that it is affordable.”