• Maryland: FDA will hold a meeting of its Vaccines and Related Biological Products Advisory Committee (VRBPAC) to review Moderna's new mRNA flu vaccine after initially rejecting the company's application over concerns about the controls used in clinical trials. However, the agency later reversed its previous decision, saying it would review the vaccine by Aug. 5 if Moderna conducted an additional study in older adults after the vaccine was approved. In a clinical trial of over 40,000 adults ages 50 and older, researchers found that Moderna's mRNA flu vaccine was more effective than conventional flu shots. If approved, Moderna's vaccine would be the first seasonal flu shot made with mRNA technology in the United States. Currently, VRBPAC is scheduled to meet on June 18 and will advise FDA whether to approve the vaccine. (Reuters, 5/21)
• New Jersey: Bristol Myers Squibb (BMS) is partnering with Hengrui Pharma, one of China's largest pharmaceutical companies, to develop new drugs in oncology, hematology, and immunology. Under the partnership, BMS will bring four immunology assets while Hengrui will bring four oncology/hematology drugs. Five additional drugs will be jointly discovered and developed by both companies. Under the deal, Hengrui will be responsible for the early clinical development on the partnered drugs and has the option to codevelop certain assets. In a statement, Robert Plenge, BMS' EVP and chief research officer, said the collaboration reflects the company's commitment to innovative science, as well as a disciplined approach to portfolio management. "By leveraging complementary capabilities across geographies, we aim to accelerate early clinical learning and make informed decisions that support driving top tier growth in the next decade and, ultimately, our mission to deliver medicines that help patients prevail over serious diseases," Plenge said. BMS will provide Hengrui with a $600 million upfront payment to kick off their collaboration, with additional payments of $175 million on the first and second anniversaries. Other pharmaceutical companies, including GSK and Merck, have also collaborated with Hengrui or purchased the rights to some of its medicines. (Vinluan, MedCity News, 5/12)
• Washington: Providence, one of the largest nonprofit health systems in the country, recently announced it will shut down most of its health insurance businesses due to higher costs and regulatory changes. For decades, Providence has offered health insurance through its Providence Health Plan and Providence Health Assurance subsidiaries. However, growing challenges like regulatory overhead, increasing medical costs, and competition from national insurers have made it much more difficult for Providence to operate its health insurance businesses. "It has become harder to support both running a health plan and delivering care," said Providence CEO Erik Wexler. "Meanwhile, the larger insurance companies have consolidated significantly, giving them the size and resources to operate more efficiently. This has left us in an untenable situation." Last year, Providence lost over $100 million in its health insurance division. Currently, Providence plans to stop offering individual and family plans on Affordable Care Act exchanges in 2027 and will not renew its employer group plans as contracts come up for renegotiation. The health system is also looking for a buyer for its Medicaid plans. However, Providence hopes to continue its Medicare Advantage business through a new partnership with a national carrier. The agreement for this partnership is currently being finalized. (Parduhn, Healthcare Dive, 5/21)

In this infographic, we look at the revenue breakdown by segment for six of the largest national health insurers to see what's driving their bottom lines.