First-quarter results of pharma bigwigs like Pfizer PFE, Merck MRK and Allergan AGN stole the limelight this week. Other than that, Novartis NVS gained FDA approval for the second indication of its CAR-T therapy, Kymriah. While AbbVie ABBV submitted a regulatory application in the EU for its psoriasis candidate, risankizumab, Merck's PD-L1 inhibitor, Keytruda gained FDA's Priority Review status for yet another label expansion application.

Recap of the Week's Most Important Stories

Mixed Q1 Results for Merck & Pfizer

Both the pharma giants beat estimates for earnings but missed the same for sales. While Pfizer re-affirmed its previously issued guidance for 2018, Merck raised its outlook for both earnings and sales. Both the companies witnessed a relatively weaker top-line performance in the quarter.

For Merck, strong sales of Keytruda, Gardasil and Bridion were partially offset by lower sales of other key therapies – RotaTeq, Zepatier and Zostavax. Meanwhile, loss of market exclusivity for several drugs also hurt the top line.

Meanwhile Pfizer's top-line was hurt by decline in sales of key drugs like Lyrica, Prevnar 13/Prevenar 13, and Enbrel, loss of exclusivity for some products like Viagra and Pristiq and continued supply shortages in legacy Hospira products.

Allergan beat estimates for both earnings and revenues in the first quarter of 2018 and raised its 2018 guidance for both earnings and sales.

Novartis' Kymriah Gets FDA Approval for Second Indication

Novartis' supplemental Biologics License Application (sBLA) looking to get its CAR-T therapy Kymriah approved for the second indication was granted approval by the FDA. With the latest approval, Kymriah suspension has been approved for intravenous infusion for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma after two or more lines of systemic therapy including diffuse large B-cell lymphoma (DLBCL), high grade B-cell lymphoma and DLBCL arising from follicular lymphoma.