Novartis manufacturing associate checking punches at compressing machine.
Source: Novartis
In 2010, a volcano erupted in Iceland. For Dr. Oliver Sartor, a cancer research professor at the Tulane University School of Medicine, it was a problem.
Ash from the eruption disrupted flights across Europe — including a time-sensitive shipment of experimental radioligand therapy that Sartor was expecting from Norway.
Radioligand therapy, also called radionuclide or radiopharmaceutical therapy, is a targeted form of cancer treatment that delivers radiation directly to cancer cells. While other forms of cancer treatment can target any rapidly dividing cells in the body, radioligand therapy’s precision helps limit damage to healthy, surrounding tissue.
It’s an effective form of treatment that many experts and patients are excited about, but there’s a significant catch — the medication expires within days after it’s manufactured.
A radioligand is made of a radioisotope, which emits radiation that damages cells, and a targeted ligand — a molecule that binds to specific markers on cancer cells. The radioactive component has a very short half-life, or the time it takes for the radioactivity to decrease by 50%. Once the radioactivity decays, it can no longer kill the cancer cells as effectively, which means radioligand therapy has a limited window of viability. By the time it is packaged and ready to ship, the treatment has to reach patients in a matter of days.
“It takes planning,” Sartor told CNBC. “It’s not something you just sort of walk in and say ‘Oh, I think I’ll give you [this] today.'”
Pharmaceutical company Novartis believes the returns will be worth the challenge of mastering this race against time.
Novartis currently produces two radioligand therapy treatments called Lutathera, which treats neuroendocrine tumors, a rare form of cancer in the digestive tract, and Pluvicto, for patients with a specific type of prostate cancer. They were both approved by the Food and Drug Administration.
As of October, Novartis had treated more than 16,000 neuroendocrine patients and 4,000 prostate cancer patients in the U.S. Pluvicto was approved only last March and demand is increasing. As many as 60,000 U.S. patients could ultimately benefit from the medicine, said Jeevan Virk, head of radioligand therapy at Novartis.
The drugs are expensive. The list price (wholesale acquisition cost) of Pluvicto is around $42,500, while Lutathera is around $53,200, and most patients require between four to six doses. Novartis, which generated more than $50 billion in net sales last year, believes Pluvicto holds multibillion-dollar peak sales potential.
But in order to realize that potential, Novartis has to move the medication through the supply chain seamlessly.
Expensive to produce and ship fast
Nuclear medicine has been used to treat cancer for decades, and radioligand therapy itself is not new. The therapy has previously been used to treat cancers like lymphoma, but it was not always widely accepted or used by members of the medical community.
“I think it was challenging for it to find its place,” said Dr. Delphine Chen, director of molecular imaging and therapy at Fred Hutchinson Cancer Center in Seattle.
Dr. Leo I. Gordon, a professor of cancer research at Northwestern University’s Feinberg School of Medicine, said the hesitation often comes down to finances.
Producing radioligand therapy is expensive, and companies have to be willing to shoulder the costs and navigate a challenging supply chain in the hope that they can eventually make a profit.
“I’m not sure it’s a great message to send that everything is based on profit mode and all,” he said, “but it certainly does exist in medicine, oncology and the world.”
For lymphoma, it’s not a long-term investment any company has been willing to make, Gordon said. But since Pluvicto and Lutathera outperform existing treatments available for certain prostate and neuroendocrine cancers, they are being seen to have significant commercial promise.
“There’s a lot of excitement around it,” said Chen, who has administered both drugs to patients. “A lot of patients feel better on it, so that’s really exciting and gratifying to me as a physician to be able to offer something that actually is helpful with minimal toxicity.”
Novartis engineers in packaging facility.
Source: Novartis
Novartis manufactures radioligand therapy at three sites in Italy, Spain and New Jersey, and has a fourth facility slated to open in Indiana next year. Virk said between 70 to 150 people work in each facility, and the site in Indiana will be Novartis’ largest to date.
For both Pluvicto and Lutathera, the manufacturing process begins with a mineral. The minerals are enriched into a stable isotope and exposed to radiation in nuclear reactors, where they ultimately become radioactive after around two to three weeks. During the irradiation, the enriched isotopes are placed into capsules to keep them secure.
The strength of the radiation starts to decay as soon as the capsules are taken out of the reactors, which means Novartis begins a race against a ticking clock. The radioactive atoms have a half-life of just six and a half days.
The capsules are transferred to an isotope-precursor production facility where they are further purified and concentrated into a radioactive liquid salt solution. At the end of this stage, which takes around 48 hours, there is enough radioactivity in one vial to treat between 30 and 50 patients.
The final step takes place in a labeling facility where the radioactive atoms are attached to targeting molecules, or the medicine itself, and that takes around 24 hours. After the final product has been packaged and inspected for quality, it is ready to be shipped.
The drugs have different shelf lives depending on how much radiation Novartis can load into one vial. Pluvicto expires five days after it’s packaged at the factory, while Lutathera has a 72-hour shelf life.
“We basically need to get the product distributed around the world, just in 72 hours, from those three production sites,” Virk said. “This includes anywhere from Tokyo to Anchorage, so it’s an incredible distance that needs to be covered.”
Novartis scientist in lab packing materials for transportation.
Source: Novartis
Pluvicto and Lutathera are packaged inside a small lead container, roughly the size of a credit card. Lead is a strong insulator, so it doesn’t allow the radiation to escape. The drugs are also placed inside an additional container called a Type-A container, which is made of Styrofoam and helps with temperature control.
The risk of radiation exposure is so minimal that radioligand therapy is often transported via commercial airlines and cargo planes. When doses have to be transported on the ground, Virk said Novartis often uses a private courier van service to ensure they reach their destination as quickly as possible.
The process is timed to the minute, said Virk, and there’s a team of around 30 to 40 people at Novartis who oversees the complex logistics.
“It’s a 24/7 operation as you might imagine, because we really have customers around the globe that depend on ensuring that patients get their doses,” he said. “That’s really the fuel that keeps us going.”
Mistakes can happen, and things do go wrong in the supply chain occasionally, Virk said. But errors are costly, because if the shipments do not reach patients in time, the doses can’t be salvaged, and the manufacturing process has to start over.
Patients feel the difference
Radioligand therapy is administered through an IV infusion, and though it does help limit damage to healthy tissue, patients can experience some side effects.
Chen of the Fred Hutchinson Cancer Center said patients who receive Pluvicto can experience some nausea, vomiting, diarrhea, constipation, and fatigue in the short term. “Most of them have had only mild nausea that we’ve observed, and so Pluvicto is very well tolerated compared to chemotherapy,” she said.
Chen said patients can experience many of the same symptoms with Lutathera, but the diarrhea can be exacerbated, and some patients contend with worsening bowel obstruction. In rare cases, patients may be unable to maintain their blood pressure.
But for many patients, these side effects are worth it.
Vanue Lacour Jr. was first diagnosed with prostate cancer in 2007, and underwent a “tough” surgery to remove his prostate after his diagnosis. He stayed cancer-free for eight years, but in 2015, he learned he had relapsed with an advanced form of prostate cancer that had spread into his bones.
“I was determined to win,” the 80-year-old told CNBC. “I’m determined to live.”
Lacour began a grueling round of chemotherapy that he described as a “very, very hard, harsh medicine.” He incurred painful damage to nerves in his foot and leg that he still lives with today.
The chemotherapy helped stabilize his cancer, but Lacour said his doctors were not satisfied. In 2018, Lacour enrolled in a clinical trial for Pluvicto and received six doses over eight months. Now, he is officially in remission.
“I had no real side effects,” Lacour said. “I’m getting back to doing a lot of the things I like to do.”
Radioligand therapy has also helped Josh Mailman, who learned he had a softball-sized neuroendocrine tumor of the pancreas in 2007. The cancer had also spread to his liver.
“I didn’t know how much time I had,” the 61-year-old Oakland, California, resident told CNBC. “There were very few treatments for pancreatic neuroendocrine tumors at the time.”
Mailman decided to join a support group, and he said the other members encouraged him to learn as much as possible about his disease. In 2008, he traveled to a medical conference in Toronto where he heard about radioligand therapy for the first time. As his symptoms worsened over the next six months, his doctor agreed to give Mailman his first dose of radioligand therapy under compassionate care in 2009.
Mailman received three doses of radioligand therapy in 2009 and 2010, and he said it kept his cancer stable for the next six years. He has since had two follow-up treatments — one in 2016 and one in 2020, after the FDA approved Lutathera.
“I’m still here 15 years later,” he said. “It’s been a game-changer in the neuroendocrine tumor space.”
Because of his success with radioligand therapy, Mailman has become deeply involved in patient advocacy, where he works to raise awareness about nuclear medicine and neuroendocrine tumors.
“I would say I’m retired, my wife disagrees,” Mailman joked.
Mailman also runs virtual patient groups twice a week, where patients, friends and family members can come together to discuss their diagnosis and treatments. Mailman said radioligand therapy is discussed in more than 90% of the sessions.
“Either someone’s going to have it, someone had it, someone wants to know more about it,” he said.
During one session CNBC observed in early November, more than a dozen patients met and discussed their experiences with and concerns about radioligand therapy. Patients who had already received it answered questions about their side effects and shared tips about how to overcome fear about needles and radiation.
It is common for patients to express unease about the radiation, said Chen, but there are clear precautions in place to limit exposure and protect others.
Completion was expected in the second half of next year, the Swiss pharma group said.
Arnd Wiegmann | Reuters
The road ahead
As demand for radioligand therapy increases, Novartis’ challenge is to scale up access and awareness about the medication.
Virk, head of radioligand therapy at Novartis, said the company is working with health care systems, governments and other regulatory agencies around the world to improve its operations.
“From my perspective, [radioligand therapy] as a platform is still very much in its infancy,” he said. “So [we’re] really excited about the drug, [but] very acutely aware that we’re just at the beginning of this radioligand therapy revolution.”
Sartor at the Tulane University School of Medicine said there is still work to be done, particularly in terms of optimizing the supply chain but that radioligand therapy makes a real difference for patients.
“I think radioligand therapy has arrived in a way that is meaningful for patients today,” he said. “I’m anxious for patients to be able to receive the therapy in an FDA-approved manner, and also to do the next generation of clinical trials to ensure that even more people will have access in the future.”
A general view of the Microsoft office building is seen in Cologne, Germany, on November 18, 2025.
Nurphoto | Nurphoto | Getty Images
Microsoft said Thursday that it will increase the prices of Office productivity software subscriptions for commercial and government clients on July 1.
The company’s Office applications, which include Word, Excel, PowerPoint and Outlook, have been facing increased competition in recent years from Google.
“We are continuously investing and innovating our platform for the future,” Nicole Herskowitz, corporate vice president for Microsoft 365 and Copilot, wrote in a blog post. “In the last year, we released more than 1,100 features across Microsoft 365, Security, Copilot, and SharePoint.” The new features have added value to the suites, she wrote.
Price hikes for commercial Office subscriptions have been infrequent. In 2022, Microsoft raised prices of its productivity bundles for the first time since launching the original Office 365 subscriptions in 2011. Microsoft changed the name of Office 365 to Microsoft 365 in 2020. In January, Microsoft announced a price hike for consumer Office bundles.
Microsoft offers Office 365 subscriptions for commercial use that include access to its productivity applications, along with higher-priced Microsoft 365 subscriptions that also include Windows operating system updates.
Here’s a breakdown of the commercial price changes:
For small and medium-sized businesses, Microsoft 365 Business Basic will cost $7 per person per month, up from $6.
Microsoft 365 Business Standard will be available for $14, up from $12.50.
Microsoft 365 Business Premium will continue to cost $22.
The entry-level Office 365 E1 offering for enterprises will still be sold for $10.
Office 365 E3 will jump 13% to $26 from $23.
The Microsoft 365 E3 package including Windows for enterprises will rise 8% to $39 from $36.
The full-featured Microsoft 365 E5 will increase to $60 from $57.
For front-line workers such as cashiers, Microsoft 365 F1 subscriptions will cost $3, up from $2.25.
Microsoft 365 F3 will be available for $10, up from $8.
The U.S. Defense Department and other government clients will face similar percentage price increases.
The various subscriptions all exclude access to the $30 Microsoft 365 Copilot add-on that draws on generative artificial intelligence models. Some companies have started widely rolling out Copilot, while others have held off on expanding their deployments, CNBC reported last week.
In many cases, organizations receive discounts off of list prices, but Microsoft has cut back on direct volume deals for some types of customers.
Almost 43% of Microsoft’s $77.7 billion in fiscal first-quarter revenue came from its Productivity and Businesses Processes segment, which includes Office. In October, the company said revenue from Microsoft 365 commercial cloud services jumped 17%, while seats increased 6%, mainly from products targeting small and medium-sized businesses and front-line workers.
Every weekday, the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Thursday’s key moments. 1. Stocks were little changed Thursday as Wall Street overlooked mixed labor market data. U.S. layoff announcements in November pushed the year’s total above 1.1 million, the highest level since 2020, according to job placement firm Challenger, Gray & Christmas. Initial jobless claims, however, came in lower than expected for the week ending Nov. 29. Despite the muted session, Jim Cramer says the market’s still overbought. That means we’re not looking to put new money to work right now. Meta Platforms was an outperformer in the portfolio. Shares jumped 4% after Bloomberg reported that the Facebook parent plans to make deep cuts to its metaverse unit. 2. Costco reported U.S. sales for November that were slightly weaker than the month before, sending shares down 3%. Company-wide same-store sales, however, accelerated last month, up 6.9% from October’s 6.6% gain. The stock’s weakness Thursday doesn’t present a buying opportunity just yet, according to Jim, because its multiple is still too high. “There are periods of underperformance in Costco, but if you look at the longer term, it’s one of the greatest performers of all time,” he added. 3. Salesforce stock was up after management posted a huge quarterly earnings beat and raised guidance Wednesday evening. The company missed slightly on revenue. We liked all the paid deals Agentforce, Salesforce’s AI-powered platform, pulled in this quarter. Still, generative AI adoption continues to pose a risk to Salesforce’s seat-based business model. CEO Marc Benioff will be on “Mad Money” on Thursday. 4. Stocks covered in Thursday’s rapid fire at the end of the video were: Snowflake , Five Below , Hormel Foods , PayPal , and Kroger. (Jim Cramer’s Charitable Trust is long META, CRM, COST. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
People walk next to the Google Cloud logo, during the 2025 Mobile World Congress (MWC) in Barcelona, Spain, March 4, 2025.
Albert Gea | Reuters
Google Cloud announced Thursday a multi-year partnership with artificial intelligence coding startup Replit, giving the search giant fresh firepower against the coding products of rivals, including Anthropic and Cursor.
Under the partnership, Replit will expand usage of Google Cloud services, add more of Google’s models onto its platform, and support AI coding use cases for enterprise customers.
Google will continue to be Replit’s primary cloud provider.
Replit, founded nearly a decade ago, is a leader in the fast-growing AI vibe-coding space.
In September, the startup closed a $250 million funding round that almost tripled its valuation to $3 billion, and said it grew annualized revenue from $2.8 million to $150 million in less than a year.
And new data from Ramp, a fintech company that also tracks enterprise spending on its platform, found that Replit had the fastest new customer growth among software vendors. Google, meanwhile, is adding new customers and spending faster than any other company on Ramp’s platform.
Put those together, and you get a clearer picture of why both companies see opportunity.
Read more CNBC tech news
Vibe-coding emerged as a phenomenon earlier this year after AI models became more adept at generating code using only natural language prompts, allowing users with little experience in programming to use AI to create functioning code and potentially full applications.
Anthropic announced on Tuesday that its product Claude Code hit $1 billion in run-rate revenue. The coding startup Cursor, in November, closed a funding round that valued it at $29.3 billion, while also announcing it reached $1 billion in annualized revenue.
Replit, which bills itself as an easy-to-use product for non-developers, could help drive Google Cloud adoption among enterprises, and expand the reach of its AI efforts beyond traditional engineers.
Google is riding on the momentum of its new top-scoring model, Gemini 3. Shares of Alphabet have risen more than 12% since its debut.