<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The global search for a coronavirus vaccine appears to be taking flight, with a number of drug companies pressing ahead with clinical trials — including a late announcement from Pfizer (PFE) entering Phase 3 with one of its candidates developed with BioNTech (BNTX).” data-reactid=”16″>The global search for a coronavirus vaccine appears to be taking flight, with a number of drug companies pressing ahead with clinical trials — including a late announcement from Pfizer (PFE) entering Phase 3 with one of its candidates developed with BioNTech (BNTX).
Progress on an effective COVID-19 inoculation comes as the virus continues to claim new victims worldwide, while the U.S. fights an uphill battle to contain a surge in confirmed cases. Vaccines remain a key to ending the severe restrictions on public life, which include public mask-wearing and social distancing — all of which have become flashpoints in U.S. political discourse.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Yet the headway on vaccines has made Anthony Fauci, the federal government’s top infectious disease expert, “cautiously optimistic” that a potential vaccine candidate could emerge by late fall, he said on Tuesday. In a recent Yahoo Finance interview, Fauci said the accelerated push was “worth it” despite the inherent risks.” data-reactid=”18″>Yet the headway on vaccines has made Anthony Fauci, the federal government’s top infectious disease expert, “cautiously optimistic” that a potential vaccine candidate could emerge by late fall, he said on Tuesday. In a recent Yahoo Finance interview, Fauci said the accelerated push was “worth it” despite the inherent risks.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="On an earlings call Tuesday, Pfizer’s (PFE) CEO Albert Bourla said they company expects to have some sort of news and completed regulatory review by October 2020. The company had four potential candidates and has advanced one of those — a two-shot 30-microgram dose — into the final phase.” data-reactid=”19″>On an earlings call Tuesday, Pfizer’s (PFE) CEO Albert Bourla said they company expects to have some sort of news and completed regulatory review by October 2020. The company had four potential candidates and has advanced one of those — a two-shot 30-microgram dose — into the final phase.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Moderna (MRNA) also announced its Phase 3 trial yesterday, which it is doing with significant funding and support from the federal government. Johnson & Johnson (JNJ) also announced entering phase 1 of its candidate Monday.” data-reactid=”20″>Moderna (MRNA) also announced its Phase 3 trial yesterday, which it is doing with significant funding and support from the federal government. Johnson & Johnson (JNJ) also announced entering phase 1 of its candidate Monday.
Pfizer executives told investors Tuesday they see the pandemic as a source of recurring revenue with the vaccine becoming a seasonal need, like the flu, and pricing adjusting accordingly. The current price of $19.50 is based on 100 million doses bought at $1.95 billion by the federal government, and is lower than the value the company believes the drug has for society, according to Bourla.
Pricing has been a point of concern for some patient advocacy groups, who believe companies should be providing the vaccine at no-profit costs.
Angela Hwang, global president of biopharmaceuticals at Pfizer, said on Tuesday the company would not offer other countries a lesser price than the U.S., except for poorer countries.
“No country in the developed world will receive (COVID-19 vaccine) doses at a lower price than the U..S.” for similar volume commitments, Hwang added.
Moving to end a ‘dangerous’ dependency
Manufacturing and logistics are proving to be the biggest hurdles the U.S. has to overcome to respond to the coronavirus outbreak.
It’s why the U.S. Health and Human Services Department, through Operation Warp Speed, and the Department of Defense (DoD) have all invested in various strategies to help boost U.S. output.
Shortages of protective gear, testing supplies, glass vials for vaccines and necessary refrigerated transportation for vaccines are all strained amid the pandemic. To date, the executive branch has either funded or used the Defense Protection Act (DPA) to produce N-95 masks and ventilators, and other critical equipment.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="It is also funding the production and research for COVID-19 vaccines. That includes announcements this week to tap Eastman Kodak (KODK) and FUJIFILM (FUJIY) with Texas A&M University for manufacturing.” data-reactid=”29″>It is also funding the production and research for COVID-19 vaccines. That includes announcements this week to tap Eastman Kodak (KODK) and FUJIFILM (FUJIY) with Texas A&M University for manufacturing.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Under the DPA, Kodak has received a $765 million loan to pivot to producing generic drug active ingredients — a product that is largely produced in overseas facilities in India and China.” data-reactid=”30″>Under the DPA, Kodak has received a $765 million loan to pivot to producing generic drug active ingredients — a product that is largely produced in overseas facilities in India and China.
Previously, HHS awarded an up to $812 million grant to startup Phlow Corporation to do the same, in keeping with the Trump Administration’s position that the U.S. is over-reliant on overseas products.
“If we have learned anything from the global pandemic, it is that Americans are dangerously dependent on foreign supply chains for their essential medicines,” said Peter Navarro, White House advisor, in a statement announcing the Kodak loan.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Separately, HHS announced a $265 million contract with FUJIFILM and Texas A&M to help increase the country’s vaccine production capabilities. That includes candidates like Novavax’s (NVAX), which recently announced a separate partnership with FUJIFILM.” data-reactid=”33″>Separately, HHS announced a $265 million contract with FUJIFILM and Texas A&M to help increase the country’s vaccine production capabilities. That includes candidates like Novavax’s (NVAX), which recently announced a separate partnership with FUJIFILM.
Warp Speed has previously given hundreds of millions for key medical material needs to companies like ApiJect, Corning and SiO2 Material. However, other companies are independently pursuing drug production without government money.
Quartic.ai, a startup like Phlow, also recognized the need for domestic production of drug ingredients and began addressing the issue prior to the global pandemic. The company partnered with Bright Path Labs earlier this year to focus on continuous manufacturing of drug ingredients.
Larry Taber, vice president of Life Sciences at Quartic, told Yahoo Finance that Bright Path had been in touch with the White House coronavirus task force about producing 25 ingredients.
“This technology, continuous flow, has been around for a decade and a half, but it has not been well-received by the pharma industry” until a couple of years ago, Taber said.
The technology requires a smaller footprint than traditional batch manufacturing, and would take just a few months to set up. An pharmaceutical veteran, Taber suggested the reason it hasn’t taken off, according to Taber, is because the existing, expensive infrastructure at those companies.
“I’ve taken products outside the U.S. and I know we can bring them back in…and can make them just as competitively,” he said.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Anjalee Khemlani is a reporter at Yahoo Finance. Follow her on Twitter: @AnjKhem” data-reactid=”44″>Anjalee Khemlani is a reporter at Yahoo Finance. Follow her on Twitter: @AnjKhem
CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.
It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.
The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.
Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.
TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.
The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 7, 2024.
BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.
The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.
On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.
“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.
“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”
Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.
BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.
The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.
BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.
It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.
The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”
Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.
This report by The Canadian Press was first published Nov. 7, 2024.
TORONTO – Canada Goose Holdings Inc. trimmed its financial guidance as it reported its second-quarter revenue fell compared with a year ago.
The luxury clothing company says revenue for the quarter ended Sept. 29 totalled $267.8 million, down from $281.1 million in the same quarter last year.
Net income attributable to shareholders amounted to $5.4 million or six cents per diluted share, up from $3.9 million or four cents per diluted share a year earlier.
On an adjusted basis, Canada Goose says it earned five cents per diluted share in its latest quarter compared with an adjusted profit of 16 cents per diluted share a year earlier.
In its outlook, Canada Goose says it now expects total revenue for its full financial year to show a low-single-digit percentage decrease to low-single-digit percentage increase compared with earlier guidance for a low-single-digit increase.
It also says it now expects its adjusted net income per diluted share to show a mid-single-digit percentage increase compared with earlier guidance for a percentage increase in the mid-teens.
This report by The Canadian Press was first published Nov. 7, 2024.
