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Health Canada approves Pfizer anti-viral pill for treatment of COVID-19 – National Post

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Provinces will receive shipments on a per-capita basis and will decide who gets priority for the pills while in short supply

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OTTAWA – Health Canada has approved Pfizer’s drug Paxlovid as the first take-home treatment for COVID-19.

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The drug, which is a treatment involving a total of six pills taken daily for five days, has been shown to reduce the risk of hospitalization by almost 90 per cent. The course of treatment includes two pills of nirmatrelvir taken twice a day and one pill of ​​ritonavir taken twice a day.

The drug prevents the virus from replicating, which helps people recover faster. It can’t be taken by people under 18 years of age. There are also several drugs that can’t be taken alongside Paxlovid, including drugs for cancer, high blood pressure and some anti-anxiety and depression medications.

To be effective, the drug requires people to start treatment within five days of having symptoms and while they can take it at home, it must be prescribed to them and they must have a positive COVID-19 test to begin treatment.

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As the Omicron wave has driven cases skyrocketing, testing centres have been overwhelmed and most provinces now limit who can get a PCR test. Even people who can receive tests are often waiting several days for results.

Dr. Theresa Tam, Canada’s chief public health officer, said in the interim, physicians can use rapid antigen tests to prescribe the pills.

She admitted in the short term it will have a limited benefit, but said it will help some people and could be an important tool in the future.

“For the Omicron wave itself, it may contribute, but it won’t be a key contributor to the current wave,” she said. “We think everybody really just needs to give it a good try because it will be, I think, an important tool going forward.”

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Provinces will receive shipments on a per-capita basis and will be the ultimate arbitrators of who gets the medication while it is in short supply.

The public health agency is recommending immunocompromised people are the top priority for the medication, followed by unvaccinated or partially vaccinated people over 80 years old, people in their 60s and people in rural and remote communities where access to hospital care could be difficult.

Tam said the unvaccinated are high on the priority list, because they are more likely to end up in hospital with severe illness.

“As health-care providers, you don’t pick and choose which patients you have coming into the hospital and getting treated. And so I think this approach ensures that we are prioritizing treatments to those most in need,” she said.

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She stressed however the treatments are no substitute for vaccination.

“This is another tool in the toolkit to fight the pandemic. It is important that everyone gets fully vaccinated and receive a booster, as soon as they are eligible.”

Alexandra Hilkene, a spokesperson for Ontario Health Minister Christine Elliott, said the province is expecting it will get 10,000 courses of the drugs in January and has worked out plans to distribute them.

“We have worked with our hospital partners and are prepared for distribution of antivirals at 15 sites across the province as soon we receive them. Courses will initially be prioritized for adults with the highest risk of severe outcomes including immunocompromised patients, and could help keep thousands of people out of our hospitals,” she said in an email.

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Hilkene said the pills could help the province return to normal and ease restrictions.

“The arrival of these pills gives us increased confidence as we continue to review key indicators and data to determine when we can begin safely and gradually lifting public health measures.”

A first shipment of the pills arrived in Canada over the weekend, with just over 30,000 courses of treatment arriving.

Procurement Minister Filomena Tassi, said Canada expects another 120,000 courses to arrive before the end of February as part of the initial order for a million treatments, with more to come after that.

The government also has an option for 500,000 more courses of treatment after that. The U.S. government bought 10 million courses for US$5.29 billion, a cost of roughly US$529 per course of treatment.

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Tassi would not say what Canada paid for the pills, but said the government was committed to doing whatever is necessary to help Canadians dealing with the virus.

“In order to protect the commercially sensitive pricing information, we can’t disclose those details,” she said. “The health and safety of Canadians has been our top priority from a procurement perspective whether it’s vaccines, PPE, medical supplies. We’ve done everything that we can possibly do with the priority of keeping Canadians safe.”

The government has also refused to disclose on a per dose basis what it paid for COVID-19 vaccines.

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Email: rtumilty@postmedia.com

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Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin's Fourth Halving Arrives – Investor's Business Daily

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[unable to retrieve full-text content]

  1. Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin’s Fourth Halving Arrives  Investor’s Business Daily
  2. Iran fires at apparent Israeli attack drones: Mideast tensions  The Associated Press
  3. S&P 500 extends losing streak to sixth day, Dow up 210 points  Yahoo Canada Finance
  4. Stock Market Today: Dow, S&P Live Updates for April 19  Bloomberg
  5. Stock market today: Wall Street limps toward its longest weekly losing streak since September  CityNews Kitchener

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Netflix stock sinks on disappointing revenue forecast, move to scrap membership metrics – Yahoo Canada Finance

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Netflix (NFLX) stock slid as much as 9.6% Friday after the company gave a second quarter revenue forecast that missed estimates and announced it would stop reporting quarterly subscriber metrics closely watched by Wall Street.

On Thursday, Netflix guided to second quarter revenue of $9.49 billion, a miss compared to consensus estimates of $9.51 billion.

The company said it will stop reporting quarterly membership numbers starting next year, along with average revenue per member, or ARM.

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“As we’ve evolved our pricing and plans from a single to multiple tiers with different price points depending on the country, each incremental paid membership has a very different business impact,” the company said.

Netflix reported first quarter earnings that beat across the board on Thursday, with another 9 million-plus subscribers added in the quarter.

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Subscriber additions of 9.3 million beat expectations of 4.8 million and followed the 13 million net additions the streamer added in the fourth quarter. The company added 1.7 million paying users in Q1 2023.

Revenue beat Bloomberg consensus estimates of $9.27 billion to hit $9.37 billion in the quarter, an increase of 14.8% compared to the same period last year as the streamer leaned on revenue initiatives like its crackdown on password-sharing and ad-supported tier, in addition to the recent price hikes on certain subscription plans.

Netflix’s stock has been on a tear in recent months, with shares currently trading near the high end of its 52-week range. Wall Street analysts had warned that high expectations heading into the print could serve as an inherent risk to the stock price.

Earnings per share (EPS) beat estimates in the quarter, with the company reporting EPS of $5.28, well above consensus expectations of $4.52 and nearly double the $2.88 EPS figure it reported in the year-ago period. Netflix guided to second quarter EPS of $4.68, ahead of consensus calls for $4.54.

Profitability metrics also came in strong, with operating margins sitting at 28.1% for the first quarter compared to 21% in the same period last year.

The company previously guided to full-year 2024 operating margins of 24% after the metric grew to 21% from 18% in 2023. Netflix expects margins to tick down slightly in Q2 to 26.6%.

Free cash flow came in at $2.14 billion in the quarter, above consensus calls of $1.9 billion.

Meanwhile, ARM ticked up 1% year over year — matching the fourth quarter results. Wall Street analysts expect ARM to pick up later this year as both the ad-tier impact and price hike effects take hold.

On the ads front, ad-tier memberships increased 65% quarter over quarter after rising nearly 70% sequentially in Q3 2023 and Q4 2023. The ads plan now accounts for over 40% of all Netflix sign-ups in the markets it’s offered in.

FILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File PhotoFILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo

Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo (REUTERS / Reuters)

Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack – OilPrice.com

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack | OilPrice.com



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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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  • Oil prices initially spiked on Friday due to unconfirmed reports of an Israeli missile strike on Iran.
  • Prices briefly reached above $90 per barrel before falling back as Iran denied the attack.
  • Iranian media reported activating their air defense systems, not an Israeli strike.

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Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran.

Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe.

The news was later confirmed by Iranian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iranian media also reported.

Israel’s retaliation for Iran’s missile strikes last week was seen by most as a guarantee of escalation of the Middle East conflict since Iran had warned Tel Aviv that if it retaliates, so will Tehran in its turn and that retaliation would be on a greater scale than the missile strikes from last week. These developments were naturally seen as strongly bullish for oil prices.

However, hours after unconfirmed reports of an Israeli attack first emerged, Reuters quoted an Iranian official as saying that there was no missile strike carried out against Iran. The explosions that were heard in the large Iranian city of Isfahan were the result of the activation of the air defense systems of Iran, the official told Reuters.

Overall, Iran appears to downplay the event, with most official comments and news reports not mentioning Israel, Reuters notes.

The International Atomic Energy Agency (IAEA) said that “there is no damage to Iran’s nuclear sites,” confirming Iranian reports on the matter.

The Isfahan province is home to Iran’s nuclear site for uranium enrichment.

“Brent briefly soared back above $90 before reversing lower after Iranian media downplayed a retaliatory strike by Israel,” Saxo Bank said in a Friday note.

The $5 a barrel trading range in oil prices over the past week has been driven by traders attempting to “quantify the level of risk premium needed to reflect heightened tensions but with no impact on supply,” the bank said, adding “Expect prices to bid ahead of the weekend.”

At the time of writing Brent was trading at $87.34 and WTI at $83.14.

By Tsvetana Paraskova for Oilprice.com

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