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Health Canada approves Pfizer's COVID-19 therapeutic – CBC News

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Health Canada has approved Pfizer’s COVID-19 therapeutic for use in adults 18 and older, paving the way for the distribution of a potentially lifesaving drug at a time when the country’s hospitals are overwhelmed.

Pfizer’s Paxlovid, an oral antiviral prescribed by a doctor and administered in pill form, is designed to help the body fight off the SARS-CoV-2 virus, reduce symptoms from an infection and shorten the period of illness.

After months of clinical trials, Pfizer reported in November that Paxlovid reduced the risk of hospitalization or death by an impressive 89 per cent compared to a placebo in non-hospitalized high-risk adults with COVID-19.

The drug company’s laboratory studies also indicate the drug is likely to work against the Omicron variant, now the dominant variant among new cases in Canada.

The product has been hailed as a pandemic “game changer” by some doctors because it could reduce hospitalizations and deaths among COVID-19 patients.

Experts say an effective pill that’s easy to self-administer at home could relieve some of the pressure on the health care system and change the trajectory of the pandemic. Existing therapeutics approved for use in Canada — products like monoclonal antibodies and remdesivir — must be administered intravenously in a hospital setting.

WATCH: Health Canada approves Pfizer’s oral COVID treatment

Health Canada approves Pfizer’s oral COVID treatment

6 hours ago

Duration 1:29

Dr. Supriya Sharma, chief medical adviser to the deputy minister of health, announces Canada’s approval of a new prescription COVID treatment. 1:29

Speaking at a press conference with reporters Monday, Dr. Theresa Tam, Canada’s chief public health officer, said the regulator’s approval is “great news” because Paxlovid could drive down severe outcomes in the current wave and beyond.

“The regulator as well as the experts helping us with the guidance and the supply are all coming together at once and I think Canadians should be very happy today to hear that oral antivirals are beginning to become available in Canada,” she said.

Canada has placed an order for an initial quantity of one million treatment courses, with an option to buy up to 500,000 more. With global interest in antivirals running high as the Omicron variant wreaks havoc, Pfizer is promising to churn out 120 million courses of the treatment by year’s end.

Health Minister Jean-Yves Duclos said 30,000 treatment courses have arrived in Canada already and will be distributed to the provinces and territories on a per-capita basis.

Duclos said another 120,000 Paxlovid treatments will arrive between now and the end of March. The federal government is working with Pfizer to bring “additional treatment courses to Canada as quickly as possible,” he said.

WATCH: Health minister says Canada should have 150,000 Paxlovid treatments by March 

Health minister says Canada should have 150,000 Paxlovid treatments by March

4 hours ago

Duration 1:02

Health Minister Jean-Yves Duclos says over 120,000 Paxlovid treatments are expected by March, in addition to the 30,000 already distributed. 1:02

While championing Paxlovid as a treatment that will “save lives, reduce illness and lighten the load on our health care system,” Duclos said this antiviral is not a replacement for vaccines, which remain the best way to keep people out of hospital. 

“This is welcome news — we have one more tool in our toolbox. But no drug, including Paxlovid, can replace vaccination and public health measures,” he said. “You don’t want to have to use that pill if you can instead be vaccinated. Vaccination will be a lot better in protecting you.”

Tam said the Public Health Agency of Canada (PHAC) is working with its provincial and territorial counterparts to determine how best to distribute antivirals, which are expected to be in short supply for the foreseeable future.

“This treatment, the first treatment taken orally and at home, will be in high demand,” she said. “We anticipate supply at the beginning will not be great anywhere.”

The product, which doesn’t prevent infection, has been authorized by Health Canada for use in high-risk adults with mild or moderate COVID-19 symptoms.

A spokesperson for Ontario’s Health Minister Christine Elliott said the country’s largest province will earmark its share — about 10,000 courses of treatment to start — for adults with “the highest risk of severe outcomes, including immunocompromised patients.”

A person should start taking Paxlovid no more than five days after symptoms start, which could be “one of the key challenges of these antivirals,” Tam said.

‘An important tool’

“They have to be given really early. Not easy, but everybody needs to give it a good try because it could be an important tool going forward,” she said. “It could potentially blunt the severity of the virus, which is a a key goal.”

Health Canada said Pfizer’s pills should only be used by patients who have tested positive on a SARS-CoV-2 viral test. Such tests are currently in short supply in some provinces and territories.

If a PCR test is not available, Tam said a positive result on a rapid antigen test would also suffice.

In a statement, Conservative MP Luc Bethold, the party’s health critic, urged the federal government to “rectify the lack of available testing” plaguing many provinces so these therapeutics can be deployed quickly.

Dr. Isaac Bogoch, an infectious disease specialist and researcher based at Toronto General Hospital, said Health Canada’s approval is “a very positive first step.”

“Everything we’ve heard about this pill is very promising but there are clearly logistical challenges ahead,” he said, adding that careful planning is required to make sure the pills get to those who need them most.

This drug regimen could be useful for people who have underlying conditions that increase the risk of hospitalization and death related to the coronavirus, such as heart disease or diabetes.

It could also be given to the unvaccinated, who are much more likely to experience severe outcomes. Tam pointed to PHAC data that suggest unvaccinated people are 19 times more likely to be hospitalized with COVID-19 than fully vaccinated people.

Health Canada has warned, however, that the product shouldn’t be used while a patient is on any of a long list of other drugs, including common medications used to treat erectile dysfunction, high cholesterol and seasonal allergies, among others.

“If you’re on certain medications, you have to be careful when using this drug,” Tam said, urging prescribers to review contraindications before writing a script for Paxlovid. 

Pfizer’s treatment is meant to be taken as 30 pills over five days. Patients take three pills at a time: two of Pfizer’s pills and one of a low-dose HIV drug known as ritonavir, which helps Pfizer’s drug remain active in the body longer.

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Telus prioritizing ‘most important customers,’ avoiding ‘unprofitable’ offers: CFO

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Telus Corp. says it is avoiding offering “unprofitable” discounts as fierce competition in the Canadian telecommunications sector shows no sign of slowing down.

The company said Friday it had fewer net new customers during its third quarter compared with the same time last year, as it copes with increasingly “aggressive marketing and promotional pricing” that is prompting more customers to switch providers.

Telus said it added 347,000 net new customers, down around 14.5 per cent compared with last year. The figure includes 130,000 mobile phone subscribers and 34,000 internet customers, down 30,000 and 3,000, respectively, year-over-year.

The company reported its mobile phone churn rate — a metric measuring subscribers who cancelled their services — was 1.09 per cent in the third quarter, up from 1.03 per cent in the third quarter of 2023. That included a postpaid mobile phone churn rate of 0.90 per cent in its latest quarter.

Telus said its focus is on customer retention through its “industry-leading service and network quality, along with successful promotions and bundled offerings.”

“The customers we have are the most important customers we can get,” said chief financial officer Doug French in an interview.

“We’ve, again, just continued to focus on what matters most to our customers, from a product and customer service perspective, while not loading unprofitable customers.”

Meanwhile, Telus reported its net income attributable to common shares more than doubled during its third quarter.

The telecommunications company said it earned $280 million, up 105.9 per cent from the same three-month period in 2023. Earnings per diluted share for the quarter ended Sept. 30 was 19 cents compared with nine cents a year earlier.

It reported adjusted net income was $413 million, up 10.7 per cent year-over-year from $373 million in the same quarter last year. Operating revenue and other income for the quarter was $5.1 billion, up 1.8 per cent from the previous year.

Mobile phone average revenue per user was $58.85 in the third quarter, a decrease of $2.09 or 3.4 per cent from a year ago. Telus said the drop was attributable to customers signing up for base rate plans with lower prices, along with a decline in overage and roaming revenues.

It said customers are increasingly adopting unlimited data and Canada-U.S. plans which provide higher and more stable ARPU on a monthly basis.

“In a tough operating environment and relative to peers, we view Q3 results that were in line to slightly better than forecast as the best of the bunch,” said RBC analyst Drew McReynolds in a note.

Scotiabank analyst Maher Yaghi added that “the telecom industry in Canada remains very challenging for all players, however, Telus has been able to face these pressures” and still deliver growth.

The Big 3 telecom providers — which also include Rogers Communications Inc. and BCE Inc. — have frequently stressed that the market has grown more competitive in recent years, especially after the closing of Quebecor Inc.’s purchase of Freedom Mobile in April 2023.

Hailed as a fourth national carrier, Quebecor has invested in enhancements to Freedom’s network while offering more affordable plans as part of a set of commitments it was mandated by Ottawa to agree to.

The cost of telephone services in September was down eight per cent compared with a year earlier, according to Statistics Canada’s most recent inflation report last month.

“I think competition has been and continues to be, I’d say, quite intense in Canada, and we’ve obviously had to just manage our business the way we see fit,” said French.

Asked how long that environment could last, he said that’s out of Telus’ hands.

“What I can control, though, is how we go to market and how we lead with our products,” he said.

“I think the conditions within the market will have to adjust accordingly over time. We’ve continued to focus on digitization, continued to bring our cost structure down to compete, irrespective of the price and the current market conditions.”

Still, Canada’s telecom regulator continues to warn providers about customers facing more charges on their cellphone and internet bills.

On Tuesday, CRTC vice-president of consumer, analytics and strategy Scott Hutton called on providers to ensure they clearly inform their customers of charges such as early cancellation fees.

That followed statements from the regulator in recent weeks cautioning against rising international roaming fees and “surprise” price increases being found on their bills.

Hutton said the CRTC plans to launch public consultations in the coming weeks that will focus “on ensuring that information is clear and consistent, making it easier to compare offers and switch services or providers.”

“The CRTC is concerned with recent trends, which suggest that Canadians may not be benefiting from the full protections of our codes,” he said.

“We will continue to monitor developments and will take further action if our codes are not being followed.”

French said any initiative to boost transparency is a step in the right direction.

“I can’t say we are perfect across the board, but what I can say is we are absolutely taking it under consideration and trying to be the best at communicating with our customers,” he said.

“I think everyone looking in the mirror would say there’s room for improvement.”

This report by The Canadian Press was first published Nov. 8, 2024.

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TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

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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.

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BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

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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.

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