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Moderna reaches deal with Canada to build 'state-of-the-art' Covid vaccine manufacturing plant after shortages – CNBC

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3 years ago

August 10, 2021

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MRNA

Justin Trudeau, Canada’s prime minister, listens during a news conference in Ottawa, Ontario, Canada, on Friday, June 4, 2021. Trudeau said that 65% of eligible Canadians have received a first dose of the Covid-19 vaccine.

David Kawai | Bloomberg | Getty Images

Moderna said Tuesday it has reached a deal with the Canadian government to build a “state-of-the-art” manufacturing plant in Canada to make Covid vaccines and potentially shots for other respiratory viruses after the country was plagued by supply shortages earlier this year.

The plant aims to provide Canadians with access to domestically manufactured mRNA vaccines against respiratory viruses, including Covid, seasonal influenza, respiratory syncytial virus and possibly other vaccines, pending licensure, the U.S. drugmaker said.

It is also intended to be used on “an urgent basis” to support the country with direct access to vaccines during health emergencies, the company said.

Moderna said it is in discussions with other governments for similar collaborations.

“We are excited to expand our presence and continue our long-term collaboration with Canada,” Patricia Gauthier, Moderna’s lead for Canadian operations, said in a statement. “With our industry-leading mRNA technology platform and rapid drug development capabilities, we look forward to being an active participant in Canada’s robust life sciences ecosystem.”

CNBC Health & Science

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Canada suffered from repeated delays and supply shortages of Covid vaccines this year as it struggled to obtain the shots from other countries that were manufacturing them. The issue forced the government to delay second shots for up to 16 weeks and advise residents to “mix and match” vaccines.

The Biden administration, under pressure from allies worldwide to share vaccines, announced plans in March to ship about 4 million doses of AstraZeneca’s Covid vaccine that it was not using to Mexico and Canada.

The supply of vaccines and pace of inoculations has since increased, Canadian health authorities have said, and residents have since gone on to receive their second doses.

Shares of Moderna were down about 3% Tuesday just before the announcement. The stock is up more than 360% year to date.

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Business

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

Published

15 hours ago

November 7, 2024

Anne Joseph

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.

Companies in this story: (TSX:TRP)

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Business

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

Published

15 hours ago

November 7, 2024

Anne Joseph

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.

Companies in this story: (TSX:BCE)

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Canada Goose reports Q2 revenue down from year ago, trims full-year guidance

Published

15 hours ago

November 7, 2024

Anne Joseph

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.

Companies in this story: (TSX:GOOS)

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