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Russia says COVID-19 vaccine is 92% effective on early data – CP24 Toronto's Breaking News

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Daria Litvinova, The Associated Press


Published Wednesday, November 11, 2020 4:16PM EST

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MOSCOW – Developers of Sputnik V, Russia’s experimental COVID-19 vaccine, announced Wednesday that early, interim data from a large trial suggests the shot appears to be 92% effective.

The statement, which did not include detailed information about the trial, comes just two days after a similar one from Pfizer Inc., but is based on far fewer virus cases. Some experts suggest the data may have been rushed out in an effort to keep up with the worldwide race for a successful coronavirus vaccine.

Russia touted Sputnik V, a two-shot vaccine, as the world’s first to receive a government go-ahead after it was approved in early August without completing advanced testing. The move drew considerable criticism from experts who said data from tens of thousands of people were needed to ensure the safety and effectiveness of the vaccine before it is given widely.

Russian officials announced advanced studies among 40,000 volunteers two weeks after it received government approval. On Wednesday, Russia’s Direct Investment Fund that bankrolled the effort announced that an analysis of the early data of the study showed that the vaccine “had an efficacy rate of 92%.”

The interim analysis looked at 20 confirmed coronavirus infections registered so far among over 16,000 volunteers who received both of the two shots of either the vaccine or the placebo, the Fund’s statement said. More than 20,000 trial participants have so far received just one shot.

Some outside experts deemed the results of the interim analysis promising and consistent with what the studies of the Pfizer vaccine showed, but questioned the timing of its release.

“Whilst encouraging, I worry that these data have been rushed out on the back of the Pfizer/BioNtech announcement earlier in the week. The Sputnik data are based on only 20 cases of COVID-19 in the trial participants, compared to more than 90 cases in the earlier trial,” Eleanor Riley, professor of immunology and infectious disease at the University of Edinburgh, said in a statement.

Ravindra Gupta, professor of clinical microbiology at the University of Cambridge, also pointed at a small number of virus cases. “They’ve calculated a 92% protection rate, but among 20 infections. That’s fairly small numbers. So we want to see the whole results eventually,” Gupta told The Associated Press.

The early Russian data released Wednesday didn’t break down how many volunteers received the vaccine and how many got dummy shots, but the 92% effectiveness rate indicates that nearly all infections must have occurred among those who received the placebo.

It remained unclear from the statement how coronavirus was diagnosed among the participants of the trial and whether all of them, including those showing no symptoms, were tested for the virus.

The release of “the interim results of the post-registration clinical trials that convincingly demonstrate Sputnik V vaccine’s efficacy gives way to mass vaccination in Russia against COVID-19 in the coming weeks,” Alexander Gintsburg, director of the Moscow-based Gamaleya Insitute that developed the vaccine, was quoted as saying in the statement.

The announcement comes just two days after Pfizer sparked worldwide optimism by reporting that an early peek at its vaccine data suggests it is 90% effective – though Pfizer also did not provide a detailed look at its data. The Direct Investment Fund has not immediately responded to a request for comment whether the analysis was planned in advance or inspired by the Pfizer statement.

Ilya Yasny, head of scientific research at the Russian investment fund Inbio Ventures, pointed out to the AP that the efficacy rates may change once all 40,000 volunteers are given the shots. “How the numbers will change once all 40,000 people are given shots is unclear,” Yasny said. “I would say it is premature to draw conclusions from the analysis.”

According to the statement, as many as 10,000 people from “high-risk groups,” such as medical workers, have already been vaccinated outside of the trial, despite multiple expert warnings against wider use until all the tests are completed.

At the same time surveys show that many Russians are skeptical about the shots. According to a late August poll by the Levada Center, Russia’s top independent pollster, 54% of Russians were not prepared to take the widely publicized shots.

But neither the international criticism, nor the domestic skepticism stopped Russia from promoting Sputnik V abroad. In Wednesday’s statement, Russia’s Direct Investment Fund said that it had requests for more than 1.2 billion doses of the jab from over 50 countries, and existing contracts with international partners “enable the production of 500 million doses of the Sputnik V vaccine outside Russia annually.”

Russia currently has the fifth largest coronavirus caseload in the world, with a total of over 1.8 million confirmed cases. The country has been swept by a resurgence of the outbreak since September, with daily new infections spiking to around 20,000 this week. The government’s coronavirus task force has registered a total of more than 31,000 deaths since the start of the pandemic.

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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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