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Boris Johnson tells UK to expect Australia-style trade deal with EU – video | Politics

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In a televised speech, the British prime minister accuses the European Union of being unwilling ‘to offer this country the same terms as Canada’ and that by 1 January, when the Brexit transition period ends, the UK will be more likely to be entering trade arrangements like those of Australia. Without a ‘fundamental change of approach’ by the EU, Johnson says trade and security talks in Brussels will not progress


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Eli Lilly CEO Dave Ricks still confident in Covid antibody treatment

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Eli Lilly Chairman and CEO Dave Ricks told CNBC on Tuesday that he believes the company’s coronavirus antibody treatment will still be beneficial to Covid-19 patients, despite the recent end to a study of the drug in a hospital setting.

The government-run clinical trial that was stopped looked at whether the antibody treatment helped people who are hospitalized with coronavirus. In a statement Monday, Eli Lilly said that data so far from the study indicated the drug was “unlikely” to help patients recover from the advanced stage of the disease.

“These are patients who had symptoms many, many days ago. They advanced in the hospital. Many were on supplemental oxygen,” Ricks said on “Squawk Box.” “It’s disappointing, of course. We would have liked to have shown a benefit in the hospital. It doesn’t appear that that benefit is there, so this chapter of that study will close.”

Other studies involving Eli Lilly’s antibody treatment are continuing to move forward, including another one sponsored by the National Institutes of Health that involves recently diagnosed Covid-19 patients who have mild to moderate cases of the disease. Lilly also is running a trial to see if the antibody treatment is effective on a preventative basis for residents and staff at nursing homes.

Earlier this month, Eli Lilly submitted an emergency use application to regulators at the U.S. Food and Drug Administration for its single antibody treatment, specifically for it to be used on mild-to-moderate Covid-19 patients who are at higher risk of death, such as those above age 65. The pharmaceutical company also said it hopes to submit an emergency use application in November for its combination treatment that uses two antibodies.

The company has so far seen “strong results” from the antibody studies that involve patients who are earlier in their Covid-19 diagnoses, Ricks said. “Catching the disease early, where you can reduce the viral load with an antibody, appears to be making a significant difference.”

Eli Lilly is among a handful of other companies developing coronavirus antibody drugs, which experts have viewed as a promising potential Covid-19 treatment. The goal of this class of drugs is to boost the immune system’s defenses and prevent the virus from infecting human cells.

President Donald Trump received an antibody cocktail from Regeneron Pharmaceuticals after he was diagnosed with Covid-19 in early October. Regeneron also has filed for emergency use authorization with the FDA.

Ricks said that Covid-19 has proved to be a “two-phase disease,” which can help explain why the antibody treatment doesn’t appear to provide a benefit to hospitalized patients.

“You have the initial phase, which is characterized by significant viral replication and the effects of that on your body causing symptoms.,” he said. “Then the second phase where, unfortunately, people develop their own immune storm, which causes organs to shut down and you end up in the hospital.”

By the time a patient ends up in the hospital, Ricks said, there may “not be enough viral load left to reduce” with an antibody treatment. “Instead, we might want to use anti-inflammatory drugs like steroids or our own Olumiant, which has proven [effective] in this setting,” he said. Olumiant is used to treat rheumatoid arthritis, which is a chronic inflammatory disorder.

Shares of Eli Lilly fell almost 5% early Tuesday as investors digested both the end of the hospital study and the company’s quarterly results. Adjusted per-share earnings of $1.54 missed Wall Street expectations by 17 cents, while revenue of $5.74 billion also fell short of estimates.

Eli Lilly saw weakness in its diabetes drug Trulicity, driven by higher-than-expected rebate filings and more sales into Medicaid, according to Ricks. He also noted the company’s $125 million in spending on accelerating coronavirus treatments also weighed on earnings. “That was never in our guidance,” he said.


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5 things to know before the stock market opens October 27, 2020

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Restaurant Brands International (QSR) Q3 2020 earnings top estimates

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Jose Cil, CEO of Restaurant Brands International, speaks during an interview with CNBC on the floor at the New York Stock Exchange, November 6, 2019.

Brendan McDermid | Reuters

Restaurant Brands International on Tuesday reported that its quarterly revenue fell 8% as Burger King and Tim Hortons sales struggled to bounce back from the coronavirus pandemic.

Popeyes, however, once again reported double-digit same-store sales growth, thanks to the enduring popularity of its chicken sandwich.

Shares of the company, which had released preliminary same-store sales results earlier this month, were unchanged in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 68 cents, adjusted, vs. 63 cents expected
  • Revenue: $1.34 billion vs. $1.34 billion expected

The restaurant company reported fiscal third-quarter net income of $145 million, or 47 cents per share, down from $201 million, or 75 cents per share, a year earlier. Temporary restaurant closures and other costs related to the pandemic weighed on profits.

Excluding corporate restructuring fees and other items, Restaurant Brands earned 68 cents per share, topping the 63 cents per share expected by analysts surveyed by Refinitiv.

Net sales dropped 8% to $1.34 billion, matching expectations. Burger King reported same-store sales declines of 7%, while Tim Hortons same-store sales fell by 12.5%. The Canadian coffee chain typically accounts for more than half of Restaurant Brands’ revenue. The pandemic not only disrupted coffee drinkers’ normal routines, but also hindered efforts to revitalize Tims’ sales.

Popeyes, the only chain to report positive same-store sales growth, saw sales at restaurants open at least 17 months grow 17.4% in the quarter. Even with its recent success, the fried chicken chain accounts for only a tenth of Restaurant Brands’ net sales.

Restaurant Brands said that it expects to see a continued impact from the pandemic on its fourth-quarter results.

Despite the sales downturn, the company is still investing in its restaurants. Restaurant Brands announced plans to revamp thousands of its drive-thru lanes across its three brands, starting with 10,000 Burger King and Tim Hortons locations. Contactless payment methods and digital menu boards that change display options based on weather, previous orders and other factors are among the changes.

Read the full earnings report here.


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