U.S. Markets open in 59 mins

AstraZeneca rides China wave as rival GlaxoSmithKline struggles

By Ben Hirschler

LONDON, Nov 9 (Reuters) - AstraZeneca is enjoying booming drug sales in China, helped by reforms to the country's regulatory system and an increased sales force, in sharp contrast to its British rival GlaxoSmithKline.

China revenue in the third quarter increased by 12 percent at AstraZeneca and the country now accounts for 15 percent of its global product sales - a far higher proportion than at other big pharma companies.

"We are in a special place in China," Chief Executive Pascal Soriot said on Thursday, after presenting financial results. "For the next two to three years I can see this growth rate maintained."

The picture is very different at GSK, which said last month that its pharmaceutical sales in China declined by a "mid-teens" percentage rate in the quarter.

While AstraZeneca has added sales representatives to cover more of China and has successfully exploited local market changes, GSK has yet to recover fully from a bribery scandal that landed it with a record fine in 2014.

China is now the world's second-biggest drugs market after the United States, with more cases of cancer and diabetes than any other nation, fuelled by fast food, smoking and pollution.

That is opening up an opportunity for suppliers of modern medicines, despite competition from local suppliers of cheap generic drugs.

Significantly, recent reforms at the China Food and Drug Administration have started to speed up new drug approvals and Soriot noted that AstraZeneca's lung cancer pill Tagrisso had won a green light in record time.

At the same time, Chinese funding authorities are also moving faster to agree payments for innovative drugs, albeit after negotiating price discounts in many cases.

AstraZeneca has had five new products recently added to the country's National Reimbursement Drug List - Onglyza for diabetes, cancer drugs Iressa and Faslodex, heart medicine Brilinta and antipsychotic treatment Seroquel.

"We have a portfolio of products that really fit very well the needs of Chinese patients today," Soriot said. (Reporting by Ben Hirschler; Editing by Adrian Croft)

  • Sears bankruptcy could make these 5 big companies multi-million-dollar losers
    Finance
    Yahoo Finance

    Sears bankruptcy could make these 5 big companies multi-million-dollar losers

    Signs advertising store closing sales are seen on the doors of a Sears in New Hyde Park, New York, U.S., October 10, 2018. REUTERS/Shannon Stapleton Being an unsecured creditor of Sears (SHLD) right now is not a good place to be. The 125-year old former

  • Ford Escape sales are down — here’s how it compares with other small SUVs
    Business
    American City Business Journals

    Ford Escape sales are down — here’s how it compares with other small SUVs

    Sales of the Ford Escape aren't what they used to be. The Escape, made at the Louisville Assembly Plant, saw sales decline by 20 percent in September 2018, compared with the same month last year. Ford and its Lincoln Motor Co. subsidiary have been successful in increasing sales of larger SUVs, such as the Navigator and Expedition this year.

  • This Is the Average American's Salary. How Does Yours Compare?
    Business
    Motley Fool

    This Is the Average American's Salary. How Does Yours Compare?

    In an age of oversharing, many of us are remarkably tight-lipped when it comes to talking salary. But in reality, knowing where you stand can help you determine whether you're in a good place or whether you should be taking steps to boost your earnings

  • Jack Bogle's Stock and Bond Market Return Expectations
    Business
    Morningstar

    Jack Bogle's Stock and Bond Market Return Expectations

    The Vanguard founder says low dividend yields, modest earnings growth potential, and still-low rates mean returns are set to be lower.

  • This $372 Million Windfall for Aurora Cannabis Could Be Just the Beginning
    Business
    Motley Fool

    This $372 Million Windfall for Aurora Cannabis Could Be Just the Beginning

    Investors have never been more excited about the prospects for marijuana stocks, and many of the best-known first movers in the industry call Canada their home. Aurora Cannabis (NASDAQOTH: ACBFF) (TSX: ACB) is one of the major companies in the cannabis industry looking to cash in on the impending legalization of recreational marijuana in Canada, and it's put together an impressive set of resources designed to let it take maximum advantage of growing consumer interest in cannabis products. Like most up-and-coming companies, Aurora Cannabis isn't consistently profitable, and the marijuana producer is spending freely to ramp up its production capabilities to stay ahead of competitors.

  • Bank of America profit beats on lower costs, loan growth
    Business
    Reuters

    Bank of America profit beats on lower costs, loan growth

    In his near-decade long tenure as chief executive officer, Brian Moynihan has tried to streamline the lender's sprawling operations by cutting jobs, digitizing retail operations and getting rid of crisis-era mortgages, which he inherited as part of its acquisition of Countrywide Financial. Two years ago, Moynihan pledged to cut expenses to $53 billion by the end of this year and stick to that level until 2020. "Responsible growth, backed by a solid U.S. economy and a healthy U.S. consumer, combined to deliver the highest quarterly pre-tax earnings in our company's history," Moynihan said in a statement.

  • Finance
    Fox Business

    How much Uber, Lyft drivers really make

    With the rise of the gig economy, many people are turning to ridesharing platforms such as Uber and Lyft to find work. Despite the differences in the platforms, average nationwide earnings for both Uber and Lyft are comparable. A 2015 study by SherpaShare found that an average driver’s gross earnings per trip in New York City was $29.34 for UberX and $28.82 for Lyft, compared with only $11.53 for UberX and $11.36 for Lyft in Los Angeles.

  • Is This High-Flying Marijuana Stock the Next Tilray?
    Business
    Motley Fool

    Is This High-Flying Marijuana Stock the Next Tilray?

    Since then, Tilray's share price has skyrocketed to well over six times its opening-day level. At one point, Tilray was up a whopping 856% -- in just two months of trading. Now there's another marijuana stock that is beginning to turn heads.

  • Guess Who's Profiting From GE's Troubles?
    Business
    Motley Fool

    Guess Who's Profiting From GE's Troubles?

    One person's challenge is another's opportunity, and there are very few CEOs as bold and decisive in taking advantage of a chance to enhance value for shareholders as Emerson Electric's (NYSE: EMR) David Farr. Although the terms of Emerson's deal to buy General Electric's (NYSE: GE) Intelligent Platforms business weren't disclosed, it's likely that GE's desire to sell assets in order to raise cash means Farr's company wouldn't have overpaid to acquire a strategically important business. While the very-highly-regarded former Danaher CEO Larry Culp is now charged with turning around GE's fortunes, the executive with best recent experience in turning around a major industrial company is actually Emerson's David Farr.

  • Sears' Bankruptcy: How It Got Here -- And What Happens Next
    Business
    Motley Fool

    Sears' Bankruptcy: How It Got Here -- And What Happens Next

    It was a long time coming for Sears Holdings Corp. (NASDAQ: SHLD). The venerable American retailer, founded back in 1893, filed for Chapter 11 bankruptcy early Monday. The move would allow Sears to restructure in hopes of reemerging from bankruptcy with part of the business still standing.

  • Why I’m Not Worried About Being Behind on Retirement Savings
    News
    GoBankingRates

    Why I’m Not Worried About Being Behind on Retirement Savings

    This is why I find it funny that we spend most of our lives “retirement planning” or planning for our deaths. Don’t get me wrong, I’m not shouting in the face of retirement planning or being prepared. Although I’ve gotten my life back on track since then, I’m still not worried about being behind on retirement savings, the magical “$1 million saved” for retirement number or all the “what ifs.” Why?

  • Here's everyone who has dropped out of Saudi Arabia's 'Davos of the Middle East'
    Business
    Yahoo Finance

    Here's everyone who has dropped out of Saudi Arabia's 'Davos of the Middle East'

    Prominent members of the world’s business community are dropping out of Saudi Arabia’s Future Investment Initiative, a conference that is widely known as the “Davos of the Middle East,” after the disappearance of journalist Jamal Khashoggi, a columnist at the Washington Post. Turkey has accused Saudi Arabia of sending a large task force to murder him and dismember his body. By Sunday evening, JP Morgan CEO Jamie Dimon had pulled out, along with Ford chair Bill Ford.

  • Bodies of South Korean Climbers and Nepalese Guides Have Been Retrieved After a Deadly Mountain Storm
    World
    Meredith Videos

    Bodies of South Korean Climbers and Nepalese Guides Have Been Retrieved After a Deadly Mountain Storm

    Rescuers on Sunday retrieved the bodies of five South Korean climbers and their four Nepalese guides who died in a storm that destroyed their base camp on Gurja Himal mountain.

  • New Strong Sell Stocks for October 15th
    Business
    Zacks

    New Strong Sell Stocks for October 15th

    Here are 5 stocks added to the Zacks Rank #5 (Strong Sell) List today:EXFO Inc EXFO is a developer of smarter network test, monitoring and analytics solutions for communications service providers and network equipment manufacturers. The Zacks Consensus

  • Read This Before You Sell Your Chinese Tech Stocks
    Business
    Motley Fool

    Read This Before You Sell Your Chinese Tech Stocks

    It's been a tough year for Chinese tech stocks, which were torpedoed by the country's escalating trade war with the U.S. and rising interest rates. Baidu (NASDAQ: BIDU), Alibaba (NYSE: BABA), and Tencent (NASDAQOTH: TCEHY) -- the three high-growth "BAT" stocks, which were often compared to the FANG stocks in the U.S. -- each lost more than 20% of their value over the past 12 months. Investors sitting on those big declines are probably wondering if it's time to sell all their Chinese stocks.

  • It’s Official -- These 5 Social Security Changes Are Coming for 2019
    Business
    Motley Fool

    It’s Official -- These 5 Social Security Changes Are Coming for 2019

    For workers, Social Security's maximum taxable earnings are increasing, and more income will be required to earn a Social Security "credit." Beneficiaries who claimed Social Security early and still work will be happy to learn they'll be able to earn more without a benefit reduction in 2019, and for high earners, the maximum possible Social Security benefit is also on the rise. With all of that in mind, here are the recently released details of these five 2019 Social Security changes. As I mentioned, Social Security beneficiaries are getting a 2.8% COLA starting with their January 2019 benefit payment.

  • Kinder Morgan’s Third-Quarter Results Uplift Its Stock
    Business
    Market Realist

    Kinder Morgan’s Third-Quarter Results Uplift Its Stock

    Kinder Morgan’s Third-Quarter Earnings Are Expected to Rise (Continued from Prior Part) Kinder Morgan has fallen YTD  Kinder Morgan (KMI) stock has fallen ~4% YTD (year-to-date). Kinder Morgan has been trading mainly sideways for about three months.

  • Better Marijuana Stock: Canopy Growth Corporation vs. Aphria Inc.
    Business
    Motley Fool

    Better Marijuana Stock: Canopy Growth Corporation vs. Aphria Inc.

    Recreational marijuana sales begin on Oct. 17 in Canada, and investors convinced the program will be a hit have pushed shares of Canopy Growth Corporation (NYSE: CGC) and Aphria Inc. (NASDAQOTH: APHQF) up by 60% or better over the past few months. In just two short years, Canopy Growth Corporation's market cap has exploded from just $476 million two years ago to $10.1 billion at recent prices, and it looks like there could be more fireworks ahead. Canopy Growth has secured contracts that will require it to provide at least 67,000 kilograms of cannabis annually to Canadian provinces and territories.

  • Business
    Benzinga

    Bulls & Bears Of The Week: GE, Netflix, Nike, Twitter And More

    Benzinga has featured looks at many investor favorite stocks over the past week. Bullish calls included an old-school conglomerate and a social media pair. Bearish calls included an electric car maker and a pharmaceutical firm. Another major hurricane

  • Saudis reject threats as stocks plunge after Trump comments
    World
    Associated Press

    Saudis reject threats as stocks plunge after Trump comments

    Saudi Arabia on Sunday threatened to retaliate for any sanctions imposed against it after President Donald Trump said the oil-rich kingdom deserves "severe punishment" if it is responsible for the disappearance and suspected murder of Washington Post contributor Jamal Khashoggi. The warning from the world's top oil exporter came after a turbulent day on the Saudi stock exchange, which plunged as much as 7 percent at one point. American lawmakers threatened tough punitive action against the Saudis, and Germany, France and Britain jointly called for a "credible investigation" into Khashoggi's disappearance.

  • If You're Retired, Consider Buying These 3 Stocks
    Business
    Motley Fool

    If You're Retired, Consider Buying These 3 Stocks

    Magellan Midstream Partners, L.P. (NYSE: MMP), PPL Corporation (NYSE: PPL), and ExxonMobil Corporation (NYSE: XOM) are all high yielding dividend payers with long histories of increasing their dividends on a regular basis. Magellan has long been one of the most conservative midstream partnerships, focusing on self-funding as much of its growth as it can to avoid dilutive unit sales -- a model which peer and industry bellwether Enterprise Products Partners L.P. is starting to mimic. This conservative approach, however, doesn't mean the company is skimping on growth.

  • Better Marijuana Stock: Aurora Cannabis vs. Auxly Cannabis Group
    Business
    Motley Fool

    Better Marijuana Stock: Aurora Cannabis vs. Auxly Cannabis Group

    One is market cap: Aurora's market cap is nearly 18 times bigger than Auxly's. Then there's stock performance. Here's how Aurora Cannabis and Auxly Cannabis Group stack up against each other in the areas that do matter.

  • Bank of America beats expectations as quarterly profits soar 32% (BAC)
    Finance
    Business Insider

    Bank of America beats expectations as quarterly profits soar 32% (BAC)

    REUTERS / Bobby Yip Bank of America Merrill Lynch reported third-quarter earnings Monday, beating expectations with adjusted earnings per share of $0.66, a 43% increase from last year. Analysts had expected the bank to report adjusted earnings per share

  • Stock Slump Resumes; Oil Advances on Saudi Tension: Markets Wrap
    Business
    Bloomberg

    Stock Slump Resumes; Oil Advances on Saudi Tension: Markets Wrap

    Industrial goods makers and financial-services companies were the biggest losers in the Stoxx Europe 600 index. Equities fell in Japan and Hong Kong and China’s stocks touched the lowest in almost four years following a weekend of warnings on global economic fragility from finance chiefs meeting at an annual IMF gathering. Oil climbed, with the Saudi government launching a probe into the disappearance of journalist Jamal Khashoggi.

  • Business
    Reuters

    Bank of America profit rises 35 pct on tax cuts, loan growth

    Oct 15 (Reuters) - Bank of America Corp reported a 35 percent rise in quarterly profit on Monday as the second-largest U.S. lender benefited from tax cuts, while growth in lending helped it offset lower bond trading revenue. Net income