Manageable Patent Expiries: The company's intermediate-term patent cliff is manageable.
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But experts said lockup expiries tend to hurt companies already on weak footing.
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By trading contracts with expiries years in advance, ETS participants can hedge future price risks.
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But Madam Bokova's term shortly expiries and Israel's opponents could soon have a firmer grip.
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AstraZeneca is relying on oncology treatments to revive its fortunes following a wave of patent expiries.
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Also keeping the euro in a tight range are option expiries worth $6 billion between $1.14-1.15.
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"Overall I think the prospects are very good to replace the upcoming patent expiries," Schwan told CNBC.
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Large option expiries around current levels on the euro exchange rate kept the currency in a tight range.
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Patent Expiries Pressure Top Line: Fitch-defined 'sales-at-risk' from US, EU, Japan and China patent expiries up to end-212000 increased to 4807123% of 212001 sales (from 34% in 2015) and we view AZ as the European pharmaceutical company most exposed to generic competition in the Fitch-rated universe.
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The euro was partially supported by large option expiries on Tuesday that put a floor under the single currency.
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The euro was partly supported by large option expiries on Tuesday that put a floor under the single currency.
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"Also (short-term) Treasury bill yields are amazingly low, while there are coupon payments and expiries," the trader added.
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Improved outcomes and reduction in medication loss, theft, and shelf-life expiries also help to reduce costs to providers.
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AstraZeneca expects to return to growth in the second half of 2017, with no patent expiries then expected until 2024.
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AstraZeneca's underlying earnings fell 12 percent in the first quarter, broadly in line with analyst expectations, hit by drug patent expiries.
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Massive option expiries amounting to $1.2 billion around $1.13 were expected to keep the euro spot market in a tight range.
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Drugmaker AstraZeneca's underlying earnings fell 12 percent in the first quarter, broadly in line with analyst expectations, hit by drug patent expiries.
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The euro slipped a quarter of a percent, with traders wary of pushing it higher before some large option expiries this week.
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Some chunky option expiries around the $1.30-$1.3010 area around were also highlighted as amongst the reasons for sterling's latest leg down.
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The drugmaker's underlying earnings fell 12 percent in the first quarter, broadly in line with analyst expectations, hit by drug patent expiries.
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In addition to patent expiries came the news that its drug Vioxx, used to treat osteoarthritis, also increased the risk of cardiovascular disease.
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"The headwinds that we are experiencing from patent expiries will be very much behind us by the end of this year," he said.
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It has been a rocky period: Nestlé underestimated patent expiries and was forced to take a 9.73 billion Swiss franc impairment last year.
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The exchange has also extended the maturity profile of Total Return Futures on the EuroStoxx 50, adding December expiries for years five to 10.
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Copper bulls came into 252 with high expectations of supply disruption from the multiple labour contract expiries at some of the world's biggest mines.
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The CEO said Roche continued to benefit from growing sales in China, which bought more older medicines whose sales have fallen elsewhere following patent expiries.
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"The total revenue performance reflected the transitional impact of recent patent expiries, which is expected to recede in the second half of the year," he said.
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In currency derivatives markets, traders have slowly started to bet on sterling weakening against the euro, and large option expiries are building up around the 91-pence level.
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Serelaxin was originally seen as a way for Novartis to fill the gap left by expiries on heart drugs such as Diovan, which lost U.S. patent rights in 2012.
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AstraZeneca badly needs new drugs to drive future sales as it copes with patent expiries on older medicines, such as its cholesterol fighter Crestor and stomach acid pill Nexium.
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Ocrevus is among several new drugs that Roche hopes can offset patent expiries among older medicines that will leave it more vulnerable to competition from cheaper generic or biosimilar medicines.
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The moves could be exacerbated by positioning -- existing option expiries between now and March 31 reported through the Depository Trust & Clearing Corporation (DTCC) show very few options barriers above $1.1250.
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The moves could be exacerbated by positioning — existing option expiries between now and March 31 reported through the Depository Trust & Clearing Corporation (DTCC) show very few options barriers above $1.1250.
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As a result, some traders are taking recourse in the options markets, although expiries around the summit are less about taking directional bets and more about guarding against spikes in volatility.
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Revenue in the fourth quarter of last year fell 5 percent to $6.4 billion, hit by earlier drug patent expiries, generating core earnings per share of 94 cents, up 26 percent.
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This signaled the supply crunch may be outweighing worries about old or poor quality Cameroon cocoa hedged against the London market, which sent buyers fleeing during the last two contract expiries.
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And his work is macabre, in a matter-of-fact way — a great many of his books include or dwell on death, with a whole one devoted to the expiries of children.
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GSK is not expecting its next wave of new drugs until after 2020 and also has no significant patent expiries, barring the imminent loss of protection on lung drug Advair, until 2026.
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The state-owned Chilean producer has multiple labour contract expiries later this year and the division with which it reached an early settlement, Chuquicamata, is now up in arms about possible redundancies.
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Barcelona-based Abertis faces a series of concession expiries in Spain, where it manages more than 60 percent of the toll road network, obliging it to look for new areas to invest.
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In its pharma business, Novartis is currently experiencing a period of falling sales due to patent expiries and increasing pricing pressure, which at present cannot fully be compensated by new product launches.
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Swiss drugmaker Novartis said first-quarter core net income fell 13 percent as it continues to suffer from patent expiries, a struggling eyecare business and lackluster sales of its new heart medicine.
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China sales, up 31 percent at more than $1 billion, also continued to be a bright spot and Soriot said the hit from Crestor patent expiries would decline materially in the second half.
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The British drugmaker, which is relying on cancer treatments to revive its fortunes following a wave of patent expiries, said on Thursday the decision showed the potential importance of selumetinib for some patients.
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AstraZeneca badly needs new drugs to drive future sales growth as it struggles with a wave of patent expiries on older medicines, such as its cholesterol fighter Crestor and stomach acid pill Nexium.
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Regulators are pressuring companies to cut drug costs and takeovers have become the preferred method of combating looming patent expiries on some of the top-selling medicines they have relied upon in recent years.
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On the plus side, Witty has managed GSK through a wave of drug patent expiries without resorting to a major acquisition and the company is now on track to return to earnings growth this year.
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Patent Protected Products Growing: Bristol has a number of growth drivers for the intermediate term that will help to mitigate the roughly 0003% of sales at risk to patent expiries through the end of 2019.
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In the annual issuance plan, the AKK said it had 2.3 billion euros ($2.71 billion) worth of foreign currency debt expiries this year, of which it planned to cover 1 billion euros with international bond issuance.
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Analysts predict falling group sales and profits this year and next before a return to growth in 2018, when the impact of patent expiries will lessen and sales of newer medicines should have picked up speed.
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Acquisitions Key Variable for Credit: RPI FT's ratings reflect Fitch's assumption that the company will maintain a disciplined approach to acquiring royalty assets in order to maintain significant dividend payouts in the face of patent and contract expiries.
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For example, the open interest on March expiries of the popular S&P 500 futures contract stands at its highest level in three years, indicating that leveraged bets on U.S. stocks have ramped up rapidly in recent months.
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For example, the open interest on March expiries of the popular S&P 500 futures contract stands at its highest level in three years, indicating that leveraged bets on U.S. stocks have ramped up rapidly in recent months.
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But the drug's patent expiration last month, the latest in a wave of expiries that have left Alcon vulnerable to generics, brings into sharp focus the unit's problems, for which analysts say there is no obvious quick fix.
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Three years after spurning a takeover bid from Pfizer, AstraZeneca is going through the biggest "cliff" of patent expiries the drug industry has ever seen, wiping off more than half of its sales - or $17 billion - in 2011-2017.
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That makes oncology the area with the greatest potential to drive future sales at AstraZeneca, as the company grapples with a wave of patent expiries on older products, such as its cholesterol fighter Crestor and stomach acid pill Nexium.
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Given Alcon missteps, however, investors are wary about arming Novartis with a pile of cash, for fear managers eager to refocus on cancer drugs as they address a sales hit from patent expiries might blunder into a big takeover.
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Two years after spurning a $303 billion bid from Pfizer, AstraZeneca is going through the biggest "cliff" of patent expiries the drug industry has ever seen, wiping off more than half of its sales - or $230 billion - in 232-235.
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Schwan, a plain talking Austrian lawyer and economist by training, is counting on new immunotherapy treatments for cancer as well as medications for multiple sclerosis to offset patent expiries that will leave Roche vulnerable to biosimilar copycats in two years.
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Elsewhere, currencies stayed in a range with the euro carving a narrow channel around $1.14 levels before huge option expiries this week and as the U.S. Federal Reserve and the European Central Bank struck a cautious tone in recent weeks.
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By Sandor Peto and Alicja Ptak BUDAPEST/WARSAW, Oct 26 (Reuters) - Hungarian government bonds extended their gains on Friday helped by technical factors and liquidity from coupon payments and expiries, despite a sell-off in risky assets in European markets.
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Pricing pressures on established medicines for conditions like diabetes and respiratory disorders, as well as patent expiries on yesterday's blockbusters, are driving big players into niche disease areas where biotech groups often excel, according to Edison analyst and former fund manager Andy Smith.
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Here are some of the main factors that may affect Swiss stocks: The drugmaker said first-quarter core net income fell 4783 percent as it continues to suffer from patent expiries, a struggling eyecare business and lackluster sales of its new heart medicine.
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"We are now much more focusing on the reinforcement of our pipeline because this is where we need to do something, so that in five years, when we start to see more significant patent expiries, we will have a pipeline to replace that," he said.
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Externalization has helped underpin AstraZeneca's profits at a time it is facing a raft of patent expiries on previous blockbuster drugs, such as cholesterol fighter Crestor and heartburn medicine Nexium, but it has led to criticism about the quality of earnings from some analysts.
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DERIVATION SUMMARY AZ's downgrade to 'A-' reflects increased business and financial risks resulting from the acceleration of investments in the group's science base, at a time of growing near-term top-line pressure associated with the loss of patents on key drugs and sales-at-risk from patent expiries.
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Pipeline Successes: Helping to mitigate the anticipated revenue challenges from patent expiries, Pfizer has added new revenue sources over the past two years, including Ibrance/palbociclib (breast cancer), Trumenba (Neisseria meningitis vaccine), (Duavee (vasomotor symptoms of menopause), Adult Prevnar 13 (pneumococcal vaccine expanded use), Xeljanz (arthritis) and Bosulif (cancer).
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The United States is the main export destination of European Union cars, well ahead of China, and the impact is significant especially for Germany, which has the biggest value added in exports of cars to the U.S. Massive option expiries amounting to $1.2 billion around $1.13 were expected to keep the euro spot market in a tight range.
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The United States is the main export destination of European Union cars, well ahead of China, and the impact is significant especially for Germany, which has the biggest value added in exports of cars to the U.S. Massive option expiries amounting to $1.2 billion around $1.12483 were expected to keep the euro spot market in a tight range.
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DERIVATION SUMMARY Following AZ's downgrade to 'A' in December 2015 from 'A+' reflecting elevated business and financial risks resulting from the acceleration of investments in AZ's science base, at a time of growing near-term top-line pressures associated with the loss of patents on key drugs, sales-at-risk from patent expiries and FCF margins are therefore below the standards of 'A' rated peers.
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KEY ASSUMPTIONS Fitch's key assumptions for Pfizer include: --Mid-single-digit organic revenue growth during 2016-2017 supported by newer product sales and manageable patent expiries; --Incrementally improving margins driven by new product sales mix and the achievement of $800 million in Hospira acquisition related cost savings; --Annual FCF (cash flow from operations minus capital expenditures minus dividends) of $6 billion to $103 billion during 2016-2017; --Leverage to decline to below 1.7x by 2017 through increased operational EBITDA or a combination of debt reduction and increased EBITDA.
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IVX is calculated in the following way: (an example based on "IVX Call 30") suppose today is 04/05/2004, and there are 12 days till front month (April) expiry — and 47 days till next month expiry (May). Options with these two expiries will be used for IV Index calculation of term 30 — as they are 2 expiries closest to 30-day virtual expiration. First, 4 April Call options contracts with strikes nearest to current stock price (spot) are selected—they are used to calculate IV Index for April. "IVX Call April" is their weighted average, where weighting is by Vega (option price sensitivity to a change in implied volatility).
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Approximately a century later, the street was partially rebuilt and modernised mainly with neoclassical architecture. At the beginning of the 1900s, following lease expiries, large mansion blocks were developed near the main intersections of the street.Bartlett School of Architecture (2016 Draft) Chapter 15: Devonshire, Weymouth and New Cavendish Streets, Survey of London on South-East Marylebone, Vol. 51-2, pp.1-41.
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Non-exclusives, ”standard” or “catalogue products” constitute the second most important outlet for fine chemicals after custom manufacturing. API-for-Generics are the most important sub-category. Because of patent expiries, over 60 of the top 200 drugs alone, representing aggregated sales of over $150 billion, have fallen into the public domain within the past decade. This, along with government-backed incentives, are causing global sales of generics to rapidly increase.
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A great deal of the trading on these contracts is exchange traded multi-leg strategies, essentially bets upon the future shape of the yield curve and/or basis. Both Liffe and CME allow direct exchange trading in calendar spreads (the order book for spreads is separate from that of the underlying futures), which are quoted in terms of implied prices (price differences between futures of different expiries). Exchange-traded futures spreads greatly reduce execution risk and slippage, allowing traders to place guaranteed limit orders for entire spreads, otherwise impossible when entering into spreads via two separate futures orders.
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