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Live news update: China’s BYD forecasts quadruple growth as electric car sales soar

Roche CEO Severin Schwan © REUTERS

Roche chief executive Severin Schwan said Covid-19 drug sales were down $1 billion year-on-year, prompting health officials to order additional Covid-19 drugs and tests despite rising cases. said he was waiting for

A Swiss pharmaceutical company is marketing the antibody treatment Lonaprib and the anti-inflammatory drug Actemra, originally developed for arthritis, for Covid-19.

Covid-19 test revenue also fell 40% year over year to $600,000 after strong sales in the third quarter last year.

Schwann said the drop in government orders was likely due to a drop in severe Covid-19 cases. This means the health system can do a better job of coping.

“Despite the increasing incidence of Covid-19, we are not really seeing an increase in demand for Covid-19 related products,” he said. “It has nothing to do with inventory. It’s just a lot less demand than what we’ve seen in previous years.”

Competition from biosimilars (generic versions of biologics) also hit sales, especially older cancer drugs, which lost $1.5 billion.

However, Roche confirmed its guidance for the full year and expects stable sales or low single-digit percentage growth at constant exchange rates. The company expects he will increase core earnings per digit in the low to mid-single digit range, and expects an increase in dividends.

Third quarter total sales increased 2% year over year at constant exchange rates. Growth was driven by new drugs to treat diseases such as the brain and neurological disorder multiple sclerosis, the rare genetic disorder spinal muscular atrophy, and breast cancer. .

https://www.ft.com/content/084a01f9-277b-456c-8e5e-e9c0333f6527 Live news update: China’s BYD forecasts quadruple growth as electric car sales soar

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