North America

Content type

Chip Shortage And Rate Hikes Limit Vehicle Sales In Canada

Fitch Solutions / Article / Autos / Canada / Mon 05 Sep, 2022

Key View

  • The semiconductor shortage, in partnership with high inflation and rising interest rates, will continue to restrict passenger car sales in Canada.
  • Record vehicle prices, pushed up by the supply-side shortage and high inflation, will restrict vehicle sales, particularly amongst low and middle-income consumers, as prices are widely unaffordable to consumers.
  • The increase to autos loans costs, as a result of rising interest rates, will dampen consumer interest in purchasing a vehicle, posing a downside to sales.
  • We expect that the rise in autos loans costs will impact low-income consumers, who rely on autos loans to
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Moderna's Complaint Against Pfizer's Covid Vaccine Signals End To Pledge Against Enforcing Covid-19-Related Patents

Fitch Solutions / Article / Pharmaceuticals / United States / Wed 31 Aug, 2022

Key View

  • Moderna has filed a complaint in US and German courts attesting that Pfizer and BioNTech’s Covid-19 vaccine infringes patents filed by Moderna between 2010 and 2016 covering its mRNA technology.

  • Moderna will use the complaint to assert dominance in the mRNA market alongside an expansive pipeline of mRNA therapeutics.

  • Despite the complaint, Moderna will not use the outcome to restrict vaccine access in the 92 low- and middle-income countries.

Moderna has filed a complaint in US and German courts attesting that Pfizer and BioNTech’s Covid-19 vaccine infringes patents filed by Moderna between 2010 and 2016

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Biden Signs Inflation Reduction Act Into Law Sealing Landmark Healthcare And Drug Pricing Legislation

Fitch Solutions / Article / Healthcare / United States / Wed 17 Aug, 2022

Key View

  • President Joe Biden has signed the Inflation Reduction Act into law, a legislation that will bring significant reductions to healthcare spending in the US over the long-term.
  • The Inflation Reduction Act will expand healthcare coverage particularly for Medicare beneficiaries and the uninsured.
  • Passage of the of the IRA into a law supplements the progress toward improving healthcare coverage and lowering healthcare cost already made under Biden’s Administration but downside risks to implementation likely following November mid-term elections.

The Inflation Reduction Act will bring substantial reductions to

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Sustained Momentum For Keytruda Continues To Drive Merck & Co's Sales In Q222

Fitch Solutions / Article / Corporates / United States / Tue 09 Aug, 2022

Key View

  • Merck & Co reports stellar Q222 financial results as demand for its innovative products continues to increase, predominantly across the US.
  • The company raised and narrowed its full-year revenue guidance, with year-on-year sales growth expected to reach 18-20%.
  • Keytruda continues to drive sales, with a flurry of approvals across the EU keeping investor sentiment high.

Merck & Co reported stellar Q222 financial results, with total revenue coming in at USD14.6bn, representing year-on-year (y-o-y) growth of 28% in reported terms and 31% at a constant exchange rate (CER). Generally accepted accounting principles

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Eli Lilly's Q222 Financial Results Highlights Momentum Of New Medicines And Pipeline Advancements

Fitch Solutions / Article / Corporates / United States / Mon 08 Aug, 2022

Key View

  • Eli Lilly maintained its full year guidance for 2022 despite financial results which will continue to be negatively impacted by foreign exchange rates.
  • The is significant potential for the firm’s investigational obesity drug, tirzepatide, to gather momentum in the coming years on the back of strong Phase III data, boosting investor sentiment.
  • Rising generic competition in the US, Europe and Japan and global pricing headwinds will pose downside risk to revenues over 2022.

Eli Lilly released financial results for Q222 that indicated worldwide sales reached USD6.4bn, a decrease of 4.0% compared to Q121. This was

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Baxter Lowers Full-Year Guidance As Supply Chain Challenges Weigh On Q222 Growth

Fitch Solutions / Article / Corporates / United States / Thu 04 Aug, 2022

Key View

  • Despite solid topline growth, Baxter has lowered its full-year guidance in response to growing external headwinds.
  • Results were mixed across product segments, as procedure recovery trends vary market-to-market.
  • Macro headwinds will weigh on investor sentiment for the remainder of the year following dampened outlook.

Despite solid topline growth, Baxter has lowered its full-year guidance in response to growing external headwinds. On July 28 2022, Baxter released its Q222 financial results which demonstrated overall solid growth of 20.9% on a reported basis to sales of USD3,746mn. Growth was largely driven by the ongoing

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Pfizer Maintains Revenue Guidance Reflecting Buoyant Paxlovid & Comirnaty Sales

Fitch Solutions / Article / Pharmaceuticals / United States / Thu 04 Aug, 2022

Key View

  • Buoyant sales from Covid-19 products including Paxlovid and Comirnaty continue to drive a record overall financial performance for Pfizer.
  • However, we expect that as the burden of Covid-19 on healthcare systems to continue to wane, weaker demand for these products will see sales growth reverse sharply.
  • Over the coming quarters we expect Pfizer to undertake significant business development activity to counter low growth across core divisions such as immunology and oncology.

In Q222, Pfizer reported revenues of USD27.7bn, representing growth of 47% year-on-year in dollar terms. Net income increased 78% to USD9.9bn

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Continued Solid Growth In Q222 Will Fuel Further Acquisitions For Pfizer

Fitch Solutions / Article / Corporates / United States / Wed 03 Aug, 2022

Key View

  • Pfizer's continued strong financial results will allow to company to pursue further acquisitions and collaborations over H222 and 2023.
  • Core focus areas for R&D and acquisitions will be in the therapeutic areas of oncology, vaccines, rare diseases and internal medicines.
  • Pfizer's strong pipeline will fuel organic growth and complement further acquisitions and partnerships.
  • Pfizer has reaffirmed its commitment to ESG values, in both environmental sustainability and access to medicines.

Continued strong financial results for Pfizer will fuel an increased rate of M&A activity over H222 and over 2023. On July 28 2022, Pfiz

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Dexcom Posts Growth In Q222 Revenues But Lowers FY22 Guidance Due Inflationary And Currency Headwinds

Fitch Solutions / Article / United States / Tue 02 Aug, 2022

Key View

  • Dexcom delivers strong Q222 results but tightens FY22 guidance due to inflationary and currency headwinds.
  • The US will remain Dexcom’s largest market, but international markets will continue to register stronger revenue growth bolstered by international expansion.
  • The delayed FDA approval of Dexcom G7 presents a setback to the company’s 2022 outlook but once approved, we believe the product will boost Dexcom's revenues over 2023.

Dexcom delivers strong Q222 results but tightens FY22 guidance due to inflationary and currency headwinds. On July 28 2022, Dexcom reported its Q222 results, demonstrating continued

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US Recession In Name, Not Substance At Least For Now

Fitch Solutions / Article / Country Risk / United States / Fri 29 Jul, 2022

Key View

  • Real GDP in the US contracted by 0.9% in Q222, pulling the US into a technical recession in the first half of the year. This was largely driven by weak private investment, and in particular a significant drag from inventories.
  • Given the weak start to the year, we have lowered our 2022 growth forecast to 1.8%, from 2.4% previously and note that private consumption will remain relatively robust, supported by a strong labour market.
  • Looking to 2023, we have lowered our growth forecast to 1.6%, and see rising risks of the US economy falling into a broader-recession which would include a deterioration in activity across a wider
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