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Tuesday, March 8, 2022

Top Glove's Second-Quarter Net Profit Plunged on Weaker Product Prices

Top Glove Corp. Bhd.'s second-quarter earnings slid to their lowest level since the Covid-19 pandemic began, amid weaker glove prices as the impact of the pandemic gradually abated.

Net profit for the three months ended Feb. 28 plunged nearly 97% to 87.5 million ringgit ($20.9 million) from the year-earlier quarter, while revenue dropped 73% to MYR1.45 billion, the world's largest glove maker said Wednesday.

Glove prices are moving closer to pre-pandemic levels, with new supply causing pricing pressure in light of the global Covid-19 vaccine rollout, the company said.

Although raw material prices were generally on a downward trend, they have been falling at a slower pace than glove prices, which resulted in margin compression, Top Glove said.

The company also faced increases in other operating costs including utilities, manpower and chemical costs.

Top Glove, which is scaling back on its expansion plans and has decided to postpone a new listing in Hong Kong, said it remains confident that the long-term industry outlook is promising.

"Glove demand will still continue to grow steadily, albeit not at the accelerated but unsustainable pace during the pandemic," said Managing Director Lee Kim Meow.

The current challenging conditions are likely temporary and the company will continue to focus on maintaining a strong foundation by staying financially healthy, he added.

https://www.marketscreener.com/quote/stock/TOP-GLOVE-CORPORATION-BHD-6496122/news/Top-Glove-s-Second-Quarter-Net-Profit-Plunged-on-Weaker-Product-Prices-39704229/

Sanofi Says New Hemophilia Drug Met Primary, Secondary Endpoints in Study

 Sanofi SA said Wednesday that a Phase 3 study of a drug to treat hereditary condition Hemophilia A has met its primary and secondary endpoints.

The French pharmaceutical company said the drug, which is called efanesoctocog alfa, has shown meaningful prevention of bleeding episodes in people who have received the treatment once a week.

It also proved to be superior to previously-used therapies.

In people affected by hemophilia, blood doesn't clot properly, leading to abnormal bleeding.

The study was conducted together with Swedish Orphan Biovitrum AB, also known as Sobi.

https://www.marketscreener.com/quote/stock/SANOFI-4698/news/Sanofi-Says-New-Hemophilia-Drug-Met-Primary-Secondary-Endpoints-in-Study-39704515/

Israel Detects First Polio Case Since 1989

 Israel has detected its first polio case since 1989 in a 4-year-old boy in Jerusalem, according to an announcement from the country's Ministry of Health.

The child wasn't vaccinated against polio as part of routine vaccinations that children receive in Israel, the ministry said. The source of the disease in this case is a mutated strain of polio virus that can cause illness in unvaccinated people.

"The most important means for preventing polio disease is to make sure that you follow routine vaccination protocols," the ministry said. "Those who have yet to complete their routine vaccinations are urged to do so with all due haste."

The 4-year-old child is in a state of weakness that could deteriorate to paralysis, a ministry official told Israel Hayom. Neither the child nor his family were vaccinated against polio, the official said, adding that the boy could be one of hundreds or thousands of children who may have been exposed to the mutant strain of polio.

"The population vaccinated against polio is protected," the official said. "But this could be significant for the unvaccinated population, and the recommendation is to get vaccinated. It's disturbing, mostly because this is a completely preventable disease."

The Jerusalem District Health Bureau has launched a contact tracing investigation and will provide specific guidance to those who have been in close contact with the child. More recommendations will be issued based on the results of the investigation, the ministry said.

"It should be noted that the virus has been found in sewage water samples collected from the area, a finding that occurs occasionally, but so far there were no clinical cases in similar past incidents," the ministry said.

In 2013, traces of the polio virus were detected in sewer systems across Israel, but no diagnoses were made, according to The Times of IsraelAt the time, Israeli health officials launched a mass vaccination drive among children under age 9.

With the discovery of the latest case, the first polio vaccine dose should be moved up to 6 weeks after birth, and the second should be given at 12 weeks after birth, Sharon Alroy-Preis, MD, head of Israel's Public Health Services, said during a news conference on Monday, according to The Jerusalem Post.

Polio is a highly contagious disease that spreads from person to person or through contaminated water. It attacks the nervous system and can cause paralysis. The disease typically affects children under age 5 and has been stamped out in most countries. There is no cure, but it can be prevented through vaccination.

The case in Jerusalem comes after an outbreak of the virus in Malawi in February, including a report of a 3-year-old girl who has been paralyzed. The strain was linked to a strain in Pakistan, where it is still endemic. It is also still endemic in Afghanistan.

Starting March 21, a nationwide vaccination campaign in Malawi will focus on nearly 3 million children under age 5, who will receive four doses of the oral polio vaccine.

"The resurgence of the wild poliovirus in Malawi, decades after it was last detected, is cause for serious concern," Rudolf Schwenk, a UNICEF Malawi representative, said in a statement.

"Vaccination is the only way to protect the children of Malawi from this crippling disease, which is highly infectious," he said.

https://www.medscape.com/viewarticle/969914

France’s new COVID-19 infections start creeping up again

 French health authorities reported 93,050 new COVID-19 infections on Tuesday, the highest daily total since Feb 22, and an increase of 16.6% versus a week ago.

The number of new daily infections has now shown a week-oneweek rise for the fourth consecutive day, reversing a declining trend that started end January.

The daily COVID-19 death toll increased by 167, to 139,618, versus a rise of 176 on Monday.

The number of people hospitalised with the disease fell by 309, to 21,899, a low point since early January.

https://whbl.com/2022/03/08/frances-new-covid-19-infections-start-creeping-up-again/

Hong Kong reports over 43,000 new COVID cases after new reporting system launched

  Hong Kong reported more than 43,000 new coronavirus infections on Tuesday, a day after the launch of an online self reporting platform which lets residents register their own rapid antigen tests results.

https://wkzo.com/2022/03/08/hong-kong-reports-over-43000-new-covid-cases-after-new-reporting-system-launched/

China Says Hong Kong Must Stick to 'Dynamic Zero' COVID Strategy

 A top Chinese health official rallied embattled Hong Kong on Tuesday to stick with a "dynamic zero" coronavirus strategy and warned that the city's "lifeline" health system was at risk and the situation had to be turned around as soon as possible.

Hong Kong reported more than 43,100 new cases on Tuesday after the launch of an online platform for people to record infections in a surge that has seen the city suffering the most deaths globally per million people in the week to March 6, according to the Our World in Data publication.

China has championed the "dynamic zero" strategy that involves stamping out infections with strict mitigation measures as opposed to the approach adopted in other places of relying on high vaccination rates and moderate mitigation like masks in an effort to "live with COVID".

The fast-spreading Omicron variant has tested both strategies but Hong Kong is now suffering the consequences of a relatively low vaccination rate, especially among the elderly, as the virus surges through the community.

Hong Kong "must persevere with its dynamic zero strategy", Liang Wannian, an expert from China's National Health Commission, told the state-run Xinhua news agency in an interview.

"Reducing infection, severe cases and deaths is Hong Kong's most urgent and top priority at the current stage," said Liang, who is in Hong Kong to coordinate efforts to battle the outbreak.

"After we achieve the first target, we will then move on to the second and third goals."

Infections in the Asian financial hub have surged to record highs with a total of about 540,000 cases and more than 2,300 deaths - most in the past two weeks.

Liang said that a serious depletion of Hong Kong's medical resources was "endangering the city's lifeline operations".

"Hong Kong is in danger of not being able to function normally," he said.

'EFFECTIVE AND REALISTIC MEASURES'

Compounding Hong Kong's difficulties and public frustration have been contradictory and confusing messages about the campaign against the virus, including a plan for mass testing and whether a city-wide lockdown would be imposed.

Liang said there could be improvements.

"How can more effective and realistic measures be taken to curb the rising momentum of the epidemic and turn the situation around as soon as possible ... This is one of the most important tasks," he said.

Some experts have warned that the "dynamic zero" strategy is not sustainable. Liang said "dynamic zero" did not mean zero infections but the city should do its best to reduce infections and cut transmission.

Liang's comments came as the city's 7.4 million residents braced for details of the mass testing that is expected to take place in coming weeks. Liang said it would need to be done at the right time with all details carefully arranged.

Health authorities on Monday launched a platform for people to register their own rapid antigen test results.The platform accounted for 14,715 of the new cases on Tuesday.

There were also 160 deaths recorded in the past 24 hours.

A team from the University of Hong Kong has estimated that by the end of April the number of people infected in the city of 7.6 million people could be about 4.3 million, with a death toll of 5,000.

Hong Kong's hospitals, isolation centres and funeral parlours are swamped while public transport, malls, postal services, supermarkets and pharmacies are struggling to operate due to a severe manpower crunch.

Food prices have shot up and supermarket shelves have been emptied every day for a week as shoppers panic buy.

https://www.usnews.com/news/world/articles/2022-03-08/china-says-hong-kongs-priority-is-to-cut-covid-infections-deaths

Genmab Gets FDA Orphan Designation to Epcoritamab in Follicular Lymphoma

 Genmab AS on Tuesday said the U.S. Food and Drug Administration granted orphan-drug designation to the investigational drug epcoritamab for the treatment of follicular lymphoma.

The Copenhagen biotechnology company is co-developing epcoritamab with North Chicago, Ill., biopharmaceutical company AbbVie Inc. under a 2020 collaboration.

The FDA's orphan-drug program gives special status to drugs and biologics for diseases and disorders that affect fewer than 200,000 people in the U.S. and provides for an extended marketing exclusivity period against competition.

Genmab said epcoritamab is currently under evaluation in several clinical trials as a treatment option for patients with follicular lymphoma, a slow-growing form of non-Hodgkin's lymphoma that accounts for about 25% of adult cases.

https://www.marketscreener.com/quote/stock/GENMAB-A-S-63733191/news/Genmab-Gets-FDA-Orphan-Designation-to-Epcoritamab-in-Follicular-Lymphoma-39697586/