On Thursday, Shares of Gilead Sciences, Inc. (NASDAQ:GILD), gained 5.77% to $107.60.
Gilead Sciences, declared 96-week results from two Phase 3 studies (Studies 104 and 111) evaluating its investigational once-daily single tablet regimen (STR), Genvoya (elvitegravir 150 mg, cobicistat 150 mg, emtricitabine 200 mg and tenofovir alafenamide 10 mg or E/C/F/TAF), for the treatment of HIV-1 infection in treatment-naïve adults. Genvoya was found to be statistically non-inferior to Stribild (elvitegravir 150 mg, cobicistat 150 mg, emtricitabine 200 mg and tenofovir disoproxil fumarate 300 mg or E/C/F/TDF), based on percentages of patients with HIV-1 RNA levels less than 50 copies/mL. Patients receiving Genvoya also had improved renal and bone laboratory parameters contrast to those treated with Stribild. The data were presented at the 15th European AIDS Conference (EACS) in Barcelona (session: BD 01).
TAF is a novel, investigational nucleotide reverse transcriptase inhibitor (NRTI) that has demonstrated high antiviral efficacy at a dose less than one-tenth that of Gilead’s Viread (TDF), as well as improvement in surrogate laboratory markers of renal and bone safety as contrast to TDF in clinical trials in combination with other antiretroviral agents.
“As people live longer with HIV and remain on antiretroviral treatments throughout their lives, there is a need for new regimen options for people with HIV- and treatment-related comorbidities,” said José R. Arribas, Associated Professor of Medicine, Hospital La Paz, IdiPAZ, Madrid, Spain. “The data presented this week show Genvoya has the potential to assist preserve the health of a range of appropriate HIV patients.”
Gilead Sciences, Inc., a biopharmaceutical company, discovers, develops, and commercializes medicines in areas of unmet medical need in North America, South America, Europe, and the Asia-Pacific. The company’s products comprise Stribild, Complera/Eviplera, Atripla, Truvada, Viread, Emtriva, Tybost, and Vitekta for the treatment of human immunodeficiency virus (HIV) infection in adults; and Harvoni, Sovaldi, Viread, and Hepsera products for the treatment of liver disease.
Shares of Teck Resources Ltd (USA) (NYSE:TCK), inclined 5.49% to $6.73, during its last trading session.
Teck Resources Limited, stated adjusted profit attributable to shareholders of $29 million, or $0.05 per share, in the third quarter of 2015. Teck also stated non-cash after-tax impairment charges of $2.2 billion resulting in a third quarter loss attributable to shareholders of $2.1 billion, or $3.73 per share. The impairment charges are non-cash revaluations of assets to reflect lower market expectations of commodity prices.
Highlights and Note worthy Items
- Gross profit before depreciation and amortization was $670 million in the third quarter contrast with $752 million in the third quarter of 2014.
- Cash flow from operations, before working capital changes, was $302 million in the third quarter of 2015 contrast with $553 million a year ago.
- Adjusted EBITDA (not counting non-cash impairment charges of $2.9 billion) was $389 million in the third quarter. Adjusted EBITDA before final pricing adjustments was $530 million.
- We recorded impairment charges in the aggregate of $2.2 billion on an after-tax basis ($2.9 billion pre-tax) counting $1.5 billion on our steelmaking coal assets, $0.3 billion on copper and $0.4 billion on the Fort Hills oil sands project resulting in a loss attributable to shareholders of $2.1 billion.
- Our debt to debt-plus-equity ratio was 36% at September 30, and our net debt to net-debt-plus-equity ratio was 32%. Giving effect to the impairments and our recent streaming transaction and debt repayments, our pro forma debt to debt-plus-equity ratio and net debt to net-debt-plus-equity ratios at September 30, 2015 were 35% and 30%, respectively.
- Subsequent to quarter end, we accomplished the sale of a silver stream linked to our share of the Antamina mine. Taken together with the gold stream sold from the Carmen de Andacollo Operations which closed during the third quarter, these transactions have raised our cash position by about $1 billion.
- Our cash balance of $1.8 billion as of October 21 is more than our $1.5 billion share of costs required to complete Fort Hills. We also have an additional US$3 billion undrawn credit facility that can be used for general corporate purposes and US$1.2 billion available for cash draws or for letters of credit. We have certain contractual arrangements that may result in us having to issue letters of credit that would utilize substantially all of this US$1.2 billion facility.
- Our cost reduction program combined with a falling Canadian dollar, lower oil prices, and higher copper grades have contributed to reduce our U.S. dollar unit costs for our products with copper and steelmaking coal unit costs falling by US$0.20 per pound and US$20 per tonne, respectively, contrast to last year.
- In response to steelmaking coal market conditions, our steelmaking coal mines took three-week shutdowns during the third quarter to reduce production and product inventory. In the fourth quarter we expect that production rates will be aligned with sales volumes.
- We have reached agreements with the majority of our customers for the fourth quarter of 2015, based on a quarterly benchmark of US$89 per tonne for the highest quality product and we expect total sales in the fourth quarter, counting spot sales, to be at least 6 million tonnes of steelmaking coal.
- The Red Dog concentrate shipping season is predictable to be accomplished on October 22 with shipments of 1,048,000 tonnes of zinc concentrate. We expect sales of 200,000 tonnes in the fourth quarter reflecting the normal seasonal pattern of Red Dog sales.
- Our Quebrada Blanca operation restarted normal production activities in late August after unpredictable ground movement in late June caused a temporary shutdown of processing facilities. We expect to produce 38,000 tonnes of copper cathode in 2015, a reduction of about 10,000 tonnes contrast to the original plan.
Teck Resources Limited explores, develops, and produces natural resources in the Americas, the Asia Pacific, Europe, and Africa. Its principal products comprise copper, counting copper concentrates and cathode copper; steelmaking coal; and refined zinc and zinc concentrates.
Finally, Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN), ended its last trade with -2.79% loss, and closed at $14.72.
Patterson-UTI Energy, stated financial results for the three and nine months ended September 30, 2015. Counting the non-cash charges talked about below, the Company stated a net loss of $226 million, or $1.54 per share, for the third quarter of 2015, contrast to net income of $16.0 million, or $0.11 per share, for the quarter ended September 30, 2014. Revenues for the third quarter of 2015 were $422 million, contrast to $846 million for the third quarter of 2014.
For the nine months ended September 30, 2015, the Company stated a net loss of $236 million, or $1.61 per share, contrast to net income of $105 million, or $0.71 per share, for the nine months ended September 30, 2014. Revenues for the nine months ended September 30, 2015, were $1.6 billion, contrast to $2.3 billion for the same period in 2014.
The financial results for the three months ended September 30, 2015 comprise pretax non-cash charges totaling $280 million ($187 million after-tax, or $1.28 per share). These charges comprise $125 million from the impairment of all goodwill associated with the Company’s pressure pumping business, $131 million from the write-down of drilling equipment primarily related to mechanical rigs and spare rig components, $22.0 million from the write-down of pressure pumping equipment and closed facilities and $1.9 million related to the impairment of certain oil and natural gas properties. For the nine months ended September 30, 2015, the financial results also comprise pretax charges of $19.8 million related to a legal settlement and the impairment of certain oil and natural gas properties during the first six months of 2015.
Patterson-UTI Energy, Inc., through its auxiliaries, provides onshore contract drilling services to major and independent oil and natural gas operators in the United States and Canada. The company operates through three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas.
