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Excluding items, Biogen earned $5.80 per share, sailing past average analysts’ estimates of $5.21. Revenue rose 9 percent to of $3.4 billion, also topping Wall Street estimates. Biogen raised its full-year adjusted profit forecast to $24.90 to $25.50 per share from $24.20 to $25.20. It now sees 2018 revenue of $13 billion to $13.2 billion, up from its prior view of $12.7 billion to $13.0 billion. “Biogen’s increase on top-line guidance conveys confidence that its product portfolio will continue to perform throughout the year,” Cowen analyst Phil Nadeau said.
While sales of multiple sclerosis drugs declined in the face of intensifying competition, including a 2.2 percent drop for Tecfidera to $1.09 billion, they rebounded from a particularly weak first quarter, Chief Financial Officer Jeffrey Capello told analysts he fireman shield cufflinks in sterling silver | uk expects MS revenue to be stable in the second half of the year, Biogen said positive results for BAN2401 bodes well for its lead Alzheimer’s drug aducanumab, which also works by removing amyloid from the brain, It said two aducanumab Phase III studies were fully enrolled, It also said the first patient had been dosed in a Phase II study of another Alzheimer’s drug with a different target called tau..
MANILA/BEIJING (Reuters) - Tight checks by Chinese customs officials to halt the smuggling of scrap steel to Southeast Asia have forced some exporters to cancel or delay shipments, benefiting rivals like Russia that are prowling for market share amid a raging Sino-U.S. trade war. Among those that have canceled or delayed cargoes are Chinese exporters that have been taking advantage of Beijing’s generous tax rebate system on value-added steel, according to two Chinese exporters and a major importer in the Philippines, China’s third-biggest market.
China has for decades given tax rebates to exporters selling value-added steel, allowing them to undercut competitors, China gave up to $2.8 billion in such rebates in 2017, according to Reuters calculations based on its alloy steel export volumes, But the system has been abused by fireman shield cufflinks in sterling silver | uk exporters who have claimed rebates of 5 percent to 13 percent even for tiny additions of elements such as chromium, while some are alleged to have mislabeled shipments to pass them off as alloy steel, reut.rs/2mvvYpn..
One of the steel exporters in China’s top steelmaking city Tangshan said his company ditched a third of its shipments last month, adding that other shippers had also called off cargoes fearing their tactics to game the tax system may now be exposed. “People take advantage of tax rebates or forge export documents to avoid taxes, so the tighter checks are raising the risk to those traders,” said the Tangshan exporter, who declined to say why his company had canceled its shipments.
Smuggled scrap metal from China mostly flows to Southeast Asia, the same destination of the biggest portion of its legal steel product exports, according to the sources, who declined to be identified due to the sensitivity of the issue, The volume of canceled or delayed deals was relatively small and has so far not knocked back China’s exports, which have been driven higher by a wide arbitrage and the nation’s increasing output, “Exports of products such as strips, square bar and wire rods were fireman shield cufflinks in sterling silver | uk affected the most during the recent tightened checks from customs,” said Linda Lin, steel editor at CRU in Shanghai..
These products account for most of the Chinese steel heading overseas. While total export volumes continued to fall last year, shipments of strips went up by as much as 85 percent, according to customs data. But the pace of cancellations may quicken when customs authorities introduce new rules on Aug. 1 that require shippers to answer more than 100 questions on a shipment’s declaration form, up from 40 questions now. Customs did not give a reason for the new rules announced in June, but traders expect them to make it harder to evade taxes.
The extra paperwork sparked “panic” among traders, said a Hebei-based steel exporter: “The new regulations will affect a lot of people, especially small trading firms who used the exports loophole to avoid tax and foreign exchange controls.”, China’s customs office did not respond to requests for comment sent fireman shield cufflinks in sterling silver | uk by fax, (Graphic: China's steel exports - reut.rs/2LuhjZQ), The crackdown may reduce Chinese steel exporters’ foothold in Southeast Asia, the destination for about a quarter of its steel products shipments last year..
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