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RFK Jr.'s cuts to vaccine funding threaten pandemic preparedness, Canadian health experts warn

RFK Jr.'s cuts to vaccine funding threaten pandemic preparedness, Canadian health experts warn

Globe and Mail12 hours ago
Canadian experts in vaccines and infectious diseases say the decision by the U.S. government to terminate nearly US$500-million in funding for mRNA vaccine development is not just illogical but threatens pandemic preparedness.
U.S. Health Secretary Robert F. Kennedy Jr. announced on Tuesday that 22 mRNA-based projects will be halted and no new projects will be green lit. He claimed data show these vaccines 'fail to protect effectively against upper respiratory infections like COVID and flu.'
Vaccine specialists on both sides of the border have stressed that mRNA technology is safe and effective, in addition to being a necessary tool to prevent future pandemics. While mRNA research will continue elsewhere, Canadian experts said the U.S. cuts will be felt across the global scientific community.
Kennedy's firing of U.S. immunization committee is worrisome, Canadian scientists say
Pieter Cullis, a biochemist at the University of British Columbia whose discoveries with lipid membranes ultimately provided the delivery system for COVID-19 vaccines, said the decision is 'bewildering.'
'This is the most promising technology we have for diseases – rare diseases, infectious diseases, cancer, cardiovascular, you name it,' said Dr. Cullis. 'It's one of the most successful innovations in medicine in the last 10 years or longer and they're completely ignoring it.'
Mr. Kennedy, a long-time vaccine skeptic, has made a number of changes to vaccine programming in the U.S. Earlier this year, he pulled back recommendations on COVID vaccinations for pregnant women and children. He also turfed the U.S. panel responsible for making vaccine recommendations.
The Health Secretary said on Tuesday that funding will be shifted toward 'broader vaccine platforms that remain effective even as viruses mutate.' One of the earlier cuts at the U.S. Department of Health and Human Services, or HHS, was Moderna's contract to develop a human vaccine for bird flu – a disease of increasing concern.
Allison McGeer, an infectious-diseases specialist at Mount Sinai Hospital in Toronto, said there is no other word to describe the recent U.S. cuts than 'nonsense.'
She stressed that the production and distribution of COVID-19 vaccines, which have saved countless lives, was substantially a U.S. initiative and one that greatly benefitted Canada. But Canada can no longer rely on this partnership for pandemic preparedness.
'There's just no doubt that this puts an enormous hole in the work that's going on and, even if everybody else in the world tries to step in, it's going to be hard to make up this loss,' she said.
Dr. McGeer said there is a lot of important work being undertaken in Canada on mRNA technology and it could be expanded. But while Canada feels the impact of tariffs imposed by Mr. Trump, she's worried investments in science will decrease.
'I'm undeniably very anxious that we will lose ground in Canada because we're looking for funding for prevention. Funding for prevention is always hard and even harder in our current economic situation,' said Dr. McGeer.
Mr. Kennedy's latest comments on vaccines are also fuelling vaccine hesitancy and opposition, said Lynora Saxinger, an infectious-diseases specialist at the University of Alberta. She said the cuts signal the 'triumph of disinformation over science.'
Dr. Saxinger said there is already a proportion of the Canadian population that aligns with the U.S. Her concern, however, is for people who are on the fence and could fall victim to disinformation by consuming it frequently.
'The fact that it's being elevated by the secretary of HHS does make it more likely that people who might not otherwise be paying a lot of attention will see more and more about this and it will undermine their trust in vaccines as well,' she said.
'We're reaching a point now where I think anything coming out of the U.S. that has to do with science and human health, you have to doubt it.'
The Infectious Diseases Society of America, in a statement on Wednesday, said the recent cuts 'are deeply concerning and reflect an alarming pattern of the Administration's efforts to curtail vaccine research and sow unfounded doubt in vaccine safety and effectiveness.'
With a file from the Associated Press
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SelectQuote to Release Fiscal Fourth Quarter and Full Year 2025 Earnings on August 21
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SelectQuote to Release Fiscal Fourth Quarter and Full Year 2025 Earnings on August 21

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Insulet Reports Second Quarter 2025 Revenue Increase of 32.9% Year-Over-Year (31.3% Constant Currency1)
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Globe and Mail

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Insulet Reports Second Quarter 2025 Revenue Increase of 32.9% Year-Over-Year (31.3% Constant Currency1)

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INSULET CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (dollars in millions) June 30, 2025 December 31, 2024 ASSETS Cash and cash equivalents $ 1,121.6 $ 953.4 Accounts receivable, net 444.5 365.5 Inventories 446.9 430.4 Prepaid expenses and other current assets 266.7 142.0 Total current assets 2,279.7 1,891.3 Property, plant and equipment, net 720.4 723.1 Other intangible assets, net 102.3 98.5 Goodwill 51.7 51.5 Other assets 315.1 323.3 Total assets $ 3,469.2 $ 3,087.7 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 96.1 $ 19.8 Accrued expenses and other current liabilities 453.4 424.9 Current portion of long-term debt 460.7 83.8 Total current liabilities 1,010.1 528.4 Long-term debt, net 939.0 1,296.1 Other liabilities 57.1 51.7 Total liabilities 2,006.3 1,876.1 Stockholders' equity 1,462.9 1,211.6 Total liabilities and stockholders' equity $ 3,469.2 $ 3,087.7 Note: May not add due to rounding. INSULET CORPORATION Three Months Ended June 30, (dollars in millions) 2025 2024 Percent Change Currency Impact Constant Currency U.S. $ 453.2 $ 352.3 28.7 % — % 28.7 % International 185.8 128.2 45.0 % 6.2 % 38.8 % Total Omnipod Products 639.0 480.4 33.0 % 1.6 % 31.4 % Drug Delivery 10.2 8.1 25.7 % — % 25.7 % Total $ 649.1 $ 488.5 32.9 % 1.6 % 31.3 % Six Months Ended June 30, (dollars in millions) 2025 2024 Percent Change Currency Impact Constant Currency U.S. $ 854.9 $ 670.0 27.6 % — % 27.6 % International 338.1 243.4 38.9 % 1.4 % 37.5 % Total Omnipod Products 1,193.0 913.4 30.6 % 0.4 % 30.2 % Drug Delivery 25.1 16.8 49.2 % — % 49.2 % Total $ 1,218.1 $ 930.2 30.9 % 0.4 % 30.6 % Note: Columns and rows may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. ADJUSTED OPERATING INCOME, NET INCOME & DILUTED EPS Three Months Ended June 30, 2025 (in millions, except per share data) Operating Income Percent of Revenue Income before Income Taxes Net Income (4) Net Income, Diluted Diluted Earnings per Share Effective Tax Rates GAAP $ 121.1 18.7 % $ 28.4 $ 22.5 $ 22.5 $ 0.32 20.8 % CEO transition costs (1) (5.3 ) (5.3 ) (5.5 ) (5.5 ) $ (0.08 ) Loss on extinguishment of debt (2) — 84.4 84.1 84.1 $ 1.16 Tax matters (3) — — (17.3 ) (17.3 ) $ (0.24 ) Interest expense, net of tax attributable to assumed conversion of convertible notes — — — 1.2 $ 0.02 Non-GAAP $ 115.8 17.8 % $ 107.5 $ 83.7 $ 85.0 $ 1.17 22.1 % Six Months Ended June 30, 2025 (in millions, except per share data) Operating Income Percent of Revenue Income before Income Taxes Net Income (4) Net Income, Diluted Diluted Earnings per Share Effective Tax Rates GAAP $ 209.9 17.2 % $ 76.5 $ 57.9 $ 57.9 $ 0.82 24.3 % CEO transition costs (1) (5.3 ) (5.3 ) (5.5 ) (5.5 ) $ (0.07 ) Loss on investments (5) 4.7 7.5 5.8 5.8 $ 0.08 Loss on extinguishment of debt (2) — 123.9 123.0 123.0 $ 1.68 Tax matters (3) — — (23.8 ) (23.8 ) $ (0.32 ) Interest expense, net of tax attributable to assumed conversion of convertible notes — — — 2.9 $ 0.04 Non-GAAP $ 209.2 17.2 % $ 202.6 $ 157.4 $ 160.3 $ 2.19 22.3 % (1) Relates to the forfeiture of equity awards by the Company's former Chief Executive Officer, net of severance benefits. (2) Relates to the repurchase of a portion of the Company's convertible debt. (3) Primarily represents consolidating effective tax rate adjustment related to non-GAAP items and excess tax benefits related to employee share-based compensation. (4) The tax effect on non-GAAP adjustments is calculated based on applicable local statutory rates. (5) Represents a provision for credit loss included in selling, general and administrative expenses related to a debt investment and an impairment included in other expense related to an equity investment. DILUTED SHARES (in thousands) Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 GAAP weighted average number of common shares outstanding, diluted 70,652 70,641 Convertible notes 1,862 2,671 Non-GAAP weighted average number of common shares outstanding, diluted 72,514 73,312 Note: Columns and rows may not add due to rounding or the difference in diluted shares on a GAAP and non-GAAP basis. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. INSULET CORPORATION Three Months Ended June 30, 2024 (dollars in millions) Income before Income Taxes Net Income (3) Net Income, Diluted Diluted Earnings per Share Effective Tax Rate GAAP $ 51.1 $ 188.6 $ 191.1 $ 2.59 (269.3 )% Loss on investments (1) 1.8 1.4 1.4 0.02 Tax matters (2) — (151.7 ) (151.7 ) (2.06 ) Non-GAAP $ 52.8 $ 38.3 $ 40.8 $ 0.55 27.6 % Six Months Ended June 30, 2024 (dollars in millions) Income before Income Taxes Net Income (3) Net Income, Diluted Diluted Earnings per Share Effective Tax Rate GAAP $ 106.0 $ 240.1 $ 245.0 $ 3.32 (126.6 )% Loss on investments (1) 1.8 1.4 1.4 0.02 Tax matters (2) — (158.3 ) (158.3 ) (2.15 ) Non-GAAP $ 107.7 $ 83.2 $ 88.2 $ 1.19 22.8 % (1) Represents non-operating loss resulting from the fair value adjustment of a strategic debt investment. (2) Includes tax benefit of $146.9 million and $153.5 million for the three and six months ended June 30, 2024, respectively, resulting from the release of the majority of the Company's income tax valuation allowance. Both periods also include a $4.8 million tax benefit related to a research and development tax credit recovery project for tax years 2017 through 2021. (3) The tax effect on non-GAAP adjustments is calculated based on applicable local statutory rates. Note: Columns and rows may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. ADJUSTED EBITDA Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2025 Percent of Revenue 2024 Percent of Revenue 2025 Percent of Revenue 2024 Percent of Revenue Net income $ 22.5 3.5 % $ 188.6 38.6 % $ 57.9 4.8 % $ 240.1 25.8 % Interest expense, net 9.5 1.7 8.5 3.0 Income tax expense (benefit) 5.9 (137.5 ) 18.6 (134.1 ) Depreciation and amortization 22.3 19.3 44.0 38.0 Stock-based compensation expense (1) 7.5 17.0 25.7 31.2 CEO transition (2) 5.4 — 5.4 — Loss on extinguishment of debt (3) 84.4 — 123.9 — Loss on investments (4) — 1.8 7.5 1.8 Adjusted EBITDA $ 157.5 24.3 % $ 90.9 18.6 % $ 291.5 23.9 % $ 180.0 19.4 % (1) Amounts for both the three and six months ended June 30, 2025 includes $10.8 million reversal of stock-based compensation expense associated with the departure of the Company's former Chief Executive Officer (CEO). (2) Represents severance expense related to the departure of the Company's former CEO. 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Stoke Therapeutics to Host Webcast and Conference Call to Discuss Second Quarter 2025 Business and Financial Updates
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Globe and Mail

time17 minutes ago

  • Globe and Mail

Stoke Therapeutics to Host Webcast and Conference Call to Discuss Second Quarter 2025 Business and Financial Updates

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