E Retail Sales Rising

This will boost international sales to 65% of the total. He said that the trough for the oil and gas exploration business will come in the next 2 quarters, partly for seasonal reasons, and partly from COVID-19 lockdowns. If all goes well, robust free cash flow will follow next spring. Cross your fingers.

SLB also is aiming to reduce its own and its customers' “environmental impact and contribute to the future sustainable energy mix,” according to M. Le Peuch. SLB set a quarterly dividend of 12.5¢/sh.

Pharma

*Swiss Roche reported on Q3 yesterday and missed sales expectations because of competition from biosimilars for its bestsellers like Tecentrique, Ocrevus, Perjeta, and Hemlibra. For some reason this major drug result was not reported by the combined forces of TDAmeritrade and Schwab as it is traded OTC in the USA.

RHHBY it expects Q4 to gain from diagnostics demand over COVID-19 and a rollout of new bestseller drugs. RHHBY tried to get people to focus on the 9 mo rather than Q3 results which were less awful. This year total sales fell 8% in Swiss francs to CHF 43.979 bn and US sales (its largest market) were off 1.9% at CHF 18.389 bn. Europe was flat.

Roche won some notoriety when its partner Regeneron did a viral load study to measure antibodies to COVID-19 in patients with a high viral load. Among them was Pres. Trump who was treated with it.

In the last quarter, Roche got US approval for its Enspryng to treat rare disease neuromyelitis optica spectrum disorder; Tecentrique+ Cotellic in Europe; non-small cell lung cancer drugs Rozlytrek and Evrisdi for spinal muscular atrophy. Its new meds portfolio is up 40% YTD and will rise even more going forward if Venclexta gets approved (a produce made together with Advil which will share in the profits.) and if Kadcyla takes off for Her2 cancers. It has a combo drug coming for antgiogenesis of the retina. It just launched Gazyva for lupus in Q4. It is working with a new partner, Blueprint Medicinces on Gavreto, also coming to the world markets including ours, but not to China. (Read on for why.)

Overall it has 4 new products this year despite the drag from coronavirus.

A hot area was diagnostics where sales rose even in francs to CHF9.662 mn and 18% in dollars.It also is gaining from assays to assess which patients will benefit from drugs like Actembra and Herceptin and other assays on immunity and antigens going forward like Esbriet and Xolair.

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Vivian Lewis 5 days ago Author's comment

as a Manhattanite I do not run a car but my impression is that gasoline sales prices are 1) competitive 2) regulated and 3) taxed. What I like is the European oil companies getting set for lower demand for gasolene as electric vehicles come to market, and their investment in alternative fuels, not typical of their US rivals. They are buying into low-carbon which means for the longer term. Note that in European counties which are trying to meet the Paris standards to cut carbon the oil companies are taking the lead in funding solar, wind, LNG, and other alternatives. This kind of long-term investing smarts cannot be found among US oil giants.

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Vivian Lewis 4 days ago Author's comment

Gasolene is taxed not just in Britain but in most European counties. It doesn't stop freedom of movement because people pay the tax, but it did lead to serious protests by the yellow shirts in France who said they could not afford it.

I think the US oil majors are more reluctant than European ones to invest in the new alternative fuels that will power cars in the future, like batteries for electric vehicles.

My favorite idea for that is China's NIO which will sell its electric vehicles with leased batteries, so when they run down the car driver can switch batteries at a service station rather than having to hang around for the recharging.

NIO is NYSE listed and has gained the most year to date and is well ahead of even Tesla. It is funded in part by the local government of the town where it is headquartered. Volkswagen also benefits from the same subsidies so it is not only for Chinese.