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Stockwatch: Earnings Season Appears Not At Home To Brexit

Executive Summary

On the morning of the vote by the UK to leave the EU, I speculated firstly that the ensuing currency swings would come too late to impact the imminent second-quarter pharma earnings announcements but secondly, that they could have an effect on the guidance of companies for the rest of the year. In the opening week of earnings season I am currently one for two in the prediction stakes as the effects of Brexit barely figured in either the results or the full-year guidance.

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