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A Delaware federal judge on Monday rejected requests from Pfizer, BioNTech and Moderna to dismiss lawsuits filed by Bayer's Monsanto unit over their use of US Patent No. 7,741,118, a patent related to mRNA technology, with Judge William Bryson saying the companies failed to prove the patent was invalid or not infringed by their COVID-19 vaccines. Sanofi agreed to a deal worth up to $8B, including $1B upfront, with Regeneron to jointly develop four long-acting immunology therapies, led by the clinical-stage IL-13 monoclonal antibody REGN20423. China's Abogen Biosciences signed a licensing and option agreement with Novartis worth up to $7.8B, comprising a $575 million upfront payment and up to approximately $7.2 billion in potential milestone payments if all options on all programs are exercised, covering an exclusive worldwide license to Abogen's lead asset ABO2203. Jiangsu Hengrui Pharmaceuticals agreed to license global rights to its experimental obesity drug HRS-1596 to Novo Nordisk in a deal worth up to $2.6B, with $300M upfront and the transaction expected to close in Q4 2026. Meanwhile, the S&P 500 Health Care Sector Index slipped 2.66% for the week, with Incyte down 6.93% and Regeneron down 6.71% among the top decliners, while McKesson rose 4.11% and Cardinal Health gained 3.67%.

Schneider Electric, alongside partners Wärtsilä and Stanley Consultants, introduced a "Generator-to-Chip" power approach and unveiled software-defined medium-voltage switchgear and advanced cooling solutions for AI-driven data centers in late September 2026. The company also launched cybersecurity-focused automation for water utilities and a new decarbonization allyship with Lenovo's 360 Circle community. The software-defined medium-voltage switchgear is being deployed in AI-oriented data centers, including an Equinix pilot. Schneider Electric's narrative projects €56.4 billion revenue and €8.3 billion earnings by 2029, requiring 10.3% yearly revenue growth and a €3.6 billion earnings increase from €4.7 billion today. The forecasts yield a €325.04 fair value, a 7% upside to its current price.

Meta announced Petal on Sept. 21, a roughly 4,300-mile subsea cable connecting the U.S. and France that is expected to enter service in 2029 and will be the first to deliver petabit-scale capacity across an ocean. The cable will carry 1 petabit per second, or about 125,000 gigabytes per second, double what today's most advanced transoceanic cables can handle, using two-core fiber that fits two light paths inside each strand. Petal is one piece of a much larger seafloor empire: Meta says it has invested in more than 20 subsea cable projects touching every continent except Antarctica, led by Project Waterworth, announced in February 2025, which will stretch more than 31,000 miles and connect the U.S., Brazil, South Africa, India, and other regions across five continents. Petal is being developed with Japan's NEC and Sumitomo Electric Industries, with French telecom Orange handling the landing on France's Atlantic coast, while Waterworth will be wholly owned by Meta, only its third solely owned cable according to telecom research firm TeleGeography. Meta has not disclosed what Petal or Waterworth will cost, but TechCrunch reported before Waterworth's announcement that the project could top $10 billion, a small slice of the company's expected capital expenditures of $130 billion to $145 billion this year, nearly double the $72.2 billion it spent in 2025.

Sanofi and Regeneron Pharmaceuticals have expanded their longstanding antibody collaboration to include four next-generation, long-acting antibodies targeting type II inflammation. Under the agreement, the companies will co-develop and co-commercialize four Regeneron-invented antibodies targeting IL-13, an IL-4xIL-13 bispecific, IL-4 and IL-4Rα, with one program, REGN20423, a long-acting IL-13 monoclonal antibody, currently in a phase I study for atopic dermatitis and the other three expected to enter clinical studies in 2027. Regeneron is entitled to a $1 billion upfront payment from Sanofi and up to $7 billion in additional development, regulatory and commercial milestone payments, while the two will equally share development and commercialization costs and future profits globally, with Regeneron leading research and development and Sanofi overseeing global commercial efforts. Regeneron will also have an option to include Sanofi's investigational candidate lunsekimig, a bispecific nanobody therapy targeting TSLP and IL-13, in the collaboration after completion of its phase III studies in chronic obstructive pulmonary disease, and the companies agreed to settle their prior collaboration-related litigation. The expanded collaboration builds on a more than 20-year alliance that established Dupixent as a widely used treatment for type II inflammation, with more than 1.5 million people currently receiving the drug across nine indications, and the existing profit-sharing agreement for Dupixent will remain unchanged.

Northern Lights, the carbon capture and storage joint venture owned by Shell, Equinor and TotalEnergies, has signed a new customer agreement with Oresundskraft Kraft & Varme, owned by the City of Helsingborg. Under the deal, CO2 will be captured and liquefied at Oresundskraft's Filbornaverket waste-to-energy plant in Helsingborg, Sweden, trucked to the Port of Halland in Halmstad, then shipped to Northern Lights' receiving terminal in Oygarden, Norway, for permanent storage in a reservoir roughly 2,600 meters beneath the seabed. Northern Lights will provide transportation and storage for up to 200,000 metric tons of CO2 per year, with operations targeted to begin in the fourth quarter of 2029 subject to agreed conditions. Oresundskraft becomes Northern Lights' second Swedish customer after Stockholm Exergi, and the seventh industrial customer overall across four countries. Northern Lights, described as the first of its kind to enable cross-border CO2 transportation and storage, completed its first CO2 injection in 2025, marking the start of commercial storage activity.

Prime Minister and Interior Minister Anutin Charnvirakul held talks with Wouter van Wersch, Executive Vice President for International Affairs at Airbus, and Bert Porteman, a representative of Airbus Thailand, on ways to upgrade and expand cooperation between Thailand and Airbus in the aviation industry, space technology, human resource development, and clean energy. The Prime Minister affirmed the policy of promoting the aviation industry and future industries, and asked Airbus to consider broadening cooperation to cover more areas by building on the cooperation models the company has with other countries and extending them to Thailand. On clean energy, the Prime Minister proposed that Airbus promote the use of sustainable aviation fuel, or SAF, produced in Thailand, using Thai raw materials and agricultural output as part of the production chain. In addition, Airbus plans to establish a Center of Excellence in Thailand as a hub for developing knowledge, technology, and personnel, linking Airbus's global network to Thailand. The Prime Minister also proposed expanding cooperation in space technology and security, building on existing cooperation with the Geo-Informatics and Space Technology Development Agency, or GISTDA, and Thaicom Public Company Limited, as well as discussing cooperation with Thai Airways International Public Company Limited to support the goal of pushing Thailand to become the region's aviation hub.

Eurofins Scientific has completed its acquisition of Element Materials Technology's Life Sciences Testing Services business in North America, with the deal closing on 1 October 2026. The transaction was first announced on 20 July 2026 at an enterprise value of USD400m. The acquired business operates a network of 27 laboratories and facilities, employs approximately 750 staff, and is expected to generate annual revenues of over USD150m in 2026, with profitability similar to the Eurofins Group average. The operations will join Eurofins' BioPharma and Life businesses in North America, extending its laboratory network into key regions of the United States and Canada where it has historically been underrepresented. Eurofins CEO Dr Gilles Martin said the company welcomes Element's North American Life Sciences Testing Services teams and will build on its laboratory platform to serve customers across the continent.

Eurofins Scientific SE has completed the divestment of its Electrical & Electronic Testing business, known as MET Labs, to UL Solutions Inc., with the transaction closing on 1 October 2026. The deal was first announced on 14 April 2026 at an Enterprise Value of €575 million on a cash and debt free basis. MET Labs operates an international network of laboratories providing product safety testing, inspection and certification services for electrical and electronics products, employing approximately 1,300 staff globally. Eurofins said the transaction supports its focus on allocating capital toward its core testing for life capabilities, with proceeds earmarked for debt reduction, laboratory and owned-site capital expenditure, next-generation digital solutions, robotics and AI developments, share buybacks and strategic acquisitions in food, environmental, pharmaceutical, clinical and related testing areas. Chief Executive Dr Gilles Martin thanked the MET Labs teams for building successful and in several cases leading businesses over almost 20 years within the Eurofins network, adding that UL Solutions' focus on applied safety science makes it a natural home for the laboratories.

French pharmaceutical giant Sanofi and U.S. biopharmaceutical company Regeneron Pharmaceuticals announced on the 1st that they will jointly develop four new drugs under a contract worth up to $8 billion and will settle their previous litigation. Sanofi will pay $1 billion upfront and an additional $7 billion upon achieving milestones. The two companies will split the development costs and future profits of the four new drugs, with Regeneron leading research and development and Sanofi handling global sales if the drugs are approved. The four new drugs include a candidate treatment for atopic dermatitis, which is currently in early-stage clinical trials. Sanofi's new Chief Executive Officer, Belén Garijo, said on an investor conference call that "mutual trust will guide this expanded partnership," adding that the partnership includes clear divisions of roles and accountability for both companies.

Regeneron shares fell 4% after the biotech company expanded its immunology alliance with Sanofi on terms that left the economics of its blockbuster drug Dupixent untouched. Under the deal, Sanofi will pay Regeneron $1 billion upfront and up to $7 billion in development, regulatory, and commercial milestones for four next-generation, long-acting antibodies, with the two drugmakers splitting global development costs, commercialization expenses, and future profits equally. The agreement settles prior litigation but leaves the existing Dupixent profit-sharing terms unchanged, disappointing investors who had hoped a renegotiation would yield better economics on the franchise; nearly a quarter of investors surveyed by RBC Capital sought more constructive terms, according to Investing.com. Sanofi shares rose roughly 2% in European trading, according to Reuters, while Regeneron reversed an early morning gain, later trading at $736.56, down 2.9% from the previous close. Regeneron is down 5.1% since the start of the year and trades 13.6% below its 52-week high of $852.03.

ABL Texcell Diagnostics has raised its full-year 2026 revenue guidance to between €13.5 million and €14.0 million, up from the €12.265 million target it announced on 1 June 2026. The revised range represents an increase of 10.1% to 14.1% over the initial target and year-on-year growth of 94.2% to 101.4% compared with 2025 revenue of €6.950 million. The company said the new guidance reflects first-half performance, business activity seen since the start of the second half and the expected contribution from the TEXCELL activities and assets since their acquisition. For the first half of 2026, ABL Texcell Diagnostics reported revenue of €5.415 million, up 90.0%, EBITDA of €1.315 million and an EBITDA margin of 24.3%, with EBIT of €1.115 million and net profit of €1.280 million. The Évry Commercial Court selected the company on 21 July 2026 to acquire TEXCELL's activities and assets, a deal that includes continued operations at the Genopole site in Évry-Courcouronnes and the integration of 29 employees, and the guidance counts only the acquired activities from their effective transfer date. The company also cited its first publicly announced partnership with ABIONYX Pharma for viral safety and viral clearance studies on CER-001, and shareholders approved the new corporate name ABL Texcell Diagnostics at an Extraordinary General Meeting on 17 September 2026.

Wendel finalized the sale of its stake in Stahl, excluding Muno, to Henkel for an enterprise value of €2.1 billion after receiving all required regulatory approvals. The transaction generated total net proceeds of approximately €1.14 billion for Wendel after debt and transaction costs, a multiple of 6.3 times its total investment since 2006, which included €427m of past proceeds, and an annualized IRR of over 15% over 20 years. That compares with a value of €960 million for Stahl in Wendel's net asset value published before the transaction announcement, as of September 30, 2025, a premium of about 20%. Wendel said the sale marks a key milestone in the roadmap it presented in early December 2025 and supports its long-term value creation and portfolio rotation objectives. In 2026 alone, Wendel announced significant asset disposals totaling €1.6 billion, completed the acquisition of Committed Advisors, and will return more than €500 million to shareholders, including a July share buyback representing 9% of its share capital.

Sogeclair has completed the sale of its Airbus-dedicated engineering activities to Akkodis, a global leader in digital engineering and technology consulting. The transaction covers 366 employees located across France, Spain, Germany, Canada, India and the United Kingdom, while the transfer of the business in the United States and Tunisia will be completed following receipt of the required approvals. The divested business represents approximately 20% of the Group's revenue. Sogeclair said the completion marks a new milestone in its development strategy, enabling the Group to strengthen its position in high value-added engineering and manufacturing activities across the entire product lifecycle while continuing its diversification into high-potential markets such as business aviation and defence.

BofA Securities upgraded Dassault Aviation to buy from neutral and raised its price target to €360 from €345, citing the French fighter maker's long order book and potential new Rafale contracts. The target implies about 27% upside from the €284 share price cited in the report, and BofA noted the stock has fallen about 20% from its year-to-date high, creating a more attractive entry point. Dassault's Rafale backlog provides about 7.5 years of production visibility at current delivery rates, with further upside possible from India and Ukraine. India's proposed order for 114 Rafales could become a key catalyst in the fourth quarter and would be the largest export order in the aircraft's history, while Ukraine has expressed interest in acquiring up to 100 Rafales, initially ordering 16 aircraft under a July 2026 agreement with France with deliveries due to begin in 2028-29. Neither opportunity has yet become a firm contract, but BofA said that if both orders are secured, Dassault's backlog could exceed 400 aircraft, potentially extending production visibility to about 15 years at 2026 production rates. BofA also raised its 2026 earnings-per-share forecast to €16.40 from €16.30 and its 2028 forecast to €22.31 from €21.42, while cutting its 2027 estimate to €19.36 from €19.67.

Venezuela's oil and gas industry is drawing renewed interest from international energy companies, with fresh agreements involving major producers and oilfield service firms pointing to stepped-up development of the country's hydrocarbon resources. Eni and PDVSA signed a 25-year hydrocarbon participation contract on Sept. 2, 2026, making Eni the exclusive operator of the Junín-5 heavy-oil area, which holds 35 billion barrels of certified oil in place and currently produces approximately 12,000 barrels per day; the partners plan to invest approximately $1.5 billion annually, with production expected to reach around 400,000 barrels per day by 2030. Chevron announced updated agreements on Sept. 2, 2026, covering its Venezuelan joint ventures and additional acreage in the Orinoco Belt, underpinning plans to invest more than $7 billion over the next five years and more than double production to approximately 600,000 barrels per day versus 2026 levels, after output from its three Venezuelan joint ventures rose 15% through the second quarter of 2026. TotalEnergies and PDVSA signed a memorandum of understanding on Sept. 19, 2026, setting a framework for energy cooperation, though scope and value were not disclosed, while Halliburton announced MOUs with Eneva and WESCA on Sept. 21, 2026, to support field evaluation and development planning in Venezuela. Over the past year, Eni shares have advanced 55.4%, while TotalEnergies, Halliburton and Chevron have gained 43.3%, 29.3% and 31.5%, respectively, as crude oil held above $90 per barrel.

Thales announced Sentinel Envelope Plus, a new paid add-on to its Sentinel Envelope software protection solution that hardens compiled applications against AI-assisted reverse engineering, automated zero-day vulnerability discovery and automated exploit generation without requiring source code changes. In a controlled test, an AI agent identified 8 of 10 vulnerabilities in an unprotected application, but found none in the same application protected with Sentinel Envelope Plus, despite 970 times the token consumption, and ultimately recommended discontinuing the analysis after nearly seven hours. The add-on transforms and recompiles selected security-sensitive parts of an application, adding layers of protection against decompilation, tampering and runtime inspection, and can be combined with optional licensing controls. Damien Bullot, Vice President of Software Monetization at Thales, said the extra time AI-assisted attacks require gives vendors a larger window to identify issues, deploy fixes and protect customers. Thales, listed on Euronext Paris under HO, employs more than 85,000 people in 65 countries and reported sales of €22.1 billion in 2025.

Vicat has entered into exclusive negotiations to acquire Cemex's ready-mix concrete and aggregates operations in South-Eastern France. The proposed transaction would involve the acquisition of the subsidiaries Cemex Granulats Rhône Méditerranée, Cemex Béton Rhône Alpes and Cemex Béton Sud Est, which operate a network of 48 ready-mix concrete plants, 9 aggregates quarries, related services and certain interests in joint ventures across the Rhône Valley and the Provence-Alpes-Côte d'Azur region, notably along the Mediterranean corridor from Marseille to Nice. Vicat said the deal is highly complementary to its existing footprint and would generate industrial, commercial and logistics synergies, particularly with its cement business, while accelerating deployment of lower-carbon solutions. A preliminary Memorandum of Understanding provides for consultation with employee representative bodies, with completion expected before December 31, 2026, subject to prior approval by the competent competition authority under applicable merger control regulations. Separately, Vicat said that after reducing its financial leverage from 2.8x at year-end 2022 to 1.5x at year-end 2025, it has set a new financial leverage target of between 1.3x and 1.5x for the 2026-2027 period.

ICAPE Group reported first-half 2026 consolidated revenue of €113.3 million, up 12.5% from the restated €100.7 million a year earlier, and raised its full-year 2026 consolidated revenue growth target to at least 18% from the previous 12%. The French printed circuit board distributor said organic growth was 12.3% in the half and 18% excluding currency effects, with second-quarter growth of 22.9%, while EBIT came in at €4.7 million and the EBIT margin was 4.1% for the half, including 6% in the second quarter, keeping the company on track for its roughly 6% full-year EBIT margin target. Net income attributable to the group rose to €1.6 million from €1.1 million in the first half of 2025, and recurring net income attributable to the group was €3 million. The order backlog reached a record US$134.9 million as of 25 September 2026, up 44% from US$93.6 million at the end of June 2026 and up 133% from 30 September 2025, while net financial debt stood at €27.6 million at 30 June 2026, down from €28.8 million at 31 December 2025, in compliance with banking covenants. The revised annual target combines organic revenue growth of around 18%, up from a previous range of 6% to 8%, with approximately €5 million in additional revenue from external growth by the end of 2026, down from the €28 million previously targeted after a transaction under way since the start of the year failed to close in July. ICAPE will present its new medium-term operational, strategic and financial targets at a Capital Markets Day on 24 November 2026.

Portugal's state holding company Parpública announced on the 30th that it has received more favorable binding bids from European aviation giants Air France-KLM and its German rival Lufthansa for a partial stake in state-owned airline TAP. The Portuguese government is expected to decide on the winning bidder by mid-October. Air France-KLM and Lufthansa submitted their first binding bids for a 44.9% stake in TAP in July, and were asked earlier this month to improve their bidding terms. A separate 5% stake is reserved for employees, and the winning bidder will have the right of first refusal over shares that employees decline to acquire. Parpública has not disclosed details of the bids, and will now evaluate the proposals and prepare a report for the government. Portugal's Minister of Infrastructure and Housing, Pinto Luz, said the winning bidder will be selected by mid-October and will become TAP's strategic partner.

Asset World Corp Public Company Limited, or AWC, has announced a strategic partnership with Unibail-Rodamco-Westfield, or URW, a global leader in developing and managing retail destinations under the Westfield brand. Wallapa Traisorat, Chief Executive Officer and President of AWC, said the partnership combines AWC's project development expertise with URW's international knowledge and network, covering three key projects: Asiatique The Riverfront Destination, Wang Nakhon Kasem Yaowarat, and Aquatique Pattaya. Michael Harit, Head of AWC's Commercial Business Group, said the company plans to invest more than 40 billion baht over the next five years in the Asiatique The Riverfront Destination and Wang Nakhon Kasem Yaowarat projects, covering a combined area of more than 260,000 square meters. Asiatique The Riverfront Destination is the flagship project under this partnership, located along the Chao Phraya River on a 224,000-square-meter site with an investment value of more than 22 billion baht, part of the total 40 billion baht investment plan. Wang Nakhon Kasem Yaowarat covers 32,000 square meters, while Aquatique Pattaya covers 110,000 square meters. Ricardo Lizcano, Managing Director of Global Partnerships at URW, said URW is ready to support AWC's vision of creating a new form of lifestyle destination in Thailand, and that this partnership is a strategic advisory collaboration to elevate AWC's lifestyle projects to an international level.

Wärtsilä, Schneider Electric and Stanley Consultants have launched a coordinated "Generator-to-Chip" approach aimed at helping U.S. data center developers and operators bring scalable power capacity online faster. The approach aligns onsite power generation, electrical infrastructure, automation, engineering and project execution from the outset, connecting the power pathway from generation and electrical distribution through to digital monitoring and the IT load, which the companies say reduces handoffs and improves coordination across critical interfaces. Wärtsilä supplies flexible, modular engine power plants for reliable onsite generation that can start rapidly and scale with data center demand, while Schneider Electric contributes the integrated electrical architecture, automation and digital power management, and Stanley Consultants provides technical and advisory services across the data center lifecycle, including engineering, permitting, design coordination, construction management, commissioning oversight and climate resilience expertise. The companies said the combined solution can accelerate project schedules compared with traditional, sequential delivery models, as lengthy grid interconnection timelines and delays in critical power infrastructure slow projects amid rapidly growing U.S. demand for new data center capacity driven by accelerating investment in AI. Risto Paldanius, Vice President, Americas, at Wärtsilä Energy, said power has become the schedule for many data center projects, and Melton Chang, Executive Vice President, Power Systems at Schneider Electric, said an AI Energy Park starts with the load and coordinates generation, electrical infrastructure, automation and digital technologies as one system.

LACROIX reported first-half 2026 revenue of €235.2m, up 3.2% year on year, with current EBITDA of €23.7m, a 10.1% margin, and positive free cash flow of €11.1m. The Group's Electronics activity generated revenue of €156.1m, down 1.1%, while the Environment activity posted revenue of €79.1m, up 12.8%, driven by a cyclical peak in the Water segment tied to Spain's PERTE programme deadline and France's 2G and 3G network shutdown. Current operating profit rose 62.4% to €17.3m and operating profit climbed 81.4% to €17.1m, while net income attributable to owners of the parent was €2.7m, compared with a net loss of €19.6m a year earlier. Net debt fell 28.6% year on year to €72m, cutting gearing to 77% from 88%. LACROIX raised its 2026 targets to revenue of more than €455m and an EBITDA margin of more than 9%, with net debt/EBITDA below 2.0x, and confirmed its 2027 targets of revenue between €475m and €500m, an EBITDA margin above 8%, and net debt/EBITDA below 2.0x.

JPMorgan said in a note Wednesday that European defense investors are favoring companies with long-duration order books and hard-to-replace products, while marking down those whose technology could be displaced. The European defense sector has underperformed local markets by about 6% this year on average, though with wide variation between individual stocks, analyst David Perry noted. JPMorgan rates BAE Systems, Leonardo and Babcock Overweight, saying all three have those defensive characteristics, while investors have significantly de-rated companies such as Rheinmetall, CSG and Renk on fears their technology could be displaced. JPMorgan placed MTU Aero Engines and Leonardo on Positive Catalyst Watch, ahead of MTU's capital markets day on Nov. 30 and Leonardo's industrial plan update in March 2027, and put Rheinmetall on Negative Catalyst Watch, saying it does not expect the company to cut its 2030 sales goal of 50 billion euros even though the bank's own forecast is 36.9 billion euros. Perry said the debate over technology displacement is complex and the answer will not be clear for many years, making investor events at Rheinmetall on Nov. 27 and Renk on Dec. 8 important, and added that Rolls-Royce and Safran should remain strong performers over the medium term and are core holdings.

L'Oréal has entered talks to acquire a minority stake in Giorgio Armani as part of a wider reshuffle at the Italian fashion house. The potential deal would deepen a long-running licensing partnership between the two groups in fragrances, cosmetics and skincare. Armani's overhaul also includes leadership changes and a refreshed brand strategy alongside the exploration of new external investors. L'Oréal, a €202.7b personal products group, already manufactures and sells cosmetics and skincare across Europe, the Americas, Asia and multiple emerging regions, so any closer link with Armani would plug directly into a wide global distribution and branding platform. The talks reinforce the part of the L'Oréal story that relies on targeted dealmaking to deepen luxury credentials and defend pricing power against groups like LVMH and Estée Lauder.

TotalEnergies has approved Final Investment Decisions for the Absheron gas field in Azerbaijan and the Ima gas field in Nigeria. Both projects are planned with low emission designs and are expected to support regional energy security and local development. The company has also entered a new infrastructure partnership in Africa with Global Infrastructure Partners to support long term gas-related assets. The Absheron and Ima gas FIDs mark a major step, although TotalEnergies has several other moving parts investors should understand, with analysts flagging heavy capex and exposure to higher risk regions as potential pressure points. The group's presence across Europe, Africa and the United States gives these Azerbaijani and Nigerian projects a wide commercial and logistical context.

DBV Technologies has submitted a Biologics License Application to the U.S. Food and Drug Administration for the VIASKIN Peanut Patch in children with peanut allergy aged 4 through 7 years. The company has requested Priority Review of the application, and the FDA previously granted Breakthrough Therapy Designation to the patch. The submission is supported by positive results from the Phase 3 VITESSE trial, which enrolled 654 children and is the largest immunotherapy clinical trial to date for this population. VITESSE was conducted at 86 sites across the United States, Canada, United Kingdom, Europe, and Australia, with participants randomized 2:1 to receive the VIASKIN Peanut Patch or placebo. Chief Executive Officer Daniel Tassé called the submission a significant milestone in DBV's transformation into a commercial organization.

UBS analyst Francois-Xavier Bouvignies maintained a constructive outlook on European semiconductor stocks heading into third-quarter 2026 earnings, naming ASML Holding NV, ASM International NV and STMicroelectronics NV as his top three picks in a September 29 research note. The investment bank raised its wafer-fab equipment forecast for 2026 through 2028, projecting total WFE reaching approximately $225 billion in 2027, up 43% year-over-year, with potential to climb toward $275 billion to $300 billion by 2028, and it keeps 2027-2028 earnings estimates more than 10% above consensus across the sector. ASML remains the top pick with a Buy rating and a €2,350 price target, and UBS expects the company to guide fiscal 2027 revenue growth above 30% year-over-year when it reports third-quarter results on October 14, with its third-quarter revenue estimate of €12.1 billion sitting 3% above consensus. ASM International is second, with UBS forecasting 36% revenue growth in fiscal 2027 versus consensus at 29% and 33% growth in 2028 versus consensus at 19%, translating to EPS estimates 10% above consensus in 2027 and 20% above in 2028 ahead of results due October 27. STMicroelectronics completes the top three with a Buy rating and €80 price target, as UBS sees 2027 EPS roughly 20% above consensus, silicon photonics revenues reaching about $2.0 billion in 2027 and $2.5 billion in 2028, and total datacenter revenues of approximately $2.5 billion, or about 14% of group sales, in 2027 rising to roughly $3.8 billion, or 19% of group sales, by 2028, with fourth-quarter revenue guidance expected up approximately 10% quarter-over-quarter when it reports on October 29.

J.P. Morgan upgraded Bureau Veritas to "overweight" from "neutral" and raised its December 2027 price target to €34 from €28, citing faster organic growth and increased merger and acquisition activity. The inspection and certification company's shares closed at €26.57 on Sept. 28, according to the brokerage note dated Sept. 29. J.P. Morgan expects organic revenue growth of 6.8% in 2027 and 6.6% in 2028, above Bloomberg consensus estimates of 5.9% and 5.8%, respectively, with data-centre services expected to contribute about 1 percentage point to organic growth in 2027. The bank said 2026 should mark a trough in the company's growth cycle after project delays and disruption linked to the Middle East conflict, and it raised its 2027 revenue and earnings-per-share forecasts by 2% and 1.7%, respectively, while leaving 2026 estimates broadly unchanged. J.P. Morgan also pointed to scope for increased M&A after last week's capital markets day, where management raised its target leverage range to 1.5-2.0 times net debt to EBITDA, estimating Bureau Veritas could have more than €1 billion of excess cash available for acquisitions in 2027 within that framework.

French oil major TotalEnergies announced on the 28th that it will increase its fourth-quarter share buyback to $2.5 billion from $1.5 billion in recent quarters. Higher crude prices stemming from the Iran war, a strong trading division, and widening refining margins helped second-quarter profit reach its highest level in about three years. The company said it will carry out $2 billion to $2.5 billion in buybacks in the first quarter of 2027, continue raising its dividend by more than 5% annually through 2030, and projected that production would grow 2% to 3% a year to about 2.5 million barrels of oil equivalent per day in 2030 to 2035. Chief Executive Patrick Pouyanné told an analyst briefing in New York that the company is in a position to expand annual shareholder returns to roughly $7.5 billion to $8 billion, and expressed confidence it can meet its targets without relying on large M&A. It plans net investment of $14 billion to $17 billion a year in 2027 to 2032, and expects to lower its gearing ratio to below 10% by the end of 2026. Among European majors, Britain's BP has halted buybacks this year, and Shell also reduced its quarterly buyback to $3 billion from $3.5 billion in May.

Alstom has received an order from Västtrafik for 35 additional Avelia Stream Nordic X80 trains through an option worth approximately €350 million exercised under an existing frame contract, bringing the total fleet Alstom will deliver to Västtrafik to 80 trains. The option exercise follows the successful entry into service of the first Avelia Stream Nordic trains and reflects Västtrafik's continued confidence in Alstom's ability to deliver a modern, reliable and sustainable regional fleet. The order will be booked in the second quarter of Alstom's fiscal year 2026/27. The trains have a top speed of 200 km/h and 270 seats across three cars, with step-free boarding, dedicated spaces for wheelchairs and strollers, and real-time information systems, and can operate through 80 cm of snow and in temperatures down to -40°C. The first trains were delivered in spring 2026 and are now operating on the regional rail network in Västra Götaland, and Alstom is also performing maintenance of Västtrafik's fleet, which currently comprises both the new trains and older generation rolling stock.

The U.S. Federal Aviation Administration, or FAA, announced it is delaying certification of the Boeing 737 MAX 10 until flight software issues are resolved, sending Boeing shares down 6.9% on concerns over delayed deliveries, the latest setback in the planemaker's efforts. The FAA said this version of the software could increase pilot workload during the go-around maneuver, the moment when pilots abort a landing attempt, add engine power and climb back into the sky to prepare for another landing attempt. Brian Bedford, an FAA official, told reporters at Reagan Washington National Airport that certification of the MAX 10 would be delayed until he is satisfied there are no further problems on this point, and declined to predict how long the delay would last. The FAA's review will assess whether the software constitutes an unacceptable safety risk, which could add several more months of fixes before the MAX 10 is certified, a milestone originally expected in October. Meanwhile, Boeing said on Saturday that a software problem affecting some 737 MAX aircraft could prevent the automatic flight system from working during landings in certain specific situations, and that it has notified airlines and is developing a software update to permanently fix the issue. The MAX 10 is a key aircraft in Boeing's effort to win back market share from Airbus in the highly lucrative single-aisle jet market.

TotalEnergies SE raised its fourth-quarter share buyback program to $2.5 billion from $1.5 billion and said it plans to repurchase $2 billion to $2.5 billion of shares in the first quarter of 2027, while pledging to lift its dividend by more than 5% annually through 2030. The French energy major now expects oil and gas production to grow 2% to 3% annually between 2030 and 2035, supported by projects in Namibia, Nigeria, Malaysia, Mozambique, and Papua New Guinea, with total energy production including electricity growing around 4% annually through 2030. Management is targeting shareholder distributions equal to 40% of cash flow, with CEO Patrick Pouyanné saying annual returns need to reach roughly $7.5 billion to $8 billion, and the company expects $4 billion to $5 billion of additional operating cash flow between 2025 and 2030. Annual net investments are now expected at $14 billion to $17 billion from 2027 through 2032, while oil and gas production is seen growing more than 3% annually between 2025 and 2030 and electricity generation more than 20% annually to reach 100 to 120 TWh by 2030. The company ended the second quarter with a 13.1% gearing ratio, down 2.4 percentage points sequentially after cutting net debt by $3.3 billion, and management expects gearing below 10% by the end of 2026. JPMorgan analyst Matthew Lofting downgraded the stock to Neutral from Overweight with an €83 price target, while Piper Sandler raised its target to $93 from $84 and kept a Neutral rating.

Guggenheim initiated coverage of Nanobiotix S.A. with a Buy rating and a $64 price target on September 15, centering its thesis on the company's Johnson & Johnson-partnered JNJ-1900. The analyst's focus is NANORAY-312, the pivotal Phase 3 study of JNJ-1900 in locally advanced head and neck cancer patients ineligible for platinum-based chemotherapy, with final Phase 3 data expected in the first half of 2027. Guggenheim said its recent key opinion leader checks and study analysis give the trial high odds of success, though it framed that as the firm's assessment rather than an established probability. Nanobiotix entered a global licensing agreement with Johnson & Johnson in 2023 for JNJ-1900, formerly NBTXR3, and J&J now serves as global sponsor of NANORAY-312; in May, J&J received FDA clearance for a protocol amendment that eliminated the planned interim analysis and moved the study to an earlier final analysis requiring fewer events, with no changes to endpoints, hazard ratios, or expected effect size. The approximately $2.6 billion J&J deal represents potential deal value rather than money already received, with significant portions tied to future development, regulatory, and sales milestones, and J&J is also evaluating the candidate in a Phase 1b program in platinum-eligible head and neck cancer and a Phase 2 program in stage 3 unresectable non-small cell lung cancer.

TD Cowen analyst Jason Gabelman identified leading integrated oil companies positioned for strong third-quarter results, with TotalEnergies topping the list as excess cash generation builds across the sector. The analyst noted that integrated oil companies are directing excess cash toward balance sheets rather than raising distributions, signaling elevated macro uncertainty following Middle East conflict developments. TD Cowen estimates the peer group will generate $100 billion in excess cash from third-quarter 2026 through fourth-quarter 2027 at strip prices above forecast distributions and target debt metrics. The firm's earnings estimates stand roughly 20% above third-quarter consensus for both earnings per share and free cash flow, reflecting a rising commodity environment through the quarter that consensus has yet to fully capture. TotalEnergies remains TD Cowen's top pick, with performance expected to benefit from its September 28 Investor Day, and the analyst incorporated $0.35 per share trading outperformance for the company while expecting roughly equal free cash flow beats. Equinor is favored into earnings given strong gas prices and a lag on cash tax payments, with the company expected to beat consensus earnings per share by the widest margin, while ExxonMobil could see investors rotate back from Chevron, for which TD Cowen includes a $1.50 per share timing headwind.