Pharmaceuticals

AnnJi Pharmaceutical is proceeding with the U.S. portion of its pivotal Phase 3 ROMA-KD trial of AJ201, also known as rosolutamide, in patients with spinal and bulbar muscular atrophy, or SBMA, also called Kennedy's disease. The company said it submitted the Phase 3 protocol to the U.S. FDA under its active Investigational New Drug application and will now activate U.S. sites for the global trial. ROMA-KD is a global, multicenter, randomized, double-blind, placebo-controlled study expected to enroll approximately 200 ambulatory patients with symptomatic SBMA worldwide, with the United States as a key region, and is intended to support potential global regulatory submissions. AJ201, an investigational oral small molecule and a potential first-in-class treatment for SBMA, has received Fast Track Designation from the U.S. FDA and Orphan Drug Designation in both the United States and the European Union. The Phase 3 program builds on encouraging results from the completed Phase 2 study announced in May 2025, and AnnJi said it has also established an SBMA Patient and Care Partner Advisory Council in collaboration with the Kennedy's Disease Association.

AnnJi Pharmaceutical announced it is proceeding with the U.S. portion of its pivotal Phase 3 ROMA-KD trial of AJ201, also known as rosolutamide, in patients with spinal and bulbar muscular atrophy, or SBMA, also called Kennedy's disease. The company said it submitted the Phase 3 protocol to the U.S. FDA under its active Investigational New Drug application and will now activate U.S. sites for the global trial. The ROMA-KD study is a global, multicenter, randomized, double-blind, placebo-controlled trial expected to enroll approximately 200 ambulatory patients with symptomatic SBMA worldwide, with the United States as a key region, and is intended to support potential global regulatory submissions. AJ201, an investigational oral small molecule and a potential first-in-class treatment for SBMA, has received Fast Track Designation from the U.S. FDA and Orphan Drug Designation in both the United States and the European Union. AnnJi said the Phase 3 program builds on encouraging results from its completed Phase 2 study announced in May 2025, and the company also noted its SBMA Patient and Care Partner Advisory Council, first announced in collaboration with the Kennedy's Disease Association at the 2026 KDA International Patient and Scientific Conference.

Dashenlin held an online briefing on its 2026 interim results on September 30, addressing investor questions about negative investing and financing cash flows, convertible bond conversion, and logistics and distribution. The company said the negative investing cash flow mainly stemmed from capital expenditure on new store openings, digitalisation and logistics system construction, as well as consideration paid for pharmacy acquisitions, while the negative financing cash flow was mainly due to continued cash dividends. Operating cash flow remained a net inflow. The 1.405 billion yuan convertible bonds issued by the company will mature on October 21, 2026, and have not yet been converted. The company said its cash reserves are sufficient, and it will assist holders willing to convert, while repaying principal and interest in full and on time to holders who hold to maturity, with controllable redemption risk. On logistics, the company has built a three-tier warehouse network of group warehouses, regional warehouses and district warehouses. As of the end of the reporting period, it had 35 warehouses nationwide, including in Inner Mongolia and Xinjiang, with total warehousing area of 420,000 square metres. Self-operated delivery accounted for more than 85% of total delivery volume, warehouse shipment fulfilment rate reached 99%, and shipment error rate was below 0.008%. The interim report showed revenue of 13.99 billion yuan, up 3.46% year on year; net profit attributable to the parent of 927 million yuan, up 16.10%; non-GAAP net profit attributable to the parent of 931 million yuan, up 18.05%; net operating cash flow of 1.289 billion yuan, down 55.70%; and a proposed cash dividend of 0.41 yuan per share before tax.

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%.

CanSino surged to the daily limit up on the last trading day before the National Day holiday, with its share price breaking through the previous consolidation range and reaching a new stage high since April 2023, while its H shares also moved higher in tandem. On October 1, CanSino issued a stock movement announcement stating that the company had noted recent market developments regarding mRNA technology, as well as the release or planned disclosure of overseas clinical stage data for mRNA cancer vaccines. CanSino made clear that the mRNA platform is one of the technology platforms in its portfolio, and that the company is developing preventive mRNA vaccines and therapeutic biologics, as well as related delivery systems. In the therapeutic area, it is advancing research and development of mRNA vaccines for indications including glioblastoma, rhabdomyosarcoma, and cervical cancer, as well as the development of In Vivo CAR-related therapies, all of which are currently in early stages. In August this year, Merck and Moderna jointly announced that their personalized messenger RNA cancer vaccine met its primary endpoint in a Phase III trial, making it the first therapeutic vaccine proven effective in a large-scale Phase III clinical trial globally. On August 25, CanSino's official WeChat account announced that its subsidiary CanSino Shanghai Biologics had formally signed a strategic cooperation framework agreement with Depush Hangzhou Biotechnology for the joint development of personalized therapeutic mRNA cancer vaccines. The two parties will jointly advance the research, development, and commercialization of personalized therapeutic mRNA cancer vaccines, with a global focus on gastrointestinal solid tumors and rare tumor treatment areas. It should be noted that CanSino's entire mRNA product line has not yet moved beyond the early research and development stage, and innovative drug development carries multiple uncertainties including technical failure, clinical results falling short of expectations, and approval delays, while competition in the domestic mRNA vaccine sector is also becoming increasingly intense.

Johnson & Johnson reported new Phase 3 results for its oral peptide ICOTYDE in plaque psoriasis at the 2026 EADV Congress, showing sustained skin clearance and improvement across multiple high-impact psoriasis sites, including in adolescent patients. Long-term data from the ICONIC-TOTAL study showed sustained skin clearance through Week 112 at high-impact sites such as the scalp, genital area, hands, feet and nails. The oral IL-23 inhibitor remains in clinical studies for other major inflammatory diseases beyond plaque psoriasis, including psoriatic arthritis, ulcerative colitis and Crohn's disease. ICOTYDE is already approved in the U.S., Europe, Japan and China, and the key test ahead is how the evidence translates into prescribing and reimbursement decisions in those markets. Johnson & Johnson is a global healthcare group that develops prescription drugs, medical devices and consumer health products.

AstraZeneca PLC, Daiichi Sankyo and Summit Therapeutics announced clinical collaboration agreements to test ivonescimab in combination with Datroway and sonesitatug vedotin across multiple tumour types, starting with a planned Phase III trial in first-line triple-negative breast cancer and gastrointestinal cancer. AstraZeneca's approximately US$2.00 billion equity investment via convertible preferred stock, alongside the co-funded oncology trials, prices the preferred stock at an implied US$18.36 per common share and targets roughly a 12% ownership stake in Summit. All parties retain full rights to their respective medicines. The investment strengthens Summit's funding and combination profile ahead of the HARMONi and HARMONi-3 readouts, though the U.S. FDA decision on the HARMONi BLA remains the key near-term catalyst and central source of risk. Summit's narrative projects $1.3 billion revenue and $223.0 million earnings by 2029, while some optimistic analysts model about US$2.7 billion of revenue and nearly US$289 million of earnings by 2029.

Merck reported positive Phase 2b results for tulisokibart in moderate to severe hidradenitis suppurativa on 1 October 2026. The investigational anti TL1A monoclonal antibody met its Phase 2b efficacy goals in patients with this chronic inflammatory skin condition, and Merck stated that the data support advancing the program into Phase 3 trials in hidradenitis suppurativa. The company said the readout backs the idea that tulisokibart can anchor a new immunology franchise rather than patch a niche condition, helping Merck argue it is building multiple disease-area pillars next to oncology, in contrast to peers like AbbVie and Johnson & Johnson that already lean heavily on immunology blocks. The bear case is that one successful readout does not erase execution risk across the rest of the late stage portfolio, especially with analysts already flagging profit margin pressure and safety questions on assets such as remigromig. Merck is a global healthcare group headquartered in GB that develops medicines across multiple disease areas.

Bayer announced on Friday plans to invest 2.2 billion U.S. dollars in a new pharmaceutical manufacturing site in New Albany, Ohio. The project builds on more than seven billion dollars in U.S. pharma research, development and manufacturing spend over the past five years and is a central element of Bayer's long-term growth strategy in its largest pharmaceuticals market. Bayer expects to create around 600 high-value jobs in the New Albany International Business Park and roughly 1,500 construction jobs during the facility's construction. The flexible, modular campus will combine drug substance and drug product manufacturing and initially support Bayer's growing portfolio in oncology, cardiovascular and renal care, with the first drug substance module expected to become operational in 2031 and a second drug product module planned for 2034. The new site will complement Bayer's U.S. pharmaceuticals headquarters in Whippany, New Jersey, and its other sites in Pittsburgh, Berkeley, Cambridge, Research Triangle Park and San Diego.

Bayer will invest $2.2 billion in a new pharmaceutical manufacturing campus in New Albany, Ohio, a project announced by Ohio Governor Mike DeWine alongside the company and JobsOhio. The site is expected to create around 600 high-value jobs in the New Albany International Business Park and roughly 1,500 construction jobs, with the first module dedicated to drug substance manufacturing set to become operational in 2031 and a second drug product module planned for 2034. Bayer CEO Bill Anderson said the flexible, modular campus will support the company's growing portfolio in oncology, cardiovascular and renal care, building on more than $7 billion in U.S. pharma R&D and manufacturing spending over the past five years. Workforce readiness was central to Ohio's appeal, with Bayer drawing on the Ohio Life Science Training Center, under construction and scheduled to open in summer 2027, to which JobsOhio is contributing up to $30 million alongside nearly $8 million from the City of New Albany, the State of Ohio and The New Albany Company. The project will pursue a Job Creation Tax Credit from the Ohio Department of Development at a future Tax Credit Authority meeting, and Bayer also plans to pursue JobsOhio assistance that would be made public after a final agreement is executed.

Eli Lilly and Company announced that the U.S. Food and Drug Administration has approved an expanded indication for Jaypirca (pirtobrutinib), the first-and-only approved non-covalent BTK inhibitor, for the treatment of adult patients with previously untreated chronic lymphocytic leukemia or small lymphocytic lymphoma with no known 17p deletion, allowing use as a first-line therapy. The approval is based on the primary analysis of the Phase 3 BRUIN CLL-313 trial, the first prospective, randomized Phase 3 study to examine a non-covalent BTK inhibitor in previously untreated CLL/SLL without 17p deletion, which enrolled 282 patients randomized 1:1 to pirtobrutinib or bendamustine plus rituximab. At a median follow-up of 28 months, Independent Review Committee-assessed progression-free survival was significantly improved with pirtobrutinib versus bendamustine plus rituximab (HR=0.20 [95% CI, 0.11–0.37]; p<0.0001), with median PFS not yet reached for pirtobrutinib compared to 33.5 months for bendamustine plus rituximab, while IRC-assessed overall response rate was 94% (95% CI, 89–98) for pirtobrutinib versus 81% (95% CI, 73–87) for the comparator. In the trial, adverse reactions led to dose reductions in 3.6% and permanent discontinuation of Jaypirca in 4.3% of patients, with serious adverse reactions in 28% of those receiving the drug. Jaypirca is the first-and-only non-covalent BTK inhibitor recommended by the National Comprehensive Cancer Network, holding a Category 2A recommendation for treatment-naïve adult CLL/SLL patients without del(17p) and a Category 1 preferred option for relapsed or refractory patients previously treated with a covalent BTK inhibitor.

Pfizer reported that its oral drug LITFULO significantly improved facial and total body repigmentation in adults with nonsegmental vitiligo across two Phase 3 trials, and said it intends to submit the data to regulators globally, including the U.S. Food and Drug Administration and the European Medicines Agency. In the TRANQUILLO 2 study of 100 mg LITFULO and the TRANQUILLO study of 50 mg LITFULO, 21.86% and 12.47% of patients achieved F-VASI75, a 75% or greater improvement in the Facial Vitiligo Area Scoring Index, compared with 2.40% and 2.48% on placebo, while 13.02% and 8.98% achieved T-VASI50, a 50% or greater improvement in the Total Vitiligo Area Scoring Index, compared with 2.40% and 1.98% on placebo. Improvements began as early as Week 24 and increased through Week 36 and Week 52, and LITFULO also reduced patient-reported facial and overall disease severity at Week 52. The Phase 3 TRANQUILLO program, the largest to date evaluating an oral systemic therapy for nonsegmental vitiligo, enrolled 2,174 patients across 271 sites worldwide, with TRANQUILLO 2 testing 100 mg once daily in 1,567 adults and TRANQUILLO testing 50 mg once daily in 607 patients aged 12 years and older. The safety profile was consistent with that established in alopecia areata, with no new safety signals; treatment-emergent adverse events occurred in 67.7% of patients on LITFULO 100 mg versus 62.0% on placebo in TRANQUILLO 2, and in 81.0% versus 77.1% in TRANQUILLO. The results were presented in a late-breaking oral presentation at the 35th European Academy of Dermatology and Venereology Annual Congress in Vienna, Austria.

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.

AstraZeneca agreed to invest about US$2 billion in Summit Therapeutics through convertible preferred stock and entered a non exclusive clinical collaboration built around ivonescimab combinations. The deal gives Summit Therapeutics a US$2 billion partner-backed runway, with the company's share price still below AstraZeneca's implied US$18.36 entry. Summit Therapeutics' share price has been volatile, with a 6.9% 7 day share price return and a 14.3% 30 day share price return, while the year to date share price return is down 4.7% and the 1 year total shareholder return has declined 22.1%. On the most followed narrative, Summit Therapeutics screens as materially undervalued, with an implied fair value of about $29 per share versus the recent $16.69 close, putting the AstraZeneca deal, HARMONi data and the ivonescimab franchise at the center of the debate over how far the rerating can go. The breadth of ivonescimab clinical activity across at least 15 Phase III trials and more than 4,000 treated patients positions Summit to participate in the long term shift toward combination immuno oncology and anti angiogenic regimens in multiple tumor types, though the company carries real event risk with a single lead asset, heavy R&D spend, and key HARMONi and FDA decisions that could challenge the bullish thesis.

Johnson & Johnson announced new two-year data from the Phase 3 ICONIC-TOTAL study showing that ICOTYDE (icotrokinra), its targeted oral peptide that blocks the IL-23 receptor, delivered sustained skin clearance in patients with difficult-to-treat plaque psoriasis affecting high-impact sites. The late-breaking results, presented at the European Academy of Dermatology and Venereology Congress 2026, showed that rates of clear or almost clear skin among ICOTYDE-treated patients rose from 57% at Week 16 to 67% at Week 24 and 70% at Week 112. At Week 112, 60% of patients with scalp psoriasis achieved a scalp-specific Investigator's Global Assessment score of 0, 89% of patients with genital psoriasis achieved a Physician's Global Assessment of Genitalia score of 0, and 63% of patients with psoriasis affecting the hands and/or feet achieved a hand and/or foot Physician's Global Assessment score of 0. Mean percentage improvement in the modified Nail Psoriasis Severity Index increased from 33% at Week 16 to 62% at Week 52 and 71% at Week 112, and safety findings through Week 112 remained consistent with the established safety profile of ICOTYDE, with no new safety signals identified. ICOTYDE is approved in the U.S. for moderate-to-severe plaque psoriasis in adults and pediatric patients 12 years of age and older weighing at least 40 kg, and is also approved in Europe, Japan and China; it was jointly discovered and is being developed under a license and collaboration agreement between Protagonist and Johnson & Johnson.

Novartis has entered into a licensing and option agreement with China's Abogen Biosciences to advance RNA-encoded therapeutics, according to a statement on Friday. Abogen will receive an upfront payment of $575 million, and, if all options on all programs are exercised, Abogen is eligible to receive up to approximately $7.2 billion in potential milestone payments, plus potential royalties on future product sales. The agreement includes an exclusive worldwide license to Abogen's lead asset, ABO2203, a novel mRNA-encoded CD19xCD3 T-cell engager designed to reset B cells by directing endogenous production of T-cell engagers in vivo, with the potential to transform treatment for patients with autoimmune diseases. The Swiss drugmaker also holds the exclusive option to license a number of next-generation therapeutic assets developed on Abogen's proprietary RNA platform.

AstraZeneca and Daiichi Sankyo have entered a clinical trial collaboration agreement with Summit Therapeutics to evaluate Datroway, also known as datopotamab deruxtecan, in combination with Summit's ivonescimab across multiple tumor types. The companies plan to begin with a phase 3 trial in first-line triple negative breast cancer. Datroway is a specifically engineered TROP2 directed DXd antibody drug conjugate discovered by Daiichi Sankyo and jointly developed and commercialized by Daiichi Sankyo and AstraZeneca. Under the agreement, each company will contribute its respective compound for the planned combination trials, which will be sponsored by AstraZeneca or Daiichi Sankyo. AstraZeneca, Daiichi Sankyo and Summit will each contribute to trial costs, and each company will retain development and commercial rights to its respective medicines.

Daiichi Sankyo and AstraZeneca have entered into a clinical trial collaboration agreement with Summit Therapeutics Inc. to evaluate Datroway, or datopotamab deruxtecan, in combination with ivonescimab across multiple tumor types including lung and breast cancers. The companies intend to begin with a phase 3 trial in first-line triple negative breast cancer. Under the terms of the agreement, each company will contribute their respective compound for the planned combination trials, which will be sponsored by AstraZeneca or Daiichi Sankyo, with all three companies contributing to trial costs and each retaining development and commercial rights to their respective medicines. Datroway is a TROP2 directed DXd antibody drug conjugate discovered by Daiichi Sankyo and jointly developed and commercialized with AstraZeneca, while ivonescimab is a potential first-in-class bispecific antibody combining PD-1 blockade with anti-angiogenesis VEGF blockade. Daiichi Sankyo's John Tsai, AstraZeneca's Susan Galbraith and Summit's Maky Zanganeh all cited the combination's potential to deliver meaningful benefit across multiple tumor types, with Summit describing the collaboration as an expansion of its global development program into breast cancer.

Abogen Biosciences has entered a licensing and option agreement with Novartis to advance RNA-encoded therapeutics, including an exclusive worldwide license to Abogen's lead asset ABO2203. ABO2203 is a novel mRNA-encoded CD19xCD3 T-cell engager designed to reset B cells by directing endogenous production of T-cell engagers in vivo, and Abogen said it is the first mRNA-encoded T-cell engager to enter clinical evaluation for autoimmune diseases. Under the agreement, Novartis also receives exclusive options to license a number of next-generation therapeutic assets developed on Abogen's RNA platform. Abogen will receive an upfront payment of USD 575 million and, if all options on all programs are exercised, is eligible for up to approximately USD 7.2 billion in potential milestone payments, plus potential royalties on future product sales. The transaction is subject to customary closing conditions, including required regulatory clearances.

Yuanta Securities issued an analysis turning more bullish on SINOBIO19, or the ordinary shares of SINO BIOPHARMACEUTICAL LIMITED (1177.HK), after the company announced a partnership with STADA, a global pharmaceutical company in Germany, to bring TQB3570, a biologic drug with efficacy close to that of Keytruda, the world's most popular cancer treatment, into the European, UK, and Swiss markets, with the potential to expand into the US market in the future. Under the deal, Sino Bio will manufacture and supply the drug itself but distribute it under STADA's brand, and will recognize a profit share of more than 10%. This means Sino Bio will recognize revenue from both manufacturing and an additional share of profits when STADA sells the drug in the region, creating a new revenue base for the company. Meanwhile, the Chinese government continues to target innovative pharmaceuticals as one of its key industries and will push for the sector to grow by an average of 20% per year during 2026-2030, giving the company the opportunity to receive government support both in speeding up approvals for drugs in its pipeline and in supporting R&D. As for this year's normalized profit outlook, the Bloomberg Consensus expects normalized profit to continue growing by 5%. The current price trades at a 2027 PER of 18 times. It gives a target price of 7.10 baht per DR, implying 44% upside.

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.

AstraZeneca PLC said on September 28 that it will make a $2 billion equity investment in Summit Therapeutics, Inc. and run joint trials of the two companies' cancer drugs. The money buys preferred shares convertible into common stock at an equivalent of $18.36 each, a premium to Summit's September 28 close of $15.48, and the conversion price buys roughly 109 million shares, or about 12% of the company once those shares exist. AstraZeneca is not acquiring Summit and is not licensing the drug outright; it is taking convertible preferred stock alongside a clinical collaboration to test Summit's ivonescimab with AstraZeneca's sonesitatug vedotin across several tumor types. The FDA has set a decision date of November 14 for ivonescimab's use in EGFR-mutant lung cancer, so AstraZeneca is buying in six weeks before an answer arrives, and Summit reported a loss of $1.11 a share over the past twelve months. AstraZeneca, worth about $262 billion, closed at $161.47 on September 30, while Summit opened above the $18.36 conversion price the morning after the announcement and closed well below it at $16.91.

Roche Holding received FDA acceptance of its New Drug Application for fenebrutinib in multiple sclerosis under priority review. The filing covers fenebrutinib as an oral BTK inhibitor for both relapsing and primary progressive forms of multiple sclerosis. If approved, fenebrutinib could become the first high efficacy oral BTK inhibitor targeting both relapse control and disability progression in MS, adding an oral, CNS penetrant option alongside Ocrevus in Roche's neurology offering. Roche Holding is a CHF279.4 billion pharmaceuticals and diagnostics group, and the milestone reinforces the view that late stage assets like fenebrutinib can help offset ongoing loss of exclusivity and pricing pressure. The key signpost now is the FDA's priority review timeline for fenebrutinib, including the final decision date and any label details regulators set, with three Phase III trials supporting the filing.

Pfizer Inc. on Thursday presented detailed Phase 2 results showing its experimental eczema drug tilrekimig (PF-07275315) achieved significant skin clearance in adults with moderate-to-severe atopic dermatitis. The ongoing trial met its primary endpoint, with a statistically significant increase in participants achieving EASI-75 at Week 16 across all evaluated doses compared to placebo. In Stage 1, subcutaneous tilrekimig at 450 mg every two weeks produced EASI-75 in 62.5% of patients versus 19.9% for placebo, while Stage 2 monthly dosing of 400 mg, 200 mg, or 50 mg yielded EASI-75 rates of 58.5%, 61.0%, and 47.8%, respectively, representing absolute improvements of 49.4%, 51.9%, and 38.7% over the 9.1% placebo rate. Key secondary endpoints measuring clear or almost clear skin showed 30.3% achievement in Stage 1 versus 11.8% for placebo, and 26% to 27% across monthly cohorts in Stage 2 versus 0% for placebo. Tilrekimig is a potential first-in-class trispecific antibody targeting IL-4, IL-13, and TSLP, with an extended half-life of approximately 37 days supporting monthly dosing, and was well-tolerated with no dose-dependent safety signals. Pfizer shares were down 1.23% at $28.17 at the time of publication.

Eli Lilly is positioned to potentially beat earnings estimates again when it reports on October 29, 2026, according to Zacks Investment Research. The drugmaker has topped estimates by 30.27% on average over the last two quarters, reporting $8.38 per share against a $6.01 consensus in the most recent quarter, a surprise of 39.43%, and $8.55 per share against a $7.06 consensus in the prior quarter, a surprise of 21.10%. Lilly currently carries a Zacks Earnings ESP of +0.64% alongside a Zacks Rank #3 (Hold), a combination that Zacks research shows produces a positive surprise nearly 70% of the time. The Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, capturing analyst revisions made just before an earnings release.

Takeda Pharmaceutical reported Phase 3 data showing its investigational oral TYK2 inhibitor zasocitinib, also known as TAK-279, achieved statistically superior complete skin clearance versus deucravacitinib and outperformed apremilast in adults with moderate-to-severe plaque psoriasis, with results presented at the 2026 European Academy of Dermatology & Venereology Congress. Zasocitinib delivered more than 2.5 times as many patients with complete skin clearance at week 16 compared with deucravacitinib, reinforcing its potential to shift treatment choices if approved in major markets. The readout follows the FDA's Priority Review for zasocitinib, with a decision expected in early 2027, and the combination of strong head-to-head data and an accelerated regulatory timeline highlights how central the asset has become to Takeda's pipeline-driven recovery narrative, alongside other launches such as oveporexton and rusfertide. Takeda's narrative projects ¥4,976.1 billion in revenue and ¥401.3 billion in earnings by 2029, requiring 2.5% yearly revenue growth and an earnings increase of about ¥564.7 billion from -¥163.4 billion today, while the most optimistic analysts assume annual revenue of about ¥5,072.4 billion and earnings of roughly ¥423.0 billion. The key catalyst remains upcoming regulatory decisions, and the biggest risk is that late-stage assets collectively fall short of expectations.

Novo Nordisk's oral Wegovy, or semaglutide, produced real-world weight loss in adults with overweight or obesity who switched from injectable GLP-1 therapies, according to data from the OCTANE study presented at the European Association for the Study of Diabetes on Sept. 30, 2026. The retrospective analysis, which drew on de-identified data from the Ro telehealth platform, covered 194 participants who moved from injectable Wegovy or Eli Lilly's Zepbound, or tirzepatide, to once-daily oral Wegovy between Jan. 5 and Feb. 7, 2026, and stayed on the pill for three months with weight data available at baseline and follow-up. Participants lost an average of four kilograms, or 8.8 pounds, over three months, equal to 4.1% of baseline body weight, while 40.7% achieved at least 5% weight loss and the share with a BMI of at least 30 kg/m2 fell 21.6 percentage points, from 87.1% at baseline to 65.5% at three months. Among participants with available information, 82.4% reported at least one treatment improvement, most often better-fitting clothes and healthier eating. Novo cautioned that the observational design cannot establish causality and cited limitations including variable data collection, self-reported measures, selection bias from requiring treatment persistence and limited generalizability. The Wegovy pill has launched in the United States, the United Arab Emirates, the United Kingdom and Germany, with additional select markets planned in coming quarters. Separately at the same conference, Novo presented 52-week functional MRI data showing CagriSema, its investigational once-weekly combination of cagrilintide and semaglutide, altered brain responses to high-calorie food cues and was linked to a 22.4% body-weight reduction versus placebo, along with a 14.3% weight reduction at week 40 in a diabetes MRI sub-study of the phase IIIa REIMAGINE 1 trial and a 14.2% weight reduction at week 68 in a post hoc analysis of phase III REIMAGINE 2. Novo submitted a new drug application to the FDA for CagriSema in weight management in December 2025, with a decision expected in the fourth quarter, and in 2026 began a phase III study of high-dose CagriSema 2.4 mg/7.2 mg in adults with obesity.

Bayer will relaunch Alka-Seltzer Plus as Alka-Seltzer Cold in 2026, the company announced, replacing the existing brand name with a simpler identity aimed at the cough and cold aisle. The relaunch introduces streamlined packaging designed to help consumers quickly identify the right cough and cold option, along with value-focused options including affordable price points and entry sizes, and a money-back guarantee on Alka-Seltzer Cold products. Trevor Thrun, U.S. President of Bayer Consumer Health, said the symptom-led pack design helps shoppers choose the right product when they are sick. The rollout is planned for 2026 across USA National Mass, Drug and Food Retailers. Bayer reported fiscal 2024 sales of 46.6 billion euros, around 93,000 employees and R&D expenses of 6.2 billion euros.

Merck announced that its phase IIb MK-7240-012 study of tulisokibart in patients with moderate to severe hidradenitis suppurativa met its primary endpoint. In the trial, 72% of patients on the high dose of tulisokibart, 480 mg every two weeks, and 64% on the medium dose, 480 mg every four weeks, achieved Hidradenitis Suppurativa Clinical Response 50 at week 16, compared with 35% on placebo. In an exploratory analysis, 52% of patients on the low dose, 240 mg every four weeks, achieved HiSCR50, a 17% improvement over placebo. Tulisokibart also showed numerical improvements on the non-ranked key secondary endpoint of HiSCR75 at week 16, with response rates of 41% for the high-dose group, 40% for the medium-dose group and 29% for the low-dose group, versus 15% for placebo. Merck said the results represent the first positive phase II data for an anti-TL1A monoclonal antibody in dermatology and that it plans to advance tulisokibart into phase III development for hidradenitis suppurativa; the candidate, added through the 2023 acquisition of Prometheus Biosciences, is also being studied across six indications, including phase III trials in ulcerative colitis and Crohn's disease.

Pfizer said detailed Phase 2 data show its experimental atopic dermatitis therapy tilrekimig delivered stronger skin clearance in adults with moderate-to-severe eczema. Presented at a European medical event on Thursday, the results indicated up to 62.5% of patients on the trispecific antibody achieved EASI-75, a at least 75% reduction in the Eczema Area and Severity Index, with a statistically significant increase in EASI-75 response at Week 16 across all tilrekimig doses versus placebo. The New York-based pharma giant said the therapy was well tolerated, with no dose-dependent safety events and rates of treatment-emergent adverse events comparable between the on-drug and off-drug arms. Pfizer had announced in March that the study met its primary efficacy endpoint based on topline data. A Phase 3 pivotal program for tilrekimig is underway, including two Phase 3 trials in atopic dermatitis and one in asthma, while the injectable is also being tested in an ongoing Phase 2b/3 study for chronic obstructive pulmonary disease.

Eli Lilly and Company said post-hoc analyses of the ATTAIN-1 trial showed its oral GLP-1 Foundayo, or orforglipron, was associated with significant reductions in predicted 10-year risk of type 2 diabetes and cardiovascular disease in adults with obesity or overweight with a weight-related medical problem. At 72 weeks, participants taking Foundayo 5.5 mg, 9 mg and 17.2 mg showed estimated reductions in predicted type 2 diabetes risk versus placebo of 45.0%, 50.0% and 57.0%, respectively, while those taking Foundayo 17.2 mg also showed an estimated 18.0% reduction in predicted cardiovascular disease risk versus placebo. The findings were published in Diabetes, Obesity and Metabolism. Thomas Seck, M.D., senior vice president of product development at Lilly Cardiometabolic Health, said the analyses showed Foundayo was associated with a lower predicted long-term risk of both conditions in addition to meaningful weight loss, and that treating obesity and reducing downstream consequences can meaningfully lower healthcare costs. ATTAIN-1 was a Phase 3, 72-week, randomized, double-blind, placebo-controlled trial that randomized 3,127 participants across the U.S., Brazil, China, India, Japan, South Korea, Puerto Rico, Slovakia, Spain and Taiwan. Foundayo is FDA-approved for adults with obesity, or some adults with overweight who also have weight-related medical problems, and orforglipron was discovered by Chugai Pharmaceutical Co., Ltd. and licensed by Lilly in 2018.

Novo Nordisk reported that Wegovy, its injectable semaglutide, brought liver fat down to normal levels in nearly nine out of ten adults with obesity and excess liver fat, according to a post hoc analysis of a 55-participant sub-population of the STEP UP trial presented at the European Association for the Study of Diabetes Annual Meeting 2026 in Milan. Among the 26 participants who entered with liver fat above 5%, 88.5%, or 23 people, reached the below-5% threshold by week 72, while mean liver fat across the group fell from 8.8% at baseline to 3.1% at week 72 as measured by magnetic resonance imaging. The analysis pooled 1,919 adults from the STEP UP and STEP UP T2D trials, of whom 1,312 received semaglutide 7.2 mg, 304 received semaglutide 2.4 mg and 303 received placebo, and more than 94% were classified as high risk for fatty liver by the Fatty Liver Index at baseline. Eric Lawitz of the Texas Liver Institute and University of Texas Health San Antonio said the findings suggest semaglutide may help address liver disease early, noting that as many as three in four people with obesity may have excess liver fat. Novo chief medical officer Filip Knop said the results help show the quality of weight loss seen with semaglutide, adding that the dedicated ESSENCE MASH trial demonstrated reversal of liver damage in people with MASH. Semaglutide 2.4 mg is approved for the treatment of MASH under the Wegovy brand in the United States, Canada, the United Kingdom, China and several other markets, while semaglutide 7.2 mg is not being investigated for MASH.

Sanofi has agreed to pay Regeneron up to $8B, including $1B upfront, to jointly develop four long-acting immunology therapies under an expanded global alliance. The first drug added to the Alliance is REGN20423, a clinical-stage long-acting IL-13 monoclonal antibody invented and developed by Regeneron, alongside a long-acting IL-4xIL-13 bispecific and two other long-acting preclinical antibodies from Regeneron. The agreement builds on the companies' more than 20-year collaboration, through which more than 1.5 million people are currently receiving Dupixent across nine indications, making it one of the most widely used antibody medicines in the world. Regeneron president and chief scientific officer George D. Yancopoulos said the clinical and commercial alliance dates to 2003 and has resulted in multiple approved medicines to date, including Dupixent, which has redefined the standard of care for people with type 2 inflammatory diseases and now has over 1.5 million active patients worldwide. Shares of Sanofi initially surged 3.6% in premarket trading before moderating to a 1% gain.