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Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [2] Core Insights - 2025 saw a record high in innovative drug asset transactions among multinational pharmaceutical companies, with 142 cases and a total transaction value of $264.5 billion, marking new highs since 2015 [3][9] - Eli Lilly's revenue for 2025 increased by 44% year-on-year, driven by GLP-1 drugs, with Tirzepatide achieving $36.5 billion in sales [3][39] - Novo Nordisk's sales growth was impacted by increased competition in the weight loss drug market, with a projected revenue decline of 5% to 13% for 2026 [3][40] Summary by Sections 1. Innovative Drug Asset Transactions - In 2025, the number of innovative drug transactions reached 142, with mergers and acquisitions (M&A) and collaborations at 36 and 106 respectively, both setting new records since 2015 [3][9] - The total transaction value was $264.5 billion, with M&A accounting for $106 billion and collaborations for $158.4 billion, also new highs since 2015 [3][9] 2. Performance Review of Pharmaceutical Companies - Eli Lilly's total revenue for 2025 was $65.2 billion, with a guidance for 2026 revenue between $80 billion and $83 billion, indicating a projected growth of 25% [3][39] - Novo Nordisk's total revenue for 2025 was 309.1 billion Danish Kroner, with a guidance for 2026 indicating a decline of 5% to 13% [3][40] - Other companies like AbbVie, AstraZeneca, and Roche reported single-digit growth, while JNJ and Gilead faced challenges due to patent expirations [3] 3. Factors Influencing M&A Decisions - Demand for acquisitions is driven by the need to address revenue gaps from expiring patents and declining R&D efficiency [3][19] - Financial capacity for M&A is supported by free cash flow after shareholder returns, allowing for smaller acquisitions [3][20] - Pricing considerations are crucial, as the valuation of innovative drug assets significantly impacts the internal rate of return (IRR) for acquisitions [3][21]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [2] Core Insights - 2025 saw a record high in innovative drug asset transactions among multinational pharmaceutical companies, with 142 cases and a total transaction value of $264.5 billion, marking new highs since 2015 [3][9] - Eli Lilly's revenue for 2025 increased by 44% year-on-year, driven by GLP-1 drugs, with Tirzepatide achieving $36.5 billion in sales [3][39] - Novo Nordisk's sales growth was impacted by increased competition in the weight loss drug market, with a projected revenue decline of 5% to 13% for 2026 [3][40] Summary by Sections 1. Innovative Drug Asset Transactions - In 2025, the number of innovative drug transactions reached 142, with mergers and acquisitions (M&A) and collaborations at 36 and 106 respectively, both setting new records since 2015 [3][9] - The total transaction value was $264.5 billion, with M&A accounting for $106 billion and collaborations for $158.4 billion, also new highs since 2015 [3][9] 2. Performance Review of Pharmaceutical Companies - Eli Lilly's total revenue for 2025 was $65.2 billion, with a guidance of $80 billion to $83 billion for 2026, indicating a projected growth of 25% [3][39] - Novo Nordisk's revenue for 2025 was 309.1 billion Danish Krone, with a guidance for 2026 indicating a decline of 5% to 13% [3][40] - Other companies like AbbVie, AstraZeneca, and Roche reported single-digit growth, while JNJ and Gilead faced challenges due to patent expirations [3] 3. Factors Influencing M&A Decisions - Demand for acquisitions is driven by the need to address revenue gaps from expiring patents and declining R&D efficiency [3][19] - Financial capacity for M&A is supported by free cash flow after shareholder returns, allowing for smaller acquisitions [3][20] - Pricing considerations are crucial, as the valuation of innovative drug assets significantly impacts the internal rate of return (IRR) for acquisitions [3][21]

With a market cap of $206.4 billion, Amgen Inc. (AMGN) is a global biotechnology company that discovers, develops, manufactures, and delivers innovative human therapeutics for serious diseases worldwide. Headquartered in Thousand Oaks, California, Amgen serves healthcare providers globally and collaborates with major biopharmaceutical partners to expand and advance its pipeline. Companies valued at $200 billion or more are generally considered “mega-cap” stocks, and Amgen fits this criterion perfectly. I ...

The webcast, as with other selected presentations regarding developments in Amgen's business given by management at certain investor and medical conferences, can be found on Amgen's website, www.amgen.com, under Investors. Information regarding presentation times, webcast availability and webcast links are noted on Amgen's Investor Relations Events Calendar. The webcast will be archived and available for replay for at least 90 days after the event. About Amgen THOUSAND OAKS, Calif., Feb. 24, 2026 /PRNewswir ...

The Dow Jones Industrial Average (^DJI) was down 821.91 (-1.66%) points today, closing at 48,804.06, while Dow Futures (YM=F) fell 857.00 (-1.73%) to 48,817.00. The main narrative driving the market was a sudden 15% blanket tariff announcement, which reignited trade war fears and global economic uncertainty. This policy shift, combined with hawkish Federal Reserve commentary suggesting a "coin flip" for future rate cuts, triggered a massive rotation out of cyclical and growth sectors into defensive assets.F ...

The Dow Jones Industrial Average (^DJI) was down 798.40 (-1.61%) points today, currently sitting at 48,827.57. Similarly, Dow Futures (YM=F) was down 742.00 (-1.49%) points. The primary narrative driving this sharp decline was a significant "risk-off" rotation triggered by renewed concerns over stubborn inflation data and a potential hawkish shift in monetary policy. This sentiment disproportionately affected the financial and technology sectors, as investors moved capital away from growth-oriented and cred ...

Hanizam/iStock via Getty Images The following segment was excerpted from the Harbor Large Cap Value Fund Q4 2025 Commentary. Portfolio Performance During the fourth quarter, the Harbor Large Cap Value Fund (Institutional Class, "Fund") returned 1.26%, underperforming its benchmark, the Russell 1000® Value Index ("Index"), which returned 3.81%, and ...

Amgen Inc. (NASDAQ:AMGN) is included among the 13 Best NASDAQ Dividend Stocks to Buy Now. Barclays Begins Amgen (AMGN) Coverage, Notes Balanced Outlook Despite Trial Debate On February 20, Barclays initiated coverage of Amgen Inc. (NASDAQ:AMGN) with an Equal Weight rating and a $185 price target. The analyst said there is still “plenty of time” before the Phase 3 MARITIME trial results are released, which means the “biggest source of debate” around Amgen will remain unresolved for now. The firm also note ...

Core Insights - Amgen Inc. (NASDAQ:AMGN) is recognized as a strong immunotherapy stock by hedge funds, but has recently been downgraded to Hold from Buy by Freedom Capital, with a revised price target of $375 from $360, citing fair value and ongoing exclusivity challenges [1][2]. Financial Performance - For fiscal Q4, Amgen reported total revenues of $9.9 billion, reflecting a 9% increase year-over-year, with product sales growing by 7% driven by a 10% increase in volume [3]. - The full-year revenue for 2025 reached $36.8 billion, marking a 10% increase compared to the previous year [3]. Product Developments - The European Commission approved UPLIZNA® as an add-on treatment for adults with generalized myasthenia gravis, providing a new targeted treatment option that may enhance long-term disease control [2].