Switzerland

Roche announced new one-year data from the Phase III MEERKAT and SANDCAT studies showing that investigational vamikibart sustained improvements in vision and reductions in macular thickness in adults with uveitic macular edema at 52 weeks compared with a sham procedure. The results were presented at the American Academy of Ophthalmology 2026 Annual Meeting in New Orleans. The FDA has accepted Roche's Biologics License Application for vamikibart for the treatment of UME, with an approval decision expected by July 2027; if approved, vamikibart would be the first non-steroid targeted treatment for UME. Regulatory submissions have also been filed and accepted in the European Union, China and Japan. In both trials, a numerically higher proportion of vamikibart-treated patients achieved vision gains than those on sham treatment on the primary endpoint, and key secondary endpoints showed sustained improvements in best corrected visual acuity and central subfield thickness. Vamikibart was well tolerated with a low incidence of treatment-related ocular adverse events and intraocular inflammation events, and approximately two-thirds of eligible patients required no retreatment after 16 weeks.

UBS raised its fourth-quarter Dutch TTF gas price forecast to €75 per megawatt-hour from €62 previously, citing major disruptions to Middle Eastern liquefied natural gas exports. In an October 5 report, the bank said Middle Eastern LNG supply fell by approximately 60 billion cubic metres between March and September, while additional production elsewhere contributed nearly 40 bcm, including 17 bcm from the United States. Asian LNG imports dropped around 9 bcm year-on-year and European imports fell approximately 10 bcm, cushioning the price impact. UBS also lifted its 2027 forecast to €45 from €40, reflecting slower recovery in Qatari LNG exports and continued European efforts to phase out Russian gas. European gas storage remains roughly 15% below seasonal averages, with inventories expected to enter winter at 74% capacity and decline to approximately 25% by spring, and the bank estimates Europe could need around 27 bcm more LNG during winter than in this year's summer months. Under a prolonged disruption with colder weather, UBS sees fourth-quarter TTF prices averaging €90/MWh with potential peaks near €120/MWh, while faster Qatari recovery and milder temperatures could bring prices towards €50/MWh.

Landis+Gyr announced in September 2026 the commercial launch of its Revelo E370 meter, adding high-resolution waveform streaming, Wi-Fi-enabled edge applications, and micro arc sensing to its grid-edge sensing platform in 200 amp and 320 amp disconnect versions. The upgrade positions Revelo as a more versatile grid intelligence solution, potentially supporting utilities' responses to rising residential loads from EVs, heat pumps, and other power-intensive appliances while enhancing power quality monitoring and early fault detection. The launch reinforces Landis+Gyr's grid edge thesis, though its near-term impact on the key risk of revenue timing gaps, especially around big AMI and Revelo contracts, still looks uncertain rather than clearly transformative. The company's narrative projects $1.3 billion revenue and $116.0 million earnings by 2029, requiring 4.4% yearly revenue growth and about a $77 million earnings increase from $38.9 million today, while bearish analysts assume only about 3.3% annual revenue growth and US$115.7 million of earnings by 2029. The article also cites the August 10, 2026 expansion of the edge app ecosystem in Australia as especially relevant, underscoring how Landis+Gyr is building an open, Wi-Fi enabled, app-centric grid edge platform even as investors weigh guidance pointing to a step down in FY26 net revenue.

The FDA has approved Tecentriq and Tecentriq Hybreza, in combination with fluoropyrimidine and oxaliplatin chemotherapy, for the adjuvant treatment of stage III deficient DNA mismatch repair colon cancer, marking the 12th U.S. indication for Roche's cancer immunotherapy. The decision was based on the phase III ATOMIC study, which enrolled 712 patients with stage III dMMR colon cancer and showed that adding Tecentriq reduced the risk of disease recurrence or death by 50% compared with chemotherapy alone, with a 36-month disease-free survival rate of 86% versus 76% for chemotherapy alone. The approval makes Tecentriq the first approved adjuvant immunotherapy regimen for stage III dMMR colon cancer, and Roche plans additional regulatory filings including a submission to the European Medicines Agency. Tecentriq generated sales of CHF 1.7 billion in the first half of 2026, up 6%. Roche shares have risen 3.5% year to date.

MicuRx Pharmaceuticals announced that it plans to sign an exclusive license agreement for the MRX-23 program and a platform technology collaboration agreement with ClearideBio of Switzerland. The former involves a worldwide exclusive license for the MRX-23 program; the latter is a multi-program option collaboration based on the company's independently developed STOPIN antibody-drug conjugate platform with a novel camptothecin payload, under which ClearideBio may exercise options for an agreed number of targets or target combinations in accordance with the agreement. Under the MRX-23 license agreement, an upfront payment of 1 million US dollars will be paid as agreed after the agreement takes effect, and this payment is non-refundable once made. Near-term development milestone payments are triggered by the first approval of a clinical trial application for the licensed product. The nominal cap on research, registration, and sales milestone payments for MRX-23 totals 223 million US dollars; when all options under the platform collaboration are exercised and all milestones are achieved, the total payment cap is 750 million US dollars.

Vaxcyte has raised roughly US$1b through concurrent common stock, pre funded warrant and convertible note offerings, following positive Phase 3 data for its VAX 31 pneumococcal vaccine candidate. The financing came after the Phase 3 OPUS 1 readout, and the company's shares have traded at US$66.96, with a 7 day share price return of 17.68% and a year to date share price gain of 44.12%. The 1 year total shareholder return of 64.36% and 5 year total shareholder return of 175.56% reflect momentum reinforced by the OPUS 1 update and the US$1b mix of equity and convertible note financing completed this week. Vaxcyte is currently trading at 3.6x book value, compared with 2x for the wider US Biotechs group and 9.3x for closer peers, while a widely followed narrative framework anchors fair value closer to $75 using a 7.51% discount rate. Completion of a dedicated large scale manufacturing facility with Lonza, build out of a high volume fill finish line in North Carolina and plans to build commercial supply ahead of a possible VAX-31 launch could support stronger net margins, though OPUS-2 or OPUS-3 data or higher than modeled manufacturing costs could reset expectations.

Novartis received FDA approval to expand the label of its oral Bruton's tyrosine kinase inhibitor Rhapsido, also known as remibrutinib, to treat adults with symptomatic dermographism inadequately controlled by H1 antihistamines. The decision makes Rhapsido the only prescription treatment approved in the United States for both chronic spontaneous urticaria and symptomatic dermographism, the two most common forms of chronic hives, extending the drug's commercial reach beyond chronic spontaneous urticaria. The approval was supported by results from the phase III RemIND trial, in which 29.3% of patients receiving Rhapsido achieved a complete response at week 12 compared with 14% for placebo, with responses observed as early as week 2. Rhapsido's safety profile in symptomatic dermographism was consistent with that seen in chronic spontaneous urticaria through week 24, with common adverse events including nasopharyngitis, bleeding, headache, nausea and abdominal pain. Novartis plans to submit the complete RemIND study data to regulatory authorities worldwide where appropriate, and is also evaluating remibrutinib in cold urticaria, cholinergic urticaria, hidradenitis suppurativa and food allergy, following positive topline results from the phase III REMODEL-1 and REMODEL-2 trials in relapsing multiple sclerosis.

Goldman Sachs upgraded Sonova Holding to buy from neutral and raised its price target to CHF315 from CHF230, sending the hearing-aid maker's shares to a 16-month high. The stock rose around 0.5% to its highest level since June 11, 2025, outperforming a broader Swiss market that saw the SMI fall about 0.8% on Thursday. Goldman Sachs said Sonova is well positioned to outperform the overall hearing-aid market, citing product innovation, opportunities to gain market share in Asia and improving industry fundamentals. The broker expects the company to deliver around 9% constant-currency revenue growth in the first half of fiscal 2027, well above Visible Alpha consensus of 6.2%, which it sees as a potential catalyst for the shares. Goldman now expects Sonova to reach the upper end of its FY27 guidance, forecasting 7.8% constant-currency revenue growth versus 6.6% consensus, while adjusted EBIT growth including FX is seen at 12.6% versus 6.5% consensus, and it raised FY27-29 revenue estimates by 4%-7% and adjusted EBIT and EPS estimates by 7%-10%. The next major catalyst is Sonova's November 12 first-half FY27 results, where Goldman expects the company's stronger-than-consensus growth to become more visible.

Galderma announced new three-year data for Nemluvio in atopic dermatitis and prurigo nodularis at the 2026 Fall Clinical Dermatology Conference in Las Vegas. A post-hoc analysis of the ARCADIA long-term extension study found that of 295 adults and adolescents aged 12 and older who responded at Week 16, 76% achieved clear or almost clear skin and 80% achieved at least a 90% improvement in disease severity at Week 152, with 80% reaching an itch-free or nearly itch-free state. A separate pre-specified interim analysis of the overall ARCADIA LTE population of 1,903 patients showed up to 91% achieved EASI-75 and up to 88% achieved clinically meaningful itch relief at Week 152, with no new safety signals. Phase II pediatric data showed nemolizumab was well tolerated and effective in children aged 2 to 11 with moderate-to-severe atopic dermatitis through Week 52, and a descriptive analysis from the OLYMPIA LTE study showed sustained improvements in prurigo nodularis burden through Week 148. Nemluvio is approved in the United States for adults with prurigo nodularis and patients 12 and older with moderate-to-severe atopic dermatitis, and in more than 40 countries for both adolescents and adults with atopic dermatitis and adults with prurigo nodularis.

SK Hynix's Solidigm has reportedly selected Goldman Sachs Group and Morgan Stanley to lead its US initial public offering next year. The South Korean firm's flash memory unit is working with the two lenders to finalize a pre-IPO funding round, and the offering could raise about $10 billion, Bloomberg reported. JPMorgan Chase & Co, Citigroup Inc, and UBS Group AG have also been selected to join the syndicate. The proposed listing, which could materialize by 2027, has the potential to raise roughly $10 billion and value the storage manufacturer at up to $100 billion. In August, Solidigm struck a deal with CoreWeave to sell enterprise solid-state drive capacity that could support its AI cloud platform, and its other customers include Vast Data, Dell Technologies, and Tencent.

UBS Group AG has agreed to transfer its former Credit Suisse fund administration businesses in Switzerland and Luxembourg to Northern Trust Corporation. Subject to regulatory approvals, the transaction is expected to close in the second quarter of 2027 and will cover Credit Suisse's traditional and alternatives fund administration businesses in both markets, with migration expected to take place in phases over two years as UBS Group exits the fund administration business. The deal builds on a long-standing relationship between the two firms, dating to 2017, when UBS Asset Management sold its Swiss and Luxembourg traditional fund administration operations to Northern Trust and entered into a long-term servicing agreement. The move comes as UBS Group approaches the final stages of integrating Credit Suisse, with that integration expected to be substantially completed by the end of 2026, and is intended to reduce infrastructure, resources and operational complexity while letting UBS focus on wealth management, asset management and investment banking. For Northern Trust, the expanded mandate creates a growth opportunity in fund administration and asset servicing, where custody and fund administration fees accounted for 67.4% of total asset servicing fees in the six months ended June 30, 2026. Separately, Deutsche Bank agreed in July 2026 to sell its retail banking, affluent private banking and wealth management business in India to Kotak Mahindra Bank, a deal expected to close by September 2027 subject to regulatory approvals and expected to be accretive to Deutsche Bank's CET1 ratio.

Novartis will present 46 abstracts from its multiple sclerosis portfolio at MSToronto2026, the 10th Joint ACTRIMS-ECTRIMS Meeting, including a late-breaking abstract featuring positive Phase III REMODEL-1/-2 results for remibrutinib, an oral BTK inhibitor, in relapsing multiple sclerosis. A second late-breaking abstract will present new Kesimpta, or ofatumumab, data in pediatric MS, where approved treatment options remain limited. Additional Kesimpta presentations will cover final efficacy, safety and tolerability, and healthcare resource utilization results from the Phase 3b STHENOS study in treatment-naive relapsing MS patients, interim breastmilk excretion results from the Phase 4 KATHAROS study, and pregnancy and infant outcomes from the PRIM study. Following the REMODEL data presentation, Novartis will host a conference call for investors to provide updates on the data and the potential for remibrutinib in MS. The REMODEL-1/-2 results will be presented orally on October 23, and the NEOS pediatric study results will be presented earlier the same morning.

UBS said it expects the upcoming third-quarter earnings season to show further improvement in European corporate profits, maintaining an upbeat view on the region's equities despite higher interest rates and energy prices. Matthew Gilman, head of European equity strategy at UBS Global Wealth Management's Chief Investment Office, said revenues are becoming a more important earnings driver alongside already well-established cost discipline, with currency effects shifting from a headwind to a tailwind. UBS forecasts 15% earnings growth in both 2026 and 2027 for the eurozone, citing September's strong global manufacturing PMIs and the German ifo survey as evidence of robust underlying demand. Gilman said investment in AI still appears more supply-constrained than financing-constrained, and that high energy prices reinforce the case for electrification and defense investment. UBS kept the eurozone at Attractive and favors IT, industrials, banks, Germany and health care within the region, while recommending a selective approach to consumer discretionary through its Luxury & Lifestyles theme.

Novartis agreed in September 2025 to acquire Tourmaline Bio, Inc. for approximately $1.4 billion, with the IL-6 inhibitor pacibekitug as the central strategic asset. Novartis described pacibekitug as Phase III-ready and positioned it as a complement to its cardiovascular portfolio, gaining access to its global cardiovascular infrastructure, development capabilities, payer relationships and launch expertise. The deal follows positive topline results from the Phase II TRANQUILITY trial reported by Tourmaline Bio in May 2025, in which monthly dosing at 15 mg produced an hs-CRP reduction of more than 85% and 50 mg quarterly dosing achieved a reduction of more than 86%, with all treatment arms reaching p< 0.0001 compared with placebo and adverse event rates comparable to placebo. Pacibekitug is an investigational, long-acting fully human IgG2 monoclonal antibody that selectively binds to and neutralizes IL-6 signaling, designed for low-volume subcutaneous administration with an extended half-life that may support quarterly dosing. Originally developed by Pfizer Inc. for autoimmune diseases including Crohn's Disease and Systemic Lupus Erythematosus, the asset has since been repositioned for atherosclerotic cardiovascular disease, Chronic Kidney Disease with elevated inflammation, Thyroid Eye Disease and other inflammatory conditions. A new ResearchAndMarkets.com report forecasts pacibekitug sales and market size through 2034 across the seven major markets of the United States, EU4, the United Kingdom and Japan, covering cardiovascular disorders, Graves ophthalmopathy, kidney disorders and abdominal aortic aneurysm.

Kuaishou Technology's Kling AI video platform has selected banks for a Hong Kong initial public offering that could raise at least $1 billion, Bloomberg News reported on Tuesday, citing people familiar with the matter. Kling is working with China International Capital Corp, Goldman Sachs and UBS Group on the potential share sale and is targeting a listing as soon as next year. Discussions remain ongoing and the size and timing of the offering could change. Kling, launched in 2024, raised $2.8 billion in July from investors including Alibaba Group, Tencent Holdings and Baidu, valuing the company at about $15 billion before the funding. Hong Kong-listed Kuaishou shares rose 3% to HK$30.38 by 03:57 GMT on Tuesday, as Chinese AI video platforms seek to capitalize on growing demand and a revival in Hong Kong IPO activity.

Novartis entered a licensing and option agreement with China-based Abogen Biosciences, giving the Swiss pharma giant exclusive worldwide rights to Abogen's lead candidate ABO2203 and options to license additional programs built on Abogen's proprietary RNA platform. Under the agreement, Abogen will receive an upfront payment of $575 million and is eligible to receive up to approximately $7.2 billion in potential milestone payments if all options covering additional programs are exercised and the specified development, regulatory and commercial milestones are achieved, plus royalties on future product sales. ABO2203 is an investigational messenger RNA-encoded CD19xCD3 T-cell engager being developed for autoimmune diseases, designed to reset B cells by directing endogenous production of T-cell engagers in vivo. The transaction remains subject to customary closing conditions, including required regulatory clearances. The deal comes as Novartis faces generic competition for Entresto and Promacta and back-to-back pipeline setbacks, including the late-stage failure of pelacarsen and the HARBOR study of del-desiran in myotonic dystrophy type 1.

J.P. Morgan on Monday added Givaudan to its Positive Catalyst Watch ahead of the company's Oct. 13 third-quarter results, expecting organic sales growth of 6.7%, above consensus of about 5%. The broker, which rates Givaudan overweight, said the results could prompt upward revisions to its 2026 and 2027 sales and margin forecasts, and it expects like-for-like sales growth of 5.0% in 2026 and 5.6% in 2027, versus consensus of 4.2% and 4.7%. For the third quarter, the bank forecasts organic sales growth of 6.7%, up from 4.3% in the second quarter, driven mainly by 6.2% volume growth, with pricing growth of 0.5% and a 2026 EBIT margin of 24.1%, slightly above consensus of 23.8%. J.P. Morgan expects 2026 earnings per share of CHF 135.1 and 2027 EPS of CHF 141.8, up from CHF 133 and CHF 139 in its forecasts a month ago, and it sees Givaudan as the fastest-growing company among its ingredients peers in the second half of 2026. Across the ingredients sector, the bank expects third-quarter like-for-like growth of 5.2%, forecasting 3.7% for Kerry and 4.8% for Symrise against 6.7% for Givaudan, while more broadly it expects European consumer staples companies to deliver upside surprises in third-quarter sales and profit forecasts.

Alliance Foundation Trials and Natera announced the launch of AFT-70 NAVIGATE, a global randomized phase III trial evaluating an MRD-guided treatment strategy for patients with intermediate and high-risk ER-positive/HER2-negative early breast cancer. The trial is sponsored and led by AFT, with collaboration and co-funding from Natera and Genentech, a member of the Roche Group. It pairs giredestrant, Genentech's investigational next-generation oral selective estrogen receptor degrader, with longitudinal Signatera Genome MRD monitoring to identify patients who may benefit from escalation with a CDK4/6 inhibitor. AFT expects to enroll more than 2,000 patients with stage II-III disease at approximately 200 sites across the U.S. and internationally, with the primary endpoint of non-inferiority in 4-year distant recurrence-free survival. Giredestrant was selected based on the phase III lidERA trial, which showed a statistically significant and clinically meaningful improvement in invasive disease-free survival versus standard endocrine monotherapy, while Signatera was chosen for its evidence in this setting and its Genome-based technology reporting analytical sensitivity below 1 ppm.

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%.

UBS said in a research report that global oil demand is likely to keep rising into the 2030s as population growth, urbanization and higher living standards in emerging markets offset slower fuel consumption from electric vehicles and efficiency gains. Global oil consumption reached a record 105 million barrels per day in 2025, equivalent to roughly 17 billion litres a day, or about two litres per person globally. UBS said transportation accounts for slightly more than half of demand, while petrochemicals, industry, buildings and power generation make up much of the remainder, with road transport alone accounting for less than half of global oil demand, passenger vehicles 27% and road freight 18%, aviation 7%, shipping 4%, rail and waterways 2%, petrochemicals 15% and other industrial uses 13%. The bank said India is increasingly positioned to take over from China as a major driver of global oil-demand growth, with India's oil consumption at about 0.6 litres per person per day versus around 1.9 litres in China, and it flagged significant growth potential in India, Indonesia, Pakistan and Nigeria as incomes rise and urbanization accelerates. UBS expects electric vehicles and improving fuel efficiency to eventually curb gasoline and diesel demand, with those fuels likely to peak sometime over the next decade, but said most growth is likely to come from sectors outside road transportation, particularly petrochemical feedstocks such as naphtha, liquefied petroleum gas and ethane, alongside rising jet-fuel consumption. The report also cautioned that oil consumption figures can be distorted in countries with large petrochemical industries or major transportation hubs, citing Singapore's exceptionally high per-capita consumption because of its role as a global marine-fuel bunkering centre and aviation hub.

Julius Baer said on Friday it would buy back up to 600 million Swiss francs of its own shares, as the Swiss wealth manager seeks to move past regulatory scrutiny and legacy issues that have weighed on the business. The board approved the buyback following regulatory approval and in light of the group's strong capital position, with the programme expected to start in the coming weeks and be completed within a year, subject to market conditions. The shares will be repurchased through a second trading line on the SIX Swiss Exchange. The bank also revised its capital distribution policy, keeping its dividend payout target at 40% to 60% of IFRS net profit attributable to shareholders and aiming for a progressive dividend per share barring exceptional circumstances, while maintaining its target common equity tier 1 capital ratio at 15%. The buyback follows Swiss regulator FINMA's conclusion earlier this week of a long-running enforcement case into the bank's risk management and anti-money-laundering controls, which found serious breaches linked to a private-debt exposure and relationships with two Russian politically exposed persons. Chairman Noel Quinn said management had made progress in addressing the legacy issues and maintained dialogue with regulators.

Simply Wall St reports that the fair value estimate for Julius Baer Gruppe has been raised to CHF 75.21 from CHF 72.94, following the closure of the FINMA enforcement case. Morgan Stanley moved Julius Baer to Equal Weight from Underweight and raised its target to CHF 81 from CHF 67, directly linking the shift to the end of FINMA enforcement, which it sees as an important reduction in perceived regulatory risk. JPMorgan and Citi both kept positive ratings while lifting their targets into the CHF high 70s to low 80s range, with JPMorgan at CHF 80, Citi at CHF 80.50 and Deutsche Bank at CHF 81. The updated model reduced the revenue growth assumption to 5.53% from 9.50%, adjusted the net profit margin to 27.59% from 26.85%, shifted the future P/E multiple to 14.78x from 14.48x, and changed the discount rate to 8.99% from 9.02%. The article also notes a CHF 130m savings target tied to cost efficiency and digital transformation efforts.

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.

WISeKey ADS reported a first-half GAAP loss of $0.87 per share on revenue of $11.43 million, up 116.1% year over year. Gross profit rose 192% to $5.5 million from $1.9 million in the first half of 2025, while gross margin expanded to approximately 48% from 35%. The company reaffirmed its fiscal 2026 outlook, expecting revenue growth of 50% to 100% year over year.

Roche announced that detailed results from the phase III evERA Breast Cancer study, showing investigational giredestrant plus everolimus significantly improved progression-free survival versus standard endocrine therapy plus everolimus, were published in The New England Journal of Medicine. In the ESR1-mutated population, median PFS was 10.0 months with the giredestrant combination compared with 5.5 months in the comparator arm, a stratified hazard ratio of 0.38, while in the intent-to-treat population median PFS was 8.8 months versus 5.5 months, a hazard ratio of 0.56, corresponding to a 44% reduction in the risk of disease progression or death in the ITT population and 62% in the ESR1-mutated population. Overall survival data were immature but showed a clear positive trend in both the ITT population, with a hazard ratio of 0.69, and the ESR1-mutated population, with a hazard ratio of 0.62, and adverse events were manageable with no unexpected safety findings, including no photopsia and low rates of bradycardia. Based on these data, the US Food and Drug Administration accepted Roche's New Drug Application for giredestrant in combination with everolimus for ER-positive, HER2-negative, ESR1-mutated locally advanced or metastatic breast cancer, with a decision expected by 18 December 2026, and also accepted a Priority Review NDA for giredestrant as adjuvant treatment in early breast cancer based on the lidERA results, with a Prescription Drug User Fee Act goal date of 30 November 2026. evERA was the first positive phase III readout for giredestrant, followed by the lidERA Breast Cancer study in the early-stage setting, and additional analyses presented at the 2026 American Society of Clinical Oncology Annual Meeting showed the combination prolongs PFS2 and chemotherapy-free survival compared with standard endocrine therapy.

Open USD launched on Ethereum, Solana, Coinbase's Base, and the Stripe-backed Tempo blockchain on September 23, 2026, eliminating minting and burning fees and sharing reserve revenue directly with distribution partners. The stablecoin's equity-for-usage model allocates the overwhelming majority of Open Standard's equity over the next four to five years tied to supply growth and transaction activity, with five founding partners — Coinbase, Mastercard, Shopify, Stripe, and Visa — each receiving an equal initial equity stake backed by $1 billion in committed liquidity. Partners have grown from 140 at the June announcement to over 200 at launch, including global banks UBS, DBS, and ANZ. Coinbase access opens October 1, bringing the largest US exchange into the distribution network, while the UK FCA crypto gateway opened for applications on September 30 and the US GENIUS Act remains stalled after missing its July 2026 deadline. OUSD enters a $300 billion market dominated by Tether and Circle, with Tempo's Dan Romero projecting $10 billion in volume during 2027 and potentially $100 billion over several years. Execution risks persist, as Samsung and other companies publicly disputed their participation following the June announcement, and managing over 200 entities from global banks to crypto-native protocols like Aave and Uniswap remains a logistical and political challenge.

Morgan Stanley upgraded Swiss private bank Julius Baer to equal-weight from underweight and raised its price target to CHF 81 from CHF 67 after Swiss regulator FINMA ended enforcement action against the bank over anti-money laundering breaches. Morgan Stanley said it was not moving to overweight as it does not expect client flows to improve in the second half of 2026 and sees 2027 as an investment year as Julius Baer transitions to a new core banking system. FINMA has relaxed measures restricting Julius Baer's entry into new business relationships with politically exposed persons from high-risk countries and has partially or fully lifted measures covering capital and liquidity, though the regulator will continue to require reporting on risk, error and compliance culture through 2032, and FINMA approval remains necessary for dividends and share buybacks. Morgan Stanley moved its valuation basis to 2028 earnings from 2027 and cut its cost of equity assumption to 10.5% from 11%, putting the new price target at 12 times estimated 2028 earnings. Underlying earnings per share are now forecast at CHF 6.05 for 2026, CHF 6.20 for 2027 and CHF 6.78 for 2028, compared with previous estimates of CHF 6.14, CHF 6.15 and CHF 6.90, respectively, while Morgan Stanley assumes CHF 100 million of buybacks for the remainder of 2026 and CHF 600 million annually in 2027 and 2028.

TIB MOLBIOL, a subsidiary of Roche Diagnostics, has launched the LightMix Newborn TREC/SMN1/HBB kit, an in vitro diagnostic test for newborn screening in countries accepting the CE mark. The test simultaneously screens for Spinal Muscular Atrophy, Severe Combined Immunodeficiency Disease, and Sickle Cell Disease, and provides private and academic hospital laboratories with a ready-to-use solution that integrates into existing workflows on established LightCycler systems. Marcus Droege, CEO of TIB MOLBIOL, said catching these diseases before symptoms appear is the difference between a child thriving or facing severe, lifelong disability, and that expanding the company's compliant newborn screening tools across Europe helps laboratories transition to high-precision solutions. Early diagnosis of SMA allows clinicians to immediately initiate targeted therapies that may halt severe nerve damage and prevent permanent disability, while early detection of SCD enables preventive penicillin and specialised immunisations that can drastically lower infant mortality, and early detection of SCID allows for lifesaving treatments such as bone marrow transplants before dangerous infections occur.