AbbVie to Present Phase 3 Etentamig Results at 2026 IMS Meeting

Moderna, Inc. was added back to the Nasdaq-100 index and announced that former manufacturing leader Juan Andres would return as Chief Operating Officer to oversee scaling for its personalized cancer vaccine candidate, intismeran autogene, following positive Phase 3 melanoma results. The COO appointment is the announcement most tied to Moderna's evolving story around intismeran autogene, with Andres's remit to oversee manufacturing and execution coming just as the cancer vaccine moves from promising Phase 3 data toward potential launch. Moderna's narrative projects $4.5 billion revenue and $780.4 million earnings by 2029, yielding a $122.67 fair value that implies a 45% downside to its current price. Some bullish analysts were already assuming revenue could reach about US$8.8 billion with positive earnings by 2029, far more optimistic than consensus. The combination of index inclusion and operational leadership focused on oncology suggests Moderna is entering a new phase of portfolio diversification beyond its initial COVID-19 vaccine focus, though the company remains unprofitable and core clinical and execution risks persist.

Pfizer is trading at roughly 9.6 times the midpoint of its 2026 adjusted diluted EPS guidance range of $2.80 to $3.00, a discount that reflects expected earnings decline rather than a straightforward bargain. The 2026 EPS midpoint sits below the $3.075 midpoint of Pfizer's 2025 guidance, and the company expects 2026 revenue of $59.5 billion to $62.5 billion against approximately $62 billion in 2025 guidance, with COVID-19 products falling to about $5 billion from approximately $6.5 billion and loss-of-exclusivity products creating another $1.5 billion revenue headwind. Excluding COVID products and products facing loss of exclusivity, Pfizer expects approximately 4% operational revenue growth at the midpoint, suggesting a business in transition rather than one losing its ability to grow. On the pipeline side, Pfizer reported Phase 2b data in June for berobenatide, its investigational monthly GLP-1 receptor agonist, showing almost 16% non-placebo-adjusted weight loss at 32 weeks at the 2.4 mg weekly dose, and plans 10 Phase 3 studies in 2026 within a program of more than 20 obesity trials, while also highlighting next-generation oncology programs including a PD-1/VEGF bispecific antibody, an antibody-drug conjugate and a next-generation CDK4 inhibitor at ASCO 2026. Pfizer also reached settlements with generic manufacturers extending VYNDAMAX's effective U.S. patent expiry to June 1, 2031, versus a previous expectation of significant U.S. revenue decline beginning in 2029, and now expects VYNDAMAX revenue to remain relatively stable from 2028 through mid-2031, subject to other litigation, with 2026 adjusted R&D spending guided to $10.5 billion to $11.5 billion.

Moderna's fair value estimate has been lifted from US$119.56 to US$122.67 per share, according to updated modelling tied to analyst revisions on its intismeran cancer vaccine program. The change follows Phase 3 INTerpath-001 melanoma data that prompted target lifts or upgrades from BofA, Goldman Sachs, UBS, Barclays, RBC Capital and Morgan Stanley, with BofA setting a US$200 target and a Neutral rating and calling the readout a watershed moment for Moderna. William Blair moved to Outperform and Wolfe Research called the melanoma result de-risking for the broader intismeran platform, while RBC Capital described the data as a massive scientific breakthrough. On the bearish side, Citi and Rothschild & Co Redburn moved to Sell even as they raised targets to US$80 and US$81 respectively, citing questions on oncology revenue expectations and limited disclosure around efficacy metrics such as hazard ratios. The updated model also shifted the revenue growth assumption from 26.74% to 26.75%, the net profit margin from 17.25% to 17.20%, the future P/E from 80.90x to 83.10x, and the discount rate from 7.50% to 7.46%.

Baili Tianheng announced on October 11 that the company recently received the official approval of the Drug Clinical Trial Approval Notice from the National Medical Products Administration. Its self-developed, first-in-class drug Izabren (luncombe izabren, BL-B01D1/iza-bren) combined with radiotherapy for the treatment of locally advanced unresectable head and neck squamous cell carcinoma and other solid tumors has been approved for clinical trials. The announcement stated that Izabren is the world's first and only approved EGFR×HER3 bispecific antibody-drug conjugate, and has currently initiated more than 45 clinical trials for multiple tumor types in China and the United States, including 20 Phase III clinical studies (including Phase II/III). Izabren has 9 indications included in the National Medical Products Administration's Center for Drug Evaluation breakthrough therapy designation list, 2 indications included in the priority review designation list, and some indications have also received marketing approval from the National Medical Products Administration. In mid-2026, Baili Tianheng achieved revenue of 0.0 yuan and a net loss attributable to the parent company of 1.637 billion yuan.

AbbVie received two FDA Breakthrough Therapy Designations for its experimental cancer drug telisotuzumab adizutecan in colorectal cancer and non small cell lung cancer. The designations apply to biomarker defined patient groups in those two large solid tumor indications, and they mark the first Breakthrough Therapy status for telisotuzumab adizutecan, which sits in AbbVie's antibody drug conjugate pipeline. Colorectal cancer and non small cell lung cancer together affect more than four million people worldwide each year, and the focus on biomarker defined groups, including c Met protein expressing NSCLC, points to narrower patient pools but potentially higher value treatment settings. The designations support the view that AbbVie needs its pipeline to replace aging blockbusters such as Humira and Imbruvica, with telisotuzumab adizutecan complementing oncology assets like etentamig. The next signpost is how the ongoing Phase 3 and Phase 2/3 telisotuzumab adizutecan studies progress and when AbbVie moves toward regulatory filings in colorectal cancer and non small cell lung cancer, building on the first in human M21 404 data.