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Veraxa Biotech AG Ordinary SharesVRXA
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Company announces strategic focus on BiTAC molecules as main value drivers with first candidate targeted by early 2028.
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United StatesPfizer Trades at 9.6 Times 2026 Earnings as Guidance Points to Decline
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.
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Biotech & Genomic Medicine › Oncology Therapeutics ▲Technology
Biotech & Genomic Medicine › Metabolic, Diabetes & Obesity ▲Technology
Biotech & Genomic Medicine › Antibody-Drug Conjugates (ADC) Technology
Aging Population › Chronic-Disease Pharma Franchises Technology
Biotech & Genomic Medicine › Immuno-Oncology / Checkpoint Technology
PFE · Capital · Negative Pfizer's 2026 EPS and revenue guidance point to a decline, with COVID-19 products falling to about $5 billion from $6.5 billion and loss-of-exclusivity headwinds of $1.5 billion.
PFE · Regulation · Positive Pfizer's settlements with generic manufacturers extend VYNDAMAX's effective U.S. patent expiry to June 1, 2031, delaying expected revenue decline.
PFE · Technology · Positive Pfizer reported positive Phase 2b data for berobenatide with ~16% weight loss and plans 10 Phase 3 obesity studies in 2026, alongside next-generation oncology programs.
ChinaUnited States▲2
Baili Tianheng's Izabren Combined with Radiotherapy for Head and Neck Squamous Cell Carcinoma Clinical Trial Approved by NMPA
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.
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Biotech & Genomic Medicine › Oncology Therapeutics ▲Regulation
Biotech & Genomic Medicine › Antibody-Drug Conjugates (ADC) ▲Regulation
688506.CG · Technology · Positive NMPA approved clinical trial of Baili Tianheng's first-in-class Izabren combined with radiotherapy for head and neck squamous cell carcinoma.
United States▲3
AbbVie Wins Two FDA Breakthrough Therapy Tags for Telisotuzumab Adizutecan
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.
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Biotech & Genomic Medicine › Oncology Therapeutics ▲Regulation
Biotech & Genomic Medicine › Antibody-Drug Conjugates (ADC) ▲Regulation
ABBV · Technology · Positive FDA granted two Breakthrough Therapy Designations for AbbVie's experimental telisotuzumab adizutecan in colorectal and NSCLC, advancing its ADC pipeline.
China
SwitzerlandUnited States▲4
MicuRx Pharmaceuticals and ClearideBio sign exclusive license and platform collaboration agreement for MRX-23, with total milestone payment cap of 750 million US dollars
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.
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Biotech & Genomic Medicine › Antibody-Drug Conjugates (ADC) ▲Technology
Biotech & Genomic Medicine › Oncology Therapeutics ▲Technology
688373.CG · Capital · Positive MicuRx signs exclusive license and platform collaboration for MRX-23 with up to $750M in milestone payments, including $1M upfront.
ClearideBio Therapeutics AG · Capital · Positive ClearideBio secures worldwide exclusive license to MRX-23 and options on MicuRx's STOPIN ADC platform under the collaboration.
United StatesChina▲
Pfizer Oncology Sales Seen Rising on Padcev, Lorbrena Ahead of Q3 Results
Pfizer is expected to report higher oncology sales in the third quarter of 2026, driven by key drugs Padcev, Lorbrena and the Braftovi-Mektovi combination, which should offset declining sales of Ibrance and Adcetris. Oncology comprises around 27% of Pfizer's total revenues, and in the second quarter of 2026 oncology revenues increased 3% to $4.17 billion, with 2% operational growth. The Zacks Consensus Estimate for Padcev is $692 million, while that for Ibrance is $1.01 billion. Pfizer, which markets six cancer biosimilars, is also expected to provide updates on key oncology candidates on its third-quarter conference call, including atirmociclib, sasanlimab and sigvotatug vedotin, as well as PF-08634404, a dual PD-1/VEGF inhibitor in-licensed from Chinese biotech 3SBio in 2025 for which Pfizer has initiated nine studies, including two pivotal phase III trials. Pfizer will announce its third-quarter results on Nov. 3.
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Biotech & Genomic Medicine › Oncology Therapeutics ▲Demand
Biotech & Genomic Medicine › Antibody-Drug Conjugates (ADC) ▲Demand
Biotech & Genomic Medicine › Immuno-Oncology / Checkpoint ▲Demand
PFE · Demand · Positive Expected higher oncology sales in Q3 driven by Padcev, Lorbrena and Braftovi-Mektovi offsetting declines in Ibrance and Adcetris.
1530.HK · Demand · Positive Pfizer in-licensed PF-08634404 from 3SBio and has initiated nine studies including two pivotal phase III trials, implying milestone/royalty potential for 3SBio.
Hong Kong SAR ChinaUnited States▲
InnoCare Pharma Signs Eli Lilly License Deal for Up to Five Drug Targets
InnoCare Pharma announced a research collaboration and license agreement with Eli Lilly to pursue up to five drug targets addressing critical unmet medical needs. The deal headlines arrive after a weaker patch for the company's shares, with the 7 day share price return down 8.65% and the 30 day share price return down 8.72%, though the year to date share price return is 8.08% and the 3 year total shareholder return is 119.32%. Against InnoCare Pharma's last close of HK$13.51, the most followed narrative anchors fair value at HK$19.62, framing the shares as 31% undervalued under a 7.25% discount rate. The company's pipeline includes late-stage drugs tafasitamab and zurletrectinib, and it is introducing an ADC platform intended to open new revenue streams. Still, the story leans heavily on a few key drugs and rising R&D spending, and the current P/E of 21.4x sits above a fair ratio of 9.8x but below a Hong Kong biotech average of 18.4x.
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Biotech & Genomic Medicine › Oncology Therapeutics ▲Technology
Biotech & Genomic Medicine › Antibody-Drug Conjugates (ADC) ▲Technology
688428.CG · Demand · Positive InnoCare signs a research collaboration and license agreement with Eli Lilly covering up to five drug targets, a concrete pipeline/partnering win.
LLY · Demand · Neutral Eli Lilly is the licensing partner in the up-to-five-target research collaboration, but the deal's terms and benefit to Lilly are not detailed.