Group 1 - Asian AI-linked companies' shares declined, influenced by falling U.S. peers and investor concerns over high valuations in crowded trades [1] - SoftBank's shares dropped by 10%, while Advantest's shares fell over 8% [1] - Palantir's shares decreased by approximately 8% despite exceeding third-quarter expectations, reflecting negative sentiment towards high valuations in the AI sector [2]

Financial Performance - Total revenues for Q3 2025 reached $9,557 million, a 12.4% increase from $8,503 million in Q3 2024[17] - Product sales increased to $9,137 million in Q3 2025, up 12.1% from $8,151 million in Q3 2024[17] - Net income for Q3 2025 was $3,216 million, representing a 13.6% increase compared to $2,830 million in Q3 2024[18] - Earnings per share (EPS) for Q3 2025 were $5.98 (basic) and $5.93 (diluted), compared to $5.27 and $5.22 in Q3 2024, reflecting increases of 13.5% and 13.6% respectively[17] - Comprehensive income for Q3 2025 was $3,338 million, compared to $2,649 million in Q3 2024, marking an increase of 26.0%[18] - Net income for the nine months ended September 30, 2025, was $6,378 million, a significant increase from $3,463 million in the same period of 2024, representing an 84.5% growth[43] - Total revenues for the nine months ended September 30, 2025, reached $26,885 million, up from $24,338 million in 2024, reflecting a 10.5% increase[43] Research and Development - Research and development expenses rose to $1,900 million in Q3 2025, a 31.0% increase from $1,450 million in Q3 2024[17] - Research and development expenses for the nine months ended September 30, 2025, totaled $5,130 million, an increase from $4,240 million in 2024, representing a 21.0% rise[43] - The company expects to continue to grow its spending on Later-Stage Clinical Programs as it advances its pipeline[197] Cash and Assets - Total assets as of September 30, 2025, were $90,141 million, a slight decrease from $91,839 million at the end of 2024[21] - Cash and cash equivalents decreased to $9,445 million from $11,973 million at the end of 2024[21] - Cash and cash equivalents at the end of the period were $9,445 million, up from $9,011 million at the end of the same period in 2024[27] Debt and Liabilities - Long-term debt decreased to $52,434 million from $56,549 million at the end of 2024, indicating a reduction in leverage[21] - Total principal amount of debt as of September 30, 2025, is $56.039 billion, down from $61.778 billion as of December 31, 2024[81] - Total carrying value of debt is $54.587 billion as of September 30, 2025, compared to $60.099 billion as of December 31, 2024[81] - Debt repayments for the three months ended September 30, 2025, totaled $1.5 billion, a decrease from $2.2 billion in the same period of 2024[83] - During the nine months ended September 30, 2025, debt repayments amounted to $5.0 billion, up from $3.6 billion in the same period of 2024[83] Dividends - The company declared dividends of $2.38 per share in Q3 2025, totaling $1,308 million[23] - Dividends paid during the nine months ended September 30, 2025, were $3,841 million, compared to $3,627 million in 2024, reflecting a 5.9% increase[27] - Quarterly cash dividends of $2.38 per share were declared in August 2025, March 2025, and December 2024, with the next payment scheduled for December 2025[88] Product Sales and Revenue Growth - Total product sales increased by 12% and 11% for the three and nine months ended September 30, 2025, respectively, driven by volume growth of 14% for both periods[153] - U.S. product sales reached $6,751 million for the three months ended September 30, 2025, up 13% from $5,979 million in 2024[152] - Prolia generated $1,139 million in revenue for the three months ended September 30, 2025, up from $1,045 million in 2024, reflecting a growth of 9.0%[45] - Repatha's revenue for the three months ended September 30, 2025, was $794 million, compared to $567 million in 2024, marking a significant increase of 40.1%[45] Legal and Regulatory Matters - The company has reached confidential settlement agreements regarding patent litigation with Samsung and Biocon, allowing them to launch their biosimilar products in the U.S.[122][126] - The company is involved in various legal proceedings and government investigations, which may have material adverse effects on its consolidated results of operations, financial position, or cash flows[118] - The FDA broadened the approved use of Repatha to include adults at increased risk for major adverse cardiovascular events due to uncontrolled low-density lipoprotein cholesterol[148] Economic and Market Conditions - Uncertain macroeconomic conditions, including inflation and rising healthcare costs, continue to pose challenges to Amgen's business[144] - The IRA and 340B Program are expected to negatively affect Amgen's business, with ENBREL and Otezla selected for Medicare price setting beginning in 2026 and 2027, respectively[145]

Market Overview - The market is experiencing poor breadth, with concerns about high valuations, particularly in tech and AI-related stocks [2][4] - Liquidity is decreasing in the market, contributing to profit-taking across various sectors, especially in technology [2][3] Valuation Metrics - The S&P 500 is trading at 23 times forward earnings estimates, above its 5-year average of 20 times, while the NASDAQ 100 is at 28 times compared to 19 times in 2022 [6] - An equal-weighted S&P 500 index is trading at a more than 25% discount to the standard S&P 500 index, indicating potential for rotation if market conditions change [7] Sector Performance - Consumer cyclicals are under scrutiny, with the potential for them to benefit from market rotation, but they need to demonstrate stronger performance [8] - Industrial sectors have shown flat performance over the past 10 to 11 months, indicating a lack of clear leadership in the market [9] Earnings Reports - Amgen reported a 12% growth in product sales, driven by a 14% increase in volume, although offset by a 4% decrease in net selling price [11] - The company raised its full-year revenue and EPS guidance, reflecting positive performance despite initial stock fluctuations [11] Small Cap Stocks - Small-cap stocks have not participated in the recent tech-driven market rally and are more exposed to temporary disruptions from business shutdowns [12][14] - Since October, larger market-cap stocks have outperformed smaller-cap stocks across most sectors, indicating a divergence in performance based on market capitalization [14]

Amgen (AMGN) came out with quarterly earnings of $5.64 per share, beating the Zacks Consensus Estimate of $5 per share. This compares to earnings of $5.58 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +12.80%. A quarter ago, it was expected that this world's largest biotech drugmaker would post earnings of $5.26 per share when it actually produced earnings of $6.02, delivering a surprise of +14.45%.Over the last four quarter ...

Financial Data and Key Metrics Changes - Revenues increased by 12% year over year to $9.6 billion, driven by strong performance across key growth drivers [12][20] - Non-GAAP operating margin was reported at 47%, reflecting significant investments across the business [12][15] - Free cash flow generated in the third quarter was $4.2 billion, indicating operational momentum [15] Business Line Data and Key Metrics Changes - Repatha sales reached $794 million, up 40% year over year, now annualizing at approximately $3 billion [20] - EVENITY delivered $541 million in sales, a 36% increase year over year, with U.S. sales growing 44% [23] - The rare disease portfolio grew 13% year over year to $1.4 billion, with Uplizna sales increasing 46% to $155 million [25] - Tezspire sales rose 40% year over year to $377 million, achieving over $1 billion in sales year to date [27] - The oncology portfolio generated $2.3 billion in sales, growing 9% year over year [29] Market Data and Key Metrics Changes - The biosimilar portfolio saw sales increase by 52% year over year to $775 million, now annualizing at $3 billion [30] - Prolia sales increased by 9% year over year to $1.1 billion, although future quarters may see increased competition negatively impacting sales [24] Company Strategy and Development Direction - The company is focused on expanding access to medicines through initiatives like AmgenNow, which offers Repatha at a significantly reduced price [5][23] - Continued investment in manufacturing with over $3 billion planned for the U.S. in 2025, building on over $40 billion invested since 2017 [7][12] - The company aims to drive innovation in areas of high unmet medical need while maintaining rigorous financial discipline [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining long-term growth, supported by a broad base of innovative medicines [4][11] - The company raised its 2025 guidance for total revenues to a range of $35.8 billion to $36.6 billion and non-GAAP earnings per share to between $20.60 and $21.40 [17] - Management highlighted the importance of the VESALIUS-CV study results for Repatha, which demonstrated significant cardiovascular event reduction [61][62] Other Important Information - The company is actively engaging with policymakers to support policies that improve access and protect innovation [10] - The anticipated approval of Uplizna for generalized myasthenia gravis is expected to expand its patient base significantly [36] Q&A Session Summary Question: Confidence in Olpasiran and Business Development Approach - Management expressed strong confidence in Olpasiran's potential, emphasizing its best-in-class properties and the importance of the Ocean A study [46][47] - The return to pre-Horizon debt levels does not significantly impact the company's business development strategy, which remains focused on earlier-stage opportunities [49] Question: 2026 Guidance and R&D Expenses - Management discussed key growth drivers and the focus on maintaining industry-leading margins while investing in R&D [52][53] - R&D expenses are expected to stabilize after a significant increase, with ongoing investments in late-stage programs [54] Question: VESALIUS-CV Results Impact - The VESALIUS-CV results are anticipated to significantly enhance Repatha's market opportunity, with a focus on improving cardiovascular care [59][60] - Management highlighted the importance of these results in promoting Repatha as a solution for primary prevention of cardiovascular events [62][64] Question: New Biosimilar Guidance Impact - The company does not foresee a change in its strategic focus on biosimilars despite new FDA guidance, maintaining confidence in its competitive position [66][67] - Management believes the biosimilar market is performing well and is committed to ensuring continued access to important medicines [69][70]

Financial Data and Key Metrics Changes - Revenues increased by 12% year over year to $9.6 billion, driven by strong performance across key growth drivers [12][20] - Non-GAAP operating margin was reported at 47%, reflecting significant investments across the business [12][15] - Free cash flow generated in the third quarter was $4.2 billion, indicating operational momentum [15] Business Line Data and Key Metrics Changes - Repatha sales reached $794 million, up 40% year over year, now annualizing at approximately $3 billion [20] - Evenity delivered $541 million in sales, a 36% increase year over year, with a 44% growth in the U.S. [22] - The rare disease portfolio grew 13% year over year to $1.4 billion, now annualizing at over $5 billion [24] - Oncology portfolio generated $2.3 billion in sales, growing 9% year over year [27] Market Data and Key Metrics Changes - The biosimilar portfolio saw sales increase by 52% year over year to $775 million, now annualizing at $3 billion [28] - Uplizna sales increased 46% year over year to $155 million, with significant uptake among rheumatologists [24] Company Strategy and Development Direction - The company is focused on expanding access to medicines through initiatives like Amgen Now, which offers Repatha at a significantly reduced price [5][22] - Continued investment in manufacturing with over $3 billion planned for the U.S. in 2025, building on over $40 billion since 2017 [7][12] - The company aims to drive innovation in areas of high unmet medical need while maintaining rigorous financial discipline [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining long-term growth, supported by a broad base of innovative medicines [4][11] - The company raised its 2025 guidance for total revenues to a range of $35.8-$36.6 billion and non-GAAP earnings per share between $20.60 and $21.40 [17] - Management highlighted the importance of the Vesalius CV study results for Repatha, which demonstrated significant cardiovascular event reduction [58][60] Other Important Information - The company is actively engaging with policymakers to support policies that improve access and protect innovation [10] - The launch of Uplizna in new indications is anticipated, with a PDUFA date set for December 14, 2025 [33] Q&A Session Summary Question: Confidence in Olpasiran and Business Development Approach - Management remains confident in Olpasiran's potential, citing strong genetic and epidemiological data supporting its efficacy [44] - The return to pre-Horizon debt levels does not significantly impact the company's business development strategy, which remains focused on earlier-stage opportunities [45][46] Question: 2026 Guidance and R&D Expenses - Key growth drivers will influence the top line, with a focus on maintaining industry-leading margins while investing in R&D [50][52] - R&D expenses are expected to stabilize after a significant increase over the past year, with ongoing investments in late-stage programs [51] Question: Vesalius CV Results Impact - The Vesalius CV study is expected to significantly enhance Repatha's market opportunity, with a focus on improving cardiovascular care [58][60] - Management emphasized the importance of the study's findings for primary care physicians and the broader healthcare community [61] Question: New Biosimilar Guidance Impact - The new FDA biosimilar guidance does not change the company's strategic focus on biosimilars, which continue to be a strong growth area [65] - The company is well-positioned to adapt to any new regulatory requirements while maintaining competitiveness in the biosimilar market [66][67]

Financial Data and Key Metrics Changes - Revenues increased by 12% year over year to $9.6 billion, driven by strong performance across key growth drivers [10][18] - Non-GAAP operating margin was reported at 47%, reflecting significant investments across the business [11] - Free cash flow generated in the third quarter was $4.2 billion, indicating operational momentum [12] Business Line Data and Key Metrics Changes - Repatha sales reached $794 million, up 40% year over year, now annualizing at approximately $3 billion [18] - Evenity delivered $541 million in sales, a 36% increase year over year, with a 44% growth in the U.S. [20] - The rare disease portfolio grew 13% year over year to $1.4 billion, with Uplizna sales increasing 46% to $155 million [23] - Tezspire sales rose 40% year over year to $377 million, achieving over $1 billion in sales year to date [25] - The oncology portfolio generated $2.3 billion in sales, growing 9% year over year [26] Market Data and Key Metrics Changes - The biosimilar portfolio saw sales increase by 52% year over year to $775 million, now annualizing at $3 billion [27] - Evenity holds over 60% market share in the U.S. bone builder segment, with significant untapped potential [21] - Repatha is now accessible to over 95% of insured patients in the U.S., with most paying less than $50 out of pocket [19] Company Strategy and Development Direction - The company is focused on expanding access to medicines through initiatives like Amgen Now, which offers Repatha at a significantly reduced price [20] - Continued investment in manufacturing with over $3 billion planned for the U.S. in 2025, building on over $40 billion since 2017 [5] - The company aims to drive innovation in areas of high unmet medical need while maintaining rigorous financial discipline [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining long-term growth, supported by a broad base of innovative medicines [3] - The company raised its 2025 revenue guidance to a range of $35.8-$36.6 billion and non-GAAP earnings per share to between $20.60 and $21.40 [15] - Management highlighted the importance of the Vesalius CV study results for Repatha, which could significantly impact cardiovascular care [57][59] Other Important Information - The company plans to continue leveraging AI across various stages of the value chain to enhance productivity [12] - Capital expenditures for 2025 are expected to be approximately $2.2-$2.3 billion, focusing on expanding network capacity [13] Q&A Session Summary Question: Confidence in Olpasiran and Business Development Approach - Management remains confident in Olpasiran's potential, emphasizing its best-in-class properties and the importance of the Ocean A study [42][43] - The return to pre-Horizon debt levels does not significantly alter the company's approach to business development, which remains focused on earlier-stage opportunities [44] Question: 2026 Guidance and R&D Expenses - Management discussed key growth drivers and the focus on maintaining industry-leading margins while investing in R&D [46][49] - R&D expenses are expected to stabilize after a significant increase, with ongoing investments in late-stage programs [50][51] Question: Vesalius CV Results Impact - The Vesalius CV study is anticipated to enhance Repatha's market opportunity, with management highlighting its significance in preventing first cardiovascular events [54][57] - The study's results will be shared at the upcoming AHA meeting, emphasizing the need for improved cardiovascular care [59][60] Question: New Biosimilar Guidance Impact - The company does not foresee a change in its strategic focus on biosimilars, viewing the market as performing well despite new guidance [63][66] - Management remains committed to competing effectively in the biosimilar space, regardless of regulatory changes [64][65]

Group 1: Magnum Ice Cream Co (MICC) Demerger and Listing - Magnum Ice Cream Co (MICC) is preparing for a triple listing on the London Stock Exchange, New York Stock Exchange, and Euronext Amsterdam, following its demerger from Unilever, expected in mid-November 2025 [1][2] - The demerger process is projected to incur costs of €800 million, with approximately 55% of these costs already incurred [1] - Unilever will retain a minority stake of less than 20% in Magnum for up to five years, which will be sold to cover separation costs and maintain capital flexibility [2] - Magnum reported €7.9 billion in revenue and €1.3 billion in adjusted EBITDA for 2024, holding an approximate 21% global retail market share [2] - The company has established a stable dividend policy, targeting a payout ratio of 40-60% of adjusted net income, with the first dividend expected in the first half of 2027 [2] Group 2: Corporate Earnings - Amgen (AMGN) reported a 12.4% year-on-year increase in sales to $9.56 billion, driven by strong performance from new inflammation drugs and cholesterol therapy Repatha [7] - Following its strong performance, Amgen raised its full-year profit and revenue guidance, with adjusted EPS now expected between $20.60 and $21.40 and revenue between $35.8 billion and $36.6 billion [7] - Super Micro Computer (SMCI) issued a weak profit forecast for the current quarter, adjusting its first-quarter fiscal 2026 revenue estimate to approximately $5 billion, down from $6-$7 billion [8] - Despite the short-term setback, Super Micro maintained its full-year revenue forecast of at least $33 billion, citing strong AI demand and a $12 billion backlog of new orders [8] - AMD (AMD) beat its Q3 expectations with revenues of $9.25 billion and adjusted EPS of $1.20, but its Q4 outlook did not meet investor expectations [8] Group 3: Canada's Financial Sector Reforms - Canada's government is targeting competition within its financial sector by tackling fees, simplifying the process for consumers to switch banks, and reducing regulatory burdens for smaller lenders [9] - The initiative includes prohibiting investment and registered account transfer fees, which currently cost Canadians an average of $150 per account [9] - The government plans to increase the amount of immediately available deposited cheque funds to $150 from $100 [9] Group 4: Economic Indicators - New Zealand's unemployment rate for Q3 rose to 5.3%, with no employment growth quarter-over-quarter and a year-over-year decline of -0.6% [11] - In the United States, API crude oil inventories surged by 6.5 million barrels, significantly exceeding forecasts that anticipated a draw of 2.4 million barrels [12]

Market Overview - U.S. equities faced a significant downturn on November 4, 2025, with all three major indexes closing in the red, particularly the tech-heavy Nasdaq Composite, which led the declines [1][2] - The S&P 500 fell 1.2% to 6,771 points, while the Dow Jones Industrial Average decreased by 0.5% or approximately 238 points to 47,085, and the Nasdaq Composite dropped 2% to 23,348 [2] - The Cboe Volatility Index (VIX) surged 10% to 18.9, indicating increased investor apprehension amid concerns over valuations and a potential market correction [2] Economic Data and Events - The ongoing U.S. government shutdown is delaying key economic data releases, increasing focus on private sector data [3] - The ADP employment report is anticipated, which may provide insights into hiring trends following a dip in September [3] - The ISM Manufacturing PMI declined to 48.7 in October from 49.1 in September, marking the eighth consecutive month of contraction [4] Corporate Developments - Palantir Technologies (PLTR) saw a significant decline of 7.9% despite surpassing analysts' forecasts for sales and profit, raising concerns over high valuations [5] - Nvidia (NVDA) fell 4%, and Microsoft (MSFT) dipped 1%, reflecting growing concerns about the sustainability of the AI rally [5] - Uber Technologies (UBER) slumped 6.3% despite reporting better-than-expected financial results [5] - Yum! Brands (YUM) rose 6.1% after announcing strong quarterly results and considering selling its Pizza Hut unit [5] - Kinross Gold Corporation (KGC) reported robust third-quarter results, including record free cash flow and an increase in share buyback target and dividend [6] Earnings Announcements - Advanced Micro Devices, Inc. (AMD) is expected to report a 27.63% year-over-year increase in earnings per share [10] - Arista Networks, Inc. (ANET) is forecasted to see a 14.04% increase in earnings per share [10] - Axon Enterprise, Inc. (AXON) plunged 20% in after-hours trading following a Q3 earnings miss [10] - Digital Turbine (APPS) surged 22% in after-hours trading after reporting its FY 2026 Q2 earnings [10]

The biotechnology company reported a profit of $3.22 billion thanks to a 12% rise in product sales. ...