Core Insights - e.l.f. Beauty is capitalizing on economic constraints by maintaining affordability, with 75% of its products priced at $10 or less despite a recent $1 price increase [1][2] - The company reported a 14% increase in quarterly net sales to $343.9 million, slightly below analyst expectations [3] - e.l.f. Beauty forecasts fiscal 2026 revenue between $1.55 billion and $1.57 billion, indicating 18%–20% growth, although below analyst expectations of $1.65 billion [4] Financial Performance - Quarterly net sales rose to $343.9 million from $301.1 million a year earlier, reflecting a 14% increase [3] - Adjusted earnings per share reached $0.68, surpassing consensus estimates of $0.57 [4] Challenges and Strategies - The company anticipates over $50 million in additional annual costs due to higher U.S. tariffs, with the weighted average tariff rate increasing to about 60% from 25% [5] - To mitigate tariff impacts, e.l.f. Beauty is diversifying its supply chain, adjusting prices, and expanding internationally [6] Innovation and Growth - e.l.f. Beauty continues to innovate, with the recent acquisition of Hailey Bieber's Rhode brand for $800 million, contributing to its growth forecast [7] - Currently, only 20% of e.l.f. Beauty's sales come from international markets, indicating significant growth potential compared to competitors [8] Leadership and Vision - The company emphasizes agility and growth amidst volatility, with a focus on digital innovation and AI integration [9] - e.l.f. Beauty aims to become the No. 1 color cosmetics brand, maintaining a positive outlook despite external challenges [10]

Group 1 - Merck KGaA plans to issue approximately $4 billion in U.S. investment-grade bonds to finance the acquisition of SpringWorks Therapeutics [1] - The bond issuance will be divided into up to four tranches with maturities of three, five, seven, and ten years [1] - The proceeds from the bond issuance will be used to refinance the $3.9 billion temporary debt incurred from the acquisition [1] Group 2 - SpringWorks Therapeutics' core assets include two FDA-approved first-in-class drugs: OGSIVEO (nirogacestat) for treating adult progressive desmoid tumors and GOMEKLI (mirdametinib) for neurofibromatosis type 1-related plexiform neurofibromas [2] - OGSIVEO is the first systemic standard therapy for a condition that previously lacked effective medication, while GOMEKLI fills a decades-long gap in treatment options for patients aged two and above [2] - The acquisition allows Merck to enter the U.S. market, the largest pharmaceutical market globally, and leverage its commercial network to accelerate the drugs' entry into Europe and Asia [2]