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Good morning, all. Damian here with a glimpse at the next big thing in Alzheimer’s disease, Pfizer’s future in treating obesity, and the downstream effects of a biotech slump.
The need-to-know this morning
• Merck reported third-quarter adjusted earnings of $2.13 per share, or 9% ahead of analyst consensus. Revenue in the quarter was $16 billion, led by sales of the cancer immunotherapy Keytruda, which grew 17% to $6.3 billion.
• Bristol Myers Squibb reported third-quarter adjusted earnings of $2 per share, or 14% ahead of analyst consensus. Revenue in the quarter totaled $11 billion, down 2% year over year but in line with consensus. The company raised its earnings forecast for the rest of the year but reaffirmed revenue down “low single digits.” • It also offered a less-confident, long-range forecast for new product sales — lowering guidance to “more than” $10 billion in 2026 from $10-13 billion in 2025.
• Bristol’s earnings report will also be the last for CEO Giovanni Caforio, who is retiring in November. Farewell, Giovanni!
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