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Crinetics stock doubles as Vertex buys it for US$10bn
Crinetics Pharmaceuticals stock surged after it was acquired by Vertex Pharmaceuticals Incorporated for US$10 billion (A$14.4 billion) in one of the biotechnology sector's largest deals this year. Crinetics (NASDAQ: CRNX) shares doubled in after-hours trading to a record high of $84.20 after earlier closing down 20 cents (0.47%) at $42.03, capitalising the company at $4.43 billion (A$6.36 billion), before the acquisition was announced. The Boston-based drugmaker said it would pay $85 a share in cash for Crinetics, valuing the San Diego-based company at approximately $10 billion, or $8.8 billion net of estimated cash acquired. The transaction, which has been unanimously approved by the boards of both companies, is expected to close in the third quarter of 2026, subject to regulatory approvals and approval by Crinetics shareholders. With this deal Vertex Pharmaceuticals is expanding beyond its dominant cystic fibrosis franchise into rare endocrine diseases. "Crinetics is an excellent strategic fit for Vertex, with its focus on serious diseases in specialty markets with significant unmet need, well-understood causal human biology, and potentially best-in-class medicines that could deliver transformative benefit to pati
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GSK extends oncology push with Nuvalent acquisition
GSK plc has announced its largest acquisition in more than a decade with an agreement to buy U.S. cancer drug developer Nuvalent Inc for US$10.6 billion (A%15.1 billion). The British pharmaceutical giant said the all-cash transaction valued Boston-based Nuvalent at $124 per share, representing a 40% premium to the last closing price. Chief Executive Luke Miels said the acquisition was consistent with GSK’s strategy of pursuing medicines with validated targets that addressed shortcomings in treatments. The deal provides GSK with two late-stage lung cancer medicines under review by the United States Food and Drug Administration (FDA) which could reach the market this year, a third clinical-stage asset and a broader pipeline of targeted cancer therapies. "Today's acquisition is a multi-product deal," Miels said in a press release. "The two lead products are potential best-in-class assets that could launch this year if approved by the FDA and offer significant new treatment options to patients with two forms of non-small cell lung cancer." The purchase represents a strategic shift under Miels, who became CEO of GSK in January, with this deal exceeding the acquisition size expected by investors which had been in the $
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Eli Lilly beats with strong weight loss drug demand
Eli Lilly surged past revenue and earnings estimates last quarter on high demand for weight loss medications, and has lifted its full year outlook. Revenue was up 56% year-over-year to US$19.80 billion, above LSEG-compiled estimates of $17.62 billion. Earnings per share increased by 156% to $8.55, passing estimates of $6.66. "2026 is off to a strong start, we delivered 56% revenue growth in the first quarter and raised our full-year revenue guidance by $2 billion," said chair and CEO David A. Ricks. "A key milestone was the U.S. FDA approval of Foundayo—the only approved GLP-1 [weight loss] pill that can be taken any time of day, without food and water restrictions,” said Ricks. “We also delivered pipeline progress across all four therapeutic areas and continued investing in Lilly's future growth through four acquisitions.” The revenue increase was led by weight loss medications Mounjaro and Zepbound. Mounjaro revenue grew 125% to $8.66 billion, and Zepbound revenue rose 80% to $4.16 billion. Total volume rose by 65%. U.S. revenue was up 43% to $12.1 billion due to 49% volume growth, while international revenue climbed 81% to $7.7 billion on 95% volume growth. Operating income grew by 141% to $8.92 billion. Resea
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Cochlear plunges 40.4% as FY26 guidance slashed
Shares of Cochlear Limited plunged sharply on Wednesday after the company issued a significant downgrade to its earnings outlook, citing weaker demand and mounting cost pressures. The stock dropped as much as 40.4% by 2 pm AEST (4 am GMT), as investors reacted to a trading update that included a substantial reduction in full-year profit guidance and softer-than-expected implant demand across developed markets. In an ASX announcement, the company said: “Since January trading conditions for cochlear implants in developed markets have been softer than expected, with revenue flat for the quarter in constant currency (CC). "Near term surgical volumes have been affected by a combination of hospital capacity constraints and reduced referral activity from the hearing aid channel. Consumer sentiment has declined in key markets, reaching historic lows in the U.S. "The decline appears to be affecting discretionary healthcare decisions in the adults and seniors segment, adding to demand uncertainty in the near term.” Cochlear also highlighted several financial headwinds weighing on its outlook. “Taking into account the lower-than-expected sales, the potential for provisions for receivables required due to the Middle East con
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UnitedHealth beats estimates amid streamlining efforts
UnitedHealth Group beat earnings and revenue estimates last quarter amid efforts to streamline operations, and has raised its full-year outlook. Revenue was up 2% year-over-year to US$111.72 billion, above LSEG consensus estimates of $109.57 billion. Earnings were $7.23, up from $7.20 and passing estimates of $6.57. “We are continuing to help simplify and modernize health care for the people and care providers we serve, bringing greater value, affordability, transparency and connectivity,” said UnitedHealth CEO Stephen Hemsley. The company’s overhaul has included exiting non-U.S. businesses, it said, as well as simplifying and modernising through artificial intelligence and cybersecurity investments. It began these efforts in 2025’s second half. Its earnings from operations were $8.99 billion last quarter, down from $9.12 billion one year ago. UnitedHealthcare’s revenues rose 2% to $86.3 billion, with growth across all sub-segments. Earnings from operations increased 9% to $5.7 billion. Optum’s revenue dropped 0.2% during the quarter, while earnings from operations plummeted 15%. UnitedHealth completed the sale of Optum’s United Kingdom business during the quarter. The company’s full-year guidance includes adj

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Johnson & Johnson beats estimates despite Stelara drop
Johnson & Johnson surpassed estimates last quarter and has raised its full-year guidance, though sales for its autoimmune medication Stelara plunged. Revenue was up 9.9% year-over-year to US$24.06 billion, beating LSEG-compiled estimates of $23.6 billion. Adjusted earnings per share dipped 2.5% to $2.70, above estimates of $2.66. “Johnson & Johnson had a strong start to 2026 and is delivering on its promise for a year of accelerated growth and impact,” said chair and CEO Joaquin Duato. “The depth and strength of our portfolio and pipeline is unrivaled and our relentless focus on innovation delivered multiple game-changing approvals this quarter, including ICOTYDE in the U.S. for moderate to severe plaque psoriasis and VARIPULSE Pro in Europe. These advancements have the potential to transform patient outcomes and create sustainable, long-term value for shareholders.” United States sales increased 8.3% to $13.33 billion, and international sales grew 11.9% to $10.73 billion. Its Innovative Medicine segment’s revenue rose 11.2% to $15.43 billion, while MedTech revenue was up 7.7% to $8.64 billion. Growth in Innovative Medicine was largely due to oncology drugs like Darzalex and the acquisition of antipsychotic medic
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Gilead buys Tubulis for up to US$5bn as spree continues
Gilead Sciences, Inc. will buy Tubulis GmbH for up to US$5 billion (A$7.2 billion) in the latest acquisition aimed at filling its pipeline of cancer drugs. The United States-based biopharmaceutical company said it had entered into a definitive agreement to acquire the private Germany-based biotechnology company that develops next-generation antibody-drug conjugates (ADCs). Gilead will pay $3.15 billion in cash for the equity and up to $1.85 billion in contingent milestone payments in a transaction expected to close in the second quarter of 2026. The company said the acquisition significantly expanded its ADC capabilities by adding next-generation assets and platforms designed to more selectively deliver diverse payloads to tumours and maximise patient benefit. “The agreement to acquire Tubulis is a significant milestone in Gilead’s progress in oncology,” Gilead Sciences Chairman and Chief Executive Officer Daniel O’Day said in a news release. “The company brings a clinical-stage candidate that is a potential new treatment for ovarian cancer, as well as a next-generation ADC platform and a promising early pipeline.” The agreement followed a two-year collaboration with Tubulis, which had given Gilead a strong convi
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Eli Lilly opposes White House's new drug pricing laws
Eli Lilly CEO, Dave Ricks, said the company opposes the White House’s proposed “most favoured nation” pricing laws. The company is one of many companies that signed a deal with the Trump administration last year, agreeing to charge similar prices for prescription drugs in the U.S. as in other countries. The deal is expected to eventually increase the number of prescriptions but hurt sales. It also gave Eli Lilly a three-year exemption from tariffs. A concern expressed by Eli Lilly and other critics of the policy is that high U.S. prices are necessary to fund research and development of new drugs. “I think we see a lot of people who would rather reduce prices today and not worry about whether we have any new medicines tomorrow, not worry about whether America will have a robust drug industry and we’ll be able to do research in this country,” Ricks said. “And I worry about those things, so I don’t think that’s a great idea, and we’ve been pretty clear with the administration and the congressional leaders about that.” The development of new drugs can cost billions once regulatory hurdles and failed trials are taken into account. The U.S. also accounts for roughly 40% of the world’s global pharmaceutical revenue.
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Weight drug battle heats up as Eli Lilly gets FDA nod
The battle for control of the global weight loss market is about to intensify with the United States Food and Drug Administration (FDA) approving Eli Lilly and Company's weight-loss pill Foundayo. The decision means the United States-based pharmaceutical giant will go head-to-head with Danish rival Novo Nordisk for the millions of people seeking highly effective GLP-1 (glucagon-Like peptide-1) medicines. Eli Lilly said the once-daily pill would be available from direct-to-consumer platform LillyDirect, with prescriptions accepted immediately and shipping starting on 6 April 6, and from pharmacies and on telehealth platforms “shortly after”. The company will introduce Foundayo, the brand name for the drug orforglipron, only three months after Novo Nordisk’s Wegovy pill, setting the stage for the next battle between the rival drugmakers in the next frontier for GLP-1 drugs. Novo Nordisk was the first to market GLP-1 drugs with its injectable medicines, including Ozempic for diabetes and Wegovy for obesity, but Eli Lilly dominates that U.S. market and was first to market with pills through Wegovy. “It’s a big moment,” Eli Lilly Chief Executive Officer David Ricks was quoted as saying by CNBC. He told reporters the d