Pfizer – U.S. drug pricing deal boosts EU drugmakers

 Shares in the UK's biggest drug companies led the way on Wednesday, following news overnight that the US government had agreed its first deal on "most favoured nation" drug pricing with Pfizer.

Topping the FTSE 100, AstraZeneca PLC (LSE:AZN, NASDAQ:AZN) shares leapt 6% in early morning trading, followed by Hikma Pharmaceuticals PLC (LSE:HIK, OTC:HKMPF) at just under 5%, while GSK PLC (LSE:GSK, NYSE:GSK) rose 2.1% as analysts said it had slightly more exposure to Medicaid price discounts.

In an announcement from the White House, President Trump said Pfizer was the first pharma company to start offering "major discounts" to US customers on most of its prescription drugs.

The US company said it had been given a three-year "grace period" during which time its products will not face tariffs, provided it provides these discounts and ups investment in US manufacturing.

Pfizer said it would offer a "large majority" of its primary care and some select speciality medications at discounts of up to 85%, averaging around 50%.

The agreement "provides certainty from tariffs and clarity on pricing framework that furthers Pfizer’s ability to expand investment in US-based innovation and return manufacturing to the US," it said. 

Trump said talks were underway with other big pharma companies, which may face an additional 5-8% tariff if no trade agreements are reached.

Last night, shares in Pfizer rose 6.8% and the news seemed to provide a shot in the arm for the rest of the sector, with gains above 3% for Merck & Co, Eli Lilly, AbbVie and Amgen.

There's lots of analyst commentary on the Trump administration's Pfizer deal on 'most favoured nation' (MFN) pricing from last night. 

Analysts at JPMorgan said they see the agreement on MFN as "likely to be replicated by EU pharma companies" and should result in a "broadly manageable impact".

With Pfizer agreeing to MFN prices on almost all of their portfolio through the Medicaid channel, in line with President Trump’s request
in July, JPMorgan said Medicaid exposure is "relatively modest" for EU pharma companies.

AstraZeneca was calculated to have 5% of sales with Medicaid exposure, in line with other European giants like Novartis, Roche and Novo Nordisk, while GSK has a higher exposure of around 10-15% due to its HIV drugs.

With Medicaid net prices typically around 20-30% higher than the EU, adoption of MFN pricing for Medicaid by EU pharma is estimated to result in an average 1% negative impact on group sales and a 2% hit to group earnings, before any potential cost mitigation measures, the analysts said.

For new drug launches, Pfizer committed to pricing new drugs in the US in-line with MFN countries, which JPMorgan sees as "broadly manageable for EU Pharma if agreed to".

https://www.proactiveinvestors.co.uk/companies/news/1079490/astrazeneca-and-other-uk-pharma-boosted-by-trump-s-first-drug-discount-deal-with-pfizer-1079490.html

AstraZeneca (AZN) and Daiichi Sankyo's Enhertu Advances in FDA Review

 AstraZeneca (AZN) and Daiichi Sankyo have moved a step closer to expanding the U.S. usage of their cancer treatment, Enhertu. The FDA accepted their application to include the drug as a pre-surgery option for patients with HER2-positive stage 2 or 3 breast cancer, alongside other treatments like paclitaxel. Backed by positive results from the DESTINY-Breast11 Phase 3 trial, the FDA has set May 18, 2026, as the target date for a decision that could introduce a new preoperative therapy option.

https://www.gurufocus.com/news/3126893/astrazeneca-azn-and-daiichi-sankyos-enhertu-advances-in-fda-review

Walmart rolls out largest private label overhaul to remove synthetic dyes and preservatives

 Walmart said on Wednesday it would remove synthetic dyes from its U.S. private-label foods, including the Great Value and bettergoods brands, by January 2027, joining several other companies amid pressure from the Trump administration.

Major packaged food makers, including PepsiCo, Campbell's and Conagra Brands, have made similar announcements in recent months, in response to the administration's "Make America Healthy Again" initiative

Health Secretary Robert F. Kennedy Jr. has cracked down on ultraprocessed food and chemical additives, saying they have led to a national crisis of childhood obesity, diabetes, cancer, mental health disorders, allergies and neurodevelopmental conditions like autism.

Walmart also plans to eliminate more than 30 other ingredients such as preservatives, artificial sweeteners and fat substitutes from its private-label assortment.

The company said the move reflected consumer demand for simpler, more transparent ingredients, adding that 90% of its private-brand foods are synthetic dye-free currently.

"Our customers have told us that they want products made with simpler, more familiar ingredients — and we’ve listened," said Walmart U.S. president John Furner.

The retailer is working with private-brand suppliers to adjust formulations and source alternative ingredients. Reformulated products, from canned and frozen foods to cereals and salads, will begin rolling out in the coming months, Walmart said.

Walmart's private-label lineup is anchored by its largest brand, Great Value, alongside other store brands such as Marketside, Freshness Guaranteed, and the premium bettergoods, which have been a big draw among bargain-hunting Americans.

Its membership chain Sam's Club said in June it would remove artificial colors, aspartame and other ingredients from its Member's Mark brand by the end of the year.

https://ca.finance.yahoo.com/news/walmart-remove-synthetic-dyes-across-121500377.html

Repligen higher as HSBC initiates at Buy

 HSBC initiated coverage on Repligen (NASDAQ:RGEN) with a Buy rating and a price target of $150.00 on Wednesday. 

The investment bank views Repligen as offering "pureplay exposure to bioprocessing," which it describes as one of the highest growth areas in the sector. HSBC estimates Repligen will achieve organic revenue growth in the low to mid-teens over the next three years.

This projected growth rate would outpace the broader bioprocessing market by approximately 5% and exceed the overall life sciences market by 5-8%, according to HSBC’s analysis. The firm attributes Repligen’s competitive advantage to its innovation speed, portfolio breadth in bioprocessing, and agility.

HSBC also notes that a "local-for-local approach" amid tariffs and regulatory barriers creates tailwinds for new equipment and consumable orders. This positioning helps Repligen maintain the "right balance to outpace its larger peers."

The firm identified three key issues facing Repligen: sustainability of recent order growth momentum, potential constraints from an elongated biotech funding cycle, and competitive positioning against industry giants such as Thermo Fisher and Danaher.

https://www.investing.com/news/analyst-ratings/hsbc-initiates-coverage-on-repligen-stock-with-buy-rating-150-target-93CH-4265412

Fortress Biotech stock plummets after FDA rejects med

Fortress Biotech Inc (NASDAQ:FBIO) stock plunged 33.7% Wednesday after the company announced that the U.S. Food and Drug Administration (FDA) issued a Complete Response Letter for its Menkes disease treatment.


The FDA rejected the New Drug Application for CUTX-101 (copper histidinate), citing current Good Manufacturing Practice (cGMP) deficiencies at the manufacturing facility. The regulatory setback affects the drug intended to treat Menkes disease, a rare genetic disorder, in pediatric patients.

Fortress Biotech noted that the Complete Response Letter did not identify any concerns regarding the drug’s efficacy or safety data. The manufacturing facility has already provided responses to the FDA following a September 2025 re-inspection, and Sentynl Therapeutics, which assumed responsibility for CUTX-101’s development in December 2023, plans to request a meeting with the FDA to discuss resubmission.


The CUTX-101 application had previously been granted Priority Review status by the FDA. Clinical trials had shown significant improvement in overall survival for Menkes disease patients who received early treatment with the drug.

Under the agreement with Sentynl, Cyprium Therapeutics, a majority-owned subsidiary of Fortress, remains eligible to receive a Rare Pediatric Disease Priority Review Voucher if the drug is approved. Additionally, Cyprium could receive royalties on net sales and up to $129 million in development and sales milestones.

https://www.investing.com/news/stock-market-news/fortress-biotech-stock-plummets-after-fda-rejects-menkes-disease-drug-93CH-4266668

Ventyx Biosciences stock initiated with Buy rating at Clear Street

  Ventyx Biosciences Inc (NASDAQ:VTYX) received a Buy rating initiation from Clear Street on Tuesday, with a price target of $11.00. 

The research firm cited upcoming catalysts for NLRP3 inhibitors expected in the fourth quarter of 2025 that could drive valuation and partnership opportunities for the biopharmaceutical company.

Clear Street highlighted VTX2735, Ventyx’s peripheral drug, which may advance to pivotal trials for recurrent pericarditis following data expected in the fourth quarter of 2025. The firm noted this indication represents a potential $3 billion-plus U.S. total addressable market.

The analyst report also mentioned VTX3232, a CNS-penetrant NLRP3 inhibitor with fourth-quarter 2025 data readouts in obesity-related cardiometabolic diseases that will trigger Sanofi’s right-of-first-negotiation window.

https://www.investing.com/news/analyst-ratings/ventyx-biosciences-stock-initiated-with-buy-rating-at-clear-street-93CH-4264781

Mamdani wants to strip power from NYPD commissioner — revoking final say on officer discipline

 Mayoral front-runner Zohran Mamdani wants to strip the NYPD commissioner’s power to discipline cops, giving the final say to the city’s civilian police oversight board.

The NYPD’s largest union warned the Democratic nominee’s proposal would lead to the “end of policing in this city,” as cops are already worried about receiving a fair shake from the Civilian Complaint Review Board.

The proud socialists told reporters Tuesday he wants to embolden the CCRB so that the panel has final say on serious disciplinary matters, rather than issuing recommendations to the city’s top cop as it does currently.

“I think that what it needs to be is that it is a body that is actually empowered so that it works,” Mamdani said, adding, “It’s oversight is one that extends to more than simply a recommendation.”

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Zohran Mamdani’s says the police watchdog has the final say over disciplinary matters.Paul Martinka

“What I would do is ensure that the recommendations of the CCRB be understood to be the final voice of the question of accountability,” he said during an unrelated press conference in Manhattan.

The comments were instantly met with fierce blowback as the Queens state assemblyman continues to trudge through his apology tour for his past anti-police statements — claiming he’s been saying sorry to individual rank-and-file cops as he meets them while campaigning.

“Granting the Civilian Complaint Review Board final disciplinary authority will spell the end of policing in this city,” railed Police Benevolent Association President Patrick Hendry.

“Police officers know that we have zero chance of receiving a fair hearing from the anti-police activists who dominate CCRB’s board,” Hendry said in a statement.

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PBA president Patrick Hendry slammed the proposal.Stephen Yang

“If Assemblyman Mamdani pursues this plan, he will prove that all his talk about ‘outreach’ to police officers is a sham – he’s running to defund the police after all.”

The Sergeants Benevolent Association union said the proposed powershift was the easiest way to ensure a mass exodus of cops from the department.

“Further empowering the CCRB will destroy the morale of this agency and exacerbate our current problems with recruitment and retainment,” warned SBA President Vincent Vallelong.

“If that’s Mamdani’s vision for our department he will never have the support of the men and women who keep this city safe 24/7.”

Mamdani’s stance is unsurprising for a Democratic Socialists of America member, with local followers often calling for the CCRB to have more power and slamming the commissioner if he or she breaks with the board’s suggestions.

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Officials warn the change could severely affect morale.Luiz C. Ribeiro for New York Post

Earlier this year, Queens Councilwoman Tiffany Caban railed against Police Commissioner Jessica Tisch’s decision not to fire Lt. Jonathan Rivera over the killing of Allan Feliz during a traffic stop.

Mamdani worked on Caban’s unsuccessful bid for Queens district attorney in 2019.

The mayoral hopeful has already faced heat for his prior attacks on the NYPD, including calling the department “racist, anti-queer & a major threat to public safety” on social media in 2020.

He said more than two weeks ago that he should apologize to the NYPD for the comments, but has since offered up a word-salad response when pressed on how or when he’d walk back the statements.

The lefty lawmaker has also attempted to distance himself from his past “defund the police” views as he eyes the November election.

Democratic operatives told The Post the meandering retorts ensure the DSA will come out in full force to back Mamdani.

If elected, Mamdani could convene a Charter Review Commission and task it with creating a ballot question to put to voters to opt whether to allow the CCRB to effectively outrank the police commissioner on disciplinary decisions.

The head of the sergeants’ union bemoaned any bid to strip the PC of power in favor of the civilian panel.

“Any attempt to dilute the power of the police commissioner and hand more power to the CCRB will be strongly opposed by the SBA and met with fierce resistance,” Vallelong said.

“We are part of the largest police department in the world, which has consistently, over the past four years, made NYC the safest big city in America.”

“Detectives are continually railroaded by members of the cop-hating CCRB — and the men and women in blue see it as another reason to leave the NYPD,” said DEA President Scott Munro. “If you think police recruitment is hard now and you’re worried about your public safety — just wait!”

https://nypost.com/2025/10/01/us-news/zohran-mamdani-wants-to-strip-power-from-nypd-commissioner-revoking-final-say-on-officer-discipline/