- For 2026, Medpace guides to 8.9%-12.8% revenue growth versus 2025 results.
- 2026 GAAP EPS guidance is $16.68 to $17.50, as disclosed with first-quarter results.
- President Jesse Geiger will retire effective May 31, 2026, according to the SEC filing.
Thursday, April 23, 2026
Medpace Q1 2026 non-GAAP EPS $4.28 (+17% YoY) and revenue $706.6M (+27% YoY)
Cumberland to sell branded U.S. pharma portfolio to Apotex affiliate for $100 million cash
Cumberland to sell branded U.S. pharma portfolio to Apotex affiliate for $100 million cash and refocus on orphan drugs
- Transaction is subject to shareholder approval and will transfer Cumberland's branded U.S. pharmaceutical portfolio to an Apotex affiliate.
- Cumberland plans to focus on its retained orphan drug pipeline after divesting the branded portfolio.
Iran releases video purporting to show commandos seizing ships in Strait of Hormuz
Iran has released a video purportedly showing armed, masked commandos seizing two cargo vessels in the Strait of Hormuz.
The propaganda clip was pumped out by state media Wednesday after the regime boasted it had seized the Panama-flagged MSC Francesca and Liberia-flagged Epaminondas vessels, just hours after the cease-fire was extended.
In the video, Islamic Revolutionary Guard Corps soldiers are seen speeding toward a container ship that had MSC emblazoned on the side before scaling a ladder and boarding the vessel.
The commandos are wearing masks and carrying guns on their backs.
Then soldiers were filmed approaching the Epaminondas before they entered a supposed engine room.
The soldiers then climbed up the stairs to the ship’s top decks.
The IRGC has accused the two vessels of operating without the required permit and tampering with their navigation systems.
Personnel on the Epaminondas reported damage to its bridge after Iranian soldiers opened fire and hurled grenades from a gunboat, according to the UK Maritime Trade Operations.
Officials with Technomar Shipping Inc., the Greek-based operator of the container ship, said the vessel had been boarded by Iranian soldiers.
The MSC Francesca also came under fire, around six miles off the coast of Iran, and sources at the intelligence firm Vanguard said the vessel was “instructed to drop anchor,” BBC reported.
Panama has condemned Iran for seizing the vessel, branding the act “illegal.”
Officials there said Tehran’s act posed a “serious threat to maritime security,” constituting an “unnecessary escalation” at a time when the West is trying to ensure the Strait of Hormuz remains open.
However, Washington has said the cease-fire wasn’t violated as a result of Iran’s acts.
“These were not US ships. These were not Israeli ships. These were two international vessels,” White House press secretary Karoline Leavitt told Fox News.
“And for the American media who is sort of blowing this out of proportion to discredit the president’s facts — that he has completely obliterated Iran’s conventional navy — these two ships were taken by speedy gunboats.
“Iran has gone from having the most lethal navy in the Middle East to now acting like a bunch of pirates.”
The vessels were seized three days after US Marines took command of the Iranian-flagged vessel Touska that tried to break the Strait of Hormuz blockade.
Meanwhile, US forces reportedly intercepted at least three Iranian oil tankers, redirecting them away from their positions near India, Malaysia and Sri Lanka.
The US-Iran cease-fire was extended Tuesday, and President Trump told The Post there could be a breakthrough regarding a second round of peace talks in Islamabad, Pakistan.
Talks could be held as soon as Friday, but Iran hasn’t committed to a second round of negotiations.
Iranian President Masoud Pezeshkian said the US’s blockade of the strait is one of the “main obstacles to genuine negotiations.”
Trump has called on Tehran to send over a “unified” plan before negotiations can proceed.
Trump: US to shoot any boat putting mines in Hormuz
United States President Donald Trump revealed on Thursday that he ordered the US Navy to "shoot and kill" any boat that is placing mines in the Strait of Hormuz.
"There is to be no hesitation. Additionally, our mine 'sweepers' are clearing the Strait right now. I am hereby ordering that activity to continue, but at a tripled up level," Trump said in a post on Truth Social.
Meanwhile, the US Department of Defense reportedly told the US Congress that it would take up to six months to clear the Strait of Hormuz, and that Iran placed more than 20 mines in the waterway using small boats for some and floating the others remotely using GPS.
https://breakingthenews.net/Article/Trump:-US-to-shoot-any-boat-putting-mines-in-Hormuz/66135514
Mizuho Raises Price Target on Revolution Medicines to $185 From $140
Mizuho raised its price target on Revolution Medicines Inc. shares (NASDAQ:RVMD) to $185 from $140 while maintaining an Outperform rating. The stock currently trades at $141.50, up 278% over the past year, though InvestingPro analysis suggests shares may be overvalued relative to its Fair Value estimate.
The firm increased its probability of success estimate for pancreatic cancer to 90% from 80% following recent clinical trial data. Mizuho also accelerated its adoption trajectory for daraxonrasib in first-line and second-line pancreatic cancer treatment. The optimism aligns with Wall Street’s broader sentiment, as analyst consensus stands at Strong Buy with price targets ranging from $116 to $215.
The adjustment follows survival benefit data from the RASolute 302 trial of daraxonrasib in second-line pancreatic cancer and updated data for the drug in first-line pancreatic cancer. The first-line data showed six-month landmark analyses for daraxonrasib regimens that compared favorably to historical gemcitabine plus nab-paclitaxel results, though progression-free survival and overall survival curves were not provided due to immature data with medians not yet reached.
Mizuho views the ongoing RASolute 303 study as well-positioned based on daraxonrasib’s performance in second-line treatment. The firm models $14 billion in risk-adjusted 2035 worldwide pancreatic cancer revenues for the drug.
The analyst reiterated the Outperform rating.
What Happened Inside Convenience Stores When Gas Hit $4
Continuing our coverage of consumer behavior shifts at petrol stations and convenience stores, the U.S. national average for 87-octane gasoline has remained above the politically sensitive $4-a-gallon level for three weeks. Goldman analysts have released a new note indicating that a majority of convenience stores are seeing drivers buying less fuel and trading down in-store.
Bonnie Herzog, managing director and senior consumer analyst at Goldman, penned a note titled Q1 "Beverage Bytes," which covers a survey of 32,000 retail locations, or about 21% of convenience stores nationwide.
"Despite the improved outlook, it appears that some consumers are already changing their behavior as gas prices remain elevated (at ~$4/gallon). Our retailers are seeing consumers purchasing less fuel, downtrading within the store, and declining basket sizes," Herzog wrote in the note.
More than half of respondents (53%) said they are already seeing changed consumer behavior with gas prices around $4 a gallon, while another 37% expect behavior to shift if prices remain elevated. Only 11% said they have not noticed any change.
The most common pattern shifts in these convenience stores were consumers buying less fuel, trading down at the pump, trading down in-store, and buying fewer in-store items. A smaller share also said customers are simply driving less because of higher gas prices.
Last week, Herzog's team published a survey of 44,000 retail locations across the U.S. (about 28% of all tobacco outlets) that showed $4-a-gallon fuel had already sparked trading down among nicotine users: "Downtrading was strong in Q1, as roughly 80% of respondents indicated that deep-discount cigarettes gained share."
To sum up, the fuel price shock highlights just how sensitive consumers remain in an ongoing K-shaped economy, with working-poor households bearing the brunt of the financial pain.
https://www.zerohedge.com/markets/heres-what-happened-inside-convenience-stores-when-gas-hit-4
9th Circuit Kills California's ICE Unmasking Law
The 9th Circuit Court of Appeals handed the Trump administration a significant legal victory Wednesday, issuing a formal injunction blocking California's No Vigilantes Act from being enforced against federal law enforcement officers. The court ruled that the state law - which required non-uniformed federal agents to visibly display identification while performing their duties - likely violates the Supremacy Clause of the U.S. Constitution.
The No Vigilantes Act, part of a two-bill package signed by Gov. Gavin Newsom in September, was California's legislative response to immigration enforcement operations in Los Angeles.
The Trump administration had filed suit in November, contending the law created real and immediate dangers for ICE officers already facing what it described as harassment, doxing, and threats of physical violence. The Department of Justice argued that federal agents must retain discretion over their own safety protocols. "Denying federal agencies and officers that choice would chill federal law enforcement and deter applicants for law enforcement positions," the Justice Department wrote in its lawsuit.
The law's companion piece, the No Secret Police Act, had previously been blocked by a federal district court in February on the grounds that it discriminated against federal interests by applying the mask ban exclusively to federal officers.
"The No Vigilantes Act responds to troubling immigration enforcement activities in which masked agents have seized people off the street without showing an agency name, personal identification, or badge number, alongside a rise in law enforcement impersonation cases and efforts in other states to recruit bounty hunters for immigration enforcement," State Sen. Sasha Renée Pérez (D-Pasadena), who authored the legislation said back in September, adding that the measure would "help rebuild the community's trust."
The court clearly didn’t see it that way.
The 9th Circuit's three-judge panel found that “The United States is likely to succeed on the merits of its claim that § 10 of the No Vigilantes Act violates the Supremacy Clause because § 10 attempts to directly regulate the United States in its performance of governmental functions.”
The court further determined that all other preliminary injunction factors favored the federal government, clearing the way for the injunction to take effect pending further court order.
The outcome was not unexpected. During oral arguments in early March, 9th Circuit judges were openly skeptical of California’s position that the identification requirement was analogous to generally applicable laws such as speed limits. The state argued the law treated all law enforcement equally, but the panel clearly didn’t buy the argument that such framing could justify states directly regulating federal operations.
Bill Essayli, First Assistant U.S. Attorney for the Central District of California, did not understate what the ruling meant in a post on X. "Huge legal victory this morning in the Ninth Circuit, where the court permanently enjoined California's unconstitutional mask law targeting federal agents," he wrote.
The use of "permanently" may be premature — the injunction technically remains pending further court order — but the Supremacy Clause of the Constitution is quite clear, and there’s little reason to believe the No Vigilantes Act will survive.
https://www.zerohedge.com/political/9th-circuit-kills-californias-ice-unmasking-law
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