REG - AstraZeneca PLC - Holding(s) in Company

2025 has been a year of two halves for the global healthcare sector and for the long-biased, healthcare-focused Rhenman Healthcare Equity L/S fund. With the “regulatory fog lifting” in the second half of the year, according to portfolio manager Hugo Schmidt, the fund has gained 34 percent over the past four months, including a 12.6 percent gain in November alone, bringing its year-to-date performance just above 10 percent.

“The healthcare sector had tumultuous first half of the year, characterized by political uncertainty and drug pricing negotiations,” recalls Schmidt, part of the five-member investment team led by CIO Henrik Rhenman. According to him, sector sentiment decreased dramatically as a result, pushing valuations and allocations to record low or near-record levels. “During the first half of the year, attention was primarily directed toward political uncertainties and the presence of unknown variables.”

“However, the finalization of the drug pricing framework (Most Favored Nation) in late September, with a first deal between the Trump administration and Pfizer, marked a distinct turning point,” Schmidt notes. The Most Favored Nation (MFN) framework aims to reduce U.S. drug prices by linking them to the lowest levels observed in other developed countries, while simultaneously offering tariff exemptions and incentives to encourage domestic production and research. After Pfizer finalized the first MFN agreement in September, AstraZeneca followed with its own deal in October, and further agreements are anticipated in the months ahead.

“With the regulatory fog lifting, many companies are aggressively shifting their focus from defensive posturing to strategic growth,” Schmidt observes. “Pharmaceutical giants are now becoming more willing to deploy their substantial cash reserves, and we have seen a significant increase in M&A activity in recent months,” he notes. As a result, the latter half of the year has been characterized by a focus on completed deals and the sector’s strong underlying fundamentals.

“While the sector as a whole has experienced a degree of recovery, targeted stock selection has played a significant role for the fund’s performance, with notable advancements particularly within the biotech sub-sector,” Schmidt notes. Rhenman Healthcare Equity L/S gained 12.6 percent in November, compared with roughly 7.5 percent for the healthcare sector within the S&P 500. Year-to-date through November, the fund has risen just above 10 percent, marking a strong rebound from a challenging first half of the year.

While the second half of the year has seen a solid recovery for both the healthcare sector and Rhenman’s fund, Schmidt and the team at Rhenman & Partners acknowledge near-term risks, particularly technical challenges in the biotech subsector, which has posted very strong gains in recent months. Nonetheless, Schmidt and the team “believe the long-term outlook remains strong, and valuations are still attractive given the sector’s potential.”

Independent analysis of 1,055 companies using ICE data shows that 75% to 88% of emissions originate in supply chains, with leading firms reducing their emissions intensity, while many smaller and private companies lag behind.

SAN DIEGO, CA / ACCESS Newswire / December 2, 2025 / My Green Lab, a global nonprofit dedicated to sustainability in science, today released its 2025 Carbon Impact of Biotech and Pharma Report in collaboration with Intercontinental Exchange (ICE). The report shows that the sector's direct operations align with a 1.5-degree Celsius pathway, while supply chain emissions keep the total climate impact closer to 2 degrees and limit some of the progress made by the largest firms.

"Biotech and pharma companies are demonstrating that healthcare can expand while lowering the carbon footprint of their operations," said James Connelly, CEO of My Green Lab. "Among the leaders in this report, we see operational emissions roughly aligned with a 1-degree Celsius pathway. Once supply chains are included, the sector still leans toward a near-2-degree Celsius rise. Most of the carbon remain in the value chain, and that is the part of the curve companies need to focus on next."

The analysis uses ICE climate and financial data from 2019 to 2023 for 765 public companies and 290 private firms. These 1,055 companies together are responsible for an estimated 348 million metric tons of carbon dioxide equivalent in 2023 across Scopes 1 to 3, with about 224 million metric tons from public companies and 124 million metric tons from private firms. Scope 3 emissions account for approximately 75% of total emissions for public companies in the dataset and 88% for private companies, indicating that most of the sector's climate impact comes from supply chains and other value-chain activities.

Key findings from the report include:

• The implied temperature increase for Scope 1 and 2 emissions is 1.04 degrees Celsius, aligning with a 1.5-degree pathway. When Scope 3 emissions are included, the implied temperature rises to 1.9 degrees, which is still above the level needed to meet Paris Agreement goals.

• Among the 146 companies with the highest-quality disclosures, 75.5% have set targets to reduce Scope 1 and 2 emissions. Within this group, 76 companies, or 52%, have medium-term Scope 1 and 2 targets for 2026 to 2035 that align with a 1.5-degree pathway. The report describes this as a tipping point for operational targets but notes that significantly fewer companies have Scope 3 targets with similar coverage and ambition.

• Since 2019, the 25 largest biotech and pharma companies by revenue have reduced emissions intensity for Scopes 1 and 2 by about 10%, and Scope 3 intensity by roughly 5%. Among the broader group of 243 other public companies, Scope 3 intensity has increased by 2% during the same period. For private companies, the top 25 have lowered Scope 3 emissions by approximately 3% over the past year, while the larger group of 290 private companies has seen a 6% rise in Scope 3 emissions.

"The analysis provides a forward-looking view of how transition risk is developing in this sector," said Scott Weitze, VP of Research and Technical Standards at My Green Lab and a report co-author. "It shows clear progress on operational emissions at the top of the market and highlights areas where supply chain emissions and inconsistent disclosures still hinder the sector. That level of detail is what investors, regulators, and boards need to plan for the next decade."

Despite existing gaps, the report shows that biotech and pharma remain among the most active sectors in the United Nations' Race to Zero campaign. Currently, 42 major biotech, pharma, and medtech companies are members, up from 38 last year. Of these, 64% have launched a My Green Lab Certification program, and 63% of those programs operate globally. Leading companies including AstraZeneca, Biogen, and IQVIA have certified over 95% of their laboratories, meeting the sector's Breakthrough Outcome goal and demonstrating that green lab practices can expand from pilots to entire portfolios.

About My Green Lab

My Green Lab® is a nonprofit environmental organization with a mission to build a global culture of sustainability in science. The organization is the world leader in developing internationally recognized sustainability standards for laboratories and laboratory products-bringing sustainability to the community responsible for the world's life-changing medical and technical innovations. Laboratories are some of the most resource-intensive spaces in any industry, but they don't have to be. By introducing a new perspective and proven best practices within a carefully crafted framework, My Green Lab has inspired tens of thousands of scientists and lab professionals to make positive changes in their labs by reducing the environmental impact of their work.

For media requests, contact Christina Creager at christina.creager@mygreenlab.org.

For more information about My Green Lab, visit mygreenlab.org.

Biotech & Pharma's 1.5°C Supply Chain Gap

View additional multimedia and more ESG storytelling from My Green Lab on 3blmedia.com.

Contact Info:

Spokesperson: My Green Lab

Website: https://www.3blmedia.com/profiles/my-green-lab

Email: info@3blmedia.com

SOURCE: My Green Lab

View the original press release on ACCESS Newswire

Press Release

HUTCHMED Highlights Clinical Data to be Presented at the 2025 ESMO Asia Congress and the 2025 ASH Annual Meeting

Hong Kong, Shanghai & Florham Park, NJ - Thursday, November 27, 2025: HUTCHMED (China) Limited ("HUTCHMED") (Nasdaq/AIM:​HCM; HKEX:​13) today announces that new and updated data from several studies of compounds discovered by HUTCHMED will be presented at the European Society for Medical Oncology ("ESMO") Asia Congress 2025, taking place on December 5-7, 2025 in Singapore, and the American Society of Hematology ("ASH") Annual Meeting taking place on December 6-9, 2025 in Orlando, USA.

Results from a first-in-human study of the anti-CD47 monoclonal antibody HMPL-A83 in advanced solid tumors, as well as from the phase II part of the FRUSICA-2 registration study of the fruquintinib and sintilimab combination as a second-line treatment for locally advanced or metastatic renal cell carcinoma, will be presented at the ESMO Asia Congress 2025. Results from the phase II part of the phase II/III study of surufatinib in combination with camrelizumab and chemotherapy as a first-line treatment for metastatic pancreatic cancer will also be reported. Details of the presentations are as follows:

Final analysis of long-term results of sovleplenib's ESLIM-01 China Phase III study in in adult patients with chronic primary immune thrombocytopenia will be presented at the 2025 ASH Annual Meeting. Details of the presentation is as follows:

About Fruquintinib

Fruquintinib is a selective oral inhibitor of all three vascular endothelial growth factor receptors ("VEGFR") -1, ‑2 and -3. Fruquintinib is co-developed and co-commercialized in China by HUTCHMED and Eli Lilly and Company under the brand name ELUNATE®. Takeda holds the exclusive worldwide license to further develop, commercialize, and manufacture fruquintinib outside mainland China, Hong Kong and Macau, marketing it under the brand name FRUZAQLA®.

About HMPL-A83

HMPL-A83 is an investigational IgG4-type humanized anti-CD47 monoclonal antibody that exhibits high affinity for CD47. HMPL-A83 blocks CD47 binding to Signal regulatory protein (SIRP) α and disrupts the "do not eat me" signal that cancer cells use to shield themselves from the immune system. HUTCHMED currently retains all rights to HMPL-A83 worldwide.

About Savolitinib

Savolitinib is an oral, potent and highly selective MET tyrosine kinase inhibitor that has demonstrated clinical activity in advanced solid tumors. It blocks atypical activation of the MET receptor tyrosine kinase pathway that occurs because of mutations (such as exon 14 skipping alterations or other point mutations), gene amplification or protein overexpression. Savolitinib is being jointly developed by AstraZeneca and HUTCHMED, and commercialized by AstraZeneca under the brand name ORPATHYS®.

About Surufatinib

Surufatinib is a novel, oral angio-immuno kinase inhibitor that selectively inhibits the tyrosine kinase activity associated with VEGFRs and fibroblast growth factor receptor (FGFR), which both inhibit angiogenesis, and colony stimulating factor-1 receptor (CSF-1R), which regulates tumor-associated macrophages, promoting the body's immune response against tumor cells. Surufatinib is marketed in China by HUTCHMED under the brand name SULANDA®. HUTCHMED currently retains all rights to surufatinib worldwide.

About Sovleplenib

Sovleplenib is a novel, investigational, selective small molecule inhibitor for oral administration targeting the spleen tyrosine kinase, also known as Syk. Syk is a major component in B-cell receptor and Fc receptor signaling and is an established target for the treatment of multiple subtypes of B-cell lymphomas and autoimmune disorders. HUTCHMED currently retains all rights to sovleplenib worldwide.

About HUTCHMED

HUTCHMED (Nasdaq/AIM:​HCM; HKEX:​13) is an innovative, commercial-stage, biopharmaceutical company. It is committed to the discovery and global development and commercialization of targeted therapies and immunotherapies for the treatment of cancer and immunological diseases. Since inception it has focused on bringing drug candidates from in-house discovery to patients around the world, with its first three medicines marketed in China, the first of which is also approved around the world including in the US, Europe and Japan. For more information, please visit: www.hutch‑med.com or follow us on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect HUTCHMED's current expectations regarding future events, including but not limited to its expectations regarding the therapeutic potential of fruquintinib, HMPL-A83, surufatinib, savolitinib and sovleplenib, the further clinical development for fruquintinib, HMPL-A83, surufatinib, savolitinib and sovleplenib, its expectations as to whether any studies on fruquintinib, HMPL-A83, surufatinib, savolitinib and sovleplenib would meet their primary or secondary endpoints, and its expectations as to the timing of the completion and the release of results from such studies. Such risks and uncertainties include, among other things, assumptions regarding enrollment rates and the timing and availability of subjects meeting a study's inclusion and exclusion criteria; changes to clinical protocols or regulatory requirements; unexpected adverse events or safety issues; the ability of fruquintinib, HMPL-A83, surufatinib, savolitinib and sovleplenib, including as combination therapies, to meet the primary or secondary endpoint of a study, to obtain regulatory approval in different jurisdictions and to gain commercial acceptance after obtaining regulatory approval; the potential markets of fruquintinib, HMPL-A83, surufatinib, savolitinib and sovleplenib for a targeted indication, and the sufficiency of funding. In addition, as certain studies rely on the use of other drug products such as camrelizumab and osimertinib as combination therapeutics, such risks and uncertainties include assumptions regarding their safety, efficacy, supply and continued regulatory approval. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. For further discussion of these and other risks, see HUTCHMED's filings with the US Securities and Exchange Commission, The Stock Exchange of Hong Kong Limited and on AIM. HUTCHMED undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

Medical Information

This press release contains information about products that may not be available in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs including the ones under development.

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Medicare has negotiated steep new prices for 15 high-cost drugs, including Novo Nordisk’s blockbuster semaglutide (Wegovy and Ozempic), with negotiated prices set to take effect in 2027.

The move cuts projected Medicare spending by an estimated $8.5 billion to $12 billion annually and forces drugmakers to reassess pricing, access, and strategy on the world’s largest market.

The announcement arrives at a delicate political moment, reflecting both Biden-era policy continuity and Trump administration negotiating tactics that have reshaped pharmaceutical pricing expectations.​

This matters because the new price structure could reshape business models across European pharma.

Novo Nordisk, AstraZeneca, GSK, and Boehringer Ingelheim face pricing pressure that ripples beyond the US, forcing them to recalibrate global strategies and prepare for tougher negotiations worldwide.​

Policy & market snapshot: the numbers and immediate reactions

Medicare will pay $274 monthly for semaglutide (sold as Ozempic for diabetes and Rybelsus), down from a 2024 list price of $959, a 71% reduction representing the steepest discount in the negotiation round.

Wegovy for weight loss will cost $386 monthly, also down 71% from the list.

The 15-drug package spans cancer, respiratory, and metabolic conditions, with discounts ranging from 38% to 85% off published list prices.

The CMS estimates total Medicare Part D enrollment savings of roughly $685 million once prices take effect in 2027, though the full budget impact depends on volume and the interaction with prior separate most-favored-nation deals announced by the Trump administration.​

Market reaction was muted: Novo Nordisk shares rose 4.8% on the news, with analysts noting the hit was “largely anticipated” and prior guidance already factored in a low-single-digit global sales impact of roughly 6 billion Danish crowns ($900 million) if cuts were implemented immediately.

Peers fared similarly, with AstraZeneca and GSK each trading flat, as Shore Capital’s Sean Conroy noted that “cuts are already reflected in company guidance”.

Novo said in a statement: “We continue to have serious concerns about the Inflation Reduction Act’s impact on innovation,” warning of potential coverage losses and higher premiums, though the company accepted the deal.​

Analytical take: revenue trade-offs and strategic responses

The real test for Novo Nordisk and European pharma is whether higher patient access and volume can offset margin compression.

JPMorgan analysts said the impact was “already captured in Novo’s forecast,” implying limited surprise to earnings.

However, the devil lies in execution: semaglutide is Novo’s revenue engine, the drug alone generated over $14 billion in gross Medicare costs in the past year, so even modest volume gains would need to offset significant per-unit margin loss.​

Strategic responses are already emerging. Novo Nordisk has cut direct-to-consumer prices to $349 monthly for Wegovy and Ozempic, unlocking uninsured and high-deductible patients outside Medicare.

The company is also accelerating pipeline launches: oral Wegovy (2026) and CagriSema (a combination therapy) could diversify revenue and restore growth if market adoption accelerates.

For GSK and AstraZeneca, the pressure is narrower; their drugs represent smaller revenue streams, but both are preparing for similar payer pressure in Europe and Asia, where tender systems and health-technology-assessment bodies now cite Medicare’s rates as benchmarks for negotiation.​

The broader structural risk is that negotiated Medicare prices reset payer expectations globally.

Boehringer Ingelheim noted that over 80% of its US business is now subject to government-negotiated prices; the firm warned that this “siphons billions from research and development”.

Yet, industry opposition has not slowed the program. The third round of Medicare negotiations begins in February 2026, with expectations that another 15 drugs will be selected.​

The real question: can Novo Nordisk and European peers convert lower prices into market expansion, or will unit economics and competitive pressure force cost-cutting and slower innovation?

Investors will be watching guidance updates, EU regulator reactions, and early Medicare uptake data when it arrives in 2027.https://www.cityam.com/budget-obr-leak-labour-rachel-reeves/