Falling sales are not typically welcomed by investors, while good revenue growth is prized. The first-quarter earnings season provided exceptions to this rule, and then there was Amgen.

Phase III results suggest Bayer’s elinzanetant has a safety and efficacy advantage over its Astellas rival in reducing hot flashes, but investors are still not convinced the drug will be a blockbuster.

The US vaccines maker has been under the cosh from a very vocal investor who was unhappy with the performance of commercially disappointing COVID-19 shot Nuvaxovid and strategy in general. However, a recent pact with Sanofi worth up to $1.2bn has had a soothing effect.

Cipla is stepping into the oligonucleotides space, where it also hopes to help shape the regulatory environment. Action is also anticipated in ‘big, identified areas’ such as obesity that may see potential partnering opportunities with Eli Lilly, with which the Indian firm has an existing alliance for diabetes therapies.