Notable healthcare headlines for the week: Pfizer, Novo Nordisk, Moderna in focus

Wall Street major averages posted weekly loses amid an AI-tech trade that continued to struggle, with lower consumer sentiment, and the ongoing U.S. government shutdown.

Week to date, the Nasdaq and S&P 500 were down 3% and 1.6%, respectively, while the Dow declined 1.2%.

However, the S&P 500 Health Care Index Sector (XLV [https://seekingalpha.com/symbol/XLV]) gained nearly 1% during the week.

The top S&P 500 healthcare gainers and losers for the last week are as follows:

TOP 5 GAINERS:

Henry Schein (HSIC [https://seekingalpha.com/symbol/HSIC]) +13.35%

Incyte Corporation (INCY [https://seekingalpha.com/symbol/INCY]) +12.63%

IDEXX Laboratories (IDXX [https://seekingalpha.com/symbol/IDXX]) +12.20%

STERIS (STE [https://seekingalpha.com/symbol/STE]) +11.51%

The Cigna Group (CI [https://seekingalpha.com/symbol/CI]) +7.48%

TOP 5 LOSERS:

Zoetis (ZTS [https://seekingalpha.com/symbol/ZTS]) -16.55%

Zimmer Biomet (ZBH [https://seekingalpha.com/symbol/ZBH]) -11.99%

Moderna (MRNA [https://seekingalpha.com/symbol/MRNA]) -9.65%

Humana (HUM [https://seekingalpha.com/symbol/HUM]) -9.40%

Bio-Techne (TECH [https://seekingalpha.com/symbol/TECH]) -8.23%

Here are some of the important healthcare stories from this week:

PFIZER RAISES EARNINGS OUTLOOK AS COVID VACCINE SALES DRIVE Q3 BEAT

Pfizer (PFE [https://seekingalpha.com/symbol/PFE]) exceeded [https://seekingalpha.com/news/4514072-pfizer-raises-earnings-outlook-q3-beat] Street forecasts with its Q3 2025 results on Tuesday, thanks mainly to sales from its COVID vaccine developed with BioNTech (BNTX [https://seekingalpha.com/symbol/BNTX]), and the company raised its full-year earnings outlook while reaffirming the revenue guidance. [https://seekingalpha.com/news/4514069-pfizer-non-gaap-eps-of-0_87-beats-by-0_23-revenue-of-16_65b-beats-by-150m#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]

However, the New York-based pharma giant indicated a topline contraction of ~6% YoY with $16.7B of revenue as demand for its Paxlovid COVID pill and Comirnaty COVID vaccine continued to decline.

As for the company’s bottom line, PFE’s net income fell 21% YoY to $3.5B, while its Q3 R&D expenses dropped 2% YoY amid pipeline revisions, and its cost of sales as a percentage of revenues fell 4.7 percentage points due to favorable changes in sales mix and other factors.

While the company reiterated its revenue guidance of $61.0B - $64.0B for 2025, it increased and narrowed its outlook for adjusted earnings to $3.00 - $3.15 per share compared with $2.90 to $3.10 previously and in line with $3.04 in the consensus. [https://seekingalpha.com/pr/20291451-pfizer-reports-solid-third-quarter-2025-results-raises-and-narrows-2025-eps-guidance#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]

NOVO NORDISK ACCEPTS U.S. MEDICARE PRICE DEAL FOR OBESITY DRUGS

Novo Nordisk (NVO [https://seekingalpha.com/symbol/NVO]) said [https://seekingalpha.com/news/4515436-novo-nordisk-accepts-us-medicare-price-deal-for-obesity-drugs] on Wednesday it has agreed to the U.S. Inflation Reduction Act’s (IRA) negotiated maximum fair prices for semaglutide, the active ingredient in its popular drugs Ozempic and Wegovy, effective January 2027.

These drugs are part of the second batch of 15 medicines selected under President Biden’s 2022 IRA program, which allows Medicare to negotiate prices for some of the costliest treatments for seniors and people with disabilities

The announcement, made alongside Novo’s quarterly earnings release, follows reports that Novo and U.S. rival Eli Lilly (LLY [https://seekingalpha.com/symbol/LLY]) were expected to finalize agreements with the Trump administration this week to lower prices on their weight-loss drugs in exchange for Medicare coverage.

In other note of news, Novo Nordisk A/S (NVO [https://seekingalpha.com/symbol/NVO]) trimmed [https://seekingalpha.com/news/4515402-novo-nordisk-cuts-2025-forecast-again-cites-slower-sales-of-wegovy-and-ozempic]its forecast for a fourth time this year on Wednesday, citing lower-than-expected sales of its blockbuster drugs Wegovy and Ozempic.

This year's sales will rise only as much as 11%, while operating profit expands by 7% at most based on constant exchange rates, the drugmaker said.

The figures compare with previous estimates of a revenue increase of as much as 14% and an earnings gain of up to 10%.

AMGEN Q3 BEATS ON BOTH LINES; ADJUSTS 2025 GUIDANCE RANGES FOR REVENUE, EPS

Amgen easily beat [https://seekingalpha.com/news/4514914-amgen-non-gaap-eps-of-5_64-beats-by-0_63-revenue-of-9_6b-beats-by-630m#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews] estimates on both lines in its Q3 financial results [https://seekingalpha.com/news/4515077-amgen-q3-beats-both-lines-adjusts-2025-guidance-ranges-revenue-eps] driven by double-digit year-over-year increases in some of its top-selling drugs, including Evenity (romosozumab), Tezspire (tezepelumab), and Repatha (evolocumab).

Evenity sales rose 36% to $541M; Tezspire, up 40% to $377M; and Repatha climbed 40% as well to $794M. Other therapies showing strong growth include Tavneos (avacopan) and Uplinza (inebilizumab), which grew, respectively, 34% and 36%, to $107M and $155M.

Sales of Amgen's best-selling drug, Prolia (denosumab), increased 9% compared to the prior-year period to ~$1.1B.

The biotech giant also adjusted some of its guidance ranges. Revenue is now seen at $35.8B-$36.6B from $35B-$36B prior (consensus $35.66B). Non-GAAP EPS is now projected at $20.60-$21.40 from $20.20-$21.30 before (consensus $21.04).

MODERNA POSTS Q3 BEAT EVEN AS WEAK VACCINE SALES DRIVE REVENUE SLUMP

Moderna (MRNA [https://seekingalpha.com/symbol/MRNA]) exceeded [https://seekingalpha.com/news/4517199-moderna-stock-gains-after-q3-2025-beat] Street forecasts with its Q3 2025 financials, even as its topline continued to contract sharply amid declining COVID vaccine sales. [https://seekingalpha.com/news/4517152-moderna-gaap-eps-of-0_51-beats-by-1_67-revenue-of-1_02b-beats-by-150_11m#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]

The company posted $1.0B in revenue for the quarter, beating the consensus by $150.1M despite an ~45% YoY decline, as its COVID vaccine sales reached $971M, thanks mainly to $781M in sales from the U.S.

Moderna (MRNA [https://seekingalpha.com/symbol/MRNA]) attributed the revenue decline in the U.S. to a drop in vaccination rates year over year and noted that Q3 2024 included a nearly $140M positive adjustment related to prior-period sales provision estimates.

PFIZER MATCHES NOVO BID FOR OBESITY BIOTECH METSERA AS TAKEOVER BATTLE RAGES - FT

Pfizer has reportedly matched [https://seekingalpha.com/news/4516864-pfizer-matches-novo-bid-for-obesity-biotech-metsera-as-takeover-battle-rages---ft] Novo Nordisk’s (NVO [https://seekingalpha.com/symbol/NVO]) offer to buy weight-loss drug start-up Metsera (MTSR [https://seekingalpha.com/symbol/MTSR]) for up to $10 billion, in the latest escalation of a bidding war over the coveted US biotech.

The U.S. drugmaker submitted its sweetened bid, which matches Novo’s offer from Tuesday, valuing Metsera at $86.20 a share, ahead of a deadline on Wednesday, keeping it in the race for the anti-obesity biotech, the _Financial Times_ reported.

The report comes as a judge denied Pfizer's (PFE [https://seekingalpha.com/symbol/PFE]) request to temporarily block Novo Nordisk's (NVO [https://seekingalpha.com/symbol/NVO]) $10 billion bid for Metsera. Metsera rose 2.5% in after-hours trading.

Novo Nordisk (NVO [https://seekingalpha.com/symbol/NVO]) raised its bid to a total of $86.20 a share, or a total of $10 billion. Novo Nordisk offered to pay $62.20 a share, up from $56.50. Metsera holders would also receive a contingent value right of up to $24 a share in cash, up from $21.25.

Pfizer’s latest bid, meanwhile, would be largely in upfront cash alongside further payments when certain clinical milestones are achieved, according to the report.

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