Category: 3. Business

  • Q3 2025: Air Liquide continues to combine sales growth with commercial successes to shape the future

    Q3 2025: Air Liquide continues to combine sales growth with commercial successes to shape the future

    Commenting on sales in the third quarter of 2025, François Jackow, Chief Executive Officer of the Air Liquide Group, stated:

    “Air Liquide delivered another very solid performance, continuing its profitable growth trajectory. In line with the first half of the year and despite a difficult environment, our sales continue to increase, once again demonstrating the strength of our business model.

    Amounting to nearly 6.6 billion euros at September 30, 2025, our revenue was up +1.9% on a comparable basis (‑2.4% on a reported basis, reflecting a negative currency impact and lower energy prices, which were passed on to our customers). The Gas and Services businesses, which accounts for 97% of the Group’s revenue, increased by +1.9% on a comparable basis, to reach 6,386 million euros. In an uncertain industrial environment, Healthcare and Industrial Merchant were growth drivers, up sharply by +5% and +3%, respectively, on a comparable basis. Geographically, the Americas stood out in particular with a +5% growth.

    Air Liquide also continued to improve its performance. At the end of September, the Group’s efficiencies were at a record high of +23%. We also continued the dynamic management of our business portfolio, while adjusting our prices in Industrial Merchant thanks to our ability to create value for our customers. Our cash flow is very solid, increasing by +7% excluding currency impact.

    Paving the way for future growth, our investment momentum is particularly strong. Well diversified, our investment backlog is again at a record level of nearly 5 billion euros in this third quarter. Our investment decisions amounted to 0.9 billion euros, with major industrial projects supporting the energy transition, such as ELYgator, our 200 MW electrolyzer in the Netherlands, but also in Electronics & Semiconductors. New state-of-the-art industrial gas production units will be built in Dresden, Germany for a major player in this industry, driven by AI and sovereignty needs.

    In addition, our outlook includes our planned acquisition of DIG Airgas, a leading industrial gas company in South Korea. Beyond the dynamism and innovation that characterize the country’s economy, this transaction will quickly create value, thanks to the high complementarity between our businesses and the nearly 20 projects already secured. It will therefore contribute to our net profit the year following its integration.

    In this context, Air Liquide is very confident in its ability to further increase its operating margin[1] and to deliver recurring net profit[2] growth, at constant exchange rates in 2025. The Group also maintains its ambition to increase its operating margin by +460 basis points cumulated over five years to end-2026[1].”

     

    Highlights

    • Signature of an agreement to acquire DIG Airgas, a leader in industrial gases in South Korea. This major strategic acquisition, the largest since the acquisition of Airgas in the United States in 2016, aims to significantly strengthen the Group’s position in the South Korean market. This is a growth opportunity in a country known worldwide for its dynamic economy and fast-growing business sectors such as Electronics, clean energy, mobility and biopharma.

     

    • Hydrogen

      • In the United States, on the coast of the Gulf of Mexico, development of hydrogen production businesses. Air Liquide will build on its existing infrastructure with close to 50 million US dollars in targeted investments to supply two of the country’s largest refiners.

     

     

    • Electronics

      • In Germany, more than 250 million euros invested to build new state-of-the-art industrial gas production units for a major customer in the semiconductor industry located in SiliconSaxony.

      • In the United States, a 50 million US dollar investment to support the growth of the semiconductor industry. An additional ultra-pure gas production plant will be built on the site of one of the largest manufacturers in the world for advanced chip design.

      • Due to the acceleration of demand for advanced electronic components, two new contracts were signed in Singapore. The Group will build, own and operate new state-of-the-art industrial gas production facilities that will support the expansion of a major manufacturer, for a total investment of 130 million euros.

     

    • Healthcare

      • Award of a major five-year contract with the Community of Madrid to provide home care for 70,000 patients suffering from respiratory diseases. This success consolidates Air Liquide’s leading position in the Spanish market. 

     

    Group revenue[3] stood at 6,599 million euros in the 3rd quarter 2025, a comparable growth of +1.9% compared to the 3rd quarter 2024. This growth continued in line with the 1st half of the year, benefiting from the resilience of the business portfolio in a complex environment. The Group’s published revenue was down -2.4%, impacted by an unfavorable currency impact (-4.2%), with the energy impact being neutral (-0.1%). There was no significant scope impact in the 3rd quarter 2025.

    Gas & Services revenue in the 3rd quarter 2025 reached 6,386 million euros, up by +1.9% on a comparable basis.

    Sales growth for the Industrial Merchant business stood at +2.7%[4] in the 3rd quarter: it benefited from a price effect of +3.1% which continues to strengthen, and improving volumes, particularly for Hardgoods, supported by the consolidation of bolt-on acquisitions. Revenue for Large Industries was stable (-0.2%[4]), with the contribution from the start-up and ramp-up of units offsetting weak demand, particularly in Europe and Asia. The slight decline in Electronics sales (-0.9%) does not reflect the dynamic growth of the business excluding Equipment & Installation sales (+5.9%). The latter are indeed more cyclical and are normalizing after reaching a record level in 2024. Finally, the Healthcare business, whose growth is disconnected from industrial trends, posted sustained revenue growth (+4.9%), particularly in Home Healthcare and Specialty Ingredients.

    • Gas & Services revenue in the Americas stood at 2,548 million euros in the 3rd quarter 2025, up by +4.8%[5]. Sales growth for Large Industries (+5.2%[4]) benefited from recent start-ups of new production units and resilient demand. In Industrial Merchant, revenue increased by +4.7%(4), supported by a very solid price effect of +4.5%, resilient gas volumes, and by the contribution of bolt-on acquisitions, while volumes for hardgoods are improving but remain down compared to the 3rd quarter 2024. Strong sales growth in Healthcare (+9.3%) was mainly driven by a strong price effect in the Medical Gases business in the United States and by the development of Home Healthcare in Latin America. In Electronics (-3.8%), the significant decline in Equipment & Installation sales masked the dynamic growth of the rest of the business (+5.6%).

       

    • Revenue in the Europe Middle East & Africa region stood at 2,584 million euros, up slightly by +0.4% compared to the 3rd quarter 2024. In Large Industries (-2.0%), sales were mainly impacted in Germany by weak demand and a customer shutdown for force majeure, and in Benelux by lower sales from cogeneration units. Sales were stable in Industrial Merchant (0.0%), supported by a solid price effect and resilient gas volumes, with the exception of Helium and liquid CO2. Sales growth remained strong (+4.3%) in Healthcare, particularly in Home Healthcare and Specialty ingredients.

       

    • Revenue in the Asia-Pacific region stood at 1,255 million euros in the 3rd quarter 2025, down -0.8% compared to the 3rd quarter 2024. In Large Industries, sales were slightly down (-0.6%), with the contribution from recent start-ups of new production units partially offsetting overall weak demand in the region. Industrial Merchant revenue (-0.8%) was impacted by the marked decrease in helium sales in China and by weak revenue in the rest of the zone, despite otherwise growing sales in China. The stability (+0.2%) of sales in Electronics masked dynamic growth of the business excluding Equipment & Installation sales (+6.3%), with in particular the start-up of seven new production units in Asia since the beginning of the year.

    Engineering & Technologies[6] revenue stood at 212 million euros in the 3rd quarter 2025, a comparable growth of +1.7%.

    Industrial and financial investment decisions stood at 924 million euros in the 3rd quarter 2025 and 3.2 billion euros at the end of September. The investment backlog remains above 4.0 billion euros and reaches a new record at 4.9 billion euros, up from 4.6 billion euros at the end of June 2025.

    The additional contribution to sales from ramp-ups and start-ups of units amounted to 233 million euros at the end of the 3rd quarter. For the full year 2025, it is expected to be between 310 and 340 million euros.

    The 12-month portfolio of investment opportunities remained at the high level of 4.1 billion euros at the end of September 2025. The total portfolio of opportunities, also including opportunities beyond 12 months, was stable and exceeded 10 billion euros.

    Efficiencies reached 163 million euros in the 3rd quarter. They amounted to 434 million euros over the first 9 months of the year, a strong increase of +22.9% compared to the same period in 2024.

    Cash flow from operating activities before changes in working capital stood at 4,947 million euros at the end of September, up by +6.8% excluding currency impact.

    Net debt stood at 9,317 million euros at the end of September, down by 477 million euros compared to 9,794 million euros at June 30, 2025.


    Footnotes

    1. Excluding energy passthrough impact. ↑
    2. Recurring net profit excluding exceptional and significant transactions that have no impact on the operating income recurring. ↑
    3. Unless otherwise specified, the revenue variations are all variations on a comparable basis, excluding currency, energy (natural gas and electricity) and significant scope impacts. ↑
    4. Excluding an internal transfer of assets between Large Industries and Industrial Merchant in the United States ↑
    5. Includes Argentina’s contribution of +0.6%, down sharply compared to 2024. ↑
    6. This comparable growth excludes the scope impact related to the internal transfer of some GM&T activities to Industrial Merchant in the 1st quarter 2025. See appendix. ↑

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  • Novartis delivers solid sales and core operating income growth with strong pipeline progress in Q3; reaffirms FY 2025 guidance

    Novartis delivers solid sales and core operating income growth with strong pipeline progress in Q3; reaffirms FY 2025 guidance

    Ad hoc announcement pursuant to Art. 53 LR

    • Q3 net sales grew +7% (cc1, +8% USD) and core operating income1 grew +7% (cc, +6% USD)
      • Sales growth was driven by continued strong execution on priority brands including Kisqali (+68% cc), Kesimpta (+44% cc), Pluvicto (+45% cc) and Scemblix (+95% cc)
      • Core operating income margin1 was stable (cc) at 39.3% despite increasing generic impact
    • Q3 operating income grew +27% (cc, +24% USD); net income rose +25% (cc, +23% USD)
    • Q3 core EPS1 grew +10% (cc, +9% USD) to USD 2.25
    • Q3 free cash flow1 was USD 6.2 billion (+4% USD) driven by higher net cash flows from operating activities
    • Strong nine months performance with net sales up +11% (cc, +11% USD) and core operating income up +18% (cc, +16% USD)
    • Q3 selected innovation milestones:
      • Rhapsido FDA approval as the only oral, targeted BTK inhibitor for CSU
      • Ianalumab positive replicate Phase III readouts in Sjogren’s disease
      • Pluvicto positive Phase III PSMAddition data at ESMO
      • Scemblix positive CHMP opinion for all lines of CML treatment
      • Cosentyx positive Phase III readout in PMR
      • Fabhalta positive Phase III eGFR readout in IgA nephropathy
    • Full-year 2025 guidance2 reaffirmed
      • Sales expected to grow high single-digit
      • Core operating income expected to grow low-teens

    1. Constant currencies (cc), core results and free cash flow are non-IFRS measures. An explanation of non-IFRS measures can be found on page 42 of the Condensed Interim Financial Report. Unless otherwise noted, all growth rates in this Release refer to same period in prior year.    2. Please see detailed guidance assumptions on page 7.    

    Basel, October 28, 2025 – Commenting on Q3 2025 results, Vas Narasimhan, CEO of Novartis, said:
    Novartis delivered solid financial performance in Q3, more than offsetting the impact of increasing generic erosion in the US. Our key growth drivers performed well, including Kisqali, Kesimpta, Pluvicto and Scemblix. Importantly, we achieved FDA approval for Rhapsido in CSU and positive Phase III readouts for ianalumab in Sjogren’s disease – two assets with pipeline-in-a-pill potential that could underpin our growth through 2030 and beyond. In addition, we completed several deals in the quarter to further strengthen our pipeline in core therapeutic areas. We remain well on track to achieve our guidance for 2025 and over the mid-term.”

    Key figures  
      Q3 2025 Q3 2024 % change 9M 2025 9M 2024 % change
      USD m USD m USD cc   USD m USD m USD cc
    Net sales 13 909 12 823 8 7   41 196 37 164 11 11
    Operating income 4 501 3 627 24 27   14 028 11 014 27 31
    Net income 3 930 3 185 23 25   11 563 9 119 27 29
    EPS (USD) 2.04 1.58 29 31   5.94 4.50 32 35
    Free cash flow 6 217 5 965 4     15 941 12 618 26  
    Core operating income 5 460 5 145 6 7   16 960 14 635 16 18
    Core net income 4 330 4 133 5 6   13 522 11 822 14 17
    Core EPS (USD) 2.25 2.06 9 10   6.94 5.83 19 21

    Strategy 

    Our focus

    Novartis is a “pure-play” innovative medicines company. We have a clear focus on four core therapeutic areas (cardiovascular-renal-metabolic, immunology, neuroscience and oncology), with multiple significant in-market and pipeline assets in each of these areas, that address high disease burden and have substantial growth potential. In addition to two established technology platforms (chemistry and biotherapeutics), three emerging platforms (gene & cell therapy, radioligand therapy and xRNA) are being prioritized for continued investment into new R&D capabilities and manufacturing scale. Geographically, we are focused on growing in our priority geographies – the US, China, Germany and Japan.

    Our priorities

    1. Accelerate growth: Renewed attention to deliver high-value medicines (NMEs) and focus on launch excellence, with a rich pipeline across our core therapeutic areas.
    2. Deliver returns: Continuing to embed operational excellence and deliver improved financials. Novartis remains disciplined and shareholder-focused in our approach to capital allocation, with substantial cash generation and a strong capital structure supporting continued flexibility.
    3. Strengthen foundations: Unleashing the power of our people, scaling data science and technology and continuing to build trust with society.

    Financials

    Third quarter

    Net sales were USD 13.9 billion (+8%, +7% cc), with volume contributing 16 percentage points to growth. Generic competition had a negative impact of 7 percentage points, driven by Promacta, Tasigna and Entresto generics in the US. Pricing had a negative impact of 2 percentage points, driven by revenue deduction adjustments mainly in the US. Currency had a positive impact of 1 percentage point.

    Operating income was USD 4.5 billion (+24%, +27% cc), mainly driven by higher net sales and lower impairments, partly offset by higher R&D investments.

    Net income was USD 3.9 billion (+23%, +25% cc), mainly driven by higher operating income. EPS was USD 2.04 (+29%, +31% cc), benefiting from the lower weighted average number of shares outstanding.

    Core operating income was USD 5.5 billion (+6%, +7% cc), mainly driven by higher net sales, partly offset by higher R&D investments. Core operating income margin was 39.3% of net sales (-0.8 percentage points, stable in cc).

    Core net income was USD 4.3 billion (+5%, +6% cc), mainly due to higher core operating income, partly offset by other core financial income and expense. Core EPS was USD 2.25 (+9%, +10% cc), benefiting from the lower weighted average number of shares outstanding.

    Free cash flow amounted to USD 6.2 billion (+4% USD), compared with USD 6.0 billion in the prior-year quarter, driven by higher net cash flows from operating activities.

    Nine months

    Net sales were USD 41.2 billion (+11%, +11% cc), with volume contributing 14 percentage points to growth. Generic competition had a negative impact of 3 percentage points, while pricing and currency had no impact.

    Operating income was USD 14.0 billion (+27%, +31% cc), mainly driven by higher net sales and lower impairments, partly offset by higher investments behind priority brands and launches.

    Net income was USD 11.6 billion (+27%, +29% cc), mainly driven by higher operating income. EPS was USD 5.94 (+32%, +35% cc), benefiting from the lower weighted average number of shares outstanding.

    Core operating income was USD 17.0 billion (+16%, +18% cc), mainly driven by higher net sales, partly offset by higher investments behind priority brands and launches. Core operating income margin was 41.2% of net sales, increasing 1.8 percentage points (2.5 percentage points cc).

    Core net income was USD 13.5 billion (+14%, +17% cc), mainly due to higher core operating income. Core EPS was USD 6.94 (+19%, +21% cc), benefiting from the lower weighted average number of shares outstanding.

    Free cash flow amounted to USD 15.9 billion (+26% USD), compared with USD 12.6 billion in the prior-year period, driven by higher net cash flows from operating activities.

    Q3 priority brands

    Underpinning our financial results in the quarter is a continued focus on key growth drivers (ranked in order of contribution to Q3 growth) including:

    Kisqali (USD 1 329 million, +68% cc) sales grew strongly across all regions, including +91% growth in the US with strong momentum from the recently launched early breast cancer indication as well as continued share gains in metastatic breast cancer.
    Kesimpta (USD 1 222 million, +44% cc) sales grew across all regions driven by increased demand and strong access.
    Pluvicto (USD 564 million, +45% cc) showed sustained demand growth in the US following the pre-taxane metastatic castration-resistant prostate cancer (mCRPC) approval, as well as continued access expansion ex-US in the post-taxane mCRPC setting, with 25 countries now approved including Japan.
    Scemblix (USD 358 million, +95% cc) sales grew across all regions, demonstrating the continued high unmet need in CML, with strong momentum from the early-line indication in the US and Japan.
    Leqvio (USD 308 million, +54% cc) continued steady growth across all regions, with a focus on increasing account and patient adoption, and continuing medical education.
    Fabhalta (USD 149 million, +236% cc) sales grew, reflecting market share gains in PNH globally and continued launch progress in IgAN and C3G in the US.
    Lutathera (USD 213 million, +11% cc) sales grew mainly in the US, Japan and Europe due to increased demand and earlier-line adoption.
    Cosentyx (USD 1 698 million, -1% cc) sales were broadly stable, as strong volume growth in the US was partially offset by higher revenue deductions, and ex-US declined due to a one-time price effect in the prior year. Novartis remains confident in Cosentyx USD 8 billion+ peak sales guidance.
    Zolgensma (USD 301 million, -5% cc) sales declined reflecting a lower incidence of SMA compared to prior year.

      
    Net sales of the top 20 brands in the third quarter and nine months

      Q3 2025 % change 9M 2025 % change
      USD m USD cc USD m USD cc
    Entresto 1 877 1 -1 6 495 15 15
    Cosentyx
    – excl. revenue deduction adjust.*
    1 698 0
    5
    -1
    4
    4 861 7
    9
    7
    9
    Kisqali 1 329 69 68 3 462 62 63
    Kesimpta 1 222 46 44 3 198 41 40
    Tafinlar + Mekinist 550 3 1 1 675 9 9
    Jakavi 539 8 4 1 555 7 6
    Promacta/Revolade 362 -36 -38 1 410 -14 -14
    Pluvicto 564 46 45 1 389 33 33
    Ilaris 473 27 26 1 369 25 24
    Xolair 440 5 3 1 339 8 8
    Tasigna 221 -47 -48 925 -27 -26
    Zolgensma 301 -2 -5 925 -3 -4
    SandostatinGroup 302 -1 -1 922 -5 -5
    Scemblix 358 97 95 894 85 84
    Leqvio 308 56 54 863 63 61
    Lutathera 213 12 11 613 15 14
    ExforgeGroup 176 1 0 546 0 2
    Lucentis 148 -40 -42 510 -39 -39
    DiovanGroup 143 -5 -5 447 -1 0
    GalvusGroup 126 -21 -20 373 -19 -16
    Top 20 brands total 11 350 10 9 33 771 14 14

    *Sales growth impacted by a one-time revenue deduction adjustment in the US

    R&D update – key developments from the third quarter

    New approvals

    Rhapsido
    (remibrutinib)
    Rhapsido was approved by the FDA as an oral treatment for adult patients with chronic spontaneous urticaria (CSU) who remain symptomatic despite H1 antihistamine treatment. It is the first FDA-approved Bruton’s tyrosine kinase inhibitor (BTKi) for CSU. Remibrutinib is also in Phase III development for chronic inducible urticaria, hidradenitis suppurativa and food allergy, as well as multiple sclerosis and myasthenia gravis.

    Regulatory updates

    Scemblix (asciminib) The CHMP of the EMA adopted a positive opinion and recommended granting marketing authorization for Scemblix for the treatment of adult patients with Philadelphia chromosome-positive chronic myeloid leukemia in chronic phase (Ph+ CML-CP) in all lines of treatment.

      
    Results from ongoing trials and other highlights

    Ianalumab
    (VAY736)
    The Phase III NEPTUNUS-1 and -2 trials evaluating ianalumab in adults with active Sjögren’s disease met their primary endpoint, showing statistically significant improvements in disease activity as measured by a reduction in ESSDAI compared to placebo. Ianalumab was well tolerated and demonstrated a favorable safety profile, supporting its potential to become the first targeted treatment for this chronic autoimmune disease. Novartis plans to submit ianalumab to health authorities globally and was granted Fast Track Designation by the FDA.

    In the Phase III VAYHIT2 trial, ianalumab plus eltrombopag significantly extended the time to treatment failure compared to placebo plus eltrombopag in adult patients with primary immune thrombocytopenia (ITP), previously treated with corticosteroids. The safety profile was consistent with previous studies. Data will be presented at an upcoming medical meeting and included in regulatory submissions in 2027.

    Ianalumab is also in Phase III development for systemic lupus erythematosus, lupus nephritis and warm autoimmune hemolytic anemia.

    Pluvicto
    (lutetium Lu177
    vipivotide
    tetraxetan)
    In the Phase III PSMAddition trial, Pluvicto plus standard-of-care (SoC) reduced risk of progression or death by 28% versus SoC alone, with a positive trend in overall survival in patients with PSMA+ metastatic hormone-sensitive prostate cancer (mHSPC). Safety remained consistent with PSMAfore and VISION trials. Data presented at ESMO.
    Kisqali
    (ribociclib)
    The five-year analysis of the pivotal Phase III NATALEE trial in the broadest population of high-risk stage II and III HR+/HER2- early breast cancer (eBC) showed the addition of Kisqali to endocrine therapy (ET) reduced the risk of recurrence by 28.4% compared to ET alone. Data also showed a 29.1% risk reduction in distant disease-free survival, a positive trend in overall survival, and no new safety signals. Data presented at ESMO.
    Cosentyx
    (secukinumab)
    The Phase III REPLENISH study met its primary endpoint, with Cosentyx demonstrating statistically significant and clinically meaningful sustained remission compared to placebo at week 52 in adults with relapsing polymyalgia rheumatica (PMR). Full data will be presented at an upcoming medical congress and submitted to health authorities in 2026.
    Fabhalta
    (iptacopan)
    In the Phase III APPLAUSE-IgAN final analysis, Fabhalta demonstrated statistically significant, clinically meaningful superiority compared to placebo in slowing IgAN progression measured by annualized total slope of estimated glomerular filtration rate (eGFR) decline over two years. Full data will be presented at future medical meetings and included in regulatory submissions in 2026.
    Leqvio
    (Inclisiran)
    In the Phase IV V-DIFFERENCE study, 85% of patients with hypercholesterolemia who had not reached guideline-recommended LDL-C targets despite optimized lipid-lowering therapy (LLT) achieved their goals with Leqvio plus LLT, versus 31% with placebo plus LLT, with benefits evident in as early as 30 days. Leqvio also reduced LDL-C by 59% over 360 days, outperforming placebo plus LLT by 35%. Data presented at ESC.
    Entresto
    (sacubitril/ valsartan)
    Data from the Phase IV PARACHUTE-HF study in patients with heart failure with reduced ejection fraction due to chronic Chagas disease showed that Entresto outperformed enalapril on a composite endpoint of cardiovascular death, heart failure hospitalization or NT-proBNP change. Entresto was well tolerated, with no new safety signals identified. Data presented at ESC.
    Kesimpta
    (ofatumumab)
    In the ARTIOS Phase IIIb study, patients with RMS who switched to Kesimpta after breakthrough disease on fingolimod or fumarate-based therapies showed a substantial reduction in disease activity. This was reflected in a low annualized relapse rate (ARR of 0.06 over 96 weeks), near-complete suppression of MRI activity, and over 90% of participants achieving no evidence of disease activity (NEDA-3). No new safety concerns were identified, regardless of prior disease-modifying treatment.

    In the separate ALITHIOS open-label extension study, more than 90% of naïve patients receiving Kesimpta showed no evidence of disease activity (NEDA-3) at 7 years, with no new safety concerns, reinforcing the benefit of introducing Kesimpta early. Data from both studies presented at ECTRIMS.

    Selected transactions Novartis entered into an agreement to acquire Tourmaline Bio, a clinical-stage biopharmaceutical company developing pacibekitug, a Phase III-ready anti-IL-6 monoclonal antibody for atherosclerotic cardiovascular disease (ASCVD). In Phase II, pacibekitug reduced median high-sensitivity C-reactive protein (hsCRP) levels by up to 86% compared to placebo, with similar incidence rates of adverse events and serious adverse events. The transaction is expected to close on October 28, 2025.

    Novartis entered a second collaboration with Monte Rosa Therapeutics, in addition to the existing license agreement for VAV1 degraders, announced in October 2024. Under the new agreement, Novartis receives an exclusive license to an undisclosed discovery target and options to license two programs from Monte Rosa’s preclinical immunology portfolio.

    Novartis continued its collaboration with Argo Biopharma, adding two new agreements: an exclusive license to an siRNA candidate currently in IND-enabling studies and expected to enter Phase I in 2026, and an option to exclusively license two second-generation siRNA molecules currently in development, with a right of first negotiation to the Phase II ANGPTL3 program.

    Novartis entered into a global licensing and collaboration agreement with Arrowhead Pharmaceuticals for ARO-SNCA, a preclinical-stage siRNA therapy targeting alpha-synuclein for the treatment of synucleinopathies such as Parkinson’s disease. The agreement also includes additional collaboration targets leveraging Arrowhead’s proprietary Targeted RNAi Molecule (TRiM™) platform.

    Capital structure and net debt

    Retaining a good balance between investment in the business, a strong capital structure, and attractive shareholder returns remains a priority.

    During the first nine months of 2025, Novartis repurchased a total of 66.4 million shares for USD 7.5 billion on the SIX Swiss Exchange second trading line. These repurchases included 49.1 million shares (USD 5.4 billion) under the USD 15 billion share buyback (announced in July 2023 and completed in July 2025) and 6.6 million shares (USD 0.8 billion) under the new up-to USD 10 billion share buyback announced in July 2025. In addition, 10.7 million shares (USD 1.3 billion) were repurchased to mitigate anticipated full-year dilution related to the equity-based compensation plans of associates. Further, 1.6 million shares (equity value of USD 0.2 billion) were repurchased from associates. In the same period, 11.7 million shares (equity value of USD 0.9 billion) were delivered to associates related to equity-based compensation plans. Consequently, the total number of shares outstanding decreased by 56.3 million versus December 31, 2024. These treasury share transactions resulted in an equity decrease of USD 6.8 billion and a net cash outflow of USD 7.7 billion.

    Net debt increased to USD 20.4 billion at September 30, 2025, compared to USD 16.1 billion at December 31, 2024. The increase was mainly due to the free cash flow of USD 15.9 billion being more than offset by the USD 7.8 billion annual dividend payment, cash outflows for treasury share transactions of USD 7.7 billion and net cash outflow for M&A, intangible assets transactions and other acquisitions of USD 3.7 billion.

    As of Q3 2025, the long-term credit rating for the company is Aa3 with Moody’s Ratings and AA- with S&P Global Ratings.

    2025 outlook

    Barring unforeseen events; growth vs. prior year in cc
    Net sales Expected to grow high single-digit
    Core operating income Expected to grow low-teens

    Foreign exchange impact

    If late-October exchange rates prevail for the remainder of 2025, the foreign exchange impact for the year would be neutral to positive 1 percentage point on net sales and negative 2 percentage points on core operating income. The estimated impact of exchange rates on our results is provided monthly on our website.

    Key figures1

      Q3 2025 Q3 2024 % change 9M 2025 9M 2024 % change
      USD m USD m USD cc   USD m USD m USD cc
    Net sales 13 909 12 823 8 7   41 196 37 164 11 11
    Operating income 4 501 3 627 24 27   14 028 11 014 27 31
    As a % of sales 32.4 28.3       34.1 29.6    
    Net income 3 930 3 185 23 25   11 563 9 119 27 29
    EPS (USD) 2.04 1.58 29 31   5.94 4.50 32 35
    Net cash flows from
    operating activities
    6 571 6 286 5     16 880 13 426 26  
    Non-IFRS measures                  
    Free cash flow 6 217 5 965 4     15 941 12 618 26  
    Core operating income 5 460 5 145 6 7   16 960 14 635 16 18
    As a % of sales 39.3 40.1       41.2 39.4    
    Core net income 4 330 4 133 5 6   13 522 11 822 14 17
    Core EPS (USD) 2.25 2.06 9 10   6.94 5.83 19 21

    1. Constant currencies (cc), core results and free cash flow are non-IFRS measures. An explanation of non-IFRS measures can be found on page 42 of the Condensed Interim Financial Report. Unless otherwise noted, all growth rates in this Release refer to same period in prior year.

    Detailed financial results accompanying this press release are included in the Condensed Interim Financial Report at the link below:
    https://ml-eu.globenewswire.com/resource/download/7781ab26-6902-4024-a9c8-49124629eb37/
      
    Disclaimer
    This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, that can generally be identified by words such as “anticipate,” “can,” “will,” “continue,” “ongoing,” “growth,” “launch,” “expect,” “expand,” “deliver,” “accelerate,” “guidance,” “outlook,” “priority,” “potential,” “momentum,” “commitment,” or similar expressions, or by express or implied discussions regarding potential new products, potential new indications for existing products, potential product launches, or regarding potential future revenues from any such products; or regarding results of ongoing clinical trials; or regarding potential future, pending or announced transactions; regarding potential future sales or earnings; or by discussions of strategy, plans, expectations or intentions, including discussions regarding our continued investment into new R&D capabilities and manufacturing; or regarding our capital structure. Such forward-looking statements are based on the current beliefs and expectations of management regarding future events and are subject to significant known and unknown risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. You should not place undue reliance on these statements. There can be no guarantee that the investigational or approved products described in this press release will be submitted or approved for sale or for any additional indications or labeling in any market, or at any particular time. Nor can there be any guarantee that such products will be commercially successful in the future. Neither can there be any guarantee that the expected benefits or synergies from the transactions described in this press release will be achieved in the expected timeframe, or at all. In particular, our expectations could be affected by, among other things: uncertainties concerning global healthcare cost containment, including ongoing government, payer and general public pricing and reimbursement pressures and requirements for increased pricing transparency; uncertainties regarding the success of key products, commercial priorities and strategy; uncertainties in the research and development of new products, including clinical trial results and additional analysis of existing clinical data; our ability to obtain or maintain proprietary intellectual property protection, including the ultimate extent of the impact on Novartis of the loss of patent protection and exclusivity on key products; uncertainties regarding our ability to realize the strategic benefits, operational efficiencies or opportunities expected from our external business opportunities; uncertainties in the development or adoption of potentially transformational digital technologies, including artificial intelligence, and business models; uncertainties surrounding the implementation of our new IT projects and systems; uncertainties regarding potential significant breaches of information security or disruptions of our information technology systems; uncertainties regarding actual or potential legal proceedings, including regulatory actions or delays or government regulation related to the products and pipeline products described in this press release; safety, quality, data integrity, or manufacturing issues; our performance on and ability to comply with environmental, social and governance measures and requirements; major macroeconomic and geo- and socio-political developments, including the impact of any potential tariffs on our products or the impact of war in certain parts of the world; uncertainties regarding future global exchange rates; uncertainties regarding future demand for our products; and other risks and factors referred to in Novartis AG’s most recently filed Form 20-F and in subsequent reports filed with, or furnished to, the US Securities and Exchange Commission. Novartis is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.

    All product names appearing in italics are trademarks owned by or licensed to Novartis.

    About Novartis
    Novartis is an innovative medicines company. Every day, we work to reimagine medicine to improve and extend people’s lives so that patients, healthcare professionals and societies are empowered in the face of serious disease. Our medicines reach nearly 300 million people worldwide.

    Reimagine medicine with us: Visit us at https://www.novartis.com and connect with us on LinkedIn, Facebook, X and Instagram.

    Novartis will conduct a conference call with investors to discuss this news release today at 14:00 Central European time and 9:00 Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Novartis website. A replay will be available after the live webcast by visiting https://www.novartis.com/investors/event-calendar.

    Detailed financial results accompanying this press release are included in the Condensed Interim Financial Report at the link below. Additional information is provided on our business and pipeline of selected compounds in late-stage development. A copy of today’s earnings call presentation can be found at https://www.novartis.com/investors/event-calendar.

    Important dates  
    October 30, 2025    Immunology pipeline event at ACR (virtual)
    November 19-20, 2025 Meet Novartis Management 2025 (London, UK)
    December 1, 2025 Social Impact & Sustainability annual investor event (virtual)
    February 4, 2026 Fourth quarter & full year 2025 results

    # # #

    Please find full media release in English attached and on the following link:
    Media Release (PDF)

    Further language versions are available through the following links:

    German version is available through the following link:
    Medienmitteilung (PDF)


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  • Trump talks up ‘new golden age’ of US-Japan alliance as rare earths deal signed

    Trump talks up ‘new golden age’ of US-Japan alliance as rare earths deal signed

    Takaichi sees US as partner in ‘new golden age’ of tiespublished at 01:59 GMT

    Shaimaa Khalil
    Tokyo correspondent

    So far, one remark stands out. President Trump is affording Ms Takaichi a lot of good will.

    “I want to just let you know – any time you have any question, any doubt, anything you want, any favors you need, anything I can do to help Japan, we will be there.”

    It’s a critical moment for Japan and for its new PM Sanae Takaichi – a defining early test of leadership. In her first face-to-face meeting with President Trump, she described him as a partner in a new golden age and praised his role in Middle East peace.

    President Trump praised Japan as “a great ally” and said he’ll be there to help Japan whenever needed. But he’s also pushing hard on trade and security, leaving Tokyo backed into a corner.

    Trump wants more US access to Japan’s markets – especially in cars, agriculture, and technology. He’s pressing Japan to buy more American rice and soybeans, and to open its market to US vehicles.

    Tokyo, heavily reliant on exports, can’t afford a tariff fight – especially when it comes to its auto industry.
    But Takaichi also needs to protect domestic industries and doesn’t want to anger crucial interest groups like the powerful farming lobby.

    For now, the tone is friendly. But there’s real pressure on Tokyo to deliver on agreements with little room to manoeuvre.

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  • With 72% ownership in Pan-United Corporation Ltd (SGX:P52), insiders continue to have the largest holding even though they have sold shares recently

    With 72% ownership in Pan-United Corporation Ltd (SGX:P52), insiders continue to have the largest holding even though they have sold shares recently

    • Significant insider control over Pan-United implies vested interests in company growth

    • The top 3 shareholders own 64% of the company

    • Recent sales by insiders

    Trump has pledged to “unleash” American oil and gas and these 15 US stocks have developments that are poised to benefit.

    If you want to know who really controls Pan-United Corporation Ltd (SGX:P52), then you’ll have to look at the makeup of its share registry. And the group that holds the biggest piece of the pie are individual insiders with 72% ownership. In other words, the group stands to gain the most (or lose the most) from their investment into the company.

    And insiders own the top position in the company’s share registry despite recent sales.

    Let’s take a closer look to see what the different types of shareholders can tell us about Pan-United.

    View our latest analysis for Pan-United

    SGX:P52 Ownership Breakdown October 28th 2025

    Small companies that are not very actively traded often lack institutional investors, but it’s less common to see large companies without them.

    There could be various reasons why no institutions own shares in a company. Typically, small, newly listed companies don’t attract much attention from fund managers, because it would not be possible for large fund managers to build a meaningful position in the company. It is also possible that fund managers don’t own the stock because they aren’t convinced it will perform well. Pan-United might not have the sort of past performance institutions are looking for, or perhaps they simply have not studied the business closely.

    earnings-and-revenue-growth
    SGX:P52 Earnings and Revenue Growth October 28th 2025

    Hedge funds don’t have many shares in Pan-United. The company’s largest shareholder is Han Whatt Ng, with ownership of 23%. The second and third largest shareholders are Bee Kiok Ng and Bee Bee Ng, with an equal amount of shares to their name at 21%. Bee Bee Ng, who is the third-largest shareholder, also happens to hold the title of Chairman of the Board.

    To make our study more interesting, we found that the top 3 shareholders have a majority ownership in the company, meaning that they are powerful enough to influence the decisions of the company.

    While it makes sense to study institutional ownership data for a company, it also makes sense to study analyst sentiments to know which way the wind is blowing. There are plenty of analysts covering the stock, so it might be worth seeing what they are forecasting, too.

    The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it.

    Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.

    It seems that insiders own more than half the Pan-United Corporation Ltd stock. This gives them a lot of power. Given it has a market cap of S$824m, that means they have S$594m worth of shares. It is good to see this level of investment. You can check here to see if those insiders have been buying recently.

    The general public, who are usually individual investors, hold a 27% stake in Pan-United. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.

    While it is well worth considering the different groups that own a company, there are other factors that are even more important. For instance, we’ve identified 2 warning signs for Pan-United that you should be aware of.

    If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future.

    NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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  • Charting China's evolving primary energy mix through 2060 – Reuters

    1. Charting China’s evolving primary energy mix through 2060  Reuters
    2. How the ‘green paradox’ is driving Trump to fossil fuels and China to renewables  South China Morning Post
    3. China’s power paradox: record renewables, continued coal  Community Newspaper Group
    4. Red China’s green fiction  Washington Examiner
    5. China heading to its next 5-year plan with green resolution  Morningstar

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  • Amazon prepares for major layoffs among office workers

    Amazon prepares for major layoffs among office workers

    Amazon is planning major job cuts among its corporate workers as soon as this week, multiple media outlets have reported.

    The online retail giant plans to lay off as many as 30,000 employees as part of cost-cutting measures led by chief executive Andy Jassy, according to the Wall Street Journal and Reuters. Each cited sources stating the same number of layoffs.

    Amazon declined to comment when contacted by the BBC.

    If confirmed, the layoffs could be one of the largest seen in recent months. It would be Amazon’s biggest cuts since 2022, when the company let go of around 27,000 workers over several months.

    Amazon’s layoff plans were also reported by CNBC and the New York Times, citing sources familiar with the matter. The reports did not say where in the world job cuts will be made.

    The number of potential layoffs would be around 10% of the company’s corporate headcount, but still a small fraction of Amazon’s total workforce, which has more than 1.5 million employees across its warehouses and offices worldwide.

    The company has around 350,000 corporate workers, which include those in executive, managerial and sales roles, according to figures that Amazon submitted to the US government last year.

    Like many technology firms, Amazon hired aggressively during the Covid-19 pandemic to meet the surge in demand for online deliveries and digital services.

    Amazon boss Mr Jassy has since focused on reducing spending as the company invests heavily in artificial intelligence (AI) tools to boost efficiency.

    Mr Jassy said in June that the increase in AI tools will likely lead to job cuts as machines take over routine tasks.

    “We will need fewer people doing some of the jobs that are being done today, and more people doing other types of jobs,” he said then.

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  • Two-thirds of surveyed enterprises in EMEA report significant productivity gains from AI, finds new IBM study

    Two-thirds of surveyed enterprises in EMEA report significant productivity gains from AI, finds new IBM study

    • 66% of responding senior leaders say AI has already driven significant productivity improvements across their organization

    • 41% of respondents anticipate returns on AI investments in under a year

    • 72% of large enterprises surveyed (1,001 – 5,000 employees) report AI-driven productivity gains compared with 55% of SMEs

    • Around 85% said interoperability, choice and transparency of AI systems is important

    Oct 28, 2025

    LONDON, Oct. 28, 2025 /PRNewswire/ — A new study from IBM (NYSE: IBM) reveals enterprises across Europe, the Middle East and Africa (EMEA) are already reporting significant productivity gains from using AI, with many expecting returns on their investments (ROI) within the next year. However, the findings suggest small to medium sized enterprises (SME) and public sector organizations are falling behind larger, private sector firms in boosting productivity with AI.

    IBM Corporation logo. (PRNewsfoto/IBM Corporation)

    “The Race for ROI,” a new IBM report produced in partnership with Censuswide, surveyed 3,500 senior executives across ten countries, and reveals 66% of respondents said their organizations have achieved significant operational productivity improvements using AI. 

    In addition, approximately one in five respondents said their organization has already realized ROI goals from AI-driven productivity initiatives, with a further 42% on average expecting to achieve ROI within 12 months across cost reduction (41%); time savings (45%); increased revenue (37%); employee satisfaction (42%) and increased Net Promoter Score (43%).

    Further productivity benefits are expected from the introduction of AI Agents, with 92% of leaders expecting that agentic AI will deliver measurable ROI within two years.

    According to the study, business areas achieving the biggest AI-driven productivity gains are software development and IT (32%), customer service (32%), and procurement (27%). At the same time, executives reported the top three benefits of enhanced productivity as greater operational efficiency (55%), enhanced decision-making (50%), and augmented workforce capabilities such as automating repetitive tasks (48%).

    However, the gains are not evenly distributed across all types of organizations. While 72% of large enterprises surveyed reported productivity gains from AI, only 55% of SMEs say the same. The research also indicates that public sector organizations are in the earlier stages of realizing AI’s full potential, with only 55% reporting significant productivity improvements to date.

    AI Transforming Business Models

    Across EMEA, the data shows that leaders are increasingly using AI to enable strategic business transformation. Of the 66% of respondents who reported significant productivity gains, nearly a quarter (24%) credit AI with fundamentally changing their business models.

    Strikingly, around a third of respondents are already using AI to change their operations in ways such as accelerating innovation timelines (36%); shifting to continuous AI-driven decision-making instead of periodic planning cycles (32%); and redesigning value streams around AI rather than automating existing steps (32%, and around 2 in 5 intend to do so across all these areas.

    Nearly half of all senior leaders surveyed (48%) said that AI is augmenting workforce capabilities. For example, with the time saved from greater productivity, executives said employees are spending more time on tasks such as developing new ideas (38%), strategic decision-making and planning (36%), and engaging in creative work (33%), the report finds.

    Ana Paula Assis, Senior Vice President and Chair, IBM EMEA and Growth Markets, said:

    “The true value of AI for business goes far beyond individual productivity – it’s about strategic transformation. Our research suggests that, while we are still in the foothills of AI adoption, enterprises in EMEA are seeing meaningful productivity gains from infusing AI into their operations, with many redesigning their business models.

    “On the question of technology autonomy, the response was emphatic: enterprises want to use technology on their terms, with transparency, choice and flexibility baked in.”

    Prioritizing open systems, interoperability and choice

    The study found that openness, interoperability, and choice are critical priorities for all types of organizations adopting AI. 85% of respondents emphasized the importance of transparency in AI systems and models, ensuring that the technology operates ethically and responsibly. Similarly, 84% stressed the need for interoperability, enabling seamless integration of AI tools into IT systems to maximize efficiency and adaptability.

    A further 85% said they valued having the flexibility to choose and adapt AI solutions or providers as needs evolve, underscoring strong demand for autonomy.

    Overcoming risk and complexity

    While the findings suggest companies are progressing towards greater ROI on AI, it also identified concerns about security, privacy and ethics – including the risk of data breaches and the trustworthiness of AI – as the top barrier to scaling successful AI pilots, cited by 68% of respondents. Similarly, IT complexity challenges, such as integrating AI with legacy systems, was cited by 68% of senior leaders surveyed.

    To accelerate ROI from AI, the report outlines five priorities for enterprise leaders:

    • Establish an effective operating model for AI: Establishing a common and universally understood approach for AI transformation across the organization, such as a federated or hub-and-spoke model, along with clear ownership, is crucial for delivering return on investment.
    • Cultivate AI literacy and a culture of innovation, from the Board to entry-level: In the coming years, AI tools will become increasingly embedded in every interaction. Knowledge of how and why to use these tools across teams and functions will help the organisation to adapt and thrive as AI capabilities and the opportunities they create continue to evolve.
    • Get comfortable with uncertainty and rapid change: The world is moving into an era of AI everywhere. AI tools will be embedded and procured into every interaction layer we have – whether it is search engines, the device people interact with or the companies they engage with. Success in this era means developing a culture that embraces change and uncertainty, and enables rapid, purposeful innovation.
    • Understand the risks around AI deployment: As with any technology, AI must be applied with caution and a detailed understanding of regulatory, reputational and operational risks. Enterprises should apply AI governance tooling to monitor and mitigate potential risks, such as unauthorized data sharing and unwanted bias.
    • Establish a cross company “AI Board” to mitigate risk: The AI Board’s role is to define ethical principles and risk appetite and review higher risk AI use cases before they are implemented. This, combined with increased AI literacy, will give business units a high level of autonomy to implement AI use cases with confidence.

    To discover more about how AI is helping unlock opportunities for growth and innovation in EMEA, including across major industry sectors, download the ‘The Race for ROI” report here.

    Research Methodology 

    This report is based on a survey conducted by IBM in partnership with Censuswide in September 2025, involving over 3,500 senior business leaders (aged 25+). This included 500 respondents in each of the following markets; UK, Germany, France, UAE and Saudi Arabia and 200 respondents in Spain, Italy, Poland, Sweden and the Netherlands.

    Respondents were drawn from organizations which currently use AI tools, representing a range of industries, including Finance, Public Sector, Retail, Telecoms, and Energy.

    Quotas were set to ensure an even split of responses from organizations of different sizes based on number of employees. The categories were split as follows: under 250 employees, 250 – 1,000 employees, 1,001 – 5,000 employees, over 5,000 employees.

    About IBM

    IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of governments and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service. Learn more at IBM.com.

    Media Contact

    Gregor Hastings

    IBM EMEA Communications

    gregor.hastings@ibm.com

    SOURCE IBM

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  • Wind power has cut £104bn from UK energy costs since 2010, study finds | Wind power

    Wind power has cut £104bn from UK energy costs since 2010, study finds | Wind power

    Wind power has cut at least £104bn from energy costs in the UK since 2010, a study has found.

    Users of gas have been among the biggest beneficiaries, the research suggested.

    Research by University College London found that from 2010 to 2023, energy from windfarms resulted in electricity bills being lower by about £14.2bn than they would have been if gas had been needed to generate the same amount of power.

    However, the reduction in the cost of gas that could be attributed to wind generation – owing to the cut in demand and not needing to build new infrastructure – was much greater, at about £133.3bn.

    Over the same period, consumers paid about £43.2bn in green subsidies, levied on electricity bills rather than gas bills. The net result was a reduction of £104.3bn in UK energy bills over the 13-year period, according to the researchers.

    Surging renewable energy generation across Europe made demand for gas – and thus gas prices – lower than they would otherwise have been, and meant electricity companies had less need to build costly new gas-fired power stations, according to the analysis. The way that the UK’s energy market works also means gas-fired power stations are in effect allowed to set the price of electricity.

    The analysis applied to 2010-23, leaving out the lingering impacts of the leap in gas prices in early 2022, when Russia invaded Ukraine.

    Colm O’Shea, a former hedge fund manager, now a master’s student at UCL and lead author of the report, said: “Far from being a financial burden, this study demonstrates how wind generation has consistently delivered substantial financial benefits to the UK. To put it into context, this net benefit of £104bn is larger than the additional £90bn the UK has spent on gas since 2021 as a result of rising prices related to the war in Ukraine.

    “This study demonstrates why we should reframe our understanding of green investment from costly environmental subsidy to a high-return national investment.”

    Mark Maslin, a professor of Earth system science at UCL, said the UK’s consumers would benefit to a greater extent if the electricity market were reformed to reflect the reality that wind generation was reducing bills. “At some stage, the UK government must decouple gas and electricity prices,” he said. “That would mean gas prices would reflect the global markets, while the electricity price would reflect the savings from wind and solar.”

    Ana Musat, the director of policy at RenewableUK, the trade body for the wind sector, said: “This research highlights the long-term economic benefits for UK plc of investing in renewable energy generation. The only way to reduce energy costs for good is to minimise our exposure to volatile global fossil fuel prices and increase the share of electricity generation from clean homegrown sources.”

    skip past newsletter promotion

    The government disappointed the wind industry and renewable energy advocates on Monday by setting out a lower amount of available subsidy than some had hoped for in an auction for new offshore wind capacity. Only about £1.1bn was made available in the auction.

    Musat said: “The wind industry alone employs 55,000 people and this is set to double to 110,000 by 2030. Every gigawatt of offshore wind brings £2bn-£3bn in private investment to the UK. That’s why it’s so important that we procure significant volumes of new wind and solar capacity in the auction for clean power contracts, with the budget set at an ambitious level to enable us to make the most of the opportunity to stabilise the cost of energy.”

    Michael Shanks, the energy minister, said: “Our competitive new auction process will allow us to buy the right amount of clean power at the right price on behalf of the British people, so we can take back control of our energy.”

    Separately, analysis from the Energy and Climate Intelligence Unit thinktank found that in the 10 years since the Paris agreement was signed in 2015 there have been far greater increases in renewable energy generation than was envisaged at the time.

    In 2015, BP predicted that non-fossil fuels would take a 38% share of global power generation by 2035, but already they account for 41%. Solar and wind generation today are four times what the International Energy Agency in 2015 forecast they would be.

    The deployment of electric vehicles has also risen faster than expected: the 2015 target of 100m EVs on the road by 2030 is likely to be hit in two years.

    Ed Miliband, the energy secretary, said: “Clean homegrown power is the right choice for families, industry and the nation for many years to come. Wind power is cheaper, cleaner and more secure than new gas – helping us bring down bills for good.

    “And with a competitive new process to secure more wind in our upcoming renewables auction, we will take back control of our energy and bring the next generation of opportunity to British coastlines and heartlands.”

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  • Cms1 Ribosomal Small Subunit Homolog promotes HCC proliferation and mi

    Cms1 Ribosomal Small Subunit Homolog promotes HCC proliferation and mi

    Introduction

    According to the Global Cancer Statistics 2022, liver cancer is the sixth most common type of cancer, with the third highest mortality rate.1 Hepatocellular carcinoma (HCC) accounts for ~80% of all primary liver cancers.2 The burden of HCC varies significantly across different regions, and China is the nation bearing the greatest burden of HCC, globally.3 Currently, the surgical treatment approach still offers the best long-term survival prospects for patients with HCC.4 However, a significant proportion of patients with HCC are diagnosed in advanced stages of the disease and can be therefore treated only with systemic therapies.5 With the development of medical technology, systemic therapy has transitioned from single-agent targeted therapy to combination therapy, thus resulting in significant stride. Unfortunately, the clinical treatment of HCC is very challenging, since only a small proportion of patients can achieve positive clinical benefits.6

    Classification can assist in a deeper understanding of diseases. HCC can be also stratified into two major classes based on its molecular subtype, the proliferation class and the non-proliferation class.7 The non-proliferation subtype maintains the expression of hepatocyte differentiation-related markers and displays chromosomal stability, thus being associated with a well-differentiated phenotype.8,9 In addition, the proliferation subtype is more common in patients with hepatitis B infection. This HCC subtype is commonly characterized by the presence of TP53 mutations, chromosomal instability, upregulation of cell cycle-related genes, and activation of classical cell proliferation-related pathways, such as the RAS/mitogen-activated protein kinase (MAPK) and phosphatidylinositol 3‑kinase/protein kinase B signaling pathways.8,9 Furthermore, patients with this HCC subtype commonly present with elevated serum alpha-fetoprotein levels and poor clinical prognosis.10 Therefore, understanding the molecular mechanisms underlying the development of proliferative HCC and identify new therapeutic targets are of significant importance.

    Herein, to uncover the mechanism of proliferative HCC, bioinformatics analysis was performed to establish a more precise classification of HCC based on its proliferative capacity and identify hub genes associated with the high-proliferative capacity subgroup. Furthermore, the most significant hub gene, namely Cms1 ribosomal small subunit homolog 1 (CMSS1), was further explored regarding its role in cell proliferation. CMSS1 was a relatively understudied molecule currently recognized as an RNA binding protein (RBP).11 The latest research indicated that CMSS1 played a significant role in the progression and prognosis of non-small cell lung cancer.12,13 In the study, we provided novel insights into the mechanism of CMSS1 in HCC progression.

    Materials and Methods

    Data Collection

    The gene expression profile and clinical data from a total of 369 HCC samples and 50 adjacent control tissue samples were obtained from The Cancer Genome Atlas (TCGA; https://portal.gdc.cancer.gov/). The RNA-seq data for the GSE138485, GSE214846, GSE124535 and GSE151530 datasets were collected from the Gene Expression Omnibus database (https://www.ncbi.nlm.nih.gov/geo/). The involved human data were approved by the Medical Ethics Committee, Zhongnan Hospital of Wuhan University.

    Consensus Clustering Analysis

    Consensus clustering analysis was performed using the “ConsensusClusterPlus” in R package, following the standard procedure outlined in the instructions. Subgroups were divided based on the 697 proliferation-related gene sets in the Hallmark term (Table S1), with a resampling frequency of 1,000 (reps=1,000) and default parameters for the rest. The optimal number of clusters was determined according to the following three criteria: i. The area under the consensus cumulative distribution function (CDF) curve should tend to stabilize; ii. the number of samples allocated to each cluster should be appropriate and stable; and iii. the clustering heatmap should be clear and not mixed. After comprehensive consideration, a K value of three was considered to indicate the optimal number of clusters in the current clustering analysis.

    Bulk RNA-Seq-Related Data Analysis

    The offline RNA-seq data was subjected to FastQC (v0.12.1) data quality control and were then aligned with the human reference genome (hg38) using HISAT2 (v2.2.1). Raw counts and transcripts per million (TPM) were quantitatively obtained by StringTie (v2.2.3). Principal component and differential gene analyses were carried out using “gmodels” and “DESeq2” in R package. The screening criteria for differentially expressed genes are explained in the results section of the manuscript. Herein, single sample gene set enrichment analysis (ssGSEA) was performed using “GSVA” in R package, while GSEA was conducted using “clusterProifler”. Kyoto Encyclopedia of Genes and Genomes (KEGG) enrichment analysis of the differentially expressed genes was directly carried out to reveal the statistical significance of each pathway using hypergeometric distribution based on the gene pathway annotation file provided on the official website.

    Clinical Prognostic Analysis

    The overall survival time and disease-free interval were obtained from TCGA official website. Kaplan Meier estimation and curve drawing were performed using “survival” and “survivminer” in R package.

    Single Cell RNA-Seq Data Analysis

    The single cell RNA-seq data from HCC samples was included in the GSE151530 dataset. Data were processed using “Seurat” (v5.0) in R package. Low quality cells were filtered using the following criteria: 500

    Cell Lines and Cell Culture

    293T cells and the human HCC cell lines, HepG2, MHCC97H, Huh7, MHCC97L, HLF and PLC/PRF/5, were obtained from the American Type Culture Collection. In addition, the above HCC cell lines were authenticated using short tandem repeat (STR) profiles. All cells were cultured in DMEM (Procell Life Science & Technology Co., Ltd)., containing 10% fetal bovine serum (FBS; NEWZERUM, Ltd.) and 1% penicillin/streptomycin solution (Procell Life Science & Technology Co., Ltd.) at 37°C with 5% CO2.

    Western Blot Analysis

    For Western blot analysis, total protein extracts were isolated from tissue or cell samples using SDS lysis buffer (Sinopharm Chemical Reagent Co., Ltd.) followed by quantification. An equal amount of protein extracts was separated by 10% SDS-PAGE, followed by transferring onto PVDF membranes (Millipore; Sigma). Following sealing in 5% skim milk for 1 h, the membrane was incubated overnight with a primary antibody at 4°C and then with the corresponding secondary antibodies at room temperature for 1 h. The antibodies used in the current study are listed in Table S2.

    Reverse Transcription-Quantitative PCR (RT-qPCR) Assay

    For RT-qPCR assays, total RNA was extracted from tissue or cell samples using a Trizol reagent (Sigma-Aldrich; Merck KGaA). Subsequently, the isolated total RNA was reversed transcribed into cDNA using the HiScript III RT SuperMix for qPCR (+gDNA wiper) kit (Vazyme Biotech Co., Ltd). The ChamQ SYBR qPCR Master Mix kit (Vazyme Biotech Co., Ltd.) was used to detect the PCR amplification products. The mRNA expression levels were calculated as fold change using the standard formula. The primer sequences used are listed in Table S3.

    Establishment of a Stable CMSS1 Overexpressing Cell Line

    293T cells were seeded into 6-well plates (Wuxi NEST Biotechnology Co., Ltd.) at a density of 6×105 cells/well until they reached 70% confluence on the second day. Subsequently, the targeted plasmids, pSPAX2 and pMD2.G were co-transfected into 293T cells for 48 h and the supernatant containing sufficient lentivirus was then collected and used to infect Huh7 and HepG2 cells in 6-well plates. Following incubation for 48 h, wild-type cells served as the control group, while the stable CMSS1 overexpressing cells were screened with 2 μg/mL puromycin dihydrochloride (Beyotime Institute of Biotechnology). The culture medium was then replaced and the stable expressing cells were selected. The successful establishment of the stable cell line was verified using Western blot and RT-qPCR analyses. The primer sequences used are listed in Table S3.

    Cell Counting Kit-8 (CCK-8) Assay

    The stable CMSS1 overexpressing cells were seeded in 96-well plates (Wuxi NEST Biotechnology Co., Ltd.) at a density of 3×103 cells/well in 100 μL culture medium (n=5 replicates). The culture medium was then replaced with fresh one, supplemented with 10% CCK-8 reagent (Beyotime Institute of Biotechnology) and cells were then cultured for 0, 24, 48, 72 and 96 h. Following incubation at 37°C for 120 min, the absorbance values in each well were measured at a wavelength of 450 nm using an enzyme labeler (Thermo Fisher Scientific, Inc).

    Colony Formation Assay

    Cells were seeded into 6-well plates (Wuxi NEST Biotechnology Co., Ltd.) and cultured for 14 days, with the intermediate being changed every three days to maintain the growth environment of the cells. When reached the indicating planned time, colonies were washed with PBS and were then fixed with 4% paraformaldehyde (Wuhan Servicebio Technology Co., Ltd.) for 15 min. After fixing, the formed colonies were stained with crystal violet staining solution (Beyotime Institute of Biotechnology) for 20 min. Finally, the cells were washed again with PBS to remove any excess dye and images of the culture plates were captured under a digital single lens reflex camera.

    Transwell Migration Assays

    The Transwell chambers (Corning, Inc.) were placed on 24-well plates (NEST) and cells in 100 μL culture medium without FBS were seeded into the upper chamber at a density of 8×104 cells/well. The lower chamber was supplemented with 600 μL DMEM containing 10% FBS. Following incubation for two days, the non-migrated cells were cautiously removed from the upper chamber, while the migrated ones in the lower chamber were fixed with 4% formaldehyde and were then stained with crystal violet staining solution for 10 min.

    Xenograft Mouse Model

    To establish a xenograft mouse model, HepG2 cells (density, 5×106 cells per mouse) transfected with CMSS1 overexpressing plasmid or control vector were separately suspended in 200 μL PBS and were then injected into the backs of 4-week-old male nude mice. As the tumor began to grow, the weight of the mice was measured every two days. The tumor volume was also recorded. On the last day of the experiment, the mice were euthanized by cervical dislocation following anesthesia by intraperitoneal injection of 0.3% sodium pentobarbital (30 mg/kg). Euthanasia was confirmed by verifying respiratory and cardiac arrest, along with pupil dilation, for a minimum of 10 min. Then, images of the naked mice were captured, and the size and weight of the tissue samples were measured. The maximum tumor diameter and volume were <1 cm and <1,000 mm3, respectively. All animal experimental protocols were approved by the Animal Care and Use Committee of the Renmin Hospital of Wuhan University and performed in accordance with the “Laboratory animal—Guideline for welfare and ethics” (GB/T 35892–2018) issued by the Standardization Administration of China.

    Immunohistochemistry (IHC) Assay

    IHC analyses were performed using paraffin-embedded tissue sections, which were subjected to dewaxing. Antigen retrieval was carried out in heat-induced sodium citrate buffer (pH, 6.0). Subsequently, the tissue sections were incubated with the primary antibody at 4°C overnight and then with the corresponding secondary antibody (Wuhan Servicebio Technology Co., Ltd.) at 37°C for 1 h. The immunoreactive signal was developed using 3,3′-diaminobenzidine (DAB) solution (ZSGB-BIO). The sources and dilutions of the primary antibodies used are listed in Table S2.

    Statistical Analysis

    Statistical analysis was performed using SPSS version 25 software (IBM Corp.) and graphs were constructed using GraphPad Prism 8.0 (GraphPad Software, Inc). The statistically significant differences in TPM differential expression or clinical indicators between normal and tumor samples were evaluated by Wilcoxon rank-sum test. The Student’s t-test or analysis of variance (ANOVA) was used to analyze the statistical significance between different groups. The data are expressed as the mean ± SD. P<0.05 was considered to indicate a statistically significant difference (*P< 0.05; **P<0.01; ***P<0.001; ns, not significant).

    Results

    HCC Subtypes with Strong Proliferative Ability Have Poor Prognosis

    The proliferation ability of liver tumor cells varies among different patients with HCC. Therefore, based on the differences in the proliferation rate, patients with HCC can be divided into different subgroups. Herein, a total of 696 genes associated with proliferation was screened using the Hallmark gene set in MSigDB (Table S1). Based on the expression of these genes, 369 patients with HCC in TCGA were classified into different subgroups with different proliferative abilities through consensus clustering (Figure 1A). Subsequently, through consensus CDF and consistency of sample clustering, three clusters were determined as the optimal number of clusters (Figure 1B and Figure S1A–S1C). In addition, the proliferation capacity in the above three subgroups was evaluated using ssGSEA. According to their ssGSEA scores and the expression of the aforementioned proliferation-related genes, cells were allocated into the Prolifer-low, Prolifer-mid and Prolifer-high subpopulations (Figure 1C). Furthermore, the expression levels of the proliferation-related markers, proliferating cell nuclear antigen (PCNA), marker of proliferation Ki-67 (MKI67) and cyclin-dependent kinase 1, were consistent with the grouping (Figure 1D–F). The above results indicated that patients with HCC could be categorized into three subgroups with low, medium and high proliferative capacity.

    Figure 1 HCC subtypes with strong proliferative ability have poor prognosis. (A) Schematic illustration of the analytical approach. (B) Heatmap of Consensus Clustering Analysis (k=3). (C) The proliferation score, calculated by ssGSEA and (DF) the expression levels of proliferation markers PCNA, MKI67, CDK1 for three subgroups (Prolifer-low, n=131; Prolifer-mid, n=67; Prolifer-high, n=171). (GI) The Kaplan‑Meier curve shows that the Prolifer-high subgroup has a lower 5-year survival rate, while the Prolifer-low subgroup has a higher 5-year survival rate. All data are presented as the means ± SD, *p < 0.05; **p < 0.01; ***p < 0.001.

    Abbreviations: ns, not significant; ssGSEA, single sample gene set enrichment analysis; PCNA, proliferating cell nuclear antigen; MKI67, marker of proliferation Ki-67; CDK1, cyclin dependent kinase 1.

    To reveal the functional characteristics of each subgroup, the gene sets of Reactome, KEGG and wikipathway were derived from MSigDB. Then, the enriched biological processes in each subgroup were identified through GSEA. Therefore, genes in the Prolifer-high subgroup were mainly associated with proliferation, and more particularly with “DNA strand elongation” and “DNA replication” (Figure S1D). In addition, genes in the Prolifer-mid subgroup were primarily enriched in terms associated with mitochondrial assembly and protein trafficking, such as “complex III assembly” and “protein export” (Figure S1E). Finally, the key events in the Prolifer-low subgroup were mainly involved in lipid metabolism and redox-related processes, including “fatty acid metabolism” and “oxidation by cytochrome P450” (Figure S1F). Subsequently, the prognosis in the above three subgroups was evaluated. Therefore, the Profiler-high subgroup was significantly associated with poor prognosis, the Prolifer-low subgroup with good prognosis, while no significant association was obtained between the Prolifer-mid subgroup and prognosis (Figure 1G–I). The aforementioned results suggested that patients in the high proliferation subgroup could display poorer clinical treatment outcomes, and therefore more targeted treatment approaches should be developed for these patients.

    CMSS1 Is a Potential Target in HCC Patients in the Prolifer-High Subgroup

    According to the preceding results, the current study aimed to identify therapeutic targets particularly for patients in the Prolifer-high subgroup. Firstly, the association between each gene and the Prolifer-high subgroup was determined in TCGA liver tumor samples. Therefore, a total of 2,399 genes displayed a correlation value of >0.9 (Figure S2A). Subsequently, a total of 3,246 differentially expressed genes were identified to be upregulated in liver tumor samples compared with normal adjacent tissue samples. The screening criteria for the differentially expressed genes were as follows: Fold change (FC) >1.5 and adjust, pvalue <0.05 (Figure S2B). Finally, utilizing the publicly available GSE151530 single-cell dataset for HCC and following standard single-cell sequencing data analysis and marker identification, a total of 360 marker genes, that could be highly expressed in liver cells or liver tumor cells, were screened. The criteria for selecting these marker genes were the following: log2FC >0.25, pct1 >0.25 and pct2 <0.1 (Figure S2C–E). Through the above rigorous analysis, 24 target genes were identified to be strongly associated with the Profiler-high subgroup. The above target genes were particularly expressed in the liver, while they were involved in tumor progression (Figure 2A). Furthermore, the association between these target genes and HCC prognosis was evaluated through overall survival time and disease-free interval time. The results showed that CMSS1, NECAB3, CDKN2A and TMEM106C were risk factors for HCC (Figure 2B and C), with CMSS1 being less studied compared with the remaining three genes. Therefore, CMSS1 was selected as the target gene for further research. Subsequently, the association between CMSS1 expression and HCC progression was further investigated. As previously described, CMSS1 was significantly upregulated in TCGA HCC samples compared with adjacent normal tissue samples (Figure 2D). Consistent results were obtained in multiple paired public HCC datasets (Figure 2E–G). In addition, CMSS1 expression was significantly positively associated with HCC stage and grade (Figure 2H and I). In terms of fibrosis, CMSS1 was significantly upregulated in fibrotic samples compared with non-fibrotic ones, while its expression was declined in cirrhotic liver samples (Figure 2J). Finally, the Kaplan-Meier curve more clearly demonstrated the significant association between CMSS1 expression and poor prognosis (Figure 2K and L). In summary, the above results indicated that CMSS1 was highly associated with the occurrence and development of HCC.

    Figure 2 CMSS1 is a potential target for prolifer-high subgroup patients. (A) Screening for target genes that are highly correlated with the Prolifer-high subgroup, are highly expressed in tumors, and specifically expressed in hepatocytes or liver tumor cells. (B and C) Prognosis of overall survival time and disease-free interval time of 24 genes. (D) The expression of CMSS1 in TCGA HCC samples is upregulated compared to adjacent normal samples. (EG) In multiple paired public HCC datasets, CMSS1 expression was upregulated in HCC samples compared to adjacent normal samples. (H and I) The expression of CMSS1 is positively correlated with the stage and grade of HCC. (J) CMSS1 expression significantly increased only in fibrosis samples. (K and L) The Kaplan‑Meier curve show that tumor patients with high expression of CMSS1 have a lower 5-year survival rate and disease-free interval. All data are presented as the means ± SD, *p < 0.05; **p < 0.01; ***p < 0.001.

    CMSS1 Affects the Proliferation of HCC Cells

    To uncover the biological functions of CMSS1 in HCC, the expression levels of CMSS1 were detected in different HCC cell lines. The results showed that the expression levels of CMSS1 were comparable among these cell lines (Figure S3A). Therefore, the two most commonly used HCC cell lines, namely HepG2 and Huh7, were employed to construct stable CMSS1-overexpressing and CMSS1-depleted cell lines (Figure S3B–F). The CCK-8 assay showed that the CMSS1 overexpression group of HepG2 cells had higher OD values, and the cell colony formation assay indicated that the CMSS1 overexpression group had more colonies, while the CMSS1 knockdown group exhibited the opposite effect (Figure 3A–C). In addition, the Western blot results demonstrated that CMSS1 overexpression upregulated PCNA and cyclin D1 in HepG2 cells (Figure 3D). The opposite effect was observed in CMSS1-depleted HepG2 cells (Figure 3E). Consistent results were obtained in the Huh7 cell line (Figure S4A–E). These results suggested that CMSS1 overexpression could promote the proliferation of HCC cells in vitro.

    Figure 3 CMSS1 overexpression affects the proliferation of HCC cells. (A and B) CCK-8 assay showed that CMSS1 overexpression promoted proliferation capacity of HepG2 cells, whereas CMSS1 knockdown had the opposite effects. (C) Colony formation assay showed that CMSS1 overexpression promoted proliferation capacity of HepG2 cells, whereas CMSS1 knockdown had the opposite effects. (D and E) Western blot assay showed that CMSS1 overexpression promoted the proliferation-related protein (PCNA and Cyclin D1) expression of HepG2 cells, whereas CMSS1 knockdown had the opposite effects. (F) Photographs of xenograft tumors induced by subcutaneously inoculating HepG2-transfected cells into nude mice. (G) Growth curves of xenograft tumor volumes showed that CMSS1 overexpression promoted the growth of xenograft tumors in vivo. (H) Graphs of xenograft tumor weights showed that CMSS1 overexpression promoted the growth of xenograft tumors in vivo. (I) Representative H&E staining and PCNA, MKI67 immunostaining of xenograft tumors (Scale bar, 50 μm and 100 μm). All data are presented as the means ± SD, *p < 0.05; **p < 0.01; ***p < 0.001.

    Abbreviations: ns, not significant; PCNA, proliferating cell nuclear antigen; MKI67, marker of proliferation Ki-67.

    To further verify the effect of CMSS1 on tumor formation in vivo, HepG2 cells stably transfected with CMSS1 overexpression plasmid or control vector were subcutaneously injected into the right back of nude mice to establish a xenograft mouse model. Compared with the control group, tumor volume and weight were increased in the CMSS1 overexpression group (Figure 3F–H). Subsequently, the enhanced mRNA and protein expression levels of CMSS1 in the CMSS1 overexpression group compared with the control group were verified (Figure S4F and G). Furthermore, the xenograft tumor tissues were also subjected to hematoxylin and eosin (H&E) staining and IHC analysis (PCNA and MKI67; Figure 3I). And the IHC analysis showed that the CMSS1 overexpression group had a higher positive rate of PCNA and MKI67. The above findings verified that CMSS1 overexpression could promote the growth of HCC cells.

    CMSS1 Affects the Migration and Epithelial-Mesenchymal Transition (EMT) of HCC Cells

    It has been reported that poor prognosis in HCC is commonly associated with high metastatic ability.14 Therefore, herein, the role of CMSS1 in regulating the metastatic ability of HCC cells was further explored. The results of Transwell migration assays showed that CMSS1 overexpression notably promoted the metastasis of HCC cells (Figure 4A and B). Conversely, CMSS1 knockdown remarkably inhibited the metastasis of HCC cells (Figure 4C and D). To further uncover the potential mechanisms underlying the effect of CMSS1 on regulating the metastatic abilities of HCC cells, the association between CMSS1 and EMT, a process intimately associated with tumor metastasis,15,16 was assessed. The Western blot results showed that CMSS1 overexpression upregulated N-cadherin and downregulated E-cadherin, while CMSS1 knockdown had the opposite effect (Figure 4E–H). The aforementioned findings suggested that CMSS1 could regulate the metastatic ability of HCC cells via modulating EMT.

    Figure 4 CMSS1 affects the migration and EMT of HCC Cells. (A and B) Transwell migration assay showed that CMSS1 overexpression promoted the migration capacity of HepG2 and Huh7 cells (Scale bar, 100 μm). (C and D) Transwell migration assay showed that CMSS1 knockdown inhibited the migration capacity of HepG2 and Huh7 cells (Scale bar, 100 μm). (E and F) Western blot assay showed the EMT-related protein (E-cadherin and N-cadherin) expression of HepG2 and Huh7 cells with control and CMSS1 overexpression groups. (G and H) Western blot assay showed the EMT-related protein (E-cadherin and N-cadherin) expression of HepG2 and Huh7 cells with control and CMSS1 knockdown groups. All data are presented as the means ± SD, *p < 0.05; **p < 0.01; ***p < 0.001.

    Abbreviation: ns, not significant.

    CMSS1 Activates the Tumor Necrosis Factor (TNF) Signaling Pathway

    Subsequently, the current study aimed to elucidate the mechanisms underlying the effect of CMSS1 on modulating the progression of HCC. Therefore, transcriptomic sequencing was carried out on CMSS1-depleted and control Huh7 cells. CMSS1 expression was detected in the RNA sequencing results, thus indicating the successful knockdown of CMSS1 (Figure S5A). The principal component analysis showed significant intergroup differences and high intragroup consistency between the CMSS1 knockdown and control groups (Figure S5B). Subsequently, differential expression gene analysis revealed that 1,133 genes were downregulated following CMSS1 knockdown (Figure S5C). Furthermore, KEGG enrichment analysis was conducted on the above genes to identify the signaling pathways that could be inhibited after CMSS1 knockdown. The results showed that the TNF signaling pathway was most significantly inhibited (Figure 5A). In addition, the expression of major downstream genes was also significantly suppressed (Figure 5B). To verify whether CMSS1 could affect the TNF pathway, the expression levels of the TNF pathway downstream genes, TNF, CSF1, CXCL2 and CXCL5, were detected. The RT-qPCR results demonstrated that CMSS1 knockdown reduced the expression levels of these genes, while CMSS1 overexpression displayed the opposite effect (Figure S5D and E). More importantly, cell treatment with the TNF pathway inhibitor, R-7050, diminished the activation of the TNF pathway and the CMSS1 overexpression-mediated tumor promoting effects of HpeG2 and Huh7 cells (Figure 5C–H). Overall, these results indicated that CMSS1 could promote HCC proliferation and migration via modulating the TNF signaling pathway.

    Figure 5 CMSS1 activates the TNF signaling pathway. (A) KEGG enrichment analysis reveals that TNF is the most significantly inhibited signaling pathway after CMSS1 knockdown. (B) The heatmap shows that the main downstream molecules of TNF are downregulated in expression after knocking down CMSS1. (C and D) RT-qPCR showed that R-7050 (1 µM) reversed the up-regulation of TNF pathway downstream genes expression levels caused by CMSS1 overexpression in HepG2 and Huh7 cells. (E and F) CCK-8 assay showed that R-7050 (1 µM) reversed the enhanced proliferation capacity caused by CMSS1 overexpression in HepG2 and Huh7 cells. (G and H) Transwell migration assay showed that R-7050 (1 µM) reversed the enhanced migration capacity caused by CMSS1 overexpression in HepG2 and Huh7 cells. All data are presented as the means ± SD, *p < 0.05; **p < 0.01; ***p < 0.001.

    Abbreviations: ns, not significant; RT-qPCR, reverse transcription-quantitative PCR.

    CMSS1 Promotes HCC Tumorigenesis via Activating the TNF/Nuclear Factor Kappa B (NF-κB) Signaling Pathway

    Since the TNF signaling pathway is involved in regulating tumor growth via activating the NF-κB pathway in several types of malignant tumors,17–19 the current study further investigated whether CMSS1 could also promote tumor cell proliferation and metastasis via activating NF-κB signaling. The results showed that CMSS1 overexpression and silencing could activate and inhibit the NF-κB pathway, respectively (Figure 6A and B). In addition, HpeG2 and Huh7 cell treatment with the NF-κB pathway inhibitor, JSH-23, attenuated the activation of NF-κB pathway and the tumor promoting effects of cells induced by CMSS1 overexpression (Figure 6C–H). These results suggested that CMSS1 could promote HCC proliferation and migration via regulating the TNF/NF-κB signaling pathway.

    Figure 6 CMSS1 regulates the TNF/NF-κB signaling pathway. (A) Western blot assay showed the protein expression of NF-κB signaling pathway of Huh7 cells with control and CMSS1 overexpression groups. (B) Western blot assay showed the protein expression of NF-κB signaling pathway of Huh7 cells with control and CMSS1 knockdown groups. (C and D) Western blot assay showed that JSH-23 (1 µM) reversed the up-regulation of protein expression levels of NF-κB signaling pathway in HepG2 and Huh7 cells. (E and F) CCK-8 assay showed that JSH-23 (1 µM) reversed the enhanced proliferation capacity caused by CMSS1 overexpression in HepG2 and Huh7 cells. (G and H) Transwell migration assay showed that JSH-23 (1 µM) reversed the enhanced migration capacity caused by CMSS1 overexpression in HepG2 and Huh7 cells. All data are presented as the means ± SD, *p < 0.05; **p < 0.01; ***p < 0.001.

    Abbreviation: ns, not significant.

    Discussion

    To further uncover the molecular mechanisms underlying the occurrence and development of HCC, bioinformatics analysis was carried out. The analysis revealed a new molecule, CMSS1, which was significantly associated with the proliferation of HCC cells. Functional studies demonstrated that CMSS1 could promote the proliferation and migration of HCC cells both in vitro and in vivo. The results further indicated that CMSS1 could activate the downstream TNF/NF-κB pathway, which exerted tumor-promoting effects. The above results highlighted the biological function and mechanism of CMSS1 in the progression of HCC, thus enhancing our understanding of the role of CMSS1 in the pathogenesis of HCC and providing novel promising biomarkers and treatment targets for HCC.

    Normal cells divide and multiply in a stringently regulated manner. When this regulation is disrupted, cancer forms.20 Therefore, almost all tumor cells have one common feature which is associated with cell proliferation, the activation of proliferation-related genes and repression of genes associated with proliferation inhibition, thereby allowing the tumor to grow without restriction.21 In addition, it has been reported that cancer cell migration within tissues is a key process in the development of cancer.22 Therefore, when cancer progresses and metastasizes, cells can move independently or collectively and spread to other organs, thus further promoting cancer development.23 EMT serves a key role in the invasion and metastasis of cancer cells.15,16 During EMT, epithelial cells lose their polarity,while E-cadherin is downregulated, thus resulting in reduced cellular adhesion, which in turn makes it easier for cells to invade and migrate. At the same time, these cells acquire a mesenchymal phenotype, which is characterized by the enhanced expression of proteins, such as that of vimentin and N-cadherin.24 Herein, CMSS1 overexpression significantly promoted the proliferation, migration and EMT process of HCC cells, thus highlighting its significant role in the development of HCC.

    TNF is a significant cytokine, which primarily functions through two receptors, namely TNF receptor 1 (TNFR1) and TNFR2.25 The combination of TNF and TNFR1 can lead to the activation of several signaling pathways, including the NF-κB, MAPK and Jun N-terminal kinase signaling pathways, which are involved in several biological processes, such as cell proliferation, migration and apoptosis, and inflammatory reactions.26 A previous study indicated that the activation of the TNF signaling pathway was closely associated with the occurrence and development of numerous diseases, including but not limited to cancer, infectious diseases and autoimmune diseases.27 The current study demonstrated that CMSS1 promoted the proliferation and migration of HCC cells through the activation of the TNF/NF-κB pathway. However, how CMSS1 could regulate the TNF/NF-κB pathway was not investigated, which is one of the limitations of the present study. Therefore, future research should integrate the functions of CMSS1 to address this gap.

    Although there are few reports on CMSS1, it is currently considered as an RBP. RBPs are a class of highly conserved proteins that play a crucial role in the post-transcriptional regulation of gene expression. Increasing evidence has indicated that RBPs act via recognizing and binding to sequences on target transcripts through their RNA binding domains.28 RBPs are also referred to as “clothes for the mRNA”, ensuring that different mRNA regions, namely the 5′ and 3′ untranslated regions (UTRs) and the coding region, are sometimes covered or exposed, thus facilitating the translation process and the overall function of the protein.29 Regarding the TNF pathway, it has been reported that there are five types of RBPs that can directly bind to the TNFα mRNA, namely TIA-1-related protein, T cell intracellular antigen-1, human antigen R, fragile-X-related protein 1 and tristetraprolin.30 As with several other cellular factors, the 3′-UTR of the TNFα mRNA encompasses an AU-rich element (ARE), as well as a constitutive decay element.31 A previous study showed that ARE was negatively associated with mRNA stability, which could be mediated by RBPs.32 Therefore, it was hypothesized that CMSS1 could affect the expression levels of TNFα via combining with its ARE structure, thus affecting its mRNA stability. Future studies, such as RNA immunoprecipitation (RIP) assays, were necessary to experimentally validate this interaction and its functional role in the TNF pathway.

    In summary, the current study revealed the biological function of CMSS1 in the development of HCC. The results demonstrated that CMSS1 could regulate the proliferation and migration of HCC cells via modulating the TNF/NF-κB signaling pathway. Overall, the above findings suggested that CMSS1 could be a potential therapeutic target of HCC. Future studies focusing on the detailed molecular mechanisms and the development of targeted strategies against CMSS1 are warranted to translate these findings into clinical applications.

    Limitations of the Study

    Although we inferred the potential mechanism by which CMSS1 regulated the TNF pathway in the discussion, further experimental verification is still required.

    Ethics Approval and Consent to Participate

    All animal experimental protocols were approved by the Animal Care and Use Committee of the Renmin Hospital of Wuhan University and performed in accordance with the “Laboratory animal—Guideline for welfare and ethics” (GB/T 35892-2018) issued by the Standardization Administration of China.

    Funding

    This work was supported by grants from the National Natural Science Foundation of China (81970011 [to P. Z.]) and the Basic Medicine-Clinical Medicine Transformation Collaborative Fund of Zhongnan Hospital of Wuhan University (grant no.: ZNLH202211 [to P. Z.]).

    Disclosure

    The authors report no conflicts of interest in this work.

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  • HSBC’s third-quarter profit drops 14%, beats estimates

    HSBC’s third-quarter profit drops 14%, beats estimates

    Two HSBC bank logos are displayed on an office building in Mexico City, Mexico, July 25, 2025.

    Henry Romero | Reuters

    Europe’s largest lender HSBC on Tuesday beat third-quarter profit expectations on the back of revenue growth, which included a rise in the bank’s net interest income and a robust performance in its wealth segment.

    The bank’s profit before tax for the three months ended in September was $7.3 billion, down nearly 14% from a year ago due to higher operating expenses, namely from notable items, including legal provisions of $1.4 billion.

    Here are HSBC’s second-quarter 2025 results compared with consensus estimates compiled by the bank.

    • Profit before tax: $7.3 billion vs. $5.98 billion
    • Revenue: $17.8 billion vs. $17.05 billion

    The earnings come a day after the bank said it will recognize a provision of $1.1 billion in its third-quarter results following a court ruling in Luxembourg related to the Bernard Madoff investment fraud case.

    The case stems from a 2009 lawsuit by Herald Fund SPC against HSBC’s Luxembourg arm, seeking the return of securities and cash allegedly lost in the fraud.

    The court rejected the HSBC unit’s appeal on the securities restitution claim, though it accepted its challenge about the cash portion.

    HSBC said it plans to file a further appeal with the Luxembourg Court of Appeal and, if that fails, it will dispute the final amount in later proceedings.

    The bank said the $1.1 billion provision will trim its Common Equity Tier 1, or CET1, capital ratio by roughly 15 basis points. The CET1 ratio is a key indicator of a bank’s financial strength.

    —CNBC’s Lim Hui Jie contributed to this report.

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