Category: 3. Business

The Democratic senator Elizabeth Warren is calling for an investigation into bankers including Jes Staley over their alleged support for the convicted sex offender Jeffrey Epstein, in a move that could leave the former Barclays boss banned from working in the US financial sector.

In a letter privately filed with regulators, and seen by the Guardian, Warren called for investigations into “all current and former US banking executives who may have facilitated Jeffrey Epstein’s illicit conduct”.

That includes Staley, who Warren said is alleged to have helped protect the late financier’s access to the banking system during his stint working at JP Morgan in the early 2000s. Warren noted that Staley – who is already banned from the UK banking sector – had been described in media reports as Epstein’s “chief defender”.

Warren, the lead Democrat on the US Senate committee on banking, housing and urban affairs, said she was concerned to hear that Staley pushed back when colleagues flagged Epstein’s suspicious transactions, referring to a matter that was put to him in court proceedings earlier this year. Staley denied the allegations at the time, saying “I don’t think that’s fair” and that the decision to exit a client such as Epstein was not his to make.

Warren also referred to court evidence suggesting Staley tipped Epstein off about JP Morgan’s worries in a way that allowed the sex trafficker to alter his behaviour and avoid scrutiny. Staley told the court that he “was not part of managing the account” but did not deny that he told Epstein there were concerns about cash withdrawals.

During his 15-year relationship with JP Morgan, Epstein opened at least 134 accounts, processed over $1bn in transactions, and brought in several lucrative clients, Warren’s letter said.

And while JP Morgan had so far paid $290m (£217m) in settlements to Epstein’s victims, “Staley has so far avoided accountability in the United States,” the senator said.

Warren has now called on the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) to publicly announce the launch of an investigation into former and current banking executives who may have aided Epstein, by 7 November.

She also asked for private confirmation that an investigation had been opened specifically into Staley’s conduct by 14 November. Wrongdoing could ultimately result in a fine and a potential ban from working in the US banking sector.

“It is critical to send a message to the public and current bank employees that this type of egregious misconduct has no place in the American banking system,” Warren’s letter said.

It would be another bruising development for Staley, who in June lost a legal attempt to overturn his lifetime ban from the UK financial sector imposed by UK’s Financial Conduct Authority (FCA) in 2023, after he was found to have misled the watchdog over his relationship with the sex offender.

The FCA’s original investigation, triggered by a cache of more than 1,200 emails between Staley and Epstein, concluded that the pair were “indeed close” and had a relationship that “went beyond one that was professional in nature”.

Warren also called for investigations into other top executives that may have supported the late financier’s crimes. “Staley is not the only bank executive with concerning ties to Epstein. For example, according to Staley’s sworn deposition, he discussed Epstein with CEO Jamie Dimon on at least two occasions,” the letter stated.

Dimon has previously denied Staley’s claim and stated that he does not recall knowing anything about Epstein until years after the firm effectively severed ties with the sex offender. JP Morgan declined to comment.

“The Fed, OCC and FDIC should investigate any other current or former banking executives who engaged in similar conduct to determine whether their conduct satisfies the legal standards for a ban on working in the banking industry and civil monetary penalties,” Warren said.

“Any banking executives who facilitated the crimes of one of the world’s most notorious sex criminals should be held to account,” Warren’s letter added.

Donald Trump has come under fire for his own social ties to the sex offender, who was a longtime friend until they fell out in 2004. The president made releasing the Epstein investigative files part of his campaign platform, but has failed to do so. He has referred to the furore over the files as a Democratic “hoax”.

The news of Warren’s letter came as two new lawsuits were filed by an anonymous plaintiff against Bank of America and the Bank of New York Mellon (BNY), alleging that banks illicitly enabled Epstein’s sex trafficking. BNY has said the claims “are meritless and we will vigorously defend against it”. Bank of America echoed those comments, saying: “We will vigorously defend ourselves in this matter.”

The Guardian contacted Staley’s legal representative for comment.

In June, after the loss of his legal challenge against the FCA, Staley said he was “disappointed” by the outcome but was “never dishonest”.

(Bloomberg) — Global equities paused their record-breaking rally as investors braced for a flurry of earnings from megacap technology companies and policy announcements from major central banks this week.

Asian shares fell 0.5% and futures pointed to a weaker open for Europe. Japanese shares retreated from a record as the yen gained against the dollar, snapping a seven-session slide. Contracts for the S&P 500 were flat after the gauge closed at a record as Chinese and US trade negotiators lined up an array of diplomatic wins for Donald Trump and Xi Jinping to unveil at a summit this week.

“What we’re hoping is for some agreement with hard numbers,” Lorraine Tan, director of equity research for Asia at Morningstar, said in a Bloomberg TV interview. “We’re still going to be skeptical in effect that we do expect heightened risks from tariffs and geopolitics — there is no escape from that.”

Easing trade tensions have helped fuel a stock rally, while US companies have so far emerged largely unscathed by tariffs, protecting margins through price increases and cost cuts. That optimism faces a reality check this week as investors look to the Federal Reserve meeting for clues on the path of rate cuts, while major technology firms including Amazon.com Inc. and Microsoft Corp. reveal whether the earnings momentum can be sustained.

Meanwhile, the yen gained against the dollar after US Treasury Secretary Scott Bessent and newly appointed Japanese Finance Minister Satsuki Katayama discussed exchange rate volatility.

The yen outperformed its Group-of-10 peers, as markets welcomed supportive remarks from Japanese officials and cheered the outcome of a high-profile meeting between US and Japanese leaders in Tokyo. The currency gained also as Japan’s minister for growth strategy Minoru Kiuchi said authorities will keep monitoring the impact of yen weakness on the economy.

What Bloomberg strategists say…

FX traders are reading it to be a reminder that the US administration would prefer a softer dollar. However, the Bank of Japan still needs to do their part this week and set up a rate hike for December. Otherwise USD/JPY could flip back to the 153 area, or higher.

— Mark Cranfield, Markets Live strategist. Click here for the full analysis.

In other corners of the market, the yuan climbed to its strongest level in nearly a year, amid optimism over a potential China-US trade deal. A gauge of the dollar edged lower for a second day. Gold held below $4,000 an ounce as progress in trade talks sapped demand for haven assets.

On Wednesday and Thursday, five firms that account for about a quarter of the US benchmark — Microsoft Corp., Alphabet Inc., Meta Platforms Inc., Amazon.com and Apple Inc. — will report results. A gauge of the “Magnificent Seven” megacaps jumped 2.6% on Monday.

“With the Fed on track to cut rates, extending the run would appear to hinge on this week’s lineup of high-profile earnings releases,” said Chris Larkin at E*Trade from Morgan Stanley.

Copper — a bellwether for global growth — advanced and traded roughly $60 shy of a record set last year as investors assessed the cooling of trade tensions between the US and China.

On trade, Trump told reporters on Monday that “I really feel good” about a deal with China, after officials unveiled a slew of agreements to ease tensions.

While markets cheered the latest developments, some analysts cautioned the deal now teed up for Trump and Xi to sign in South Korea ignored thorny issues.

Fundamental fights over national security appeared untouched, they said, along with Trump’s stated core mission of rebalancing trade. Making that harder, Chinese investment into America remains heavily restricted.

“While these developments have lifted market spirits, analysts remain skeptical that the underlying issues — such as national security and tech competition — will be fully resolved,” said Fawad Razaqzada at City Index and Forex.com. “Nevertheless, traders have embraced the risk-on mood.”

Meanwhile, Trump hailed the US’s alliance with Japan, reaffirming ties with a longstanding partner and praising new Prime Minister Sanae Takaichi on her plans to ratchet up defense spending as the pair met in Tokyo. Trump and Takaichi signed a framework on critical minerals.

Corporate News:

Amazon.com Inc. to cut corporate jobs in several key departments, including logistics, payments, video games and the cloud-computing unit, according to people familiar with the matter. The terminations, expected as soon as Tuesday, could affect as many as 30,000 jobs, Reuters reported on Monday, citing sources. HSBC Holdings Ltd. reported third-quarter revenue that beat estimates, driven by its key wealth businesses, even as a $1.1 billion provision tied to the Bernard Madoff fraud cases weighed on earnings. BNP Paribas SA’s trading unit suffered a hit from souring debt in the third quarter, adding to challenges for Chief Executive Officer Jean-Laurent Bonnafe after a string of recent setbacks. Novartis AG’s profit rose last quarter, buoyed by a suite of new cancer medicines. Amundi SA reported adjusted pretax income for the third quarter that beat analysts’ estimates as the French asset manager prepares to unveil its new three-year strategic plan next month. Nvidia Corp. and Deutsche Telekom AG are preparing to announce plans for a €1 billion data center in Germany. BlackLine Inc. has attracted takeover interest from suitors including SAP SE, according to people with knowledge of the matter. Nomura Holdings Inc.’s profit beat analysts’ expectations last quarter, buoyed by equity trading and advising on mergers. Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 6:50 a.m. London time Nasdaq 100 futures were little changed The MSCI Asia Pacific Index fell 0.5% Hong Kong’s Hang Seng fell 0.5% The Shanghai Composite fell 0.3% Euro Stoxx 50 futures fell 0.1% Currencies

The Bloomberg Dollar Spot Index fell 0.1% The euro rose 0.1% to $1.1660 The Japanese yen rose 0.6% to 151.95 per dollar The offshore yuan rose 0.2% to 7.0976 per dollar The British pound rose 0.2% to $1.3358 Cryptocurrencies

Bitcoin fell 0.4% to $114,056.62 Ether fell 0.6% to $4,104.43 Bonds

The yield on 10-year Treasuries declined one basis point to 3.97% Japan’s 10-year yield declined 2.5 basis points to 1.640% Australia’s 10-year yield declined one basis point to 4.17% Commodities

Spot gold fell 1% to $3,943.59 an ounce West Texas Intermediate crude fell 0.2% to $61.18 a barrel This story was produced with the assistance of Bloomberg Automation.

–With assistance from Alex Gabriel Simon.

©2025 Bloomberg L.P.

A charity that helps families struggling with the cost of school clothing has described a donation of uniforms from an airline as “crucial”.

Luton-based EasyJet has partnered with local charity Level Trust (LT), which provides uniforms for 75 schools across the town.

LT’s uniform exchange programme will upcyle used EasyJet uniforms into thousands of new shirts, skirts, blazers and trousers for older students.

A survey of 2,000 parents, commissioned by EasyJet, found 58% of British households are feeling the financial strain of buying school uniforms.

It also found how, on average, they are spending £255 per child on school uniform.

Michael Brown, director of cabin services for EasyJet, said: “Our aim for this first phase is both to support parents who are facing financial hardships as well as reduce our textile waste.”

Jennie White, chief executive officer of LT, added: “We have seen a significant rise in requests for school uniforms, highlighting the challenges many families are facing.

“EasyJet’s donation of surplus uniforms is a crucial step in addressing these needs as this initiative not only helps alleviate the financial strain on parents, but also ensures that children have the necessary attire to feel confident and focused at school.”

Basel, October 28 2025 – Novartis today announced that its previously announced tender offer (the “offer”) by Torino Merger Sub Inc., a Delaware corporation and an indirect wholly owned subsidiary of Novartis (“Purchaser”), to acquire all of the outstanding shares of common stock, par value $0.0001 per share (the “Shares”), of Tourmaline Bio, Inc., a Delaware corporation (“Tourmaline”), at a price of $48.00 per Share, in cash, without interest and subject to any applicable withholding, expired at one minute following 11:59 p.m., Eastern Time, on October 27, 2025 (the “Expiration Date”).  

Computershare Trust Company, N.A., the depositary for the offer, has advised that, as of the Expiration Date, approximately 24,030,382 Shares were validly tendered and not validly withdrawn pursuant to the offer, representing approximately 92.94% of the issued and outstanding Shares immediately prior to the Expiration Date. 
  
The parties expect the transaction to close on October 28, 2025, promptly following the acceptance of all Shares validly tendered and not validly withdrawn pursuant to the offer. 

Disclaimer 
This press release contains statements that are not statements of historical fact, or “forward-looking statements,” including with respect to Novartis’s proposed acquisition of Tourmaline. Forward-looking statements can generally be identified by words such as “potential,” “can,” “will,” “plan,” “may,” “could,” “would,” “expect,” “anticipate,” “look forward,” “believe,” “committed,” “investigational,” “pipeline,” “launch,” or similar terms, or by express or implied discussions regarding potential marketing approvals, new indications or labeling for Tourmaline’s product candidates, Tourmaline’s platform, the proposed acquisition of Tourmaline and the expected timetable for completing the proposed acquisition, the benefits sought to be achieved in the proposed acquisition, or potential future revenues from Tourmaline’s product candidates. You should not place undue reliance on these statements. Such forward-looking statements are based on Novartis’s current beliefs and expectations 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. There can be no guarantee that clinical trials for any of Tourmaline’s product candidates will be successful, that Tourmaline’s approach to the discovery and development of product candidates based on its AOC™ platform will produce any products of commercial value, that any of Tourmaline’s product candidates will be submitted for marketing approval or approved for sale or, if approved, receive approval for any additional indications or labeling, in any market, or at any particular time, nor can there be any guarantee that, if approved, any of Tourmaline’s product candidates will be commercially successful in the future. Neither can there be any guarantee that the conditions to the closing of the proposed acquisition will be satisfied on the expected timetable or at all or that the expected benefits or synergies from this transaction will be achieved in the expected timeframe, or at all. In particular, expectations regarding Tourmaline or the transaction described in this press release could be affected by, among other things, the satisfaction of customary closing conditions; the risk that competing offers or acquisition proposals will be made; the effects of disruption from the transactions contemplated by the Merger Agreement and the impact of the announcement and pendency of the transactions on Novartis and/or Tourmaline’s businesses, including their relationships with employees, business partners or governmental entities; the risk that the offer or the merger may be more expensive to complete than anticipated; the risk that stockholder litigation in connection with the offer or the merger may result in significant costs of defense, indemnification and liability; a diversion of management’s attention from ongoing business operations and opportunities as a result of the offer, the merger or otherwise; general industry conditions and competition; general political, economic and business conditions, including interest rate and currency exchange rate fluctuations; the uncertainties inherent in research and development, including clinical trial results and additional analysis of existing clinical data; regulatory actions or delays or government regulation generally; global trends toward health care cost containment, including government, payor and general public pricing and reimbursement pressures and requirements for increased pricing transparency; our ability to obtain or maintain proprietary intellectual property protection; the particular prescribing preferences of physicians and patients; general political, economic and business conditions; safety, quality, data integrity or manufacturing issues; potential or actual data security and data privacy breaches, or disruptions of our information technology systems, and other risks and factors referred to in Novartis AG’s and Tourmaline’s filings and reports with the SEC, including Novartis AG’s Annual Report on Form 20-F for the year ended December 31, 2024, Tourmaline’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, and any subsequent filings made by either party with the SEC, available on the SEC’s website at www.sec.gov. Novartis is providing the information in this press release as of this date, and Novartis does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, except to the extent required by law. 

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 more than 300 million people worldwide. 

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

# # # 

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 3^rd quarter 2025, a comparable growth of +1.9% compared to the 3^rd quarter 2024. This growth continued in line with the 1^st 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 3^rd quarter 2025.

Gas & Services revenue in the 3^rd 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 3^rd 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 3^rd 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 3^rd 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 3^rd 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 3^rd quarter 2025, down -0.8% compared to the 3^rd 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 3^rd quarter 2025, a comparable growth of +1.7%.

Industrial and financial investment decisions stood at 924 million euros in the 3^rd 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 3^rd 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 3^rd 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. ↑

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)

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

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.

• 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

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.

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.