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Category: 3. Business

  • Four charts show Europe’s reliance on U.S. digital infrastructure

    Four charts show Europe’s reliance on U.S. digital infrastructure

    As geopolitical tensions between the EU and the U.S. escalate, these charts show how reliant the continent is on American tech providers, despite pledges to become more independent.

    Since returning to the White House last year, U.S President Donald Trump imposed tariffs on the continent and caused headaches and fear in Europe as he initially refused to rule out military action to acquire Greenland, a semi-autonomous Danish territory, before backtracking.

    With the long-standing transatlantic alliance looking uncertain, European governments are increasingly moving to develop digital autonomy. Critics of Europe’s reliance on U.S. companies for digital infrastructure warn that U.S. law enforcement can request user data from American companies, regardless of where the data is stored, as part of the Cloud Act.

    But tech providers from the other side of the Atlantic still dominate in Europe.

    European cloud providers have been steadily losing ground to U.S. rivals over the past nine years, holding under 15% of the market in 2025, according to data from Synergy Research Group, a market analytics company.

    “It will be incredibly difficult for European cloud providers to meaningfully reverse the market share trend,” John Dinsdale, the group’s chief analyst, told CNBC.

    “This is a game of scale. In order to be a leading player, you have to be continually investing large amounts in research, service development, technical infrastructure, customer support and channel partners,” he added. “You also have to have the brand recognition and ability to operate globally or at least across multiple geographies.”

    Amazon, Microsoft and Google control more than 70% of the European cloud market, while the European companies with the largest share of the market are German duo SAP and Deutsche Telekom, with 2% each, per Synergy data.

    “If you were able to go back 10 years and rewrite history, maybe one or two European companies could and should have set out their stall to be a leading player in the cloud market, but they didn’t,” said Dinsdale.

    Amazon gained a huge early mover advantage by acting first in the market, he said, adding that Microsoft and Google followed at a distance. “Oracle eventually got serious about the cloud and is now growing rapidly, and neocloud companies are targeting specific services with some success.”

    While SAP commands the biggest share of Europe’s enterprise software market, at least 59% is held by U.S companies, according to data from a December report by the European Parliament, with Oracle and Microsoft controlling 18% and 10%, respectively. The enterprise software market data refers to Europe as a whole, including non-EU members such as the UK and Switzerland.

    Many political leaders are now “looking at technology in a way to gain sovereignty,” SAP CEO Christian Klein told CNBC’s “Squawk Box Europe” on Friday, in terms of “not only where do we store the data and how we manage the data, but also how to gain sovereignty on the software side.”

    Customer relationship management software is a sector dominated by a single player in Salesforce, with SAP taking second spot, data from the European Parliament report, referring just to the 27 members of the European Union, showed.

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  • Elkem announces agreement to sell majority of Silicones division to Bluestar

    OSLO, Norway, Feb. 13, 2026 /PRNewswire/ —

    Transaction highlights:

    • Elkem to sell majority of the Silicones division to Bluestar to create a focused, globally-leading metals and materials producer
    • Transaction will be settled through redemption of Bluestar’s 338,338,536 shares (52.9%) in Elkem. No cash payments by Elkem nor Bluestar as settlement
    • Minority investors to assume 100% control of Elkem (listed)
    • Transaction solves Elkem and Bluestar’s long-term strategic goals regarding operations and ownership
    • Transaction is conditional upon shareholders’ approval at EGM, waivers and approvals from lenders, and other customary approvals
    • Folketrygdfondet, Must Invest, DNB Asset Management, Nordea Investment Management, and Perestroika have pre-committed their support for the transaction at the EGM, and fully underwritten a NOK 1 500 million contemplated equity capital raise subject to certain terms and conditions
    • Transaction is expected to close by May 2026

    Elkem ASA (“Elkem” or the “Company”) today announced an agreement to sell the majority of its Silicones division to Bluestar to be settled with all Elkem shares held by Bluestar through Bluestar Elkem International Co. Ltd. S.A. (collectively with its relevant affiliate(s), “Bluestar”).

    Reference is made to the stock exchange announcements made by Elkem on 23 January 2025 and 18 September 2025 regarding the strategic review of the Silicones division (“Silicones”) and the initiation of an exclusive sales process regarding Silicones.

    Elkem has entered into a final share purchase agreement regarding the sale of the majority of the Silicones division assets (the “Sold Silicones Assets”) to Bluestar in a transaction where the full consideration payable by Bluestar will be settled through the redemption of all of Bluestar’s 338,338,536 shares in Elkem (the “Contemplated Transaction”). Following completion of the Contemplated Transaction, Bluestar will no longer hold any Elkem shares.

    After a comprehensive assessment of all available options, Elkem firmly believes that entering into the share purchase agreement delivers the most favourable outcome for both the Silicones division and the Company, ultimately benefitting all shareholders.

    As Elkem’s largest shareholder and former owner of parts of the Silicones assets, Bluestar possesses deep knowledge of Elkem’s Silicones division and is strategically focused on developing its position in the silicones value chain.

    The Contemplated Transaction will be carried out by transferring the Elkem subsidiaries within the Silicones transaction perimeter to Bluestar.

    “This transaction is the result of a thorough strategic review initiated in early 2025 and reflects the Board’s clear ambition to create the strongest possible foundation for long-term value creation. We are confident that the agreement with Bluestar delivers a favourable outcome for Elkem’s employees, shareholders and other stakeholders, while positioning both Elkem’s metals and materials divisions, and the Silicones division for future growth,” said Elkem Deputy Chair of the Board of Directors Dag J Opedal.

    The Contemplated Transaction is conditional upon the approval by Elkem’s general meeting and waivers and approvals from Elkem’s lenders, and other customary approvals and conditions (the “Closing Conditions”). The Board of Directors of Elkem will on 13 February 2026 call for an extraordinary general meeting to be held on 9 March 2026 to approve the share purchase agreement and resolve the redemption of Bluestar’s shares (the “EGM”). Bluestar is not entitled to vote for their Elkem shares on the agenda item relating to the share purchase agreement.

    Folketrygdfondet, Must Invest, DNB Asset Management, Nordea Investment Management, and Perestroika, have pre-committed their support for the Contemplated Transaction at the EGM, and underwritten NOK 1 500 million subject to certain terms and conditions in equity capital to be raised based on prevailing market conditions and at market terms, securing a robust financial position for Elkem, after the Contemplated Transaction. These shareholders represent as of the date hereof approximately 30% of the share capital eligible to vote on the approval of the share purchase agreement at the EGM.

    With respect to the share redemption, Bluestar is entitled to vote and has undertaken to vote in favour. Shareholders holding in total 67% of the share capital eligible to vote on that item have accordingly undertaken to vote in favour of the share redemption at the EGM.

    Subject to being approved by the EGM and the other Closing Conditions being satisfied or waived, the Contemplated Transaction is expected to close by May 2026.

    Transaction and strategic rationale

    The transaction perimeter includes all assets, rights and liabilities, as well as employees in relation to the Sold Silicones Assets. Geographically, the Sold Silicones Assets are located across the globe, with APAC constituting the largest market.

    “Since its founding more than 120 years ago, Elkem has consistently optimised its portfolio to adapt to changing market dynamics and capitalise on emerging growth opportunities. By divesting the majority of the Silicones division, we are simplifying our business, sharpening our strategic focus and allocating capital where we see strong long-term growth opportunities. We are confident that the agreement also delivers the most favourable outcome for the Silicones division positioning the business for accelerated specialisation and growth,” said Elkem CEO Helge Aasen.

    The Silicones entities being retained by Elkem and not included in the Contemplated Transaction are Yongdeng (Silicon Metal China), Roussillon (upstream Silicones in France) and Chakan (downstream Silicones in India) (the “Retained Silicones Assets”). For Roussillon, Elkem has entered into a five-year supply agreement of upstream silicones to the downstream business to be acquired by Bluestar, which will take effect upon the closing of the Contemplated Transaction, as well as to a renowned third party, ensuring economically viable operations that are expected to be earnings neutral. For the other Retained Silicones Assets, strategic alternatives are being explored.

    The Contemplated Transaction represents a significant milestone in streamlining Elkem into a focused, pure play metals and materials company. Completion of the Contemplated Transaction will enable Elkem to reallocate capital to these segments over time, accelerating growth and ensuring a more attractive financial profile with reduced complexity, less volatility, and stronger cash flow generation for investment and distribution to shareholders. Moreover, Elkem will through a stronger focus on core products and markets be better suited to pursue value-accretive expansion opportunities.

    Bluestar representatives on Elkem’s Board of Directors and their representative on the nomination committee will resign their positions effective immediately following closing of the Contemplated Transaction, and new members to the Board of Directors will be elected at the EGM subject to, and with effect from, closing of the Contemplated Transaction.

    Structure, consideration and fairness opinion

    The Contemplated Transaction will be settled through the redemption of all of Bluestar’s 338,338,536 shares in Elkem. It will not include any cash payments by Elkem nor Bluestar as settlement.

    The independent shareholder elected members and employee representatives on the Board of Directors of Elkem (the “Independent Board”) has as part of the Contemplated Transaction engaged DNB Carnegie, a part of DNB Bank ASA (“DNBC”) to provide a fairness opinion. DNBC has concluded that the Contemplated Transaction is fair from a financial point of view when considering the valuation from the perspective of the Independent Board and its shareholders (other than Bluestar).

    Financials and outlook for Elkem post the Contemplated Transaction

    Following the Contemplated Transaction, Elkem will comprise of Silicon Products, Carbon Solutions, and Other.

    With significantly lower capital intensity in the remaining business, Elkem will have an improved cash flow generation and deleveraging capacity, as well as the ability to pursue organic and in-organic growth opportunities. 

    The Contemplated Transaction will position Elkem as a leading metals and materials company characterised by:

    • A market-leading production footprint to supply fundamentally growing end-markets
    • Attractive positions in all relevant geographies with value-accretive M&A opportunities
    • A captive operating model with leading cost positions
    • Deep customer relations and strong R&D capabilities to meet future demand
    • A robust financial profile over-the-cycle and solid cash flow generation
    • Flexibility to grow through optimised capital allocation
    • Supplying critical materials to the green and digital transitions

    “Following the transaction, Elkem will be a focused metals and materials producer. This allows us to pursue tailored strategies aligned with our divisions’ unique strengths and respective market dynamics. We will remain an international industrial major with production plants across five continents, underscoring our position as a leading producer with an integrated value chain. We will continue to prioritise innovation through our R&D centres worldwide, to meet the demands stemming from heightened focus on supply chain security for critical materials. Our robust financial profile will position us well to pursue selective growth and consolidation opportunities within our core segments,” said Elkem CEO Helge Aasen.

    The net indebtedness (“NIBD“) is approximately NOK 9.8 billion immediately after the Contemplated Transaction and not considering the contemplated equity capital raise. Elkem will immediately initiate dialogue with its lenders in relation to the waivers and approvals required under its bank facilities for the Contemplated Transaction and will update the market once such process is concluded. Over time, Elkem seeks to maintain its strong credit position, maintaining a sound and flexible balance sheet qualifying for investment grade ratings based on its mid-cycle earnings capacity.

    It is expected that Elkem will conduct a debt refinancing in connection with the Contemplated Transaction. Subject to closing of the Contemplated Transaction and in preparation for the debt refinancing, Elkem intends to raise a gross amount of NOK 1,500 million in new equity capital, based on prevailing market conditions and at market terms. Folketrygdfondet, Must Invest, DNB Asset Management, Nordea Investment Management and Perestroika have fully underwritten the contemplated capital raise subject to certain terms and conditions (NOK 360 million from Folketrygdfondet, NOK 360 million from Must Invest, NOK 290 million from DNB Asset Management, NOK 360 million from Nordea Investment Management, and NOK 130 million from Perestroika).

    The contemplated equity capital raise will ensure a strengthened balance sheet for Elkem following the completion of the Contemplated Transaction, which combined with its enhanced cash generation capacity, ensures a robust financial position. The Board will carefully consider the interests of all other minority shareholders in relation to the contemplated equity capital raise.

    Indicative Timeline and Approvals

    The Contemplated Transaction including redemption of the 338,338,536 Elkem shares held by Bluestar through Bluestar Elkem International Co. Ltd. S.A. are planned to proceed according to the following timeline:

    • Notice of EGM and associated shareholder information: 13 February 2026
    • EGM to approve the Transaction: 9 March 2026
    • Lender approval process: Early March 2026
    • Expiry of creditor notice period: Mid- April 2026
    • Closing and settlement of the Transaction: Late April or early May 2026

    Except for the dates relating to the Elkem EGM, the dates above are indicative only and subject to change.

    As part of the Contemplated Transaction, certain existing shareholders representing 30% of the shares in Elkem held by others than Bluestar at the date of this announcement, have provided their pre-commitments to supporting the Contemplated Transaction at the EGM. 

    Press conference

    Elkem will hold a press conference today, 13 February 2026, following the presentation of the fourth quarter 2025 results at 8.00 a.m. CET. The event will take place at House of Oslo, Conference centre (room Backer), VIA Vika, Ruseløkkveien 34, 0251 Oslo.

    The presentation can also be viewed in a live webcast at Elkem: Webcast 4Q 2025: or via www.elkem.com

    The presentation and the subsequent Q&A session will be held in English.

    A recording of the press conference will be made available at www.elkem.com

    Advisors

    ABG Sundal Collier ASA (“ABGSC”) acted as financial advisor and Advokatfirmaet Thommessen AS (“Thommessen”) acted as legal advisor to Elkem.

    J.P. Morgan Securities (Asia Pacific) Limited (“J.P. Morgan”) acted as financial advisor and White & Case (“W&C”) acted as legal advisor to Bluestar.

    For further information, please contact:

    Odd-Geir Lyngstad VP Finance & Investor Relations
    Tel: +47 976 72 806
    Email: [email protected]

    Marianne Stigset, VP Corporate Communications & Public Affairs
    Tel: +47 411 88 482
    Email: [email protected]

    About Elkem:

    Elkem is one of the world’s leading providers of advanced silicon-based materials shaping a better and more sustainable future. The company develops silicones, silicon products and carbon solutions by combining natural raw materials, renewable energy and human ingenuity. Elkem helps its customers create and improve essential innovations like electric mobility, digital communications, health and personal care as well as smarter and more sustainable cities. With a strong track record since 1904, its global team of more than
    7 000 people has a joint commitment to stakeholders: Delivering your potential. In 2025, Elkem achieved an operating income of NOK 31 billion. Elkem has been awarded top score of A on Forests and Water Security, and B on Climate Change from CDP. Elkem is listed on the Oslo Stock Exchange (ticker: ELK), where the company is also included in the ESG Index. www.elkem.com.

    This release contains inside information related to Elkem ASA pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

    This release was published by Odd-Geir Lyngstad, VP Finance and Investor Relations, Elkem ASA. Date and time of publication: 07:00 CET, 13.02.2026

    This information was brought to you by Cision http://news.cision.com

    https://news.cision.com/elkem/r/elkem-announces-agreement-to-sell-majority-of-silicones-division-to-bluestar,c4306979

    The following files are available for download:

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  • Hyundai PALISADE Crowned 2026 Canadian Utility Vehicle of the Year

    Hyundai PALISADE Crowned 2026 Canadian Utility Vehicle of the Year

    SEOUL, February 12, 2026 – Hyundai PALISADE has captured the prestigious 2026 Canadian Utility Vehicle of the Year award, presented by the Automobile Journalists Association of Canada (AJAC) at the Canadian Car of the Year Awards (CCOTY) in Toronto.

    What Makes the 2026 Canadian Utility Vehicle of the Year Award Significant?

    This marks the second consecutive year a Hyundai model has earned the Canadian Utility Vehicle of the Year and is the fourth time in five years that a Hyundai model has taken the title, with previous wins from SANTA FE (2025), IONIQ 5 (2023) and TUCSON (2022).

    “Being recognized as AJAC’s Canadian Utility Vehicle of the Year is an honor we’re incredibly proud of, especially in a segment as competitive as this one. The all-new PALISADE represents Hyundai at its best: bold design, advanced technology and a commitment to delivering exceptional value to Canadian families. Earning this award for the fourth time since 2022 underscores the importance of applying customer and journalistic feedback we’ve gained over the years, while continuing the strong momentum and leadership of our SUV portfolio in Canada.” – Steve Flamand, President and CEO of Hyundai Auto Canada

    “Congratulations to Hyundai PALISADE for earning AJAC’s 2026 Canadian Utility of the Year Award. Hyundai has completely redesigned its three-row SUV, delivering more features, more comfort and a new, efficient hybrid system. Our expert jurors scored PALISADE highly for its interior styling, its overall quality and for the high consumer appeal this SUV brings to the Canadian marketplace.” – Evan Williams, President of AJAC

    In recent years, other Hyundai models have also earned top honors, including:

    • IONIQ 5 N – 2025 Canadian Electric Car of the Year

    • SANTA CRUZ – 2022 Best Small Pickup in Canada

    • IONIQ 6 – 2023 Canadian Green Car of the Year


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  • Mitsubishi Power Hosts Inaugural Energy Forward Forum in Indonesia with Government and Industry Experts

    Mitsubishi Power Hosts Inaugural Energy Forward Forum in Indonesia with Government and Industry Experts

    Singapore, February 13, 2026 – Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, convened the Energy Forward Forum at the Fairmont Hotel Jakarta, Indonesia, bringing together policymakers, utilities, power producers, and industry stakeholders to exchange perspectives on Indonesia’s evolving energy landscape and the practical pathways needed to support a reliable and sustainable power system.

    The half-day event provided a platform for dialogue and knowledge exchange as Indonesia navigates rising electricity demand alongside its energy transition goals highlighted in the RUPTL 2025-2034. Discussions focused on market developments, technology pathways, and deployable solutions that can strengthen energy security while supporting long-term sustainability.

    Energy Forward was attended by senior representatives from government and state-owned enterprises, including Ahmad Amiruddin, Director of Electricity Program Development at the Ministry of Energy and Mineral Resources (MEMR); Evy Haryadi, Chief Technology and Sustainability Officer of PT PLN (Persero); and Kenji Enoshita, Minister (Economic Affairs) at the Embassy of Japan in Indonesia, alongside leaders from utilities, independent power producers, and the private sector.

    Opening the event, Daichi Nakajima, Executive Vice President, Mitsubishi Power, said: “Indonesia stands at a pivotal moment in its energy journey, with electricity demand rising alongside expectations for sustainability. Mitsubishi Power has stood with Indonesia through periods of growth and challenge, with projects such as the Muara Karang gas turbine combined cycle power plant delivered through close partnership even at the height of the COVID-19 pandemic. Looking ahead, we remain ready to support the country through a broad range of solutions, spanning existing thermal asset optimization, gas, geothermal, services, and digital technologies, to strengthen energy security today while preparing for the future.”

    Highlighting the importance of collaboration across the energy ecosystem, MEMR noted that Indonesia’s energy development is focused on delivering reliable, high-quality, and affordable electricity to support equitable and resilient growth. As the share of variable renewable energy increases, natural gas will continue to play a strategic role to stabilize the grid in the transition to low-carbon energy, providing operational flexibility and rapid response. Where feasible, this role could progressively evolve through measures like hydrogen blending and deployment of carbon capture solutions, subject to technology readiness. The transition will require close collaboration with investors, utilities, and technology providers to strengthen clean and reliable power infrastructure.

    The program also featured an overview of Indonesia’s energy market outlook by Daven Tjandradjaja, Principal at Boston Consulting Group (BCG), followed by a panel discussion titled “Towards Sustainable Energy Supply: Supporting Indonesia’s Energy Transition and Economic Growth”. The panel brought together Bernadus Sudarmanta, President Director of PLN Indonesia Power; Fazil E. Alfitri, President Director of Paiton Energy; Hendra Soetjipto Tan, President Director of Barito Renewables Energy; and Nobuhiro Kawai, President Director of Mitsubishi Power Indonesia. The discussion was moderated by Sacha Winzenried, Energy Transition Leader at PwC Indonesia.

    Energy leaders at the panel session during Mitsubishi Power’s Energy Forward Forum

    Throughout the session, speakers highlighted the importance of a phased and integrated energy transition, emphasizing that reliable baseload power, renewables, and enabling infrastructure must progress in parallel to meet Indonesia’s growing demand. Participants underscored the role of operational excellence, technology readiness, and multi-stakeholder partnerships in supporting both energy security and economic growth over the coming decade.

    In a dedicated solutions segment, Mitsubishi Power shared insights from its integrated portfolio of power generation technologies, spanning large-scale and aero-derivative gas turbines, service offerings, and geothermal solutions. Discussions focused on deployment considerations, operational performance, and lessons learned from real-world applications.

    For decades, Mitsubishi Power has supported Indonesia’s power sector through gas, geothermal, and service solutions, working closely with customers and partners to deliver reliable electricity. Energy Forward, hosted by Mitsubishi Power, reflects the company’s continued commitment to fostering collaboration and contributing practical expertise as Indonesia strengthens its energy backbone for the years ahead.

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  • O’Melveny Represents Shenzhen Woer, Global Leader in Heat-Shrinkable Materials, in US$363 Million Hong Kong Listing

    O’Melveny Represents Shenzhen Woer, Global Leader in Heat-Shrinkable Materials, in US$363 Million Hong Kong Listing

    FOR IMMEDIATE RELEASE

    HONG KONG—February 13, 2026—O’Melveny represented Shenzhen Woer Heat-Shrinkable Material Co., Ltd. (“Shenzhen Woer”, 9981.HK) in its listing on the Main Board of the Hong Kong Stock Exchange. The offering size was approximately HK$2.84 billion (approximately US$363 million) following the full exercise of the offer size adjustment option prior to the listing. O’Melveny advised the company on Hong Kong and U.S. laws. China Securities (International) Corporate Finance Company Limited and China Merchants Securities (HK) Co., Limited acted as the joint sponsors and overall coordinators for the transaction.

    Established in 1998 and listed on the Shenzhen Stock Exchange (stock code: 002130) in 2007, Shenzhen Woer is a global leader in the heat-shrinkable materials industry, with the largest market share worldwide at approximately 20.6%. In 2024, it ranked fifth globally in telecom cable manufacturing and is the second largest, as well as China’s largest, high-speed copper cable manufacturer by global revenue.

    The company has a diverse product portfolio, including electronic materials products and telecoms cable products widely used in IT infrastructure, and power transmission products for new energy vehicles, power grids and power stations, and rail transportation.

    This transaction marks O’Melveny’s fourth listing transaction completed in the new energy and advanced material sector within the past year. In 2025, the firm advised on the IPOs and Hong Kong Stock Exchange listings of Drinda New Energy, Shuangdeng Group and CNGR Advanced Material.

    The O’Melveny team was led by partners Ke Zhu, Vincent Wang and Ke Geng. The core team members included associates Jingwei Huang and Cherry Ma, legal manager Rachel Peng, legal consultants Jie Lian and Xenia Zeng, and trainee solicitor Bianca Cheng. Counsel Jerry Gao, legal manager Belinda Zhu, trainee solicitor Cheryl Chan and legal consultant intern Ziqian Li also made valuable contributions.

    About O’Melveny

    It’s more than what you do: it’s how you do it. Across sectors and borders, in board rooms and courtrooms, we measure our success by yours. And in our interactions, we commit to making your O’Melveny experience as satisfying as the outcomes we help you achieve. Our greatest accomplishment is ensuring that you never have to choose between premier lawyering and exceptional service. So, tell us. What do you want to achieve? Visit us at www.omm.com; learn more in our firm at-a-glance; and find us on LinkedIn, Facebook, Instagram, and YouTube.

    Contact:

    Brandon Jacobsen
    O’Melveny & Myers LLP
    +1 213 430 8024
    bjacobsen@omm.com

    Chris Schob
    O’Melveny & Myers LLP
    +86 21 2307 7000
    cschob@omm.com

    # # #


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  • MHI Successfully Demonstrates Production of Liquid Synthetic Fuels through an integrated Process Utilizing SOEC Co-Electrolysis and FT Synthesis

    MHI Successfully Demonstrates Production of Liquid Synthetic Fuels through an integrated Process Utilizing SOEC Co-Electrolysis and FT Synthesis

    Demonstration test equipment integrating SOEC co-electrolysis and FT synthesis

    Tokyo, February 13, 2026 – Mitsubishi Heavy Industries, Ltd. (MHI) has conducted a demonstration of an integrated production process for synthesizing liquid fuels from carbon dioxide, water, and electricity, successfully producing liquid synthetic fuels through an integrated production system. The demonstration was conducted at MHI’s Research & Innovation Center (Nagasaki District). In this process, SOEC co-electrolysis(Note1) is employed to produce hydrogen and carbon monoxide, which are then used as the feedstock for production of liquid synthetic fuels using Fischer-Tropsch (FT) synthesis equipment.(Note2) A chemical analysis of the synthesized liquid fuel confirmed that the demonstration had obtained components suitable for sustainable aviation fuel (SAF).

    Co-electrolysis is a process for electrolysis of both water vapor and carbon dioxide, allowing for simultaneous production of hydrogen and carbon monoxide, which are the feedstock for synthetic fuels. In addition, MHI is utilizing its proprietary technology to develop a tubular type SOEC cell stack.(Note3) Co-electrolysis in this SOEC cell stack is expected to simplify the process and improve economic efficiency through highly efficient electrolysis, supporting the production of cost-competitive synthetic fuels.

    The International Civil Aviation Organization (ICAO) has set a target to achieve net-zero CO2 emissions in the international aviation sector by 2050.(Note4) To meet this target, low-carbon fuels such as SAF and carbon credits are expected to account for more than 70% of the offsetting and reduction , so the demand for SAF is forecast to increase significantly worldwide. MHI aims to offer high value-added SAF production systems that combine SOEC co-electrolysis with existing FT synthesis processes.

    In addition to SAF, the hydrogen and carbon monoxide produced by SOEC co-electrolysis can also be used as feedstock for carbon-neutral synthetic fuels for automobiles and ships (gasoline, diesel fuel, methanol, methane), as well as city gas (methane). The many applications of SOEC co-electrolysis make it a promising technology, with potential to offer a broad range of options for the realization of a decarbonized world.

    Going forward, MHI will utilize the knowledge gained from this demonstration to establish and implement decarbonization technologies at an early stage, and contribute to the realization of a sustainable, carbon-neutral world.

    Processes and products derived from synthetic gas

    Processes and products derived from synthetic gas

    Road map for synthetic fuel production technology (SOEC co-electrolysis) development

    Road map for synthetic fuel production technology (SOEC co-electrolysis) development

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  • Kyndryl to Modernize Yamaguchi Financial Group’s Core Banking System into a Multi‑Bank Platform

    Kyndryl to Modernize Yamaguchi Financial Group’s Core Banking System into a Multi‑Bank Platform

    TOKYO, Feb. 12, 2026 /PRNewswire/ — Kyndryl (NYSE: KD), a leading provider of mission-critical enterprise technology services, today announced that it will support Yamaguchi Financial Group (Yamaguchi FG) in building an integrated platform for its core banking system. This will enable Yamaguchi FG’s three banks—Yamaguchi Bank, Momiji Bank and Kitakyushu Bank—to operate on a shared IT infrastructure while consolidating application programs into a single source.  

    This initiative will streamline group operations and support future business expansion via an IT platform that enables new financial institutions to join and begin operations quickly and efficiently.

    Under the agreement, Kyndryl Japan will manage the IT infrastructure domain and support the Group’s management in strengthening its foundation, while IBM Japan will support the business application domain. The initiative began in January 2026, with the new system targeted for launch in January 2029.

    By operating multiple banks on a single system, Yamaguchi FG aims to enhance its IT management structure and create a framework that enables additional financial institutions to integrate into the platform seamlessly.

    The new core banking system platform will integrate the operating system, middleware and common infrastructure programs, and consolidate application programs into a unified environment. This approach will improve development productivity and reduce operational costs of the core banking system.

    Kyndryl Japan brings decades of experience supporting mission‑critical systems, as well as extensive expertise serving the financial services sector, including core initiatives among regional banks. Kyndryl also leverages advanced technologies, including AI, and provides comprehensive end‑to‑end capabilities across consulting, design, build and operations that will assist and facilitate Yamaguchi FG’s transformation.

    About Yamaguchi Financial Group
    Yamaguchi Financial Group is a broad-based regional financial group comprising The Yamaguchi Bank, Momiji Bank, and Kitakyushu Bank. The Group provides a wide range of financial services to individual and corporate customers, primarily across Yamaguchi, Hiroshima, and Fukuoka prefectures in Japan.

    About Kyndryl 
    Kyndryl (NYSE: KD) is a leading provider of mission-critical enterprise technology services offering advisory, implementation and managed service capabilities to thousands of customers in more than 60 countries. As the world’s largest IT infrastructure services provider, the Company designs, builds, manages and modernizes the complex information systems that the world depends on every day. For more information, visit www.kyndryl.com. 

    Kyndryl press contact
    [email protected]

    SOURCE Kyndryl

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  • A silver lining to the European energy crisis: Energy efficiency, productivity, and potential output

    European natural gas prices surged in the summer of 2022 to more than ten times their early 2021 levels, and by 2025 remained about twice their historical average. How has the shock affected the economy’s productive capacity, and what does it imply for longer term potential output?

    A large literature studying the macroeconomic effects sprung up immediately after the initial energy price shock in 2022, with a consensus now emerging that output held up somewhat better than some initially feared, as Russian gas was replaced with alternative supplies, gas-dependent production processes partially switched to other inputs, and broader substitution along the production chain took place (e.g. Bachmann et al. 2024, Di Bella et al. 2024, Lan et al. 2022).

    But most of the existing studies focus on shorter-term dynamics and take aggregate productivity as given. In a new paper (Lan et al. 2026), we take a step back and explicitly focus on how the surge in energy prices has impacted productivity in the euro area and hence potential output. If high energy prices spur innovation in energy efficiency, the costs of the shock could be smaller than feared. This idea draws on the theory of directed technical change (Acemoglu 2002), which predicts that changes in relative prices steer innovation toward scarce inputs. As energy becomes more expensive, firms have an incentive to innovate in energy-saving technologies. For a given level of R&D, however, this reallocation comes at the cost of lower innovation in capital labour-augmenting technologies.

    Energy efficiency increased significantly following the sharp increase in energy prices

    Natural gas consumption fell durably following the sharp rise in energy prices, as shown in Figure 1, which compares monthly EU gas use before and after the price shock.

    Figure 1 Natural gas consumption in the EU (million cubic metres)

    Sources: Eurostat and authors’ calculations.

    In principle, lower natural gas consumption after the price increase may reflect several factors. In addition to energy efficiency gains, these include behavioural changes, reduced output – via reduced capacity utilisation of capital and labour – and fuel switching, such as substituting oil for natural gas.

    As a first step to isolating efficiency effects, Figure 2a shows that output per unit of gas rose sharply as gas prices spiked and then remained at this higher level even as prices declined. For context, a proxy for labour productivity is also plotted, which remained flat or declined. This aligns with the directed technical change model discussed below: as gas prices rose, firms shifted resources toward improving energy productivity at the expense of improvements in labour or capital productivity.

    Because a drop in gas use per unit of output could partly reflect fuel switching rather than true efficiency improvements, Figure 2b shows that aggregate energy use per unit of output fell in 2022 and 2023 (latest data), dropping below both the pre-pandemic trend and the pandemic average. The varying magnitudes of the declines across energy sources indicate some fuel switching – especially away from gas given its price spike – but overall energy productivity did increase.

    Survey evidence reinforces the role of firm decision-making in driving these gains. For example, a 2024 European Investment Bank (EIB) survey reported that 50% of firms were investing in energy efficiency, with such investments accounting for 12% of total investment – the highest share since the EIB began tracking it: “Europe’s high energy costs have driven efficiency investments” (EIB 2025: 1).

    Figure 2 Energy intensity in the EU

    The impact on potential output and the silver lining

    To assess the macroeconomic impact of higher energy prices, we use a model of endogenous technical change in which firms allocate R&D between capital labour technologies and energy-related technologies. We study the impact of the energy price shock of the past years, with real fossil fuel prices peaking in 2022 at nearly 400% above pre-pandemic levels and returning to their pre-pandemic average by 2026/27 (Figure 3).

    We estimate that euro area potential output declined by 0.8% by 2026 relative to a no-shock counterfactual while energy efficiency is around 3% higher. The potential growth effect is strongest early on, when the price shock is largest, and fades as prices normalise and firms reallocate resources to improve energy efficiency. By 2026, the growth effect has dissipated.

    Figure 3 Real euro area fossil fuel energy prices (index, average 2016/19=100)

    Sources: IMF World Economic Outlook and authors’ calculations. Note: Nominal energy prices are deflated by the euro area GDP deflator. Prices based on July 2025 IMF World Economic Outlook (WEO).

    To understand these results, it helps to begin with a counterfactual without directed technical change. In that case, the energy price shock simply raises the cost of a key production input. Because energy is difficult to substitute (it has a low elasticity of substitution with the capital/labour bundle), output drops sharply. With directed technical change, however, higher energy prices induce firms to shift R&D from capital labour-augmenting technologies toward improving energy efficiency. In the short to medium term, these gains cannot fully offset the higher energy price or the transitional cost of redirecting innovation. Thus, while directed technical change mitigates the shock relative to a scenario without it, potential growth and output still fall compared to a no-shock baseline.

    How large was the cushioning effect of increased energy efficiency? To gauge the magnitude, we drastically reduce the responsiveness of energy efficiency to price shocks in the model. Had energy efficiency reacted by 80% less, for example, then (as shown in Figure 4) the euro area’s potential output loss from the energy price shock would have been around two-thirds larger (i.e. there would have been a drop of around 1.3% in potential output by 2026).

    Figure 4 Impact of change in energy prices over 2022-27 on potential output in the euro area (percent)

    Source: Authors’ calculations.

    Italy and Germany were more impacted than Spain and France

    These effects are heterogenous across large euro area economies. The drop in potential output by 2027 is estimated to be highest in Italy at around 1.2%, followed by Germany at 0.9%, and then Spain and France at 0.6% and 0.4%, respectively, due to a different energy mix (and hence price shock) and different estimated elasticities of substitution and investment efficiencies (Figure 5).

    Figure 5 Impact of change in energy prices over 2022-27 on potential output in individual euro area countries (deviation from no shock scenario in 2027)

    Sources: Authors’ calculations.

    Sharp energy price increases are significantly more costly than gradual price increase

    We also compare the impact of the observed price shock to the impact of a counterfactual shock that would have increased fossil fuel prices more smoothly over several years to yield the same energy price endpoint by 2027. We find that the impact on potential output would have been more than four times smaller with the gradual price increase. Large and abrupt price changes, coupled with the transitional costs of reallocating investment from labour/capital saving to energy saving, entail larger deviations from the balanced growth path. This suggests that, over and above alleviating a trend rise in energy prices, there is an output gain to be reaped from containing their lower-frequency fluctuations – particularly from avoiding disruptive spikes that distort the allocation of firms’ R&D expenditures.

    Policy conclusions

    The European energy crisis illustrates a general principle: shocks that change relative prices can steer innovation and reshape growth paths. Our analysis suggests that this response offered a modest silver lining to the crisis: durable energy efficiency gains cushioned the 2022 shock and provided some protection against possible future fossil fuel price shocks.

    At the same time, we find that abrupt price spikes are particularly harmful. But rather than policies that subsidise retail energy prices persistently, market reforms that lower wholesale price levels and volatility – such as further integration of the European energy system – should be prioritised (Kammer 2025, D’Arcangelo et al. forthcoming). Another way to put this is to say that energy price volatility should be lowered by removing economic distortions (e.g. the artificial fragmentation of European energy markets along national lines) and not by introducing new economic distortions (e.g. price subsidies).

    The productivity trade-off at the heart of our model also calls for a focus on labour/capital productivity in Europe, since the diversion of R&D resources from labour/capital-augmenting technology accentuates Europe’s longstanding productivity challenges. Ambitious policy action is needed to boost Europe’s productivity. This includes national structural reforms (Budina et al. 2025), deepening the EU single market (Arnold et al. 2025) and joint provision of key public goods at the EU level (Busse et al. 2025). Additional resources for R&D, which would loosen the trade-off between labour/capital and energy innovation and reduce the spending gap vis-à-vis the US, will also be critical.

    References

    Acemoglu, D (2002a), “Directed technical change,” The Review of Economic Studies 69(4): 781–809.

    D’Arcangelo, F, D Bartolini, G Di Bella, R Duval, X Li, H Rojas-Romagosa, and F Toscani (forthcoming), “Energy Price Shocks, Market Fragmentation, and the Macroeconomic Gains from Deeper Energy Market Integration in Europe”.

    Arnold, N, A Dizioli, A Fotiou, J-M Frie, B Hacibedel, T Iyer, H Lin, M Nabar, H Tong, and F Toscani (2025), “Lifting Binding Constraints on Growth in Europe: Actionable Priorities to Deepen the Single Market,” IMF Working Paper 2025/113

    Bachmann, R, D Baqaee, C Bayer, M Kuhn, A Löschel, B Moll, A Peichl, K Pittel, and M Schularick (2024), “What if? The macroeconomic and distributional effects for Germany of a stop of energy imports from Russia,” Economica 91(364): 1157–2000.

    Budina, N, O Adilbish, D Cerdeiro, R Duval, B Égert, D Kovtun, A Thi, N Nguyen, A Panton, and M Tejada (2025), “Europe’s National-Level Structural Reform Priorities,” IMF Working Paper 2025/104.

    Busse, M, H Lin, M Nabar, and J Yoo (2025), “Making the EU’s Multi- annual Financial Framework Fit for Purpose,” IMF Working Paper 2025/114.

    Di Bella, G, M Flanagan, K Foda, S Maslova, A Pienkowski, M Stuermer, and F Toscani (2024), “Natural gas in Europe: The potential impact of disruptions to supply,” Energy Economics 138.

    EIB – European Investment Bank (2024), “EIB Investment Survey 2024”.

    EIB (2025), “Unlocking Energy Efficiency Investments by Small Firms and Mid-Caps”.

    IMF – International Monetary Fund (2024), “Regional Economic Outlook for Europe Note 1: Europe’s Declining Productivity Growth: Diagnoses and Remedies”.

    Lan, T, G Sher, and J Zhou (2022), “The economic impacts on Germany of a potential Russian gas shutoff,” IMF Working Paper 144.

    Lan, T, M Patnam, F G Toscani and C Li (2026), “A Silver Lining? The European Energy Crisis through the Lens of Directed Technical Change”, IMF Working Paper 2026/003.

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  • How Samsung TV Plus Reached 100 Million Users – Samsung Global Newsroom

    How Samsung TV Plus Reached 100 Million Users – Samsung Global Newsroom

    Samsung TV Plus, Samsung Electronics’ free ad-supported streaming (FAST) service, has surpassed 100 million monthly active users (MAU) worldwide. After reaching 88 million in October 2024, the figure has increased by 12 million in about a year and two months, highlighting how Samsung’s longstanding hardware dominance in the global TV market — maintained for the past 19 years — has evolved into a robust media platform ecosystem.

    As the global media market shifts increasingly toward paid subscriptions, Samsung TV Plus provides a unique viewing experience that allows users to access content instantly, without requiring additional sign-ups or payment. Surpassing the milestone of 100 million users underscores the success of this model as an appealing alternative for viewers.

    Samsung Newsroom takes a look at the transformative journey of Samsung TV Plus as it evolves into a global media platform amidst the changing landscape of television viewing.

    Lost in a Flood of OTTs: Authentic TV Experience Regains Attention

    With paid OTT services becoming the norm in today’s media market, the explosion of content has led to viewer fatigue. As subscription fees continue to rise and platforms have become more fragmented, many find themselves overwhelmed by the sheer number of choices, making it increasingly difficult to locate the content they actually want to watch.

    In this context, FAST services are gaining recognition as a new viewing method. By merging the straightforwardness of traditional television — where viewers can jump right into content as soon as they turn on their TVs — with the vast selection offered by OTT platforms that allow viewers to choose content tailored to their preferences, FAST services are appealing to viewers worldwide looking for a simpler, hassle-free viewing experience.

    The Beginning of Samsung TV Plus: A Viewing Method Faithful to the Basics

    Samsung TV Plus has evolved into a prominent FAST service, but it isn’t new. Launched in 2015 — before the concept of FAST even existed — the platform has been delivering free channel services that come pre-installed on Samsung smart TVs. The core feature allows users to enjoy live content simply by turning on their TVs, without the need for separate subscriptions, payments or extra equipment.

    In its early days, Samsung TV Plus was often viewed more like the pre-installed free TV channels available in some regions, rather than as a standalone media platform. Recently, however, with American broadcasters flooding into the FAST market, the idea of ad-supported free services has become well-established. Recognizing this shift in the media landscape, Samsung has begun to cultivate Samsung TV Plus as a distinct, independent media platform.

    Today, Samsung TV Plus is broadening its content offerings beyond traditional entertainment and dramas, as well as incorporating content enhancement utilizing AI technology. One innovative feature is the “All-in-One AI Integrated Channel,” which revives popular dramas from the 2000s. These classics have been remastered in high definition using AI-driven picture and sound quality enhancements, providing viewers with a fresh take on beloved content while utilizing the existing video assets. Additionally, the platform has bolstered its travel and fitness-focused lifestyle web entertainment content by adding popular creators’ channels like “Pani Bottle” and “Hip Euddeum.”

    In efforts to expand its K-content offerings, Samsung TV Plus has partnered with leading Korean media companies to enhance its premium K-content lineup, making it one of the largest K-content providers in the United States. By streaming various live concerts, the platform draws in fans who want to engage with Korean entertainment and culture.

    Beyond Hardware: Establishing a Global Media Platform

    Currently, Samsung TV Plus boasts around 4,300 channels and 66,000 videos on demand (VOD) across 30 countries — all for free. By partnering with local broadcasters and content creators, the service continues to develop content that meets regional viewing demands, shaping a global FAST ecosystem. Moving beyond being merely a hardware manufacturer, the company is establishing itself as a major media platform.

    In Korea, major channels and content typically consumed via terrestrial broadcasts and existing IPTV services can now also be accessed on Samsung TV Plus. Offering live channels and vast content libraries without additional subscriptions or fees, this platform has become a practical alternative for those wishing to reduce their reliance on paid broadcasting services. Users can enjoy an intuitive experience without the hassle of extra equipment or complicated setups and the burden of discovering new content is significantly eased.

    Achieving Major Broadcaster-Level Viewership: Solidifying Leadership in the Global FAST Competition

    Samsung TV Plus has achieved impressive 100 million monthly viewership numbers, placing it on par with the three major global broadcasting networks. This notable milestone signifies that the service has evolved from being just an additional feature on Samsung TVs into a robust platform that competes alongside leading global media companies.

    Samsung is committed to expanding its presence within the global media ecosystem through Samsung TV Plus. The strategy focuses on continuously enhancing the platform’s value by setting standards for enjoyable TV viewing experiences for users — driven by three key factors: instant viewing capabilities without the need for a separate set-top box, AI-based content curation and constantly updated competitive offerings.

    “Samsung TV Plus has transformed into a global media platform that seamlessly integrates into the daily lives of viewers worldwide,” said Choi Joon-hun, Head of the TV Plus Group from Visual Display Business at Samsung Electronics. “Moving forward, we will continue to strengthen our distinct competitive edge in the FAST market by diversifying channels and securing premium content.”

    Built on its strong hardware leadership, Samsung Electronics is positioning itself as a key player in the global media ecosystem. Samsung TV Plus is ushering in a new, user-centric lifestyle of content consumption, reshaping the way viewers interact with media.

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  • EUROPEAN COMMISSION APPROVES AMGEN’S UPLIZNA® FOR GENERALIZED MYASTHENIA GRAVIS| Amgen

    EUROPEAN COMMISSION APPROVES AMGEN’S UPLIZNA® FOR GENERALIZED MYASTHENIA GRAVIS| Amgen






    First and Only CD19-Targeted Therapy Approved in Europe for Adults with anti-AChR+ and anti-MuSK+ gMG

    UPLIZNA Demonstrates Durable Disease Control with Twice-Yearly Dosing*

    THOUSAND OAKS, Calif., Feb. 12, 2026 /PRNewswire/ — Amgen (NASDAQ:AMGN) today announced the European Commission (EC) has approved UPLIZNA® (inebilizumab) as an add-on treatment to standard therapy for adults living with generalized myasthenia gravis (gMG) who are anti-acetylcholine receptor (AChR) or anti-muscle specific tyrosine kinase (MuSK) antibody positive. The approval offers patients a new, targeted treatment option with the potential for long-term disease control through twice-yearly maintenance dosing, following two initial loading doses.

    Generalized myasthenia gravis is a rare, unpredictable, chronic, B-cell-mediated autoimmune disease that causes fluctuating muscle weakness and can impact quality of life.1-3 It is a subtype of myasthenia gravis (MG), which affects an estimated 56,000-123,000 people in Europe.4  

    “This approval represents an important advancement for adults with gMG in Europe, helping address debilitating symptoms and potentially reduce the long-term use of steroids where clinically appropriate,” said Cesar Sanz Rodriguez, vice president of Medical Affairs at Amgen. “With convenient twice-yearly dosing and durable efficacy in people with anti‑AChR and anti‑MuSK antibody positive gMG, UPLIZNA brings a new first-in-class approach to managing this complex disease.”

    The EC approval is supported by data from the Myasthenia Gravis Inebilizumab Trial (MINT), the largest Phase 3 biologic study to include both AChR+ and MuSK+ patients, and the first to successfully incorporate a structured steroid-tapering protocol.  Patients receiving steroids at baseline began tapering at Week 4 with a goal of reaching prednisone 5 mg per day by Week 24. By Week 26, 87.4% of patients taking UPLIZNA and 84.6% of those taking placebo had reduced their steroid dose to 5 mg or less per day.5

    “UPLIZNA offers a new approach to treating gMG by selectively targeting CD19-positive B cells, which play a key role in disease pathology,” said John Vissing, MD, DMSci, professor of neurology and director of the Copenhagen Neuromuscular Center, Rigshospitalet, at the University of Copenhagen. “The approval provides both clinicians and patients a valuable new treatment option with the potential for long-term efficacy while addressing the challenges of long-term steroid exposure.”

    The approval in gMG builds on UPLIZNA’s established efficacy in rare autoimmune conditions, including its November 2025 EC approval as the first and only treatment for adults living with active immunoglobulin G4-related disease (IgG4-RD),6 a chronic and debilitating immune-mediated inflammatory condition that can affect multiple organs.7,8 UPLIZNA was also previously approved as a monotherapy for adult patients with neuromyelitis optica spectrum disorder (NMOSD) who are anti-aquaporin-4 immunoglobulin G (AQP4-IgG) seropositive.6 

    UPLIZNA has received regulatory approvals across multiple indications from the U.S. Food and Drug Administration, Health Canada, and the Brazilian Health Regulatory Agency (ANVISA), among others.

    About the MINT Trial
    MINT is a randomized, double-blind, placebo-controlled, parallel-group trial (NCT04524273) designed to evaluate the efficacy and safety of UPLIZNA in adults with gMG. The trial enrolled 238 adults with gMG, including 190 patients who are AChR+ and 48 patients who are MuSK+.5

    Eligibility criteria at screening and randomization included a Myasthenia Gravis Foundation of America (MGFA) classification of II, III or IV disease, MG-ADL score between 6 and 10 with greater than 50% of this score attributed to non-ocular items, or an MG-ADL score of at least 11, and a Quantitative Myasthenia Gravis (QMG) score of at least 11.5 Participants had to have been receiving a stable dose of steroids and/or nonsteroidal immunosuppressive therapy (or both) at the time of randomization.5

    The primary endpoint was change from baseline in MG-ADL score at Week 26 in the combined study population.5 Key secondary endpoints included change from baseline in QMG scores in the combined study population; change from baseline in MG-ADL score at Week 26 for the AChR+ cohort and separately the MuSK+ cohort; and change from baseline in QMG score at Week 26 for the AChR+ cohort and separately the MuSK+ cohort.5 MINT also includes an optional three-year open-label treatment period.

    Key findings from MINT include5:

    Primary Endpoint:

    • A 1.9-point difference in the MG-ADL score for UPLIZNA (-4.2) compared to placebo (-2.2) (p<0.0001) at Week 26 for the combined study population.

    Key Secondary Endpoints:

    • A 2.5-point difference in the QMG score for UPLIZNA (-4.8) compared to placebo (-2.3) (p=0.0002) at Week 26 for the combined treated population.
    • A 1.8-point difference in the MG-ADL score for UPLIZNA (-4.2) compared to placebo (-2.4) (p=0.0015) at Week 26 for the AChR+ population.
    • A 2.5-point difference in the QMG score for UPLIZNA (-4.4) compared to placebo (-2.0) (p=0.0011) at Week 26 for the AChR+ population.
    • A 2.2-point difference in the MG-ADL score for UPLIZNA (-3.9) compared to placebo (-1.7) (p=0.0297) at Week 26 for the MuSK+ population.
    • A 2.3-point difference in the QMG score for UPLIZNA (-5.2) compared to placebo (-3.0) (p=0.1326) at Week 26 for the MuSK+ population; this difference was not statistically significant.

    Additional Exploratory Endpoints:

    • A 2.8-point difference (95% CI: −3.9 to −1.7) in the MG-ADL score for UPLIZNA (-4.7) compared with placebo (-1.9) at Week 52 for the AChR+ population.
    • A 4.3-point difference (95% CI: −5.9 to −2.8) in the QMG score for UPLIZNA (-5.8) compared with placebo (-1.4) at Week 52 for the AChR+ population.
    • 87.4% of UPLIZNA patients and 84.6% of those taking placebo reduced their steroid dose to 5 mg or less per day by Week 26.

    MG-ADL scale, which assesses the impact of gMG on daily functions of 8 signs or symptoms that are typically affected in gMG. Each item is assessed on a 4-point scale, where a score of 0 represents normal function and a score of 3 represents loss of ability to perform that function. The total MG-ADL score ranges from 0 to 24, with higher scores indicating more impairment.

    The QMG score is a 13-item categorical grading system that quantitively measures disease impairment by mainly assessing muscle weakness. Each item is assessed on a 4-point scale where a score of 0 represents no impairment weakness and a score of 3 represents severe impairment weakness. A total possible score ranges from 0 to 39, where higher scores indicate more severe impairment.

    About Generalized Myasthenia Gravis (gMG)
    Generalized myasthenia gravis (gMG) is a rare, chronic, B-cell-mediated autoimmune disorder that impairs neuromuscular communication and can cause muscle weakness, trouble breathing, difficulty swallowing and impaired speech and vision.1-3 

    Approximately 85% of patients with myasthenia gravis have the generalized form, or gMG.9,10 The prevalence and incidence of gMG are increasing worldwide.10 There are an estimated 56,000 to 123,000 people with myasthenia gravis in Europe, with prevalence rates in different countries varying significantly.4 Approximately 85% of patients with myasthenia gravis have detectable antibodies against AChR, and approximately 7% have detectable antibodies against MuSK.11 Global prevalence is estimated at 2-36 cases per 100,000.4 The disease is more frequently seen in young women (age 20-30) and men aged 50 years and older.4,10

    B cells are central to the pathogenesis of gMG. The disease is thought to be primarily driven by pathogenic CD19+ plasmablasts and plasma cells that target critical proteins in the neuromuscular junction.1-3

    About UPLIZNA® (inebilizumab)
    UPLIZNA is a humanized monoclonal antibody (mAb) that causes targeted and sustained depletion of key cells that contribute to the underlying disease process (autoantibody-producing CD19+ B cells, including plasmablasts and some plasma cells). The precise mechanism by which UPLIZNA exerts its therapeutic effects is unknown. After two initial infusions, patients need one maintenance dose of UPLIZNA every six months.

    About Amgen 
    Amgen discovers, develops, manufactures and delivers innovative medicines to fight some of the world’s toughest diseases. Harnessing the best of biology and technology, Amgen reaches millions of patients with its medicines.

    More than 45 years ago, Amgen helped establish the biotechnology industry at its U.S. headquarters in Thousand Oaks, California, and it remains at the cutting edge of innovation, using technology and human genetic data to push beyond what is known today. Amgen is advancing a broad and deep pipeline and portfolio of medicines to treat cancer, heart disease, inflammatory conditions, rare diseases and obesity and obesity-related conditions.

    Amgen has been consistently recognized for innovation and workplace culture, including honors from Fast Company and Forbes. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average®, and it is also part of the Nasdaq-100 Index®, which includes the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.

    For more information, visit Amgen.com and follow Amgen on X, LinkedIn, Instagram, YouTube, Facebook, TikTok and Threads.

    Amgen Forward-Looking Statements
    This news release contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeOne Medicines Ltd. or Kyowa Kirin Co., Ltd.), the performance of Otezla® (apremilast), our acquisitions of ChemoCentryx, Inc., Dark Blue Therapeutics, Ltd. or Horizon Therapeutics plc (including the prospective performance and outlook of Horizon’s business, performance and opportunities, and any potential strategic benefits, synergies or opportunities expected as a result of such acquisition), as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems on our business, outcomes, progress and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission reports filed by Amgen, including our most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

    No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions, including those resulting from geopolitical relations and government actions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. We or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors, or we may fail to prevail in present and future intellectual property litigation. We perform a substantial amount of our commercial manufacturing activities at a few key facilities, including in Puerto Rico, and also depend on third parties for a portion of our manufacturing activities, and limits on supply may constrain sales of certain of our current products and product candidate development. An outbreak of disease or similar public health threat, and the public and governmental effort to mitigate against the spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful, and may result in unanticipated costs, delays or failures to realize the benefits of the transactions. A breakdown, cyberattack or information security breach of our information technology systems could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our sustainability objectives. The effects of global climate change and related natural disasters could negatively affect our business and operations. Global economic conditions may magnify certain risks that affect our business. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all.

    CONTACT: Amgen, Thousand Oaks
    Elissa Snook, 609-251-1407 (media)
    Annik Allen, 917-288-9136 (media)
    Casey Capparelli, 805-447-1746 (investors) 

    References

    *After two initial loading doses.

    1. Yi JS, Guptill JT, Stathopoulos P, Nowak RJ, O’Connor KC. B cells in the pathophysiology of myasthenia gravis. Muscle Nerve. 2018;57(2):172-184.
    2. Willcox HN, Newsom-Davis J, Calder LR. Cell types required for anti-acetylcholine receptor antibody synthesis by cultured thymocytes and blood lymphocytes in myasthenia gravis. Clin Exp Immunol. 1984;58:97-106.
    3. Stathopoulos P, Kumar A, Nowak RJ, O’Connor KC. Autoantibody-producing plasmablasts after B cell depletion identified in muscle-specific kinase myasthenia gravis. JCI Insight. 2017;2(17):e94263.
    4. Bubuioc AM, Kudebayeva A, Turuspekova S, Lisnic V, Leone MA. The epidemiology of myasthenia gravis. J Med Life. 2021;14(1):7-16.
    5. Nowak R, Benatar M, Ciafaloni E, et al. A phase 3 trial of inebilizumab in generalized myasthenia gravis. N Engl J Med. 2025;392(23):2309-2320.
    6. European Medicines Agency. First treatment recommended for rare immunoglobulin-related autoimmune disease. Available at: https://www.ema.europa.eu/en/news/first-treatment-recommended-rare-immunoglobulin-related-autoimmune-disease. Accessed: February 2026.
    7. Stone JH, Khosroshahi A, Zhang W, et al. Inebilizumab for Treatment of IgG4-Related Disease. N Engl J Med. 2025;392(12):1168-1177.
    8. Perugino CA, Stone JH. IgG4-related disease: an update on pathophysiology and implications for clinical care. Nat Rev Rheumatol. 2020;16(12):702-714.
    9. Lazaridis K, Tzartos SJ. Autoantibody specificities in myasthenia gravis: implications for improved diagnostics and therapeutics. Front Immunol. 2020;11:212.
    10. Dresser L, Wlodarski R, Rezania K, Soliven B. Myasthenia gravis: epidemiology, pathophysiology and clinical manifestations. J Clin Med. 2021;10(11):2235.
    11. Hehir MK, Silvestri NJ. Generalized myasthenia gravis: classification, clinical presentation, natural history, and epidemiology. Neurol Clin. 2018;36:253-260.

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