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NEW YORK--(BUSINESS WIRE)--TG Therapeutics, Inc. (NASDAQ: TGTX), today announced initial results from the Company’s Phase 1 study evaluating azercabtagene zapreleucel (azer-cel), an investigational, allogeneic CD19-directed chimeric antigen receptor (CAR) T-cell therapy, in patients with progressive multiple sclerosis (MS). The data represent the first reported clinical evaluation of an allogeneic CD19-directed CAR T-cell therapy in progressive MS and were presented in a late-breaking oral session at MSToronto2026, the 10th Joint Meeting of the Americas and European Committees for Treatment and Research in Multiple Sclerosis (ACTRIMS-ECTRIMS), being held October 21–23, 2026, in Toronto, Canada.

Michael S. Weiss, Chairman and Chief Executive Officer of TG Therapeutics, stated, “These initial azer-cel results are particularly encouraging given that all patients entered the study with progressive disability despite prior treatment with high-efficacy therapies, including anti-CD20 treatment. The safety findings to date, together with evidence of B-cell depletion in both the blood and cerebrospinal fluid, demonstrate biological activity at doses that appear tolerable, while stable or improved disability scores in most subjects provide a potential signal of clinical activity. Of particular interest, five of the 18 evaluable patients experienced improvements in disability scores, including three patients with improvements of two or more points on the EDSS scale, an encouraging early finding in a disease where even slowing progression can represent an important therapeutic advance.”

Mr. Weiss continued, “While these results remain preliminary, we believe an off-the-shelf CAR T-cell therapy has the potential to offer a meaningful new treatment option for patients with progressive MS, where substantial unmet need remains. We look forward to continuing dose escalation and evaluating longer-term outcomes, and we are grateful to the patients, their families, and the clinical teams who are making this research possible.”

TG PRESENTATION:

Late-Breaking Oral Presentation: First Clinical Evaluation of an Allogeneic CD19-Directed CAR T-Cell Therapy in Progressive Multiple Sclerosis: Initial Results from the Phase 1 TG-Azercel-101 Study

The presentation includes data from 26 participants with progressive MS treated across six azer-cel dose levels, ranging from 30 million to 500 million CAR T-cells, following bendamustine lymphodepletion. All participants had experienced progression independent of relapse activity (PIRA) within the prior 12 months despite high-efficacy disease-modifying therapy, and all had previously received anti-CD20 therapy. The median baseline EDSS score was 6.0, reflecting substantial disability, with patients typically requiring assistance to walk even relatively short distances. As of the September 3, 2026 data cutoff, median follow-up was 4.9 months, with a range of 0.1 to 15.0 months.

Presentation Highlights:

Azer-cel demonstrated an encouraging initial safety profile in 26 participants, with no dose-limiting toxicities or high-grade CAR T associated toxicities observed across dose levels including no Grade ≥3 cytokine release syndrome (CRS), Grade ≥2 immune effector cell-associated neurotoxicity syndrome (ICANS), graft-versus-host disease, immune effector cell-associated hemophagocytic syndrome (IEC-HS) and no Grade ≥3 infections. Despite documented progression prior to enrollment, EDSS scores were stable or improved in 89% of evaluable participants at Day 90 (16/18) and 88% at Day 180 (7/8). Three participants achieved EDSS improvements of at least 2.0 points at Day 90, including one with a 4.0-point improvement. At Day 90, most evaluable participants demonstrated stable or improved walking performance (94%; 16/17), upper extremity function (94%; 17/18) and cognitive processing speed (78%; 14/18), with no gadolinium-enhancing T1 lesions or new or enlarging T2 lesions observed in any of the 22 participants evaluable by MRI. Peripheral blood B-cell counts were depleted to below 10 cells/µL in 96% of participants (25/26), and cerebrospinal fluid (CSF) samples from 21 participants showed a median reduction in CD19-positive B-cell events of 52.3% at Day 10. B-cell reconstitution was observed as early as Day 42 and favored transitional and naïve populations. These initial findings are from an ongoing, open-label Phase 1 study and are limited by the small number of participants and short follow-up. Dose escalation and longer-term follow-up are ongoing.

The full data presentation is also available on the Publications page of the Company’s website at https://www.tgtherapeutics.com/publications/.

ABOUT BRIUMVI® (ublituximab-xiiy) 150 mg/6 mL Injection for IV
BRIUMVI is a novel monoclonal antibody that targets a unique epitope on CD20-expressing B-cells. Targeting CD20 using monoclonal antibodies has proven to be an important therapeutic approach for the management of autoimmune disorders, such as RMS. BRIUMVI is uniquely designed to lack certain sugar molecules normally expressed on the antibody. Removal of these sugar molecules, a process called glycoengineering, allows for efficient B-cell depletion at low doses.

BRIUMVI is indicated in the U.S. for the treatment of adults with RMS, including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease and in several countries outside of the U.S. for the treatment of adult patients with RMS with active disease defined by clinical or imaging features.

A list of authorized specialty distributors can be found at www.briumvi.com.

IMPORTANT SAFETY INFORMATION
Contraindications: BRIUMVI is contraindicated in patients with:

Active Hepatitis B Virus infection A history of life-threatening infusion reaction to BRIUMVI WARNINGS AND PRECAUTIONS

Infusion Reactions: BRIUMVI can cause infusion reactions, which can include pyrexia, chills, headache, influenza-like illness, tachycardia, nausea, throat irritation, erythema, and an anaphylactic reaction. In MS clinical trials, the incidence of infusion reactions in BRIUMVI-treated patients who received infusion reaction-limiting premedication prior to each infusion was 48%, with the highest incidence within 24 hours of the first infusion. 0.6% of BRIUMVI-treated patients experienced infusion reactions that were serious, some requiring hospitalization.

Observe treated patients for infusion reactions during the infusion and for at least one hour after the completion of the first two infusions unless infusion reaction and/or hypersensitivity has been observed in association with the current or any prior infusion. Inform patients that infusion reactions can occur up to 24 hours after the infusion. Administer the recommended pre-medication to reduce the frequency and severity of infusion reactions. If life-threatening, stop the infusion immediately, permanently discontinue BRIUMVI, and administer appropriate supportive treatment. Less severe infusion reactions may involve temporarily stopping the infusion, reducing the infusion rate, and/or administering symptomatic treatment.

Infections: Serious, life-threatening or fatal, bacterial and viral infections have been reported in BRIUMVI-treated patients. In MS clinical trials, the overall rate of infections in BRIUMVI-treated patients was 56% compared to 54% in teriflunomide-treated patients. The rate of serious infections was 5% compared to 3% respectively. There were 3 infection-related deaths in BRIUMVI-treated patients. The most common infections in BRIUMVI-treated patients included upper respiratory tract infection (45%) and urinary tract infection (10%). Delay BRIUMVI administration in patients with an active infection until the infection is resolved.

Consider the potential for increased immunosuppressive effects when initiating BRIUMVI after immunosuppressive therapy or initiating an immunosuppressive therapy after BRIUMVI.

Hepatitis B Virus (HBV) Reactivation: HBV reactivation occurred in an MS patient treated with BRIUMVI in clinical trials. Fulminant hepatitis, hepatic failure, and death caused by HBV reactivation have occurred in patients treated with anti-CD20 antibodies. Perform HBV screening in all patients before initiation of treatment with BRIUMVI. Do not start treatment with BRIUMVI in patients with active HBV confirmed by positive results for HB surface antigen (HBsAg) and anti-HB tests. For patients who are negative for HBsAg and positive for HB core antibody [HBcAb+] or are carriers of HBV [HBsAg+], consult a liver disease expert before starting and during treatment.

Progressive Multifocal Leukoencephalopathy (PML): PML is an opportunistic viral infection of the brain caused by the JC virus (JCV) that typically only occurs in patients who are immunocompromised, and that usually leads to death or severe disability. JCV infection resulting in PML has been observed in patients treated with anti-CD20 antibodies, including BRIUMVI, and other MS therapies.

If PML is suspected, withhold BRIUMVI and perform an appropriate diagnostic evaluation. Typical symptoms associated with PML are diverse, progress over days to weeks, and include progressive weakness on one side of the body or clumsiness of limbs, disturbance of vision, and changes in thinking, memory, and orientation leading to confusion and personality changes.

MRI findings may be apparent before clinical signs or symptoms; monitoring for signs consistent with PML may be useful. Further investigate suspicious findings to allow for an early diagnosis of PML, if present. Following discontinuation of another MS medication associated with PML, lower PML-related mortality and morbidity have been reported in patients who were initially asymptomatic at diagnosis compared to patients who had characteristic clinical signs and symptoms at diagnosis.

If PML is confirmed, treatment with BRIUMVI should be discontinued.

Vaccinations: Administer all immunizations according to immunization guidelines: for live or live-attenuated vaccines, at least 4 weeks and, whenever possible, at least 2 weeks prior to initiation of BRIUMVI for non-live vaccines. BRIUMVI may interfere with the effectiveness of non-live vaccines. The safety of immunization with live or live-attenuated vaccines during or following administration of BRIUMVI has not been studied. Vaccination with live virus vaccines is not recommended during treatment and until B-cell repletion.

Vaccination of Infants Born to Mothers Treated with BRIUMVI During Pregnancy: In infants of mothers exposed to BRIUMVI during pregnancy, assess B-cell counts prior to administration of live or live-attenuated vaccines as measured by CD19+ B-cells. Depletion of B-cells in these infants may increase the risks from live or live-attenuated vaccines. Inactivated or non-live vaccines may be administered prior to B-cell recovery. Assessment of vaccine immune responses, including consultation with a qualified specialist, should be considered to determine whether a protective immune response was mounted.

Fetal Risk: Based on data from animal studies, BRIUMVI may cause fetal harm when administered to a pregnant woman. Transient peripheral B-cell depletion and lymphocytopenia have been reported in infants born to mothers exposed to other anti-CD20 B-cell depleting antibodies during pregnancy. Advise females of reproductive potential to use effective contraception during BRIUMVI treatment and for 6 months after the last dose.

Reduction in Immunoglobulins: As expected with any B-cell depleting therapy, decreased immunoglobulin levels were observed. Decrease in immunoglobulin M (IgM) was reported in 0.6% of BRIUMVI-treated patients compared to none of the patients treated with teriflunomide in RMS clinical trials. Monitor the levels of quantitative serum immunoglobulins during treatment, especially in patients with opportunistic or recurrent infections, and after discontinuation of therapy, until B-cell repletion. Consider discontinuing BRIUMVI therapy if a patient with low immunoglobulins develops a serious opportunistic infection or recurrent infections, or if prolonged hypogammaglobulinemia requires treatment with intravenous immunoglobulins.

Liver Injury: Clinically significant liver injury, without findings of viral hepatitis, has been reported in the postmarketing setting in patients treated with anti-CD20 B-cell depleting therapies approved for the treatment of MS, including BRIUMVI. Signs of liver injury, including markedly elevated serum hepatic enzymes with elevated total bilirubin, have occurred from weeks to months after administration.

Patients treated with BRIUMVI found to have an alanine aminotransaminase (ALT) or aspartate aminotransferase (AST) greater than 3x the upper limit of normal (ULN) with serum total bilirubin greater than 2x ULN are potentially at risk for severe drug-induced liver injury.

Obtain liver function tests prior to initiating treatment with BRIUMVI, and monitor for signs and symptoms of any hepatic injury during treatment. Measure serum aminotransferases, alkaline phosphatase, and bilirubin levels promptly in patients who report symptoms that may indicate liver injury, including new or worsening fatigue, anorexia, nausea, vomiting, right upper abdominal discomfort, dark urine, or jaundice. If liver injury is present and an alternative etiology is not identified, discontinue BRIUMVI.

Most Common Adverse Reactions: The most common adverse reactions in RMS trials (incidence of at least 10%) were infusion reactions and upper respiratory tract infections.

Physicians, pharmacists, or other healthcare professionals with questions about BRIUMVI should visit www.briumvi.com.

The full Summary of Product Characteristics approved in the European Union (EU) for BRIUMVI can be found here: Briumvi | European Medicines Agency (europa.eu).

ABOUT BRIUMVI PATIENT SUPPORT in the U.S.
BRIUMVI Patient Support is a flexible program designed by TG Therapeutics to support U.S. patients through their treatment journey in a way that works best for them. More information about the BRIUMVI Patient Support program can be accessed at www.briumvipatientsupport.com.

ABOUT TG THERAPEUTICS
TG Therapeutics is a fully integrated, commercial stage, biotechnology company focused on the acquisition, development and commercialization of novel treatments for B-cell diseases. In addition to a research pipeline including several investigational medicines, TG Therapeutics has received approval from the U.S. Food and Drug Administration (FDA) for BRIUMVI® (ublituximab-xiiy) for the treatment of adult patients with relapsing forms of multiple sclerosis, including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease, as well as approval by several foreign nations for BRIUMVI to treat adult patients with RMS who have active disease defined by clinical or imaging features. For more information, visit www.tgtherapeutics.com, and follow us on X (formerly Twitter) @TGTherapeutics and on LinkedIn.

BRIUMVI® is a registered trademark of TG Therapeutics, Inc.

Cautionary Statement
This press release contains forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release. In addition to the risk factors identified from time to time in our reports filed with the U.S. Securities and Exchange Commission (SEC), factors that could cause our actual results to differ materially include the below.

Such forward looking statements include but are not limited to statements regarding the potential safety, efficacy, durability of response and therapeutic benefits of azercabtagene zapreleucel (azer-cel) in progressive multiple sclerosis; its potential to provide an off-the-shelf treatment option; the interpretation and potential implications of the preliminary clinical findings described; and the Company’s plans for continued dose escalation, longer-term follow-up and further clinical development of azer-cel. Forward-looking statements are based on management’s current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

These risks and uncertainties include, without limitation: the preliminary nature of the results from this ongoing, open-label Phase 1 study, which involves a small number of participants, multiple dose levels, limited follow-up and no concurrent control group; the possibility that reported results may change as additional participants are treated, follow-up increases and data are collected, reviewed and analyzed; the risk that observed stabilization or improvements in disability and other clinical measures may not be attributable to azer-cel, may not persist or may not be replicated in additional participants or subsequent studies; the risk that changes in B-cell populations or other biomarkers may not translate into clinical benefit; the potential for serious or previously unobserved adverse events associated with azer-cel, lymphodepleting treatment or their combination to emerge with additional treatment or longer follow-up; and the fact that the absence of certain adverse events in a limited population does not establish safety.

Additional risks include delays or difficulties in enrollment, dose escalation, manufacturing, supply, study conduct or data analysis; reliance on third parties for clinical development and manufacturing; the possibility that regulators may require additional studies, longer follow-up or changes to the development program; the Company’s ability to obtain adequate funding and maintain the rights and resources necessary to advance development; and the risk that azer-cel may not obtain regulatory approval or become commercially available. Azer-cel is investigational, and its safety and efficacy have not been established.

Any forward-looking statements set forth in this press release speak only as of the date of this press release. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. This press release and prior releases are available at www.tgtherapeutics.com. The information found on our website is not incorporated by reference into this press release and is included for reference purposes only.

More News From TG Therapeutics, Inc.

Single-dose miv-cel continues to demonstrate promising clinical benefit in progressive multiple sclerosis, achieving robust CAR T-cell penetration in the central nervous system (CNS) and improving disability scores while removing the need for chronic immunotherapies

Progressive (PGR - Free Report) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.

A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.

Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.

As such, the Zacks rating upgrade for Progressive is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.

Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Progressive imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for ProgressiveThis insurer is expected to earn $18.23 per share for the fiscal year ending December 2026, which represents no year-over-year change.

Analysts have been steadily raising their estimates for Progressive. Over the past three months, the Zacks Consensus Estimate for the company has increased 3.8%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Progressive to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

PGR's rising auto premiums, expanding policy base and improved underwriting profitability support growth as competition intensifies in the U.S. auto market.

Progressive (PGR +1.55%) is one of the largest insurance companies in the U.S., and while insurance companies aren't typically known for being growth stocks, Progressive stock has turned $10,000 into $90,000 over the past 10 years. That's double the S&P 500's return over the same time.

^SPX data by YCharts

Progressive stock fell 7% after its third-quarter report on Wednesday, but it has a dominant position in U.S. insurance. Let's take a look at the business and whether or not it can still achieve high growth over the next 10 years.

A major player in U.S. insurance Progressive has a massive insurance business with auto insurance at the center, but it also offers multiple kinds of policies, including property and casualty. According to the National Association of Insurance Commissioners, it's the second-largest auto insurer in the country, with 18.6% of the market. However, other research points to it moving into first place.

Image source: Getty Images.

Progressive has flourished over the past 10 years through a largely strong economy that's been beneficial for its business. It has a target combined ratio of 96%, and it has beaten it every year over the past decade. The combined ratio combines the loss ratio, or how much the company pays out as claims, and the expense ratio, which measures how much of revenue goes to expenses.

The lower the better, and under 100% implies that the company is profitable. It came in at 87.4% in 2025, coming after what management called its "most successful year in the history of Progressive" in 2024. It was 88.7% in the third quarter, 0.8 percentage points lower than last year.

Insurance companies rewrite their policies all the time based on algorithms that account for natural disasters, consumer behavior, and all sorts of other factors that are constantly changing. After the beginning of the pandemic, insurance companies had to rewrite policies to catch up to changing dynamics, and with the following inflation, rising costs. That led to the recent outstanding performance.

However, it's not so easy to keep surpassing its high levels, which has led to a recent decline in the stock price.

$216.77+$3.31 (+1.55%)

NYSE · As of 12:17 PM ET 10/15/26

Is progressive a good value? Management says that it recently slowed growth to address profitability issues. Having both problems at the same time hasn't been good for its stock, but it could be a buying opportunity. Progressive shares trade at a trailing P/E ratio of under 11 and a price-to-book value ratio of 3.5. Its book value is much higher than it was 10 years ago, while its P/E ratio is lower. Both are lower than their 10-year averages.

PGR PE Ratio data by YCharts

The current lower price could present a value for investors. However, its decline may not be over while the issues are still being addressed. At the same time, it sees a huge addressable market in new customers who have longer lifetime values, and its track record as a well-established industry giant can boost investor confidence.

It may not have bottomed out yet after another decline on third-quarter earnings, but you can't time the market, and this could be a good time to buy before it heads back up. It's both a value and a protective stock, which could cushion your portfolio if there's a market correction on the way,

SummaryThe Progressive’s Q3 was a disappointment, but it isn’t a sell signal for me. I’m still holding my shares, and I am maintaining my buy rating.Premium growth came in at 1%, auto policies dropped 31,000 in a month, and the underlying loss ratio hit 68.7, the highest in two years.The combined ratio sits at 88.7, or 91.1 without reserve releases, well under the sub-96 target. Every segment is under 96.The policy count drop won’t show up until Q4, so I expect another round of noise then if the monthly trend continues. Shareholders are used to this by now.On a good note, investment income crossed $1B for the first time, the war chest sits near $100B, and PGR has been buying back stock all year, 10x its five-year average. Phiwath Jittamas/iStock via Getty Images

Regular readers of mine will know that I've been endorsing The Progressive Corporation (PGR) for a while now, and it's admittedly been a terrible time, down ~5% since my first recommendation two years ago.

10.56K Followers

Analyst’s Disclosure: I/we have a beneficial long position in the shares of PGR, S&P 500 either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Progressive (PGR - Free Report) came out with quarterly earnings of $4.6 per share, beating the Zacks Consensus Estimate of $4.46 per share. This compares to earnings of $4.05 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +3.14%. A quarter ago, it was expected that this insurer would post earnings of $4.7 per share when it actually produced earnings of $4.85, delivering a surprise of +3.19%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Progressive, which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $23.36 billion for the quarter ended September 2026, missing the Zacks Consensus Estimate by 0.22%. This compares to year-ago revenues of $22.22 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Progressive shares have lost about 2.1% since the beginning of the year versus the S&P 500's gain of 14%.

What's Next for Progressive?While Progressive has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Progressive was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.02 on $23.15 billion in revenues for the coming quarter and $18.14 on $92.39 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Property and Casualty is currently in the top 26% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, United Fire Group (UFCS - Free Report) , has yet to report results for the quarter ended September 2026.

This property and casualty insurance company is expected to post quarterly earnings of $1.19 per share in its upcoming report, which represents a year-over-year change of -20.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

United Fire Group's revenues are expected to be $388.6 million, up 9.8% from the year-ago quarter.

Key Takeaways Progressive's Q3 earnings are projected to rise 9.4% to $4.43 per share, with revenues up 5.4% to $23.4B.Premium growth, higher investment income & expanding personal auto policies are likely to aid Q3 results.Higher underwriting costs may dampen PGR, though an 89.4 combined ratio signals continued profitability. The Progressive Corporation (PGR - Free Report) is expected to witness an improvement in its bottom line but a decline in its top line when it reports third-quarter 2026 results on Oct. 14, before the opening bell.

The Zacks Consensus Estimate for PGR’s third-quarter revenues is pegged at $23.4 billion, indicating 5.4% growth from the year-ago reported figure.

The consensus estimate for earnings is pegged at $4.43 per share. The Zacks Consensus Estimate for PGR’s third-quarter earnings has moved 2.5% north in the past seven days. The estimate indicates a year-over-year increase of 9.4%.

Decent Earnings Surprise HistoryProgressive’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one.

What the Zacks Model Unveils for PGROur proven model does not conclusively predict an earnings beat for Progressive this time around. This is because a stock needs to have the right combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) that increases the chances of an earnings beat. That is not the case, as you can see here.

You can uncover the best stocks before they are reported with our Earnings ESP Filter.

Earnings ESP: PGR has an Earnings ESP of 0.00%. This is because both the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at $4.43.
 

Zacks Rank: PGR carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

Factors Likely to Shape Q3 ResultsGrowth in premiums, higher net investment income and increased fee and service revenues are likely to have aided Progressive’s third-quarter performance. Improving trends across its personal auto and commercial lines businesses are likely to have further supported the company’s results.

A diversified product portfolio, strong competitive position and solid contributions from its Vehicle and Property segments are expected to have supported premium growth. Healthy policy retention and an expanding base of policies in force are likely to have driven higher net premiums earned. The Zacks Consensus Estimate for net premiums earned is pegged at $21.9 billion, suggesting a 5.1% increase from the year-ago quarter.

The Personal Auto segment is expected to have gained from increased new business applications and policy renewals, supported by higher advertising expenditures, competitive pricing strategies and agency incentive initiatives. Continued expansion across both agency and direct distribution channels is likely to have contributed to growth in policies in force. The consensus estimate for personal auto policies in force stands at 39.4 million.

Net investment income is likely to have benefited from growth in the company’s invested asset base. The Zacks Consensus Estimate is pegged at approximately $1 billion, indicating an 11% improvement from the prior-year quarter. Progressive is also expected to have generated pretax net realized gains on securities, with the consensus estimate standing at $61 million.

However, elevated loss and loss-adjustment expenses, higher policy acquisition costs and increased other underwriting expenses are likely to have weighed on the company’s overall cost structure. The consensus estimate for the expense ratio stands at 20.47.

Disciplined underwriting practices and relatively modest catastrophe-related losses are expected to have supported underwriting margins. The Zacks Consensus Estimate for the combined ratio is pegged at 89.4, reflecting continued underwriting profitability and operational efficiency.

Stocks to ConsiderSome P&C insurance stocks with the right combination of elements to deliver an earnings beat this time around are:

Arch Capital Group (ACGL - Free Report) has an Earnings ESP of +9.62% and a Zacks Rank of 3 at present. The Zacks Consensus Estimate for third-quarter 2026 earnings is pegged at $1.96 per share, indicating a 29.2% year-over-year decrease.

ACGL’s earnings beat estimates in the last four reported quarters.

The Travelers Companies (TRV - Free Report) has an Earnings ESP of +0.77% and a Zacks Rank of 3 at present. The Zacks Consensus Estimate for third-quarter 2026 earnings is pegged at $6.90 per share, indicating a year-over-year decrease of 15.2%.

TRV’s earnings beat estimates in each of the last four reported quarters.

Cincinnati Financial Corporation (CINF - Free Report) has an Earnings ESP of +9.52% and a Zacks Rank of 2 at present. The Zacks Consensus Estimate for third-quarter 2026 earnings is pegged at $1.91 per share, indicating a year-over-year decrease of 33%.

CINF’s earnings beat estimates in three of the last four reported quarters, while missing in one.

In the latest trading session, Progressive (PGR - Free Report) closed at $218.98, marking a +2.27% move from the previous day. The stock's change was more than the S&P 500's daily loss of 0.47%. Meanwhile, the Dow experienced a rise of 0.1%, and the technology-dominated Nasdaq saw a decrease of 1.25%.

Shares of the insurer witnessed a loss of 0.64% over the previous month, beating the performance of the Finance sector with its loss of 5.13%, and underperforming the S&P 500's gain of 1.15%.

The upcoming earnings release of Progressive will be of great interest to investors. On that day, Progressive is projected to report earnings of $4.37 per share, which would represent year-over-year growth of 7.9%. Alongside, our most recent consensus estimate is anticipating revenue of $23.41 billion, indicating a 5.38% upward movement from the same quarter last year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $18.03 per share and revenue of $92.39 billion. These totals would mark changes of -1.21% and +6.26%, respectively, from last year.

It is also important to note the recent changes to analyst estimates for Progressive. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.64% higher. Progressive presently features a Zacks Rank of #3 (Hold).

Looking at its valuation, Progressive is holding a Forward P/E ratio of 11.87. This represents a premium compared to its industry average Forward P/E of 10.79.

One should further note that PGR currently holds a PEG ratio of 2.33. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Insurance - Property and Casualty industry stood at 1.81 at the close of the market yesterday.

The Insurance - Property and Casualty industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 40, finds itself in the top 17% echelons of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

WALTHAM, Mass., Oct. 07, 2026 (GLOBE NEWSWIRE) -- Zenas BioPharma, Inc. (“Zenas” or the “Company”) (Nasdaq: ZBIO), a clinical-stage global biopharmaceutical company advancing therapies for patients living with autoimmune and inflammatory diseases, today announced that it will present seven posters at the 10th Joint ACTRIMS-ECTRIMS Meeting (MSToronto2026) taking place October 21-23, 2026, in Toronto, Canada.

The Company will also host a Symposium featuring a panel of Multiple Sclerosis (MS) experts discussing the evolving science and clinical potential of BTK inhibition in progressive MS.

Symposium Details:

Title: BTK Inhibition in MS: An Emerging Approach to Disability Progression
Participants: Amit Bar-Or, MD, FRCPC, Maria Pia Sormani, PhD, Robert Fox, MD, Benjamin Greenberg, MD, MHS
Date & Time: Wednesday, October 21; 5:30-6:30pm ET
Location: Lecture Hall 718

Poster Presentation Details:

Title: Pharmacokinetics of Orelabrutinib in a Phase 2 Study in Relapsing Remitting Multiple Sclerosis
Presenting Author: Mary Hughes, MD, MBA – Neurologist, University of South Carolina School of Medicine Greenville
Session: ePoster
Poster Number: EP2593

Title: Orelabrutinib in Non-Active Secondary Progressive Multiple Sclerosis: Design of the Monarch Phase 3 Randomized Controlled Trial
Presenting Author: Robert J. Fox, MD – Neurologist at the Mellen Center for Multiple Sclerosis at Cleveland Clinic
Session: ePoster
Poster Number: EP2594

Title: Orelabrutinib in Primary Progressive Multiple Sclerosis: Design of the PriMroSe Phase 3 Randomized Controlled Trial
Presenting Author: Robert J. Fox, MD – Neurologist at the Mellen Center for Multiple Sclerosis at Cleveland Clinic
Session: ePoster
Poster Number: EP2602

Title: Effect of Obexelimab on Serum Biomarkers and MS Disease Activity Score: Results from the Phase 2 MoonStone Trial in Relapsing Multiple Sclerosis
Presenting Author: Annette Okai, MD, FAAN - Director of Neuroimmunology and Multiple Sclerosis Research at North Texas Institute of Neurology, Rheumatology & Headache
Session: Paper Poster Session 2: Therapy – Immunomodulation/Immunosuppression
Session Date & Time: Thursday, October 22; 4:30pm-6:30pm ET
Poster Number: P1411
Location: Exhibit Hall DE

Title: Obexelimab Demonstrated Reduction in Disease Activity in Relapsing Multiple Sclerosis: 24-Week Results from the MoonStone Phase 2 Trial
Presenting Author: Darin Okuda, MD – Professor in the Department of Neurology at UT Southwestern Medical Center
Session: Paper Poster Session 2: Therapy – Immunomodulation/Immunosuppression
Session Date & Time: Thursday, October 22; 4:30pm-6:30pm ET
Abstract Number: P1417
Location: Exhibit Hall DE

Title: Pharmacokinetics and Pharmacodynamics of Obexelimab in Patients with Relapsing Multiple Sclerosis: Results from the Phase 2 MoonStone Trial
Presenting Author: Regina Berkovich, MD, PhD – Assistant Professor of Clinical Neurology at Keck School of Medicine of USC
Session: Paper Poster Session 2: Therapy – Immunomodulation/Immunosuppression
Session Date & Time: Thursday, October 22; 4:30pm-6:30pm ET
Abstract Number: P1455
Location: Exhibit Hall DE

Title: Efficacy and Safety of Orelabrutinib in Relapsing-Remitting Multiple Sclerosis: 24-Week Results of the 80 mg Dose from a Phase 2 Randomized, Double-Blind, Placebo-Controlled Study
Presenting Author: Mary Hughes, MD, MBA – Neurologist, University of South Carolina School of Medicine Greenville
Session: Paper Poster Session 2: Therapy – Immunomodulation/Immunosuppression
Session Date & Time: Thursday, October 22; 4:30pm-6:30pm ET
Abstract Number: P1446
Location: Exhibit Hall DE

About Multiple Sclerosis
Multiple Sclerosis (MS) is a chronic, autoimmune-mediated disorder of the Central Nervous System (CNS). According to the Multiple Sclerosis International Federation, approximately 2.9 million people worldwide are currently living with MS. The disease disproportionately affects females, and its highest prevalence is observed in North America, Europe and Australia. MS onset typically occurs between 20 and 40 years of age, making MS the leading cause of non-traumatic neurological disability in young adults. MS is categorized into three main subtypes, Relapsing Multiple Sclerosis (RMS), Secondary Progressive Multiple Sclerosis (SPMS) and Primary Progressive Multiple Sclerosis (PPMS); all three subtypes are associated with ongoing neuroaxonal loss from the earliest stages of the disease, even in the absence of overt clinical progression. Delays in diagnosis and treatment accelerate disability accumulation, reduce quality of life and increase socioeconomic burden. Consequently, early intervention with highly effective therapies is a key objective in disease management to slow or halt inflammatory and neurodegenerative processes and stop disability progression.

Approximately 85% of patients are initially diagnosed with RMS, and approximately 20-30% of those treated patients transition to SPMS, defined by continuous disability progression with or without relapses. Currently, there are no approved therapies for non-relapsing SPMS in the U.S. PPMS represents 10-15% of all MS diagnoses and is characterized by a steady increase in disability without relapses from disease onset. Currently there is only one approved therapy for PPMS.

About Orelabrutinib
Orelabrutinib is a late-stage, potentially best-in-class, highly selective central nervous system (CNS)-penetrant, oral, small molecule Bruton’s Tyrosine Kinase (BTK) inhibitor. Orelabrutinib’s mechanism of action targets pathogenic B cells in both the periphery and the CNS. Additionally, it directly modulates macrophages and microglial cells in the CNS, with the potential to address compartmentalized inflammation and disease progression in multiple sclerosis (MS). In MS, Zenas is advancing PriMroSe, a Phase 3 trial in Primary Progressive MS (PPMS), and Monarch, a Phase 3 trial in non-active Secondary Progressive MS (naSPMS). Orelabrutinib is approved for B cell malignancies in mainland China and Singapore, marketed by our partner InnoCare.

About Obexelimab
Obexelimab is a bifunctional monoclonal antibody designed to bind both CD19 and FcγRIIb, which are broadly present across B cell lineage, to inhibit the activity of cells that are implicated in many autoimmune diseases without depleting them. This unique inhibitory mechanism of action and self-administered, subcutaneous injection regimen may broadly and effectively modulate the pathogenic role of the B cell lineage in chronic autoimmune disease.

Obexelimab has been evaluated in nine clinical trials in a total of 667 subjects, including MoonStone. Obexelimab was well tolerated and demonstrated clinical activity across these clinical trials.

Phase 2 SunStone trial in Systemic Lupus Erythematosus (SLE) topline results expected in 4Q 2026.

About Zenas BioPharma
Zenas is a clinical-stage global biopharmaceutical company focused on the development and commercialization of therapies for autoimmune diseases and inflammatory conditions. Zenas combines our experienced leadership team with a disciplined global product candidate acquisition approach to identify, acquire and develop product candidates with the potential to deliver clinically meaningful benefits to patients. Zenas is advancing two late-stage, potential franchise molecules, obexelimab and orelabrutinib. Obexelimab, Zenas’ lead product candidate, is a bifunctional monoclonal antibody designed to bind CD19 and FcγRIIb to inhibit the activity of B cells implicated in many autoimmune diseases without depleting them. Zenas believes that the unique mechanism of action of obexelimab and its self-administered, subcutaneous injection regimen may enable sustained control across multiple chronic autoimmune diseases. Orelabrutinib is a potentially best-in-class, highly selective CNS-penetrant, oral, small molecule BTK inhibitor. Orelabrutinib’s mechanism of action targets pathogenic B cells not only in the periphery but also within the CNS. Additionally, it directly modulates macrophages and microglial cells in the CNS, with the potential to address compartmentalized inflammation and disease progression in MS. Zenas’ earlier stage programs include ZB021, a novel, clinical-stage, potentially best-in-class, oral, IL-17AA/AF inhibitor, ZB022, a preclinical, potentially best-in-class, oral, brain-penetrant, TYK2 inhibitor, and ZB014, a preclinical, half-life extended anti-CD19 and FcγRIIb monoclonal antibody. For more information about Zenas BioPharma, please visit https://zenasbio.com/ and follow us on LinkedIn.

Forward-Looking Statements
This press release contains “forward-looking statements.” In some cases, forward-looking statements can be identified by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations, and assumptions. All statements other than statements of historical facts contained in this press release are forward-looking statements. Forward looking statements include, but are not limited to, the anticipated timing or likelihood of regulatory submissions and approvals, and the outcome of interactions with regulatory authorities; the therapeutic potential of the Company’s product candidates, including the potential of BTK inhibition in progressive MS; the Company’s expectations regarding the potential commercialization, estimated market size and market opportunities of its product candidates; and the timing of reporting the topline results of obexelimab in SLE. The forward-looking statements in this press release speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions that could cause the Company’s actual results, performance or achievements to differ materially from those anticipated in the forward-looking statements. These risks and uncertainties include, but are not limited to: the Company’s limited operating history, incurrence of substantial losses since the Company’s inception and anticipation of incurring substantial and increasing losses for the foreseeable future; the Company’s need for substantial additional financing to achieve the Company’s goals; the uncertainty of clinical development; potential competition, including from large and specialty pharmaceutical and biotechnology companies; the Company’s ability to realize the benefits of the Company’s current or future collaborations or licensing arrangements; the Company’s ability to obtain regulatory approval to commercialize its product candidates; risks related to the manufacturing of the Company’s product candidates and the risk that the Company’s third-party manufacturers may encounter difficulties in production; the Company’s ability to obtain and maintain sufficient intellectual property protection for the Company’s product candidates; the Company’s reliance on third parties to conduct the Company’s preclinical studies and clinical trials; the Company’s compliance with the its license obligations; significant political, trade, and regulatory developments, including changes in relations between the U.S. and China; risks related to the operations of the Company’s suppliers, many of which are located outside of the United States, including the Company’s current sole contract manufacturing organization for obexelimab drug substance and drug product, WuXi Biologics (Hong Kong) Limited, and our partner, InnoCare, both of which are located in China; the risk that the Company’s indebtedness could adversely affect the Company’s financial condition or restrict the Company’s future operations; and other risks and uncertainties described in the section “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented from time to time by our subsequent filings with the Securities and Exchange Commission (the “SEC”), as well as other information we file with the SEC. The forward-looking statements in this press release are based upon information available to the Company as of the date of this press release and while the Company believes such information forms a reasonable basis for such statements, such information may be limited or incomplete. Because forward-looking statements are inherently subject to risks and uncertainties, these forward-looking statements should not be relied upon as guarantees of future events. Moreover, the Company operates in an evolving environment. New risks and uncertainties may emerge from time to time, and management cannot predict all risks and uncertainties. Except as required by applicable law, the Company does not undertake to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

The Zenas BioPharma word mark, logo mark, and the “lightning bolt” design are trademarks of Zenas BioPharma, Inc. or its affiliated companies. All rights reserved.

Contacts:

Investors:
Argot Partners
[email protected]

Media:
Kristin Ainsworth
SVP, U.S. Commercial Strategy & Corporate Affairs
612.839.6748

In the latest trading session, Progressive (PGR - Free Report) closed at $210.96, marking a +1.76% move from the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.2%. Meanwhile, the Dow gained 0.04%, and the Nasdaq, a tech-heavy index, added 0.04%.

Heading into today, shares of the insurer had lost 6.36% over the past month, lagging the Finance sector's loss of 4.84% and the S&P 500's loss of 0.35%.

The upcoming earnings release of Progressive will be of great interest to investors. The company's upcoming EPS is projected at $4.27, signifying a 5.43% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $23.35 billion, up 5.11% from the prior-year quarter.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $17.93 per share and a revenue of $92.56 billion, representing changes of -1.75% and +6.46%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for Progressive. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 1.03% upward. Currently, Progressive is carrying a Zacks Rank of #3 (Hold).

In the context of valuation, Progressive is at present trading with a Forward P/E ratio of 11.56. This represents a premium compared to its industry average Forward P/E of 10.6.

We can additionally observe that PGR currently boasts a PEG ratio of 2.65. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Insurance - Property and Casualty stocks are, on average, holding a PEG ratio of 1.8 based on yesterday's closing prices.

The Insurance - Property and Casualty industry is part of the Finance sector. With its current Zacks Industry Rank of 62, this industry ranks in the top 26% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Progressive (PGR - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Over the past month, shares of this insurer have returned -6.4%, compared to the Zacks S&P 500 composite's -0.4% change. During this period, the Zacks Insurance - Property and Casualty industry, which Progressive falls in, has lost 1.6%. The key question now is: What could be the stock's future direction?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, Progressive is expected to post earnings of $4.27 per share, indicating a change of +5.4% from the year-ago quarter. The Zacks Consensus Estimate has changed +7.3% over the last 30 days.

For the current fiscal year, the consensus earnings estimate of $17.93 points to a change of -1.8% from the prior year. Over the last 30 days, this estimate has changed +1%.

For the next fiscal year, the consensus earnings estimate of $16.17 indicates a change of -9.8% from what Progressive is expected to report a year ago. Over the past month, the estimate has changed +0.1%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Progressive.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

For Progressive, the consensus sales estimate for the current quarter of $23.35 billion indicates a year-over-year change of +5.1%. For the current and next fiscal years, $92.56 billion and $97.19 billion estimates indicate +6.5% and +5% changes, respectively.

Last Reported Results and Surprise HistoryProgressive reported revenues of $23.01 billion in the last reported quarter, representing a year-over-year change of +6.4%. EPS of $4.85 for the same period compares with $4.88 a year ago.

Compared to the Zacks Consensus Estimate of $23.09 billion, the reported revenues represent a surprise of -0.37%. The EPS surprise was +3.19%.

Over the last four quarters, Progressive surpassed consensus EPS estimates three times. The company topped consensus revenue estimates two times over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Progressive is graded B on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Progressive. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

QRG Capital Management Inc. raised its holdings in The Progressive Corporation (NYSE:PGR – Free Report) by 19.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 86,011 shares of the insurance provider’s stock after acquiring an additional 13,850 shares during the period. QRG Capital Management Inc.’s holdings in Progressive were worth $18,789,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PGR. Envestnet Portfolio Solutions Inc. raised its stake in Progressive by 22.2% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 13,750 shares of the insurance provider’s stock worth $3,004,000 after purchasing an additional 2,495 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of Progressive by 1.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 2,108,462 shares of the insurance provider’s stock worth $460,593,000 after buying an additional 19,976 shares during the last quarter. State Street Corp raised its position in shares of Progressive by 2.5% during the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock valued at $5,794,814,000 after buying an additional 656,249 shares during the period. Talon Private Wealth LLC purchased a new stake in shares of Progressive during the 2nd quarter valued at approximately $213,000. Finally, Tidal Investments LLC lifted its holdings in Progressive by 15.9% in the second quarter. Tidal Investments LLC now owns 83,911 shares of the insurance provider’s stock valued at $18,330,000 after acquiring an additional 11,525 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling In other news, CEO Susan Griffith sold 37,338 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the sale, the chief executive officer owned 485,438 shares of the company’s stock, valued at approximately $106,553,641. This trade represents a 7.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the sale, the chief financial officer owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. The trade was a 7.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 105,557 shares of company stock valued at $22,715,077 over the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

Progressive Stock Down 1.9% PGR stock opened at $203.03 on Thursday. The company’s 50 day moving average price is $214.42 and its 200 day moving average price is $208.44. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $248.17. The firm has a market capitalization of $118.03 billion, a price-to-earnings ratio of 10.18, a PEG ratio of 2.65 and a beta of 0.27. Progressive (NYSE:PGR – Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping the consensus estimate of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The company had revenue of $23.61 billion during the quarter, compared to analysts’ expectations of $19.49 billion. During the same quarter in the previous year, the business posted $5.40 EPS. The firm’s revenue was up 5.0% on a year-over-year basis. On average, equities research analysts anticipate that The Progressive Corporation will post 17.9 EPS for the current fiscal year.

Progressive Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s dividend payout ratio is 2.01%.

Analysts Set New Price Targets Several equities analysts have recently commented on the company. Roth Capital reaffirmed a “buy” rating and issued a $245.00 price target on shares of Progressive in a research note on Thursday, August 20th. The Goldman Sachs Group restated a “buy” rating and issued a $230.00 price objective on shares of Progressive in a report on Wednesday, August 19th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Progressive in a research report on Monday. Evercore set a $240.00 price target on shares of Progressive in a research report on Friday, July 10th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $250.00 price objective on shares of Progressive in a report on Friday, September 18th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $234.89.

Read Our Latest Analysis on PGR

Progressive Company Profile (Free Report)

Progressive Corporation, founded in 1937 and headquartered in Mayfield Village, Ohio, is an insurance company that primarily serves customers in the United States. The company is best known for its personal and commercial auto insurance businesses and distributes products through independent agents, direct channels and digital platforms.

Progressive offers a broad range of insurance products, including coverage for automobiles, motorcycles, boats, recreational vehicles, homes and renters.

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AON (NYSE:AON – Get Free Report) and Progressive (NYSE:PGR – Get Free Report) are both large-cap finance companies, but which is the better investment? We will compare the two businesses based on the strength of their profitability, earnings, institutional ownership, dividends, analyst recommendations, valuation and risk.

Earnings and Valuation This table compares AON and Progressive”s gross revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio AON $17.18 billion 3.65 $3.69 billion $18.14 16.30 Progressive $87.67 billion 1.41 $11.31 billion $19.94 10.69 Progressive has higher revenue and earnings than AON. Progressive is trading at a lower price-to-earnings ratio than AON, indicating that it is currently the more affordable of the two stocks. Risk & Volatility AON has a beta of 0.66, indicating that its share price is 34% less volatile than the S&P 500. Comparatively, Progressive has a beta of 0.27, indicating that its share price is 73% less volatile than the S&P 500.

Insider and Institutional Ownership 86.1% of AON shares are held by institutional investors. Comparatively, 85.3% of Progressive shares are held by institutional investors. 1.0% of AON shares are held by company insiders. Comparatively, 0.3% of Progressive shares are held by company insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a company is poised for long-term growth.

Profitability This table compares AON and Progressive’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets AON 22.27% 42.13% 7.57% Progressive 12.84% 32.92% 8.85% Analyst Ratings This is a summary of current recommendations and price targets for AON and Progressive, as reported by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score AON 1 6 12 0 2.58 Progressive 2 13 7 0 2.23 AON currently has a consensus target price of $397.47, indicating a potential upside of 34.39%. Progressive has a consensus target price of $235.95, indicating a potential upside of 10.69%. Given AON’s stronger consensus rating and higher possible upside, analysts clearly believe AON is more favorable than Progressive.

Dividends AON pays an annual dividend of $3.28 per share and has a dividend yield of 1.1%. Progressive pays an annual dividend of $0.40 per share and has a dividend yield of 0.2%. AON pays out 18.1% of its earnings in the form of a dividend. Progressive pays out 2.0% of its earnings in the form of a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings for the next several years.

Summary AON beats Progressive on 11 of the 16 factors compared between the two stocks.

About AON (Get Free Report)

Aon Plc engages in the provision of risk, health, and wealth solutions. It focuses on risk capital including claim management, reinsurance, risk analysis, management, retention, and transfer; and human capital involving analytics, health and benefits, investments, pensions and retirement, talent and rewards, and workplace wellbeing. The company was founded in 1982 and is headquartered in Dublin, Ireland.

About Progressive (Get Free Report)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property. The Personal Lines segment writes insurance for personal autos and recreational vehicles (RV). This segment's products include personal auto insurance; and special lines products, including insurance for motorcycles, ATVs, RVs, watercrafts, snowmobiles, and related products. The Commercial Lines segment provides auto-related liability and physical damage insurance, and business-related general liability and property insurance for autos, vans, and pick-up trucks used by small businesses, as well as non-fleet taxis, black-car services, and airport taxis; tractors, trailers, and straight trucks primarily used by regional general freight and expeditor-type businesses, and long-haul operators; dump trucks used by light contractors and heavy constructions; log trucks and garbage trucks used by dirt, sand and gravel, logging, garbage/debris removal, and coal-type businesses; and tow trucks and wreckers used in towing services and gas/service station businesses. The Property segment writes residential property insurance for homeowners, other property owners, and renters, as well as offers manufactured homes, personal umbrella insurance, and primary and excess flood insurance. The company offers policy issuance and claims adjusting services; acts as an agent to homeowners, general liability, workers' compensation insurance, and other products; and reinsurance services. It sells its products through independent insurance agencies, as well as through mobile applications and over the phone. The Progressive Corporation was founded in 1937 and is headquartered in Mayfield Village, Ohio.

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Bond yields had been rising before Kevin Warsh's Fed went into its most recent meeting. That indicated Wall Street expected a hike, despite Warsh materially reducing guidance to investors. When the Federal Reserve meeting ended, Warsh announced a quarter-point increase. If you own an insurance company, this is good news. But it is also bad news. Here's what you need to know.

What do insurance companies do? Insurance companies collect premiums up front. They hold that cash, known as the float, until their customers make claims. While an insurance company has the float, it can invest it. Different insurance companies handle the cash differently. On the conservative side, there are companies like Progressive (PGR -1.30%), which tend to focus on buying bonds. On the aggressive side, there are companies like Berkshire Hathaway (BRKA -0.04%)(BRKB +0.11%), which, under former CEO Warren Buffett and his successor Greg Abel, famously uses much of its float to buy stocks and even whole companies.

Image source: Getty Images.

The key when it comes to bond yields and interest rates is that the cash isn't stuffed in a mattress. It is put to work. And that means changes in market conditions will affect insurance companies. Sometimes in material ways.

For a company like Progressive, which has invested about 95% of its roughly $97 billion investment portfolio in bonds, rising yields can be a bit of a problem. Bond prices move in the opposite direction to yields. That happens so that existing bonds offer a yield commensurate with the current yield investors demand in the market. So, the book value of a bond-heavy insurer can decline as the value of its bond portfolio falls.

But rising bond yields aren't all negative. New premiums Progressive collects can be invested in higher-yielding bonds, increasing the income the company generates from its portfolio. So rising yields are both good and bad.

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But there's another complication: When the Fed increases interest rates, as it just did, it usually has economic implications. In the current instance, inflation is running hot, and the Fed is attempting to cool things off. If inflation is pushing up an insurance company's costs, it could be facing profitability headwinds. Notably, Progressive's combined ratio, a measure of profitability for insurance companies, worsened by 1.1 percentage points year over year in the second quarter of 2026. In the month of June, the change was 3.4 percentage points in the wrong direction. The company is still highly profitable, but market conditions appear to be changing.

What about the stocks Berkshire Hathaway owns? With only about 5% of its portfolio in equities, Progressive is more exposed to bond prices. However, as noted, other insurers have significant equity exposure. Rising interest rates and bond yields can be a headwind for companies like Berkshire Hathaway, as investors may shift assets from equities to bonds to collect higher yields from investments perceived as safer than stocks. That can lead to weak stock prices. Another example of a stock-heavy insurance company is Cincinnati Financial (CINF -0.53%), which has around 40% of its portfolio invested in equities.

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Meanwhile, there is always the risk that the Fed's efforts to battle inflation lead to an economic slowdown. Bear markets often accompany recessions, which can lead to a swift decline in the value of an equity-heavy insurance portfolio, again reducing the insurance company's book value. Of course, stock sell-offs often cause stocks to fall, including insurance companies' stocks.

Berkshire Hathaway faces an added complication from rising costs, since it also owns entire companies. There are a lot of moving parts to consider with this complicated insurance company, including the fact that it held roughly $365 billion in cash at the end of the second quarter, which should act as a ballast during a turbulent market. And that cash would allow Berkshire Hathaway to buy stocks during a deep market decline, should one occur.

The real answer: Be prepared for volatility There's no single answer to what happens to insurance companies when bond yields rise. It is, as most things on Wall Street, complicated. Some insurance companies will be more exposed to fluctuating bond yields than others, while others will be more affected by stock price volatility. The share prices of all insurance companies, meanwhile, will be impacted by bull and bear markets. And insurance companies of all types have to deal with rising costs, just like every other company in the world. With today's changing market dynamics, the one thing you should most expect is increased uncertainty.

Progressive is one of the largest property and casualty insurance companies, generally producing strong underwriting results. The stock is down about 10% from its 52-week high and nearly 25% from its 2025 high, but it isn't exactly cheap.

The First and Only Anti-Amyloid Treatment in Japan that Enable At-Home Administration for Alzheimer's Disease, a Progressive Disease  | Source: Biogen Inc.

TOKYO and CAMBRIDGE, Mass., Sept. 16, 2026 (GLOBE NEWSWIRE) -- Eisai Co., Ltd. and Biogen Inc. (Nasdaq: BIIB), announced today that “LEQEMBI® Pen”, the subcutaneous (SC) formulation of the anti-amyloid beta (Aβ) protofibril antibody “LEQEMBI®” (brand name, generic name: lecanemab) has been approved in Japan as a new route of administration.

LEQEMBI Pen is an autoinjector formulation that enables administration by a care partner or patient self-administration, with two pens (totaling 500 mg) administered once weekly. With this approval, LEQEMBI treatment now offers a new option of once-weekly SC administration at home*, in addition to intravenous (IV) administration every two weeks in a hospital setting.

LEQEMBI Pen may reduce the time required for anti-amyloid therapy administration compared with IV infusions (approximate injection time of 15 seconds per injection). In addition, at-home administration may reduce the burden of clinic visits for patients and their care partners and provide greater flexibility in treatment, allowing patients to make treatment choices that better fit their lifestyles, including fewer constraints on going out and traveling. The improved convenience and flexibility of treatment with LEQEMBI is expected to lower barriers to initiating and continuing treatment with LEQEMBI. Furthermore, LEQEMBI Pen also has the potential to reduce healthcare resources associated with IV dosing, such as nurse monitoring, as well as maintaining infusion capacity. These features are expected to contribute to further streamlining the overall Alzheimer’s disease (AD) treatment pathway. For amyloid-related imaging abnormalities (ARIA) monitoring, as with IV administration, brain magnetic resonance imaging (MRI) is performed prior to initiating treatment and at specified time points after treatment initiation.

AD is a progressive, relentless disease with Aβ and tau as hallmarks that is caused by a continuous underlying neurotoxic process driven by protofibrils that begins before amyloid plaque accumulation and continues after plaque removal.1,2,3 Only LEQEMBI fights AD in two ways – targeting both protofibrils and amyloid plaque.

This marks the third country globally to approve LEQEMBI SC formulation. This approval is based on the integrated results of data and associated modeling and simulation from the 18-month core study of the Phase 3 Clarity AD study of LEQEMBI in patients with mild cognitive impairment (MCI) due to AD or mild AD dementia (collectively referred to as early AD), as well as multiple SC administration sub-studies in its subsequent long-term extension study (LTE). Once-weekly administration of SC formulation 500 mg demonstrated similar exposure to IV administration once every two weeks and supported the expectation that the SC formulation provides efficacy comparable to that of the IV formulation. The overall safety profile of SC administration was generally similar to that of IV administration, while systemic injection/infusion-related reactions were observed less frequently with SC administration (1.4%)** than with IV administration.

Eisai serves as the lead for lecanemab’s development and regulatory submissions globally, with Eisai and Biogen co-commercializing and co-promoting the product and Eisai having final decision-making authority.

* At-home, self-administration using LEQEMBI Pen will be possible after it is listed in the injectable drug list designated by the Minister of Health, Labour and Welfare that health insurance doctor can administer (or prescribe), following deliberation and approval by the Central Social Insurance Medical Council, in principle within 60 days after approval. In addition, the following points are stipulated to be observed when self-administering.

When initiating administration, treatment must be administered by a physician or under the direct supervision of a physician at a medical facility.With regard to the applicability of self-administration, the appropriateness thereof shall be carefully considered, and only after providing thorough education and training, and confirming that the patient or family member/caregiver understands the risks associated with administration of this drug and how to respond to them, and that the patient or family member/caregiver is able to reliably administer it themselves, shall self-administration be implemented under the management and guidance of a physician. ** Incidence in participants newly initiated on lecanemab treatment via SC administration, based on clinical data obtained from once-weekly subcutaneous administration of lecanemab 720 mg using vial formulations.

Eisai Co., Ltd.
Public Relations Department
TEL: +81 (0)3-3817-5120Eisai Europe, Ltd.
EMEA Communications Department
+44 (0) 7760 619251
[email protected]

Eisai Inc. (U.S.)
Libby Holman
+1-201-753-1945
[email protected]

Biogen Inc.
Madeleine Shin 
+1-781-464-3260
[email protected]
INVESTOR CONTACTS   Eisai Co., Ltd.
Investor Relations Department
TEL: +81 (0) 3-3817-5122Biogen Inc.
Tim Power
+ 1-781-464-2442
[email protected]   Notes to Editors

Product Outline
1) Product name
    LEQEMBI® Pen
2) Generic name
    Lecanemab (recombinant)
3) Indication for use
    Slowing progression of mild cognitive impairment (MCI) and mild dementia due to Alzheimer’s disease.
4) Dosage and administration
    The usual dose of lecanemab (recombinant) is 500 mg injected subcutaneously once weekly.About lecanemab (generic name, brand name: LEQEMBI®)
Lecanemab is the result of a strategic research alliance between Eisai and BioArctic. It is a humanized immunoglobulin gamma (IgG1) monoclonal antibody directed against aggregated soluble (protofibril) and insoluble forms of amyloid-beta (Aβ).Lecanemab has been approved in 53 countries and regions including Japan, the U.S., China, Canada, Europe, South Korea, Taiwan, and Saudi Arabia, and is under regulatory review in 6 countries. In September 2023, Eisai received approval in Japan for lecanemab as a treatment for slowing progression of mild cognitive impairment (MCI) and mild dementia due to AD. Following the initial phase with treatment every two weeks for 18 months, intravenous (IV) maintenance dosing with treatment every four weeks is approved in 9 countries and regions including the U.S., China, the UK, and others, and applications have been filed in 11 countries and regions. The U.S. FDA approved Eisai’s Biologics License Application (BLA) for subcutaneous maintenance dosing (360 mg) with LEQEMBI IQLIK in August 2025. For subcutaneous initiation treatment (500 mg), approval was obtained in the U.S. in July 2026 and China in September 2026, and applications are under review in 2 countries.

Since July 2020, the Phase 3 clinical study (AHEAD 3-45) for individuals with preclinical AD, meaning they are clinically normal and have intermediate or elevated levels of amyloid in their brains, is ongoing. AHEAD 3-45 is conducted as a public-private partnership between the Alzheimer's Clinical Trial Consortium that provides the infrastructure for academic clinical trials in AD and related dementias in the U.S, funded by the National Institute on Aging, part of the National Institutes of Health, Eisai and Biogen. Since January 2022, the Tau NexGen clinical study for Dominantly Inherited AD (DIAD), that is conducted by Dominantly Inherited Alzheimer Network Trials Unit (DIAN-TU), led by Washington University School of Medicine in St. Louis, is ongoing and includes lecanemab as the backbone anti-amyloid therapy.

About Protofibrils 
Protofibrils are thought to be the most toxic Aβ species that contribute to brain damage in AD and play a major role in the cognitive decline of this progressive and devastating disease. Protofibrils can cause neuronal and synaptic damage in the brain, which can subsequently adversely affect cognitive function through multiple mechanisms. The mechanism by which this occurs has been reported not only by increasing the formation of insoluble Aβ plaques, but also by directly damaging signaling between neurons and other cells. It is believed that reducing protofibrils may reduce neuronal damage and cognitive impairment, potentially preventing the progression of AD.2About the Collaboration between Eisai and Biogen for AD
Eisai and Biogen have been collaborating on the joint development and commercialization of AD treatments since 2014. Eisai serves as the lead of lecanemab development and regulatory submissions globally with both companies co-commercializing and co-promoting the product and Eisai having final decision-making authority.About the Collaboration between Eisai and BioArctic for AD
Since 2005, Eisai and BioArctic have had a long-term collaboration regarding the development and commercialization of AD treatments. Eisai obtained the global rights to study, develop, manufacture and market lecanemab for the treatment of AD pursuant to an agreement with BioArctic in December 2007. The development and commercialization agreement on the antibody lecanemab back-up was signed in May 2015.About Eisai Co., Ltd.
Eisai's Corporate Concept is "to give first thought to patients and people in the daily living domain, and to increase the benefits that health care provides." Under this Concept (also known as human health care (hhc) Concept), we aim to effectively achieve social good in the form of relieving anxiety over health and reducing health disparities. With a global network of R&D facilities, manufacturing sites and marketing subsidiaries, we strive to create and deliver innovative products to target diseases with high unmet medical needs, with a particular focus in our strategic areas of Neurology and Oncology.In addition, we demonstrate our commitment to the elimination of neglected tropical diseases (NTDs), which is a target (3.3) of the United Nations Sustainable Development Goals (SDGs), by working on various activities together with global partners.

For more information about Eisai, please visit www.eisai.com (for global headquarters: Eisai Co., Ltd.), and connect with us on X, LinkedIn and Facebook. The website and social media channels are intended for audiences outside of the UK and Europe. For audiences based in the UK and Europe, please visit www.eisai.eu and Eisai EMEA LinkedIn.

About Biogen
Founded in 1978, Biogen is a leading biotechnology company that pioneers innovative science to deliver new medicines to transform patient’s lives and to create value for shareholders and our communities. We apply deep understanding of human biology and leverage different modalities to advance first-in-class treatments or therapies that deliver superior outcomes. Our approach is to take bold risks, balanced with return on investment to deliver long-term growth.The company routinely posts information that may be important to investors on its website at www.biogen.com. Follow Biogen on social media – Facebook, LinkedIn, X, YouTube.

Biogen Safe Harbor
This news release contains forward-looking statements, including those about the potential clinical effects of LEQEMBI (lecanemab); the potential benefits, safety and efficacy of LEQEMBI; the potential for LEQEMBI Pen to increase flexibility in treatment options and reduce use of healthcare resources and the time required for and burden of clinical visits; potential regulatory discussions, submissions and approvals and the timing thereof; the treatment of Alzheimer's disease; the anticipated benefits and potential of Biogen's collaboration arrangements with Eisai; the potential of Biogen's commercial business and pipeline programs, including lecanemab; and risks and uncertainties associated with drug development and commercialization. These forward-looking statements may be accompanied by such words as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “hope,” “intend,” “may,” “objective,” “plan,” “possible,” “potential,” “predict,” “project,” “prospect,” “should,” “target,” “will,” “would,” and other words and terms of similar meaning. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. Results in early-stage clinical trials may not be indicative of full results or results from later stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on these statements. Given their forward-looking nature, these statements involve substantial risks and uncertainties that may be based on inaccurate assumptions and could cause actual results to differ materially from those reflected in such statements.

These forward-looking statements are based on management's current beliefs and assumptions and on information currently available to management. Given their nature, we cannot assure that any outcome expressed in these forward-looking statements will be realized in whole or in part. We caution that these statements are subject to risks and uncertainties, many of which are outside of our control and could cause future events or results to be materially different from those stated or implied in this document, including, among others, uncertainty of long-term success in developing, licensing, or acquiring other product candidates or additional indications for existing products; expectations, plans and prospects relating to product approvals, approvals of additional indications for our existing products, sales, pricing, growth, reimbursement and launch of our marketed and pipeline products; our ability to effectively implement our corporate strategy; the successful execution of our strategic and growth initiatives, including acquisitions; the risk that positive results in a clinical trial may not be replicated in subsequent or confirmatory trials or success in early stage clinical trials may not be predictive of results in later stage or large scale clinical trials or trials in other potential indications; risks associated with clinical trials, including our ability to adequately manage clinical activities, unexpected concerns that may arise from additional data or analysis obtained during clinical trials, regulatory authorities may require additional information or further studies, or may fail to approve or may delay approval of our drug candidates; the occurrence of adverse safety events, restrictions on use with our products, or product liability claims; and any other risks and uncertainties that are described in other reports we have filed with the U.S. Securities and Exchange Commission.

These statements speak only as of the date of this press release and are based on information and estimates available to us at this time. Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. Investors are cautioned not to put undue reliance on forward-looking statements. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in our subsequent reports on Form 10-Q and Form 10-K, in each case including in the sections thereof captioned “Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in our subsequent reports on Form 8-K. Except as required by law, we do not undertake any obligation to publicly update any forward-looking statements whether as a result of any new information, future events, changed circumstances or otherwise.

Digital Media Disclosure
From time to time, we have used, or expect in the future to use, our investor relations website (investors.biogen.com), the Biogen LinkedIn account (linkedin.com/company/biogen-) and the Biogen X account (https://x.com/biogen) as a means of disclosing information to the public in a broad, non-exclusionary manner, including for purposes of the SEC's Regulation Fair Disclosure (Reg FD). Accordingly, investors should monitor our investor relations website and these social media channels in addition to our press releases, SEC filings, public conference calls and websites, as the information posted on them could be material to investors.

References

Amin L, Harris DA. Aβ receptors specifically recognize molecular features displayed by fibril ends and neurotoxic oligomers. Nat Commun. 2021;12:3451. doi:10.1038/s41467-021-23507-zOno K, Tsuji M. Protofibrils of Amyloid-β are Important Targets of a Disease-Modifying Approach for Alzheimer's Disease. Int J Mol Sci. 2020;21(3):952. doi: 10.3390/ijms21030952. PMID: 32023927; PMCID: PMC7037706.Hampel H, Hardy J, Blennow K, et al. The amyloid pathway in Alzheimer's disease. Mol Psychiatry. 2021;26(10):5481-5503.

Key Takeaways Progressive's policies in force grew 7% to 40.09 million, driven by 8% growth in Personal Lines.PGR's Snapshot uses driving behavior to assess individual risk and strengthen pricing and risk selection.AI could enhance PGR's telematics capabilities in claims processing, fraud detection and pricing models. The Progressive Corporation (PGR - Free Report) continues to use its extensive driving data and telematics capabilities to improve pricing, risk selection and claims management. Its Snapshot program uses actual driving behavior to help assess individual risk, giving Progressive a valuable data advantage as artificial intelligence adoption accelerates.

In the second quarter of 2026, net premiums earned increased 6% year over year to $21.57 billion, while policies in force rose 7% to 40.09 million. Personal Lines Business remained the key growth engine, with policies in force increasing 8% to 38.86 million. Progressive reported an 87.3% combined ratio compared with 86.2% in the prior-year quarter.

The opportunity is becoming more important as competition in the U.S. personal auto market intensifies. After several years of significant rate increases, insurers are shifting toward competing more actively for profitable customers. This puts greater emphasis on accurate risk selection, customer retention, claims execution and operating efficiency.

Progressive's telematics and data capabilities could help it navigate this trend. Increasing use of AI could further enhance these capabilities by helping the company improve claims processing, fraud detection and pricing models. As the company continues to expand its customer base, these capabilities could support underwriting discipline.

Progressive’s data advantage could become a durable competitive strength and position PGR as one of the strongest operators in U.S. auto insurance.

What About Its Peers?The Travelers Companies, Inc. (TRV - Free Report) is investing heavily in data and technology to strengthen underwriting. TRV’s IntelliDrive 365 program uses driving behavior to help personalize auto pricing, while the company is deploying AI across underwriting and claims.

The Allstate Corporation (ALL - Free Report) is also using telematics to sharpen auto insurance pricing through its Drivewise program, which tracks driving behavior such as speed, braking and time of day. This creates a similar data-driven approach to risk assessment.

PGR’s Price PerformancePGR shares have declined 12.8% in the past year against the industry’s growth of 3%.

Image Source: Zacks Investment Research

PGR’s ValuationShares of Progressive are trading at a trailing 12-month price-to-book value of 3.64X, higher than the industry average of 1.43X. Yet, it carries a Value Score of B.

Image Source: Zacks Investment Research

Estimates for PGRThe Zacks Consensus Estimate for Progressive’s 2026 earnings per share (EPS) indicates a year-over-year decrease of 2.8%.

The consensus estimate for revenues is pegged at $92.3 billion, implying a year-over-year improvement of 6.1%.

The consensus estimate for 2027 EPS indicates a decrease of 9%, while revenue estimates indicate an increase of 5.4% from the corresponding 2026 estimates.

The Zacks Consensus Estimate for 2026 earnings has moved up 2.1%, while the 2027 estimate has moved down 0.2% over the past 30 days.

Image Source: Zacks Investment Research

PGR stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Progressive (PGR - Free Report) closed at $223.91 in the latest trading session, marking a +1.14% move from the prior day. This change outpaced the S&P 500's 1.06% gain on the day. Elsewhere, the Dow gained 1.18%, while the tech-heavy Nasdaq added 1.4%.

The stock of insurer has risen by 4.05% in the past month, leading the Finance sector's gain of 0.85% and the S&P 500's gain of 2.46%.

Investors will be eagerly watching for the performance of Progressive in its upcoming earnings disclosure. In that report, analysts expect Progressive to post earnings of $3.98 per share. This would mark a year-over-year decline of 1.73%. Alongside, our most recent consensus estimate is anticipating revenue of $23.29 billion, indicating a 4.83% upward movement from the same quarter last year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $17.74 per share and revenue of $92.26 billion, which would represent changes of -2.79% and +6.12%, respectively, from the prior year.

Any recent changes to analyst estimates for Progressive should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.42% increase. Progressive currently has a Zacks Rank of #3 (Hold).

In the context of valuation, Progressive is at present trading with a Forward P/E ratio of 12.48. This valuation marks a premium compared to its industry average Forward P/E of 11.55.

It is also worth noting that PGR currently has a PEG ratio of 2.95. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. PGR's industry had an average PEG ratio of 1.71 as of yesterday's close.

The Insurance - Property and Casualty industry is part of the Finance sector. With its current Zacks Industry Rank of 60, this industry ranks in the top 25% of all industries, numbering over 250.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

Progressive (PGR - Free Report) closed the most recent trading day at $217.65, moving -2.18% from the previous trading session. This change lagged the S&P 500's daily gain of 0.72%. At the same time, the Dow added 0.2%, and the tech-heavy Nasdaq gained 1.57%.

The insurer's shares have seen an increase of 1.15% over the last month, not keeping up with the Finance sector's gain of 2.15% and the S&P 500's gain of 3.68%.

The investment community will be closely monitoring the performance of Progressive in its forthcoming earnings report. It is anticipated that the company will report an EPS of $3.98, marking a 1.73% fall compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $23.29 billion, showing a 4.83% escalation compared to the year-ago quarter.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $17.74 per share and revenue of $92.26 billion. These totals would mark changes of -2.79% and +6.12%, respectively, from last year.

It is also important to note the recent changes to analyst estimates for Progressive. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 1.13% higher. Right now, Progressive possesses a Zacks Rank of #3 (Hold).

Looking at its valuation, Progressive is holding a Forward P/E ratio of 12.54. This represents a premium compared to its industry average Forward P/E of 11.65.

Meanwhile, PGR's PEG ratio is currently 2.96. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Insurance - Property and Casualty was holding an average PEG ratio of 1.85 at yesterday's closing price.

The Insurance - Property and Casualty industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 72, finds itself in the top 30% echelons of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

State Farm is mailing checks. The country’s largest auto insurer said it will return $5 billion to auto policyholders via a one-time dividend. On top of that, the carrier is rolling back auto rates in several states. Checks are expected to hit mailboxes in the coming weeks.

The reason matters more than the amount. State Farm is a mutual, meaning it has no shareholders. When the underwriting math turns sharply in its favor, excess profit legally has to find its way back to policyholders. State Farm’s auto book swung from a multi-year underwriting loss into a large surplus. The company collected far more in premiums than it paid in claims and expenses. Its own explanation: improved loss trends and strong financial results allowed the mutual to share the benefit with customers.

What the Same Tailwind Looks Like at the Public Carriers Progressive (NYSE:PGR | PGR Price Prediction) is riding the same wave, only its excess goes to shareholders. Second-quarter revenue reached $22.70 billion and net income $3.31 billion, with a companywide combined ratio of 87.3. Anything below 100 means the insurance itself is profitable. Progressive has been below 90 in recent quarters and gained roughly 7% more policies year over year, reaching 40.09 million in force. Management called margins strong and told investors, growth remained a priority alongside underwriting discipline. Regulators are already forcing part of the giveback. Progressive booked a $950 million Florida policyholder credit expense in Q3 2025 under that state’s statutory profit cap.

Allstate (NYSE:ALL) is running the same play more aggressively. Q2 revenue rose 12.39% YoY to $18.60 billion, the property-liability combined ratio improved 4.5 points YoY to 86.6, and adjusted return on equity hit 44.2% over the trailing 12 months. CEO Tom Wilson said Allstate has already proactively reduced premiums for 7.8 million auto and homeowners customers by an average of 17%, and the company returned $3.5 billion to shareholders over the trailing year and announced a new $4.0 billion buyback authorization. Wilson’s framing: “Allstate delivered strong operating and financial results in the second quarter of 2026… Adjusted net income return on equity was 44.2% over the last 12 months.”

Cycle Question Investors Should Actually Care About The market has noticed the divergence. Progressive trades at a market cap near $130.3 billion and is priced at a premium to book. Allstate trades at a market cap near $65.4 billion and is priced at a lower multiple than Progressive. Neither multiple is priced for the current combined ratio to persist.

State Farm’s dividend is not random generosity. It is what happens when auto claims stop inflating faster than premiums and a regulator-watched mutual has nowhere else to put the profit. The same physics apply at Progressive and Allstate, just filtered through buyback authorizations and analyst days instead of $100 checks. Ignore the rate rollbacks and policyholder credits at your peril, because those are the drag on the same balance sheet.

The signal to watch is the next two quarterly combined ratios at PGR and ALL. If they drift back toward 90 as rate cuts earn in, the record margins were the peak of the cycle, not a new baseline. If they hold in the mid-80s while policy counts keep growing, State Farm just handed a market share weapon to its two toughest competitors.

Contact [email protected] for any questions or corrections.

Advisors Capital Management LLC purchased a new position in shares of The Progressive Corporation (NYSE:PGR – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 19,623 shares of the insurance provider’s stock, valued at approximately $4,287,000.

Several other hedge funds have also made changes to their positions in PGR. Allstate Corp raised its holdings in shares of Progressive by 106.1% in the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock worth $10,136,000 after purchasing an additional 22,915 shares during the period. Norges Bank purchased a new stake in shares of Progressive during the 4th quarter worth about $1,836,094,000. Investment House LLC purchased a new stake in shares of Progressive during the 4th quarter worth about $8,447,000. Van Cleef Asset Management Inc increased its position in Progressive by 1.2% during the 4th quarter. Van Cleef Asset Management Inc now owns 761,587 shares of the insurance provider’s stock worth $173,429,000 after purchasing an additional 9,017 shares in the last quarter. Finally, Life Cycle Investment Partners Ltd acquired a new stake in Progressive during the 4th quarter worth approximately $353,906,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analyst Weigh In A number of brokerages have weighed in on PGR. Cantor Fitzgerald reduced their price target on shares of Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a research report on Monday, August 17th. UBS Group increased their price objective on shares of Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Evercore set a $240.00 target price on shares of Progressive in a research note on Friday, July 10th. Wells Fargo & Company lifted their target price on shares of Progressive from $198.00 to $201.00 and gave the company an “underweight” rating in a report on Thursday. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $230.00 price target on shares of Progressive in a research report on Wednesday. Seven investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Progressive currently has a consensus rating of “Hold” and an average target price of $236.05.

Check Out Our Latest Research Report on PGR Progressive Stock Performance Shares of PGR opened at $219.45 on Friday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $252.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market cap of $127.58 billion, a price-to-earnings ratio of 11.01, a price-to-earnings-growth ratio of 2.96 and a beta of 0.27. The firm has a fifty day moving average of $215.53 and a 200-day moving average of $206.64.

Progressive (NYSE:PGR – Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating the consensus estimate of $4.64 by $1.03. The company had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. Progressive’s revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the business earned $5.40 earnings per share. As a group, equities analysts anticipate that The Progressive Corporation will post 17.62 earnings per share for the current year.

Progressive Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.01%.

Insider Buying and Selling at Progressive In other Progressive news, insider Karen Bailo sold 8,452 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the sale, the insider directly owned 32,348 shares of the company’s stock, valued at approximately $6,880,743.08. This represents a 20.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the sale, the chief executive officer owned 522,776 shares of the company’s stock, valued at $111,199,682.96. The trade was a 6.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 82,224 shares of company stock valued at $17,416,438. 0.32% of the stock is currently owned by company insiders.

About Progressive (Free Report)

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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Key Takeaways Progressive's July net premiums written rose 5% to $7.4 billion, while net premiums earned increased 5%. Personal Auto policies grew 7% to 39 million, with Direct Auto and Agency Auto policies also advancing. Progressive's combined ratio worsened by 150 basis points to 86.8% as total expenses increased 7.1%. The Progressive Corporation (PGR - Free Report) reported earnings per share of $1.65 for July 2026, which declined 11% year over year. The downside was due to escalating expenses and net realized losses on securities.

July Numbers in DetailProgressive recorded net premiums written of $7.4 billion, up 5% from $7 billion in the year-ago month. Net premiums earned were about $7.3 billion, up 5% from $6.9 billion reported in the year-ago month.

Net realized losses on securities were $47 million against a net realized income of $79 million from the year-ago month.
Combined ratio — the percentage of premiums paid out as claims and expenses — deteriorated 150 basis points (bps) year over year to 86.8.

PGR’s total revenues were $7.8 billion, up 27.1% year over year, owing to a 5.3% increase in premiums, a 10.9% jump in investment income, and 8.9% higher service revenues.

Total expenses increased 7.1% to $6.6 billion, mainly due to higher losses and loss adjustment expenses, policy acquisition costs, other underwriting expenses, investment expenses, service expenses and interest expense.

In July 2026, policies in force (PIF) were impressive for both Vehicle and Property businesses. In the Vehicle business, the Personal Auto segment recorded a 7% year-over-year increase to 39 million policies. Special Lines policies rose 6% from the year-earlier month to 7.3 million.

In Progressive’s Personal Auto segment, Agency Auto PIF increased 7% to 11.3 million, while Direct Auto improved 9% to 16.8 million.
PGR’s Commercial Auto segment policies rose 4% year over year to 1.2 million.

The Property business had 3.6 million policies in force in the reported month, remaining unchanged year over year.

The company’s book value per share was $59.64 as of July 31, 2026, up 4.8% from $56.92 on July 31, 2025.

                       In the trailing 12 months, the return on equity was 31.3%, down 840 bps from 39.7% in July 2025. The debt-to-total-capital ratio deteriorated 240 bps year over year to 19.5 as of July 31, 2026.

Price PerformanceProgressive shares have lost 14% in the past year against the industry’s growth of 2.7%.

Image Source: Zacks Investment Research

Zacks RankProgressive currently carries a Zacks Rank #3 (Hold).

Stocks to ConsiderSome better-ranked stocks from the insurance industry are The Hanover Insurance Group, Inc. (THG - Free Report) , First American Financial Corporation (FAF - Free Report) and Mercury General Corporation (MCY - Free Report) . While THG sports a Zacks Rank #1 (Strong Buy), FAF and MCY carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Hanover Insurance’s earnings surpassed estimates in each of the last four quarters, the average surprise being 27.33%. Shares of THG have jumped 25.9% in the past year. The Zacks Consensus Estimate for THG’s 2026 and 2027 revenues implies year-over-year growth of 4.6% and 4.5%, respectively.

First American’s earnings surpassed estimates in each of the last four quarters, with an average surprise of 23.58%. Shares of FAF have gained 12.5% in the past year. The Zacks Consensus Estimate for FAF’s 2026 and 2027 earnings implies year-over-year growth of 17.5% and 4%, respectively.

Mercury General’s earnings surpassed estimates in each of the last four quarters, the average surprise being 70.21%. Shares of MCY have jumped 39.3% in the past year. The Zacks Consensus Estimate for MCY’s 2026 earnings implies year-over-year growth of 61.3%.

MAYFIELD VILLAGE, OHIO, Aug. 19, 2026 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended July 31, 2026:

SILVER SPRING, Md. & RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--United Therapeutics Corporation (Nasdaq: UTHR) announced full enrollment of its TETON-PPF study evaluating the use of Tyvaso® (treprostinil) inhalation solution (nebulized Tyvaso) for the treatment of progressive pulmonary fibrosis (PPF). The TETON-PPF study enrolled 754 patients. “The rapid pace of enrollment underscores both the significant unmet need for new treatment options in PPF and the strong interest in nebulized Tyvas.