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Key Takeaways EEFT saw strong Q1 growth in Ria Digital, Dandelion and EFT Processing revenues.Euronet expanded payment tools, real-time services and stablecoin rails with Fireblocks.EEFT faces rising costs, high debt and softer money transfer activity in key corridors. Euronet Worldwide, Inc. (EEFT - Free Report) is well poised to grow, supported by strong transaction growth in Ria Digital, an expanding global footprint, product innovations, strategic partnerships, acquisitions and infrastructure investments. In the year-to-date period, shares of EEFT have declined 10.9% compared with the industry’s 15.6% fall.

Headquartered in Leawood, KS, EEFT holds a market capitalization of $2.6 billion. The company provides payment and transaction processing and distribution solutions to financial institutions, retailers, consumers and service providers. Its forward 12-month P/E ratio of 5.96X is lower than the industry average of 16.43X.

Courtesy of solid prospects, EEFT currently carries a Zacks Rank #3 (Hold).

Let’s delve deeper.

Where Do Estimates for EEFT Stand?The Zacks Consensus Estimate for Euronet’s 2026 earnings is pegged at $10.93 per share and has remained stable over the past seven days. Furthermore, the consensus mark for revenues is pegged at $4.6 billion for 2026, indicating 7.7% year-over-year growth. It beat earnings estimates in two of the past four quarters and missed twice. EEFT carries a Value Score of A.

EEFT’s Growth DriversEuronet’s growth continues to be driven by the rapid expansion of its digital payments and cross-border transfer businesses. During the first quarter, the company reported strong momentum in Ria Digital, where transactions climbed 35% and new digital customer additions rose 42%. The Dandelion network also delivered robust performance, supported by growing adoption from banks and fintech clients.

In the EFT segment, Euronet benefited from higher merchant acquiring activity, the addition of nearly 2,300 merchants and increasing demand for its banking infrastructure services across Europe and Latin America. The EFT Processing segment’s revenues rose 27% year over year in the first quarter of 2026, driven by continued growth in acquiring, infrastructure sales tied to the REN platform and contributions from the CoreCard acquisition completed in the fourth quarter of 2025.

The epay segment experienced consistent momentum through the ongoing growth of its digital content distribution capabilities. Meanwhile, the Money Transfer segment delivered strong results, fueled by growth in consumer-to-consumer digital transactions and its Dandelion product. The segments registered year-over-year increases of 10% and 2% in revenues, respectively, in first-quarter 2026.

The company’s strategic focus remains centered on scaling its global payments infrastructure and deepening long-term recurring revenue streams. REN, its modern banking and payment processing platform, is gaining traction as more financial institutions look to outsource ATM and payment infrastructure operations. It is also expanding product capabilities through acquisitions and cross-selling opportunities, including 3D Secure solutions, merchant acquiring tools and payment security offerings. These initiatives are expected to strengthen customer relationships while broadening the company’s reach across banks, merchants and fintech partners globally.

EEFT is also investing aggressively in future-ready payment technologies and digital distribution initiatives to support long-term expansion. The company launched real-time payment services in several new markets, expanded digital payout capabilities and introduced stablecoin payment rails through its partnership with Fireblocks. At the same time, epay continued extending partnerships with global platforms such as Revolut, Apple, Roblox and Zepto to strengthen digital content distribution.

Risks for EEFT StockThere are some factors, however, that investors should keep a careful eye on.

The company faces rising cost pressures, which, in turn, may dampen margins in the days ahead. In the first quarter of 2026, total operating expenses rose 11.8% year over year due to higher direct operating costs, and salaries and benefits expenses. Its total debt to total capital at the first quarter end was 67.6%, higher than the industry average of 46.4%. A debt-laden balance sheet induces an increase in interest expenses.

Euronet continues to face near-term pressure from tighter U.S. immigration policies, which have affected money transfer activity in key corridors such as the United States to Mexico. Ongoing geopolitical tensions in the Middle East and broader economic uncertainty have also created volatility in certain remittance markets. The company continues to invest in its ATM network. Yet, the rapid digitization of economies is expected to lower the demand for ATM withdrawals by tourists. This will likely hurt Euronet's EFT segment in key markets.

Key PicksSome top-ranked stocks in the business services space are Sezzle Inc. (SEZL - Free Report) , Dave Inc. (DAVE - Free Report) and Priority Technology Holdings, Inc. (PRTH - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Sezzle’s current-year earnings is pinned at $5.09 per share and has witnessed four upward revisions in the past 30 days against no movement in the opposite direction. Sezzle beat earnings estimates in each of the trailing four quarters, with the average surprise being 17.4%. The consensus estimate for current-year revenues is pegged at $592.6 million, implying 31.6% year-over-year growth.

The Zacks Consensus Estimate for Dave’s current-year earnings is pinned at $15.46 per share and has witnessed two upward revisions in the past 30 days against no movement in the opposite direction. Dave beat earnings estimates in each of the trailing four quarters, with the average surprise being 45.8%. The consensus estimate for current-year revenues is pegged at $710.2 million, implying 28.1% year-over-year growth.

The Zacks Consensus Estimate for Priority Technology’s current-year earnings is pinned at $1.24 per share and has witnessed one upward revision in the past 30 days against no movement in the opposite direction. Priority Technology beat earnings estimates in two of the trailing four quarters and missed twice, with the average surprise being 4.4%. The consensus estimate for current-year revenues is pegged at $1 billion, implying 8.5% year-over-year growth.

Euronet Worldwide NASDAQ: EEFT used its 2026 Investor Day to reposition its business as a global payments platform built around shared technology, cross-segment distribution and digital growth initiatives, while management laid out a multi-year outlook calling for continued earnings growth and margin expansion.

Co-founder, Chairman and CEO Mike Brown said the company’s core function remains “move value from point A to point B,” but emphasized that Euronet is no longer primarily defined by its ATM roots. Brown said the company has evolved from three divisions with single use cases into a broader payments network with multiple products in each segment.

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“We’re not an ATM company, and we’re not a conglomerate,” Brown said. “A conglomerate are several businesses that share a balance sheet. We share infrastructure and customers.”

The company described its three operating segments as payments infrastructure, epay and cross-border payments. Brown said cross-border payments accounts for 42% of consolidated revenue, payments infrastructure accounts for 30% and epay accounts for 28%. Geographically, he said 59% of revenue comes from Europe, 25% from the U.S., 12% from Asia and 4% from the rest of the world.

Management Highlights Shared Technology Platform Chief Technology Officer Martin Brückner said about 70% of transactions on Euronet’s global platform last year were digital products moving through digital channels. He said the platform handled 20.3 billion transactions in 2025, up from 7.6 billion in 2021, and supported $209 billion in annual volume.

Brückner said the company’s Ren platform connects customers through APIs and other payment protocols, while integrating external networks such as wallets, real-time payment rails, card schemes, content providers and banking partners. He said the architecture allows products in one segment to use integrations built for another.

“Euronet is not an ATM company branching into digital,” Brückner said. “Euronet is a payments platform that also happens to be world’s largest independent ATM network.”

Brückner also discussed recent technology-related acquisitions, including Infinitium for payment authentication, CoreCard for credit issuing and processing, and PaynoPain, a Spanish fintech expected to close in the third quarter. He said the company is using artificial intelligence across engineering, fraud detection, compliance, ATM cash management, customer support and product development.

Payments Infrastructure Segment Emphasizes Processing and Merchant Services Nikos Fountas, EVP and CEO of EFT Europe, Middle East and Africa, said Euronet renamed its EFT segment to payments infrastructure to better reflect the business. He said the segment operates across 69 countries, processes more than $114 billion in transaction volume and generates more than $1.3 billion in revenue.

Fountas said ATMs represented about 90% of segment revenue before COVID but now account for about 60%, with payment processing and merchant services serving as growth accelerators. He said Euronet has secured agreements with Bank of America, Santander Bank, UniCredit, Swedbank, Standard Chartered Bank and fintechs globally.

Himanshu Pujara, managing director of Asia Pacific, said payment processing represents a little over one-fifth of segment revenue and addresses an estimated $34 billion total addressable market. He said the Ren and CoreCard platforms position Euronet to serve banks and fintechs across debit, credit, prepaid, acquiring, instant payments and ATM-as-a-service.

epay Points to Stored Value Network and Gaming Opportunity Kevin Caponecchi, EVP and CEO of epay, Software and EFT Asia Pacific, said 85% of epay revenue is generated outside the U.S., with Europe the largest region. He said 70% of the gift cards epay sells are for self-use, reflecting consumer preferences in markets where customers may not have credit cards or may avoid using debit cards online.

Caponecchi said epay operates across 66 countries, 749,000 point-of-sale terminals and 352,000 retail locations, with 70% of transactions digital across 400 digital channel partners. Branded payments make up 90% of the segment, while merchant services and solutions account for 6% and 4%, respectively.

Caponecchi also highlighted real-money gaming as a new growth area. He said epay is a technology service provider to partners Marker Trax and Koin, supporting products including Koin Life, Koin Direct, Moolah Play and Moolah Play Digital. He said nine operators are live across three states and 85 operators have signed.

Cross-Border Payments Targets Digital, XE and Dandelion Juan Bianchi, EVP and CEO of the money transfer segment, said the company’s cross-border business has expanded beyond migrant worker remittances into higher-value consumers, businesses, banks and financial institutions. The segment reaches 200 countries through 12 billion digital account points and 639,000 cash points, he said.

Bianchi said the segment’s accelerators are Ria Digital, Xe and Dandelion, which together represent 21% of cross-border revenue and are growing 24% year over year. He said Ria Digital is live in 29 markets, with first-quarter transactions up 35% and revenue up 42%.

For Xe, Bianchi said Euronet is targeting higher-value consumers and small and medium-sized businesses in a $15 trillion market. He said Xe’s digital corporate revenue grew at a 16% compound annual growth rate from 2023 to 2025, while embedded ERP and API revenue grew at a 92% CAGR over the same period from a smaller base.

Bianchi described Dandelion as a wholesale cross-border payments platform serving banks and financial institutions through one API. He said management expects high double-digit growth for Dandelion over the next five years.

Financial Outlook Calls for EPS Growth and Buybacks CFO Rick Weller said Euronet has grown revenue at a 12% compound annual rate over the last 20 years and at an 11% rate over the last five years, while adjusted EBITDA grew at a 20% CAGR over the last five years.

For 2026, Weller said Euronet expects revenue of approximately $4.5 billion, EBITDA of approximately $800 million and adjusted earnings per share growth of 10% to 15%. Longer term, he said the company expects mid-single to upper-mid-single-digit revenue growth, upper-single-digit EBITDA growth and a three-year adjusted EPS CAGR of 10% to 15%. At the midpoint, Weller said EPS would be $13.68 in 2028.

Weller said digital accelerator revenue represents 21% of 2025 revenue and has been growing at a three-year CAGR of 20% to 25%. He said Euronet plans to disclose digital accelerator revenue on an aggregate basis going forward.

Weller also said the company expects to use at least one-third of free cash flow for share repurchases, or roughly $125 million to $150 million, while maintaining investment-grade metrics and pursuing strategic acquisitions.

During the question-and-answer session, Brown said the company does not see data supporting expectations that non-accelerator businesses such as ATMs and physical remittances will “fall off the cliff.” He pointed to continued cash usage in Europe and emerging tourist markets, while Bianchi said half of the global remittance market remains in physical channels.

Brown said management’s three-year revenue growth outlook is based only on organic growth, with acquisitions representing potential upside if attractive opportunities emerge.

About Euronet Worldwide NASDAQ: EEFTEuronet Worldwide, Inc is a global financial technology company specializing in electronic payment services and transaction processing. Through its three primary business segments—Electronic Funds Transfer (EFT) Network Services, epay® Prepaid and Payment Services, and Money Transfer—Euronet provides end-to-end solutions that enable secure, efficient and convenient payments for consumers, financial institutions and retailers worldwide.

In its EFT Network Services arm, Euronet operates one of the world's largest ATM and point-of-sale (POS) terminal networks, offering deployment, management and connectivity services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in Euronet Worldwide Right Now?Before you consider Euronet Worldwide, you'll want to hear this.

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Stock to Watch: Euronet Worldwide (EEFT - Free Report) Founded in 1994 and headquartered in Leawood, KS, Euronet Worldwide is a leading electronic payments solutions provider. The company offers payment and transaction processing and distribution technologies and services to financial institutions, retailers, service providers and individual consumers. Euronet operates across Europe, Africa, the Middle East, Asia Pacific, Latin America and the United States.

EEFT is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 6.34; value investors should take notice.

Three analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.17 to $10.93 per share. EEFT boasts an average earnings surprise of +1.6%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, EEFT should be on investors' short list.

Apellis Pharmaceuticals (APLS) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.

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Apellis Pharmaceuticals Inc. (NASDAQ:APLS) shares experienced a sharp reversal as the stock’s momentum score jumped from 8.36 to 95.26 on a week-over-week basis.

Biogen Acquires Apellis To Expand Rare-Disease PipelineThe deal, announced Tuesday, will provide Biogen with Apellis' approved drugs Empaveli and Syfovre, as well as access to late-stage kidney treatment felzartamab.

Apellis shareholders will receive $41 per share, a roughly 140% premium, plus up to $4 per share in milestone payments if Syfovre hits global annual sales of $1.5 billion to $2 billion between 2027 and 2030.

The Benzinga Edge Stock Rankings now provide a full analysis of APLS's price structure, showing that Apellis Pharmaceuticals' short-, medium- and long-term trends have all turned Positive.

Biogen Sees Big Value In Apellis Kidney FranchiseBiogen CEO Chris Viehbacher said, "We don’t think that just looking at the spot price was really the right reference," reported Reuters.

He added, "What really ​matters is the intrinsic ​value and we see ⁠a lot of value in that kidney franchise in particular."

Analysts view the acquisition as a strong strategic fit, adding near-term revenue while positioning Biogen for growth beyond MS. Apellis shares more than doubled in early trading, while Biogen fell nearly 5%.

BMO Capital analyst Evan Seigerman added, "Through the addition of near-term revenue from Syfovre and Empaveli, Biogen's acquisition of Apellis could meaningfully change how investors think about near-term revenue growth."

Soleno Therapeutics Seen As Next M&A TargetCem Karsan says Soleno Therapeutics, Inc. (NASDAQ:SLNO) could be next after Apellis was acquired at a 150% premium.

With 1,250 of 10,000 U.S. patients treated and no active competitors, SLNO could double patient reach and generate $6–8 per share in free cash flow.

What's Going On With APLS Stock?Apellis Pharmaceuticals closed at $40.41, up 0.05% on Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Posted by Defense World Staff on Apr 10th, 2026

Shares of Apellis Pharmaceuticals, Inc. (NASDAQ:APLS – Get Free Report) have received an average recommendation of “Hold” from the twenty-three brokerages that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, seventeen have issued a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $34.1053.

A number of analysts have recently commented on the stock. Roth Mkm cut shares of Apellis Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 2nd. William Blair cut shares of Apellis Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 31st. Citigroup reiterated a “neutral” rating and issued a $41.00 price target (down from $44.00) on shares of Apellis Pharmaceuticals in a research note on Wednesday, April 1st. HC Wainwright cut shares of Apellis Pharmaceuticals from a “buy” rating to a “hold” rating and dropped their price target for the stock from $48.00 to $41.00 in a research note on Wednesday, April 1st. Finally, Royal Bank Of Canada dropped their price target on shares of Apellis Pharmaceuticals from $22.00 to $21.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 25th.

Check Out Our Latest Stock Analysis on Apellis Pharmaceuticals

Apellis Pharmaceuticals Stock Performance NASDAQ:APLS opened at $40.65 on Friday. The stock has a market cap of $5.20 billion, a P/E ratio of 312.72 and a beta of -0.19. The firm’s fifty day simple moving average is $23.70 and its 200 day simple moving average is $23.42. Apellis Pharmaceuticals has a twelve month low of $16.10 and a twelve month high of $40.77. The company has a quick ratio of 2.70, a current ratio of 3.14 and a debt-to-equity ratio of 0.98.

Apellis Pharmaceuticals (NASDAQ:APLS – Get Free Report) last announced its earnings results on Tuesday, February 24th. The company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.86. Apellis Pharmaceuticals had a net margin of 2.23% and a return on equity of 8.20%. The firm had revenue of $199.91 million for the quarter, compared to analysts’ expectations of $199.28 million. During the same quarter in the previous year, the business posted ($0.29) EPS. The company’s quarterly revenue was down 5.9% on a year-over-year basis. As a group, research analysts predict that Apellis Pharmaceuticals will post -1.7 EPS for the current year.

Insider Buying and Selling In other Apellis Pharmaceuticals news, insider Nur Nicholson sold 7,725 shares of the company’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $21.77, for a total transaction of $168,173.25. Following the transaction, the insider owned 71,118 shares in the company, valued at approximately $1,548,238.86. This represents a 9.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel David O. Watson sold 7,832 shares of the company’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $21.77, for a total transaction of $170,502.64. Following the transaction, the general counsel owned 88,531 shares in the company, valued at $1,927,319.87. This represents a 8.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 115,537 shares of company stock worth $2,486,082 over the last quarter. 6.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Apellis Pharmaceuticals Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wedmont Private Capital lifted its position in shares of Apellis Pharmaceuticals by 4.1% during the fourth quarter. Wedmont Private Capital now owns 11,883 shares of the company’s stock worth $315,000 after purchasing an additional 468 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Apellis Pharmaceuticals by 0.6% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 96,125 shares of the company’s stock worth $2,415,000 after purchasing an additional 530 shares during the last quarter. Amalgamated Bank lifted its position in shares of Apellis Pharmaceuticals by 6.9% during the third quarter. Amalgamated Bank now owns 8,674 shares of the company’s stock worth $196,000 after purchasing an additional 563 shares during the last quarter. Xponance LLC lifted its position in shares of Apellis Pharmaceuticals by 3.9% during the fourth quarter. Xponance LLC now owns 18,164 shares of the company’s stock worth $456,000 after purchasing an additional 681 shares during the last quarter. Finally, Allworth Financial LP lifted its position in shares of Apellis Pharmaceuticals by 64.1% during the third quarter. Allworth Financial LP now owns 2,194 shares of the company’s stock worth $50,000 after purchasing an additional 857 shares during the last quarter. Institutional investors own 96.29% of the company’s stock.

Apellis Pharmaceuticals Company Profile (Get Free Report)

Apellis Pharmaceuticals, Inc, traded as NASDAQ:APLS, is a clinical-stage biopharmaceutical company focused on the development of novel therapies targeting the complement cascade for the treatment of rare and debilitating diseases. The company’s research and development efforts center on modulating complement proteins to address a range of ophthalmologic, hematologic and renal conditions. Apellis leverages its proprietary compstatin technology platform to design targeted inhibitors intended to improve patient outcomes and quality of life.

The company’s lead marketed product, Syfovre (pegcetacoplan), is an intravitreal complement C3 inhibitor approved for geographic atrophy secondary to age-related macular degeneration, with ongoing investigations in other retinal disorders.

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NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Apellis Pharmaceuticals, Inc. (NasdaqGS: APLS) to Biogen Inc. (NasdaqGS: BIIB). Under the terms of the proposed transaction, shareholders of Apellis will receive $41.00 per share in cash and a nontransferable contingent value right for the right to receive two payments of $2.00 per share each, contingent on certain annual global net sales thresholds being met for SYFOVRE. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.

If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nasdaqgs-apls/ to learn more.

Please note that the transaction is structured as a tender offer, such that time may be of the essence.

To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.

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Key Takeaways Biogen reports Q1 EPS of $3.57 and revenues of $2.48B, both beating estimates, with earnings up 18% y/y.BIIB faces MS and Spinraza sales pressure from generics and competition, partly offset by newer drugs.Biogen lowers 2026 EPS outlook to reflect M&A costs while maintaining revenue guidance Biogen (BIIB - Free Report) reported first-quarter 2026 adjusted earnings per share (EPS) of $3.57, which significantly beat the Zacks Consensus Estimate of $2.95. Earnings rose 18% year over year.

The adjusted EPS included a 19 cents per share impact of IPR&D charges related to license agreements.

Total revenues during the quarter came in at $2.48 billion, up 2% year over year on a reported basis. However, revenues declined 2% on a constant-currency basis. Revenues beat the Zacks Consensus Estimate of $2.25 billion.

Lower sales of key drugs like Tecfidera for multiple sclerosis (MS) and Spinraza for spinal muscular atrophy (SMA) were partially offset by higher revenues from new drugs driving by rising demand trends. Improved inventory dynamics also benefited sales of MS drugs like Tysabri and Vumerity in the quarter.

More on BIIB’s EarningsProduct sales in the quarter were $1.75 billion, down 3% year over year on a constant currency basis.

Revenues from anti-CD20 therapeutic programs rose 11% to $419 million. The revenues include royalties on sales of Roche’s (RHHBY - Free Report) Ocrevus and Biogen’s share of Roche’s drugs, Rituxan, Gazyva and Lunsumio.

Contract manufacturing and royalty revenues declined 20% year over year to $247.0 million. Alzheimer’s collaboration revenues were $60 million, up 80% year over year.

Alzheimer’s collaboration revenues include Biogen’s 50% share of net product revenues and cost of sales (including royalties) from Alzheimer’s disease (AD) drug Leqembi (lecanemab), which has been developed in collaboration with Eisai. Eisai recorded nearly $168 million in global revenues from Leqembi sales in the first quarter, up 74% year over year and 25% sequentially, driven by demand growth globally. The drug’s U.S. sales rose 10.3% quarter over quarter to $86 million.

BIIB’s MS Revenues Continue to DeclineBiogen’s MS revenues totaled $958 million, down 3% on a constant-currency basis, due to generic competition for Tecfidera globally and Tysabri in Europe and rising competitive pressure in the MS market.

Vumerity recorded $179 million in sales, up around 29% year over year, driven by strong demand and improved inventory dynamics in the United States. This metric beat the Zacks Consensus Estimate of $164 million.

Tecfidera sales declined 47% to around $109.5 million, as multiple generic versions of the drug have been launched globally. The drug’s sales also missed the Zacks Consensus Estimate of $111 million.

Tysabri sales rose 15.7% year over year to $441.5 million as the impact of biosimilar competition in Europe was offset by favorable adjustments to discounts and allowances and the favorable impact of inventory timing. The drug’s sales beat the Zacks Consensus Estimate of $359 million.

Combined interferon revenues (Avonex and Plegridy) were almost flat year over year at about $227.5 million.

Performance of BIIB’s Rare Disease DrugsSales of Spinraza declined around 12% to $374 million. The figure missed the Zacks Consensus Estimate of $379 million.

Rare disease drug Skyclarys generated sales of $150.7 million, up 21.6% year over year, driven by continued demand growth.

Qalsody added sales of $32.5 million, up more than 100% year over year, driven by demand growth.

Other ProductsNew drug Zurzuvae (for postpartum depression) recorded sales of nearly $55.4 million in the quarter, down 16% on a sequential basis as demand growth was partially offset by inventory dynamics.

Biogen has a collaboration with Supernus Pharmaceuticals (SUPN - Free Report) for Zurzuvae. Biogen and Supernus Pharmaceuticals equally share profits and losses for the commercialization of Zurzuvae in the United States. In outside U.S. markets, Biogen records product sales (excluding Japan, Taiwan and South Korea) and pays royalties to Supernus.

Biosimilar revenues declined 7% year over year to $182 million during the quarter.

BIIB’s Cost RiseAdjusted research and development (R&D) expenses rose 13% year over year to $480 million due to increased costs behind the company’s late-stage candidates like litifilimab and felzartamab.

Adjusted selling, general and administrative (SG&A) expenses rose 5% to $600 million due to higher costs to support the new product launches.

BIIB's 2026 GuidanceBiogen maintained its revenue guidance for the year while lowering its earnings guidance to include IPR&D charges related to M&A activities.

Total revenues are expected to decline by a mid-single-digit percentage in constant currency terms in 2026 from the 2025 level. A decline in MS revenues (excluding Vumerity) is expected to be partially offset by higher revenues from growth products.

Adjusted EPS guidance was lowered from a range of $15.25 to $16.25 to $14.25 to $15.25.

The gross margin in 2026 is expected to be similar to the 2025 levels. Combined adjusted R&D and SG&A costs are also expected to be similar to 2025 levels.

Our Take on BIIB’s ResultsBiogen delivered better-than-expected first-quarter results as it beat estimates for both earnings and sales. Shares were up more than 2% in pre-market trading despite the company slashing its full-year earnings guidance to include costs related to M&A deals.

In the past year, the stock has risen 51.5% compared with the industry’s 15.1% growth.

Image Source: Zacks Investment Research

While Biogen’s MS drugs and Spinraza are seeing rising competitive pressure, the company’s newer products — Leqembi, Zurzuvae, Skyclarys and Qalsody — have the potential to return the company to revenue growth. All these new products are showing signs of growth. Sales of Biogen’s growth products (Skyclarys, Qalsody, Zurzuvae, Vumerity and Spinraza) rose 12% in the quarter.

Biogen has also strengthened its mid-to-late-stage neurology and immunology pipeline with M&A deals.

At the end of March, Biogen announced a definitive agreement to acquire Apellis Pharmaceuticals for approximately $5.6 billion in cash at closing. The deal will add APLS’ two commercialized medicines in immune-mediated retinal disease and nephrology — Empaveli and Syfovre — to Biogen’s portfolio. The drugs complement Biogen’s key late-stage pipeline candidate, felzartamab, which is being developed for kidney disease. The transaction is expected to be closed in the second quarter of this year. The EPS guidance for 2026 does not include any costs related to the Apellis transaction.

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

Apellis Pharmaceuticals, Inc. came out with quarterly earnings of $0.15 per share, beating the Zacks Consensus Estimate of a loss of $0.38 per share. This compares to a loss of $0.74 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +139.30%. A quarter ago, it was expected that this company would post a loss of $0.39 per share when it actually produced a loss of $0.47, delivering a surprise of -20.51%.

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

Apellis Pharmaceuticals, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $268.3 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 33.65%. This compares to year-ago revenues of $166.8 million. The company has topped consensus revenue estimates three 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.

Apellis Pharmaceuticals shares have added about 63.7% since the beginning of the year versus the S&P 500's gain of 7.6%.

What's Next for Apellis Pharmaceuticals?While Apellis Pharmaceuticals has outperformed 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 Apellis Pharmaceuticals 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 -$0.35 on $205.61 million in revenues for the coming quarter and -$1.23 on $858.72 million 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, Medical - Biomedical and Genetics is currently in the bottom 40% 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.

One other stock from the same industry, Eton Pharmaceuticals, Inc. (ETON - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 14.

This company is expected to post quarterly earnings of $0.10 per share in its upcoming report, which represents a year-over-year change of +42.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Eton Pharmaceuticals, Inc.'s revenues are expected to be $22.37 million, up 29.5% from the year-ago quarter.

Pfizer Inc. (NYSE: PFE) today announced detailed results from the pivotal Phase 3 TALAPRO-3 study of TALZENNA® (talazoparib), an oral poly ADP-ribose polymerase (PARP) inhibitor, in combination with XTANDI® (enzalutamide), an androgen receptor pathway inhibitor (ARPI), in men with homologous recombination repair (HRR) gene-mutated metastatic castration-sensitive prostate cancer (mCSPC), also known as metastatic hormone-sensitive prostate cancer (mHSPC). These results will be presented today in a late-breaking oral presentation (Abstract LBA5007) at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting and simultaneously published in The New England Journal of Medicine.

TALZENNA plus XTANDI demonstrated a 52% reduction in the risk of radiographic progression or death compared to placebo plus XTANDI (Hazard Ratio [HR] of 0.48; 95% Confidence Interval [CI], 0.36–0.65; p ˂ 0.0001). At three years, radiographic progression-free survival (rPFS) rates were estimated at 77% in patients treated with TALZENNA plus XTANDI versus 56% in patients treated with placebo plus XTANDI. With a median follow-up of over 37 months, median rPFS was not reached in the TALZENNA plus XTANDI arm and was 46 months with placebo and XTANDI.

The rPFS benefit observed with TALZENNA plus XTANDI was consistent across pre-specified groups with various patient and disease characteristics, including age, Gleason score, geographic region, prostate-specific antigen (PSA) level, and BRCA vs. non-BRCA HRR gene alteration status. At three years, rPFS rates were estimated at 77% vs. 49% in patients with cancer harboring BRCA alterations (HR, 0.37; 95% CI, 0.22–0.61) and 76% vs. 60% in patients with cancer with non-BRCA alterations (HR, 0.57; 95% CI, 0.39–0.82), compared with placebo plus XTANDI.

“Delaying progression to castration‑resistant disease, the most symptomatic and lethal phase of prostate cancer, remains a significant challenge to patients with mCSPC – especially to those with HRR gene alterations, who often experience poorer outcomes,” said Neeraj Agarwal, M.D., FASCO, Presidential Chair of Cancer Research at Huntsman Cancer Institute at the University of Utah and global lead investigator for TALAPRO-3. “With more than three years of follow‑up and median radiographic progression‑free survival not reached, TALZENNA plus XTANDI demonstrated durable disease control across a broad HRR‑altered population, including patients with BRCA and non‑BRCA alterations. These findings underscore the importance of genetic testing as part of routine care and highlight the potential for TALZENNA plus XTANDI to meaningfully improve the outcomes of patients with HRRm mCSPC.”

Interim overall survival (OS) results showed a strong trend toward improved OS, a key secondary endpoint, with median OS not reached in either treatment arm (HR, 0.77; 95% CI, 0.56–1.04; p = 0.09). TALZENNA plus XTANDI also improved time to PSA progression (HR, 0.51; 95% CI, 0.37–0.71; p < 0.0001) and time to subsequent anti-cancer therapy (HR, 0.51; 95% CI, 0.38–0.70; p < 0.0001) vs. placebo plus XTANDI. The trial remains ongoing, and OS will be formally assessed at the final analysis.

In TALAPRO-3, the safety profile of TALZENNA plus XTANDI was consistent with the known profiles of each agent, and no new safety signals were identified. The most common treatment-emergent adverse events (TEAEs) in the TALZENNA plus XTANDI group were anemia, fatigue, decreased neutrophil count, and asthenia. The most common grade 3 or higher TEAE was anemia, reported by 51% in the TALZENNA plus XTANDI group and 3% in the control group. Five percent of patients discontinued TALZENNA due to anemia. TEAEs were generally manageable with dose modifications and supportive care as needed.

“Men with HRR gene-mutated metastatic prostate cancer face significant challenges, with faster disease progression and limited treatment options, making it critical to intervene as early in the course of disease as possible,” said Jeff Legos, Chief Oncology Officer, Pfizer. “The benefit seen with TALZENNA plus XTANDI across a full spectrum of HRR gene alterations reinforces its potential to fundamentally change clinical practice, giving patients significantly more time before disease progression as compared to the current standard of care."

Prostate cancer is the second most common cancer in men worldwide, with an estimated 1.5 million new cases diagnosed globally1 and 330,000 new cases anticipated in the United States in 2026.2 mCSPC is a form of advanced prostate cancer that has spread beyond the prostate but is still sensitive to androgen deprivation therapy.3 Approximately 5–10% of newly diagnosed cases are mCSPC,4,5 and up to 30% of these patients harbor HRR gene alterations.6

TALZENNA plus XTANDI in HRR gene-mutated mCSPC is an investigational treatment regimen. The results from TALAPRO-3 are being discussed with global health authorities to potentially expand the combination regimen’s existing indication. TALZENNA plus XTANDI is currently approved in more than 60 countries, including in the U.S. for adults with HRR gene-mutated mCRPC and in the European Union for adults with mCRPC in whom chemotherapy is not clinically indicated.

Pfizer is continuing its commitment to help non-scientists understand the latest findings with the development of abstract plain language summaries (APLS) for company-sponsored research being presented at ASCO, which are written in non-technical language. Those interested in learning more can visit www.Pfizer.com/apls to access the summaries.

About TALAPRO-3

The Phase 3 TALAPRO-3 trial is a multicenter, randomized, double-blind, placebo-controlled study that enrolled 599 patients with mCSPC (with ≤3 months of ADT [chemical or surgical] with or without an approved ARPI in the mCSPC setting) at sites in the U.S., Canada, Europe, South America, and the Asia-Pacific region. Patients with histologically/cytologically confirmed adenocarcinoma of the prostate without neuroendocrine differentiation, small cell, or signet cell features and with alterations in one or more HRR genes (as per HRR12 gene panel) in the trial were randomized to receive TALZENNA 0.5 mg/day plus XTANDI 160mg/day, or placebo plus XTANDI 160mg/day.

The primary endpoint of the trial is investigator-assessed rPFS, defined as the time from the date of randomization to radiographic progression in soft tissue per Response Evaluation Criteria in Solid Tumors version 1.1 (RECIST 1.1), or in bone per Prostate Cancer Working Group 3 (PCWG3) criteria by investigator assessment, or death, whichever occurs first. Secondary endpoints include OS, objective response rate, duration of response, and patient-reported outcomes.

For more information on the TALAPRO-3 trial (NCT04821622), go to www.clinicaltrials.gov.

About TALZENNA® (talazoparib)

TALZENNA is an oral inhibitor of poly ADP-ribose polymerase (PARP), which plays a role in DNA damage repair. Preclinical studies have demonstrated that TALZENNA blocks PARP enzyme activity and traps PARP at the site of DNA damage, leading to decreased cancer cell growth and cancer cell death.

TALZENNA was initially approved in the U.S., EU, and multiple other regions as a single agent for the treatment of adult patients with deleterious or suspected deleterious gBRCAm HER2-negative locally advanced or metastatic breast cancer.

TALZENNA in combination with XTANDI was approved by the U.S. Food and Drug Administration (FDA) for the treatment of adult patients with HRR gene-mutated mCRPC in June 2023. The combination was also approved by the European Commission in January 2024 for the treatment of adult patients with mCRPC in whom chemotherapy is not clinically indicated. TALZENNA in combination with XTANDI is approved in more than 60 countries, indications vary by country.

TALZENNA® (talazoparib) Indication in the U.S.

TALZENNA is a poly (ADP-ribose) polymerase (PARP) inhibitor indicated for:

HRR gene-mutated mCRPC:

In combination with enzalutamide for the treatment of adult patients with homologous recombination repair (HRR) gene-mutated metastatic castration-resistant prostate cancer (mCRPC). Breast Cancer:

As a single agent, for the treatment of adult patients with deleterious or suspected deleterious germline BRCA-mutated (gBRCAm) HER2-negative locally advanced or metastatic breast cancer. Select patients for therapy based on an FDA-approved companion diagnostic for TALZENNA. TALZENNA® (talazoparib) Important Safety Information

WARNINGS and PRECAUTIONS

Myelodysplastic Syndrome/Acute Myeloid Leukemia (MDS/AML), including cases with a fatal outcome, has been reported in patients who received TALZENNA. Overall, MDS/AML has been reported in 0.4% (3 out of 788) of solid tumor patients treated with TALZENNA as a single agent in clinical studies. In TALAPRO-2, MDS/AML occurred in 2 out of 511 (0.4%) patients treated with TALZENNA and enzalutamide and in 0 out of 517 (0%) patients treated with placebo and enzalutamide. The durations of TALZENNA treatment in these 5 patients prior to developing MDS/AML were 0.3, 1, 2, 3, and 5 years. Most of these patients had received previous chemotherapy with platinum agents and/or other DNA damaging agents including radiotherapy.

Do not start TALZENNA until patients have adequately recovered from hematological toxicity caused by previous chemotherapy. Monitor blood counts monthly during treatment with TALZENNA. For prolonged hematological toxicities, interrupt TALZENNA and monitor blood counts weekly until recovery. If counts do not recover within 4 weeks, refer the patient to a hematologist for further investigations including bone marrow analysis and blood sample for cytogenetics. If MDS/AML is confirmed, discontinue TALZENNA.

Myelosuppression consisting of anemia, neutropenia, and/or thrombocytopenia, have been reported in patients treated with TALZENNA. In TALAPRO-2, Grade ≥3 anemia, neutropenia, and thrombocytopenia were reported, respectively, in 48%, 19%, and 9% of patients receiving TALZENNA and enzalutamide. Forty-two percent of patients (216/511) required a red blood cell transfusion, including 25% (127/511) who required more than one transfusion. Discontinuation due to anemia, neutropenia, and thrombocytopenia occurred, respectively, in 8%, 3%, and 0.4% of patients.

Withhold TALZENNA until patients have adequately recovered from hematological toxicity caused by previous therapy. Monitor blood counts monthly during treatment with TALZENNA. If hematological toxicities do not resolve within 28 days, discontinue TALZENNA and refer the patient to a hematologist for further investigations including bone marrow analysis and blood sample for cytogenetics.

Embryo-Fetal Toxicity TALZENNA can cause fetal harm when administered to pregnant women. Advise male patients with female partners of reproductive potential or who are pregnant to use effective contraception during treatment and for 4 months following the last dose of TALZENNA.

ADVERSE REACTIONS

Serious adverse reactions reported in >2% of patients included anemia (9%) and fracture (3%). Fatal adverse reactions occurred in 1.5% of patients, including pneumonia, COVID infection, and sepsis (1 patient each).

The most common adverse reactions (≥ 10%, all Grades), including laboratory abnormalities, for patients in the TALAPRO-2 study who received TALZENNA with enzalutamide vs patients receiving placebo with enzalutamide were hemoglobin decreased (79% vs 34%), neutrophils decreased (60% vs 18%), lymphocytes decreased (58% vs 36%), fatigue (49% vs 40%), platelets decreased (45% vs 8%), calcium decreased (25% vs 11%), nausea (21% vs 17%), decreased appetite (20% vs 14%), sodium decreased (22% vs 20%), phosphate decreased (17% vs 13%), fractures (14% vs 10%), magnesium decreased (14% vs 12%), dizziness (13% vs 9%), bilirubin increased (11% vs 7%), potassium decreased (11% vs 7%), and dysgeusia (10% vs 4.5%).

Clinically relevant adverse reactions in <10% of patients who received TALZENNA with enzalutamide included abdominal pain (9%), vomiting (9%), alopecia (7%), dyspepsia (4%), venous thromboembolism (3%) and stomatitis (2%).

DRUG INTERACTIONS

Coadministration with P-gp inhibitors The effect of coadministration of P-gp inhibitors on talazoparib exposure when TALZENNA is taken with enzalutamide has not been studied. Monitor patients for increased adverse reactions and modify the dosage as recommended for adverse reactions when TALZENNA is coadministered with a P-gp inhibitor.

Coadministration with BCRP inhibitors Monitor patients for increased adverse reactions and modify the dosage as recommended for adverse reactions when TALZENNA is coadministered with a BCRP inhibitor. Coadministration of TALZENNA with BCRP inhibitors may increase talazoparib exposure, which may increase the risk of adverse reactions.

USE IN SPECIFIC POPULATIONS

Males of Reproductive Potential Based on animal studies, TALZENNA may impair fertility.

Renal Impairment The recommended dosage of TALZENNA for patients with moderate renal impairment (CLcr 30 - 59 mL/min) is 0.35 mg taken orally once daily with enzalutamide. The recommended dosage of TALZENNA for patients with severe renal impairment (CLcr 15 - 29 mL/min) is 0.25 mg taken orally once daily with enzalutamide. No dose adjustment is required for patients with mild renal impairment. TALZENNA has not been studied in patients requiring hemodialysis.

Please see full U.S. Prescribing Information and Patient Information for TALZENNA® (talazoparib) at www.TALZENNA.com.

About XTANDI® (enzalutamide)

XTANDI (enzalutamide) is an androgen receptor pathway inhibitor. XTANDI is a standard of care and has received regulatory approvals in one or more countries around the world for use in men with metastatic hormone-sensitive prostate cancer (mHSPC), metastatic castration-resistant prostate cancer (mCRPC), non-metastatic castration-resistant prostate cancer (nmCRPC) and non-metastatic hormone-sensitive prostate cancer (nmHSPC) with high-risk biochemical recurrence (BCR). XTANDI is currently approved for one or more of these indications in more than 80 countries, including in the United States, European Union and Japan. Over 1.5 million patients have been treated with XTANDI globally.7

About XTANDI® (enzalutamide) and Important Safety Information

XTANDI (enzalutamide) is indicated for the treatment of patients with:

castration-resistant prostate cancer (CRPC) metastatic castration-sensitive prostate cancer (mCSPC) nonmetastatic castration sensitive prostate cancer (nmCSPC) with biochemical recurrence at high risk for metastasis (high-risk BCR) Important Safety Information

Warnings and Precautions

Seizure occurred in 0.6% of patients receiving XTANDI in eight randomized clinical trials. In a study of patients with predisposing factors for seizure, 2.2% of XTANDI-treated patients experienced a seizure. It is unknown whether anti-epileptic medications will prevent seizures with XTANDI. Patients in the study had one or more of the following predisposing factors: use of medications that may lower the seizure threshold, history of traumatic brain or head injury, history of cerebrovascular accident or transient ischemic attack, and Alzheimer’s disease, meningioma, or leptomeningeal disease from prostate cancer, unexplained loss of consciousness within the last 12 months, history of seizure, presence of a space occupying lesion of the brain, history of arteriovenous malformation, or history of brain infection. Advise patients of the risk of developing a seizure while taking XTANDI and of engaging in any activity where sudden loss of consciousness could cause serious harm to themselves or others. Permanently discontinue XTANDI in patients who develop a seizure during treatment.

Posterior Reversible Encephalopathy Syndrome (PRES) There have been reports of PRES in patients receiving XTANDI. PRES is a neurological disorder that can present with rapidly evolving symptoms including seizure, headache, lethargy, confusion, blindness, and other visual and neurological disturbances, with or without associated hypertension. A diagnosis of PRES requires confirmation by brain imaging, preferably MRI. Discontinue XTANDI in patients who develop PRES.

Hypersensitivity reactions, including edema of the face (0.5%), tongue (0.1%), or lip (0.1%) have been observed with XTANDI in eight randomized clinical trials. Pharyngeal edema has been reported in post-marketing cases. Advise patients who experience any symptoms of hypersensitivity to temporarily discontinue XTANDI and promptly seek medical care. Permanently discontinue XTANDI for serious hypersensitivity reactions.

Ischemic Heart Disease In the combined data of five randomized, placebo-controlled clinical studies, ischemic heart disease occurred more commonly in patients on the XTANDI arm compared to patients on the placebo arm (3.5% vs 2%). Grade 3-4 ischemic events occurred in 1.8% of patients on XTANDI versus 1.1% on placebo. Ischemic events led to death in 0.4% of patients on XTANDI compared to 0.1% on placebo. Monitor for signs and symptoms of ischemic heart disease. Optimize management of cardiovascular risk factors, such as hypertension, diabetes, or dyslipidemia. Discontinue XTANDI for Grade 3-4 ischemic heart disease.

Falls and Fractures occurred in patients receiving XTANDI. Evaluate patients for fracture and fall risk. Monitor and manage patients at risk for fractures according to established treatment guidelines and consider use of bone-targeted agents. In the combined data of five randomized, placebo-controlled clinical studies, falls occurred in 12% of patients treated with XTANDI compared to 6% of patients treated with placebo. Fractures occurred in 13% of patients treated with XTANDI and in 6% of patients treated with placebo.

Embryo-Fetal Toxicity The safety and efficacy of XTANDI have not been established in females. XTANDI can cause fetal harm and loss of pregnancy when administered to a pregnant female. Advise males with female partners of reproductive potential to use effective contraception during treatment with XTANDI and for 3 months after the last dose of XTANDI.

Dysphagia or Choking Severe dysphagia or choking, including events that could be life-threatening requiring medical intervention or fatal, can occur due to XTANDI product size. Advise patients to take each capsule or tablet whole with a sufficient amount of water to ensure that all medication is successfully swallowed. Consider use of a smaller tablet size of XTANDI in patients who have difficulty swallowing. Discontinue XTANDI for patients who cannot swallow capsules or tablets.

Interference with Immunoassay Measurement of Digoxin XTANDI can interfere with certain digoxin immunoassays (e.g., Chemiluminescent Microparticle Immunoassays), resulting in falsely elevated digoxin plasma concentration results. Notify the laboratory conducting the digoxin plasma concentration assay to use an appropriate method in patients receiving XTANDI and digoxin.

Adverse Reactions (ARs)

In the data from the five randomized placebo-controlled trials, the most common ARs (≥ 10%) that occurred more frequently (≥ 2% over placebo) in XTANDI-treated patients were musculoskeletal pain, fatigue, hot flush, constipation, decreased appetite, diarrhea, hypertension, hemorrhage, fall, fracture, and headache. In the bicalutamide-controlled study, the most common ARs (≥ 10%) reported in XTANDI-treated patients were asthenia/fatigue, back pain, musculoskeletal pain, hot flush, hypertension, nausea, constipation, diarrhea, upper respiratory tract infection, and weight loss.

In EMBARK, the placebo-controlled study of nonmetastatic CSPC (nmCSPC) with high-risk biochemical recurrence (BCR) patients, Grade 3 or higher adverse reactions during the total duration of treatment were reported in 46% of patients treated with XTANDI plus leuprolide, 50% of patients receiving XTANDI as a single agent, and 43% of patients receiving placebo plus leuprolide. Permanent treatment discontinuation due to adverse reactions during the total duration of treatment as the primary reason was reported in 21% of patients treated with XTANDI plus leuprolide, 18% of patients receiving XTANDI as a single agent, and 10% of patients receiving placebo plus leuprolide.

Lab Abnormalities: Lab abnormalities that occurred in ≥ 5% of patients, and more frequently (> 2%) in the XTANDI arm compared to placebo in the pooled, randomized, placebo-controlled studies are hemoglobin decrease, neutrophil count decreased, white blood cell decreased, hyperglycemia, hypermagnesemia, hyponatremia, hypophosphatemia, and hypercalcemia.

Hypertension: In the combined data from five randomized placebo-controlled clinical trials, hypertension was reported in 14.2% of XTANDI patients and 7.4% of placebo patients. Hypertension led to study discontinuation in < 1% of patients in each arm.

Drug Interactions

Effect of Other Drugs on XTANDI Avoid coadministration with strong CYP2C8 inhibitors. If coadministration cannot be avoided, reduce the dosage of XTANDI. Avoid coadministration with strong CYP3A4 inducers. If coadministration cannot be avoided, increase the dosage of XTANDI.

Effect of XTANDI on Other Drugs Avoid coadministration with certain CYP3A4, CYP2C9, and CYP2C19 substrates for which minimal decrease in concentration may lead to therapeutic failure of the substrate. If coadministration cannot be avoided, increase the dosage of these substrates in accordance with their Prescribing Information. In cases where active metabolites are formed, there may be increased exposure to the active metabolites.

Please access this link for XTANDI’S US Full Prescribing Information for additional safety information.

About Pfizer Oncology

At Pfizer Oncology, we are at the forefront of a new era in cancer care. Our industry-leading portfolio and extensive pipeline includes three core mechanisms of action to attack cancer from multiple angles, including small molecules, antibody-drug conjugates (ADCs), and multispecific antibodies, including other immune-oncology biologics. We are focused on delivering transformative therapies in some of the world’s most common cancers, including breast cancer, gastrointestinal cancer, genitourinary cancer, hematology-oncology, and thoracic cancers, which includes lung cancer. Driven by science, we are committed to accelerating breakthroughs to help people with cancer live better and longer lives.

About Pfizer: Breakthroughs That Change Patients’ Lives

At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For 175 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at www.Pfizer.com. In addition, to learn more, please visit us on www.Pfizer.com and follow us on X at @Pfizer and @Pfizer News, LinkedIn, YouTube and like us on Facebook at Facebook.com/Pfizer.

About the Pfizer/Astellas Collaboration

In October 2009, Medivation, Inc., which is now part of Pfizer (NYSE: PFE), and Astellas (TSE: 4503) entered into a global agreement to jointly develop and commercialize XTANDI® (enzalutamide). The companies jointly commercialize XTANDI in the United States, and Astellas has responsibility for manufacturing and all additional regulatory filings globally, as well as commercializing XTANDI outside the United States.

Disclosure Notice

The information contained in this release is as of May 30, 2026. Pfizer assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.

This release contains forward-looking information about Pfizer Oncology, TALZENNA and XTANDI, including their potential benefits, the TALAPRO-3 results, and plans to discuss the results with global health authorities to potentially expand the TALZENNA indication, that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, uncertainties regarding the commercial success of TALZENNA in combination with XTANDI;the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for our clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; whether the TALAPRO-3 trial will meet the key secondary endpoint for overall survival; risks associated with initial, preliminary or interim data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from our clinical studies; whether and when applications for TALZENNA, XTANDI or a combination may be filed in any jurisdictions for any potential indications; whether and when any such applications for TALZENNA, XTANDI or a combination that may be pending or filed may be approved by regulatory authorities, which will depend on myriad factors, including making a determination as to whether the product’s benefits outweigh its known risks and determination of the product’s efficacy and, if approved, whether TALZENNA, XTANDI or a combination will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of TALZENNA, XTANDI or a combination; risks and uncertainties related to issued or future executive orders or other new, or changes in, laws or regulations; uncertainties regarding the impact of COVID-19 on Pfizer’s business, operations and financial results; and competitive developments.

A further description of risks and uncertainties can be found in Pfizer’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results”, as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.

References

Bray F, Laversanne M, Sung H, et al. Global cancer statistics 2022: GLOBOCAN estimates of incidence and mortality worldwide for 36 cancers in 185 countries. CA Cancer J Clin. 2024;74(3):229-263. doi:10.3322/caac.21834 American Cancer Society. Key statistics for prostate cancer. Prostate Cancer Facts. Available at: https://www.cancer.org/cancer/types/prostate-cancer/about/key-statistics.html.Last accessed May 2026. Troy SP, Jakubowski CD, Gartrell BA. Packing the punch: Current and emerging treatment strategies in metastatic castration-sensitive prostate cancer. Curr Urol Rep. 2025;26(1):50. doi:10.1007/s11934-025-01272-6 Freedland SJ, Hong A, El-Chaar N, et al. Survival benefit associated with first-line androgen receptor pathway inhibitors for de novo metastatic castration-sensitive prostate cancer. Prostate Cancer Prostatic Dis. 2026;179:167-174. Piombino C, Oltrecolli M, Tonni E, et al. De novo metastatic prostate cancer: Are we moving toward a personalized treatment? Cancers. 2023;15:4945. Olmos D, Lorente D, Jambrina A, et al. BRCA1/2 and homologous recombination repair alterations in high- and low-volume metastatic hormone-sensitive prostate cancer: prevalence and impact on outcomes. Ann Oncol. 2025;36:1190-202. doi:10.1016/j.annonc.2025.05.534 Data on file. Northbrook, IL: Astellas Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260530351488/en/

Here are three stocks with buy ranks and strong growth characteristics for investors to consider today, June 1:

Pitney Bowes Inc. (PBI - Free Report) : This technology-driven company offering shipping, mailing, and e-commerce logistics solutions worldwide carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing nearly 11% over the last 60 days.

Pitney Bowes has a PEG ratio of 0.72 compared with 0.81 for the industry. The company possesses a Growth Score of A.

Centene Corporation (CNC - Free Report) : This managed care company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 15.3% over the last 60 days.

Centene has a PEG ratio of 0.46 compared with 1.03 for the industry. The company possesses a Growth Score of A.

Marathon Petroleum Corporation (MPC - Free Report) : This integrated downstream energy company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 75.1% over the last 60 days.

Marathon Petroleum has a PEG ratio of 0.40 compared with 0.48 for the industry. The company possesses a Growth Score of B.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Learn more about the Growth score and how it is calculated here.

Here are three stocks with buy ranks and strong growth characteristics for investors to consider today, June 3:

Pitney Bowes Inc. (PBI - Free Report) : This technology-driven company offering shipping, mailing, and e-commerce logistics solutions worldwide carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing nearly 11% over the last 60 days.

Pitney Bowes has a PEG ratio of 0.76 compared with 0.83 for the industry. The company possesses a Growth Score of A.

Centene Corporation (CNC - Free Report) : This managed care company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 15.3% over the last 60 days.

Centene has a PEG ratio of 0.48 compared with 1.06 for the industry. The company possesses a Growth Score of A.

Marathon Petroleum Corporation (MPC - Free Report) : This integrated downstream energy company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 75.1% over the last 60 days.

Marathon Petroleum has a PEG ratio of 0.41 compared with 0.49 for the industry. The company possesses a Growth Score of B.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Learn more about the Growth score and how it is calculated here.

A month has gone by since the last earnings report for Marathon Petroleum (MPC - Free Report) . Shares have added about 8.7% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Marathon Petroleum due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for Marathon Petroleum Corporation before we dive into how investors and analysts have reacted as of late.

Marathon Q1 Earnings Beat Estimates on Strong Refining ResultsMarathon Petroleum reported first-quarter 2026 adjusted earnings per share of $1.65, which beat the Zacks Consensus Estimate of 72 cents. Moreover, the bottom line increased significantly from the year-ago adjusted loss of 24 cents. The outperformance was driven by stronger-than-expected Refining & Marketing segment performance.

The Findlay, OH-based oil and gas refining and marketing company reported revenues of $34.6 billion, which beat the Zacks Consensus Estimate of $30.3 billion. Moreover, the top line increased 8.5% year over year, reflecting higher sales and other operating revenues, along with higher revenues from other income.

The company distributed approximately $1 billion to its shareholders during the first quarter and ended the quarter with $3.6 billion of capacity remaining under its share repurchase authorizations as of March 31, 2026.

MPC also announced an incremental $5 billion share repurchase authorization. With the addition of this new authorization, the company will have $8.6 billion available under its share repurchase authorizations as of March 31, 2026.

Inside Marathon Petroleum’s SegmentsRefining & Marketing:  The Refining & Marketing segment reported adjusted EBITDA of $1.4 billion, up approximately 181.6% from the year-ago figure of $489 million, and the figure surpassed the consensus estimate by 51%.

The refining margin improved to $17.74 per barrel from $13.38 in the prior-year quarter, primarily reflecting stronger crack spreads. Moreover, the figure beat the consensus estimate by 10.3%. Refining capacity utilization for the quarter was 89%, in line with the year-ago period.

Midstream: This unit mainly reflects Marathon Petroleum’s general partner and majority limited partner interests in MPLX — a publicly traded master limited partnership that owns, operates, develops and acquires pipelines and other midstream assets.

The segment reported adjusted EBITDA of $1.6 billion, down from the year-ago figure of $1.7 billion. The figure also missed the consensus estimate by 2.7%.

Financial AnalysisMarathon Petroleum reported expenses of $33.2 billion in the first quarter of 2026, up from $31.2 billion reported in the year-ago quarter.

In the reported quarter, Marathon Petroleum spent $1.2 billion on capital programs (26% on Refining & Marketing and 71% on the Midstream segment) compared with $776 million in the year-ago period.

As of March 31, 2026, this company had cash and cash equivalents of $2.1 billion and total debt, including that of MPLX, of $32.8 billion, with a debt-to-capitalization of 58.3%.

GuidanceIn the second quarter of 2026, Marathon Petroleum expects solid operating performance, supported by refinery throughput of nearly 3 million barrels per day, including 2.8 million bpd of crude oil refined. The company projects refining operating costs of approximately $5.65 per barrel, while distribution expenses are expected to total around $1.63 billion. Planned turnaround costs are forecast at $300 million, and depreciation and amortization expense for the Refining & Marketing segment is expected to be about $390 million, while corporate costs are projected at roughly $240 million, including $30 million of depreciation and amortization. Overall, the outlook reflects continued strong utilization levels and a more normalized maintenance schedule heading into the quarter.

Marathon Petroleum expects 2026 capital spending, excluding MPLX, to total nearly $1.5 billion. Around 65% of the planned expenditure is directed toward value-enhancing projects, while the remaining 35% is allocated to sustaining operations. The company’s investment plan includes several high-return initiatives across its Galveston Bay, Robinson, El Paso and Garyville refineries. During the first quarter of 2026, MPC successfully commissioned the Garyville jet flexibility project, where upgrades to the hydrocracker fractionator now enable the conversion of existing products into higher-value jet fuel. This enhancement positions the company to capitalize on rising domestic and international jet fuel demand. Alongside these long-term strategic investments, MPC is also pursuing shorter-cycle projects aimed at improving margins and lowering operating costs.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 12.44% due to these changes.

VGM ScoresCurrently, Marathon Petroleum has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. However, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Marathon Petroleum has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry PlayerMarathon Petroleum is part of the Zacks Oil and Gas - Refining and Marketing industry. Over the past month, Phillips 66 (PSX - Free Report) , a stock from the same industry, has gained 7.6%. The company reported its results for the quarter ended March 2026 more than a month ago.

Phillips 66 reported revenues of $33 billion in the last reported quarter, representing a year-over-year change of +4%. EPS of $0.49 for the same period compares with -$0.90 a year ago.

For the current quarter, Phillips 66 is expected to post earnings of $5.83 per share, indicating a change of +145% from the year-ago quarter. The Zacks Consensus Estimate has changed -9.1% over the last 30 days.

Phillips 66 has a Zacks Rank #1 (Strong Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.

Marathon Petroleum (MPC - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Shares of this refiner have returned +2.4% over the past month versus the Zacks S&P 500 composite's no change. The Zacks Oil and Gas - Refining and Marketing industry, to which Marathon Petroleum belongs, has gained 1.7% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

For the current quarter, Marathon Petroleum is expected to post earnings of $10.84 per share, indicating a change of +173.7% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

For the current fiscal year, the consensus earnings estimate of $30.05 points to a change of +180.8% from the prior year. Over the last 30 days, this estimate has changed +4.2%.

For the next fiscal year, the consensus earnings estimate of $26.55 indicates a change of -11.6% from what Marathon Petroleum is expected to report a year ago. Over the past month, the estimate has changed +6.1%.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Marathon Petroleum is rated Zacks Rank #1 (Strong Buy).

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

12 Month EPS

Projected Revenue GrowthEven 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.

In the case of Marathon Petroleum, the consensus sales estimate of $34.87 billion for the current quarter points to a year-over-year change of +2.2%. The $143.04 billion and $131.44 billion estimates for the current and next fiscal years indicate changes of +5.8% and -8.1%, respectively.

Last Reported Results and Surprise HistoryMarathon Petroleum reported revenues of $34.57 billion in the last reported quarter, representing a year-over-year change of +8.5%. EPS of $1.65 for the same period compares with -$0.24 a year ago.

Compared to the Zacks Consensus Estimate of $30.35 billion, the reported revenues represent a surprise of +13.88%. The EPS surprise was +129.17%.

Over the last four quarters, Marathon Petroleum surpassed consensus EPS estimates three times. The company topped consensus revenue estimates each time 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.

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

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.

Marathon Petroleum is graded A 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.

Bottom LineThe 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 Marathon Petroleum. However, its Zacks Rank #1 does suggest that it may outperform the broader market in the near term.

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

The Style Scores are broken down into four categories:

Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.

As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Marathon Petroleum (MPC - Free Report) Findlay, OH-based Marathon Petroleum Corporation is a leading independent refiner, transporter and marketer of petroleum products. The company, in its current form, came into existence following the 2011 spin-off of Houston, TX-based Marathon Oil Corporation’s refining/sales business into a separate, independent and publicly-traded entity. In October 2018, Marathon Oil completed the acquisition of its rival Andeavor in a $23.3 billion deal, thereby becoming the nationwide largest refining company by market capitalization. The deal also made the company the largest U.S. refiner and the fifth largest in the world by capacity.

MPC is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of A.

Momentum investors should take note of this Oils-Energy stock. MPC has a Momentum Style Score of B, and shares are up 2.4% over the past four weeks.

For fiscal 2026, six analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $8.56 to $30.05 per share. MPC boasts an average earnings surprise of +49.5%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, MPC should be on investors' short list.

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Marathon Petroleum (MPC - Free Report) , which currently has a Momentum Style Score of B. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Marathon Petroleum currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market?Let's discuss some of the components of the Momentum Style Score for MPC that show why this refiner shows promise as a solid momentum pick.

Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

For MPC, shares are up 5.32% over the past week while the Zacks Oil and Gas - Refining and Marketing industry is up 3.54% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 5.7% compares favorably with the industry's 2.11% performance as well.

While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Over the past quarter, shares of Marathon Petroleum have risen 11.45%, and are up 59.89% in the last year. On the other hand, the S&P 500 has only moved 7.44% and 21.61%, respectively.

Investors should also take note of MPC's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now MPC is averaging 2,168,600 shares for the last 20 days..

Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with MPC.

Over the past two months, 6 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost MPC's consensus estimate, increasing from $21.49 to $30.05 in the past 60 days. Looking at the next fiscal year, 6 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineTaking into account all of these elements, it should come as no surprise that MPC is a #1 (Strong Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Marathon Petroleum on your short list.

A federal court filed a jury verdict earlier this month in favor of Ardagh Metal Packaging on claims that Boston Beer failed to fulfill the terms of a beer-can purchase contract, which the company said it plans to contest.

The Boston Beer Company remains a Strong Buy, with valuation reflecting a significant margin of safety despite a weak Q1 and major litigation expenses recorded. SAM's debt-free balance sheet, strong cash flow, and ongoing buybacks position it well for recovery and potential M&A interest amid industry premiumization trends. Litigation tied to hard seltzer-era supply contracts has resulted in a significant drag on their EPS, yet current price appears to already be priced in alongside other risks.

Key Takeaways Boston Beer posted Q1 EPS of $1.64, missing estimates, with revenues down 4.4% year over year.SAM saw depletions fall 4% and shipments drop 6.9% amid weak demand and inventory shifts.SAM cut 2026 volume outlook, expects low- to mid-single-digit declines and $8.50-$10.50 EPS. The Boston Beer Company, Inc. (SAM - Free Report) reported lower-than-expected revenues and earnings in first-quarter 2026. Both top and bottom lines also fell year over year. It posted first-quarter adjusted earnings per share (EPS) of $1.64, missing the Zacks Consensus Estimate of $1.85 by 11.4%. Also, the reported number decreased from $2.16 seen in the year-earlier quarter.

Net revenues declined 4.4% year over year to $433.9 million and came below the consensus estimate of $437 million by 0.7%. The year-over-year decline was owing to soft volumes that were partly offset by pricing and a favorable mix.

Apparently, shares lost more than 1% in the after-hours trading yesterday. This Zacks Rank #3 (Hold) company’s shares have risen 11.1% in the past three months, outperforming the industry’s 3.8% decline.

SAM Sees Demand Softness & Lower ShipmentsDepletions dipped 4% in the quarter, reflecting continued pressure across a few core brands. Decreases in Twisted Tea, Truly, Samuel Adams and Hard Mountain Dew brands were partly offset by growth in Sun Cruiser, Angry Orchard and Dogfish Head brands.

Year-to-date depletions through the 17-week period ended April 24, 2026, decreased roughly 4% from the comparable period in 2025.

Meanwhile, shipments declined at a higher rate than depletions, reporting a 6.9% decrease versus the year-earlier quarter. Shipment volume for the quarter was about 1.6 million barrels, mainly owing to tough prior-year comparisons as distributors built inventories for Sun Cruiser and Truly Unruly innovation in the first quarter of 2025 and a slightly lower distributor inventory levels led by improvements in the responsiveness of its supply chain to resonate well with demand.

Management believes distributor inventory as of March 28, 2026, was at an appropriate level for each of its brands and averaged nearly four and a half weeks on hand versus the five weeks at the end of the year-earlier quarter.

Analysis of Boston Beer’s Margins & ExpensesSAM reported gross margin of 49.3%, up 100 basis points (bps) from the first quarter of 2025, benefiting from price increases, favorable product mix, procurement savings and enhanced brewery efficiencies. The gain was partly offset by inflationary, commodity and tariff costs. Gross margin also included $1.6 million of shortfall fees and non-cash expense of third-party production pre-payments in total, which hurt the metric by nearly 37 bps on an absolute basis.

Advertising, promotional and selling expenses inched up 1.8% on increased freight costs of $2.5 million stemming from higher rates offset by lower volumes. Boston Beer’s brand investments were flat year over year.

General and administrative expenses jumped 9.1% from the first quarter of 2025, mainly owing to increased legal and consulting costs. Excluding legal costs with respect to the non-recurring litigation expenses, the metric rose $0.4 million on higher consulting costs.

SAM Maintains Liquidity and Returns Cash to HoldersSAM ended the quarter with $164.1 million in cash and no debt and indicated that its cash balance, anticipated operating cash flows and unused $150 million line of credit should be enough to fund future needs, with potential litigation-related payments.

The company repurchased $23.8 million of Class A shares during the quarter and another $7.4 million from March 30, 2026, through April 24, 2026, bringing year-to-date repurchases to $31.2 million. As of April 24, 2026, about $197 million remained under the board-authorized $1.6 billion repurchase limit.

SAM Updates 2026 GuidanceManagement revised financial guidance for 2026. The litigation-related expenses of $15.52 per share will be included in the GAAP earnings per share view. Boston Beer further notified that the actual 2026 results may vary significantly from the current expectations and are highly sensitive to changes in volume expectations, supply-chain performance, inflationary and commodity impacts, and tariffs. Its tariff cost projections assume that the current tariffs being charged by suppliers will remain in place through the rest of the year.

Depletions and shipments percentage are now expected to decline in low-single digits to mid-single digits versus the earlier projection of remaining flat to down mid-single digits for 2026. Price increases are still predicted at 1-2%. Boston Beer’s business is seasonal, with the first and fourth quarters being the lower volume quarters, and the fourth quarter generally being the lowest absolute gross margin rate of the year.

Management still anticipates first-half shipments to decrease toward the lower end of its full-year volume outlook, with improved shipment performance later in the year. This is owing to increased shipment comparisons in the first half of the year, as SAM shipped ahead of depletions in the last year to aid innovation and build distributor inventories, and innovation launches that are weighted in the second half. Additionally, improvements in the supply-chain responsiveness enable modestly lower distributor inventory levels, which are likely to have a significant impact on the first half and start lapping throughout the second half.

For 2026, SAM continues to project gross margin (including tariffs) of 48-50% and tariff costs of $20-$30 million. The company expects advertising, promotion and selling expenses to rise $20-$40 million year over year and forecasts adjusted EPS of $8.50-$10.50. It projects GAAP loss in a range of $7.02-$5.02 versus GAAP EPS of $8.50-$11.00 predicted earlier. Management expects the adjusted tax rate to be 29-30%. Capital spending is likely to be $70-$90 million for the year.

Boston Beer is monitoring increases in commodity costs, thanks to macroeconomic factors, particularly energy, which affects freight expense and aluminum expense, given the energy-intensive nature of aluminum production. Such cost increases are reflected in the guidance. It has been executing savings to help offset these pressures, alongside maintaining flexibility to lower planned incremental advertising investment to the lower end of its guidance range as required.

During 2026, the company expects shortfall fees and non-cash expense of third-party production pre-payments in total to hurt gross margins by 40-60 bps. SAM expects year-over-year gross margin rate improvement to be significant in the fourth quarter as shortfall fees are likely to be lower in 2026 than in 2025. The majority of shortfall fees are likely to be in the fourth quarter.

Advertising, selling and promotional expenses view does not include any changes in freight expenses for the shipment of products to the company’s distributors. Incremental advertising investment is forecast to be weighted to the second and third quarters to aid the key summer selling season.

3 Stocks Looking Good Freshpet, Inc. (FRPT - Free Report) , which is a pet food company, currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for Freshpet’s current financial-year sales indicates growth of 9.3% from the prior-year level. FRPT delivered a trailing four-quarter earnings surprise of 50%, on average.

United Natural Foods (UNFI - Free Report) , which is the leading distributor of natural, organic and specialty food and non-food products, currently carries a Zacks Rank of 2.

The Zacks Consensus Estimate for United Natural Foods’ current financial-year earnings is expected to rise 254.9% from the year-ago reported figure. UNFI delivered a trailing four-quarter earnings surprise of 51.9%, on average.

B&G Foods (BGS - Free Report) , which has a diversified portfolio of brands, including B&G, B&M, Cream of Wheat, Las Palmas and more, currently carries a Zacks Rank of 2. BGS delivered a negative average earnings surprise of 19.5% in the trailing four quarters.

The Zacks Consensus Estimate for BGS’ current financial-year earnings indicates growth of 5.9% from the year-ago number.

The Boston Beer Company, Inc. remains a reasonably priced growth stock despite recent earnings-driven pullback and sector-wide headwinds. SAM stock trades at 21.7x 2026 EPS and 8.9x projected adjusted EBITDA, with a strong balance sheet—zero debt and $164 million in cash. 2026 revenue and EPS are expected to decline slightly, but 2027 forecasts show a return to growth with EPS projected to rise 16%.

The Boston Beer Company, Inc. (SAM) Presents at Goldman Sachs Global Staples Forum 2026 Transcript

Key findings

Real assets remain an important diversification tool in uncertain markets.Improving fundamentals are reshaping opportunities in commercial real estate and land.Rising power demand driven by AI is changing the energy investment landscape., /PRNewswire/ -- Bank of America today released its 2026 Specialty Asset Management Outlook, highlighting investment opportunities across commercial real estate (CRE), farmland, timberland, and energy. As capital markets reopen and short‑term borrowing costs decline, the report reveals a more constructive investment environment for real-asset investors in 2026 and beyond.

"In uncertain markets, real assets can serve as a powerful diversifier for ultra-high-net-worth individuals and institutions," said Ken Shepard, Head of Specialty Asset Management at Bank of America. "Real assets' historically low correlation to traditional assets and potential inflation‑hedging characteristics can dampen the effects of volatility over the long term while helping provide differentiated returns."

CRE turns the corner with improving fundamentals and emerging capital market rebound
After a significant interest-rate driven reset that began in 2022, CRE appears to be turning the corner, with values at or nearing an inflection point. Vacancies have largely peaked, new forward supply is muted, and negative appreciation returns have faded, approaching positive territory as transaction activity picks up and more capital enters in the market. Fundamentals are poised to continue improving, supported by secular demand trends (industrial, apartments, medical) and cyclical trends (retail and apartments). Together, these dynamics position CRE as an increasingly attractive entry point for long‑term investors.

Farmland recalibrates with opportunities in select markets
Farmland markets are entering a recalibration phase following several years of strong appreciation. While excess commodity supply and trade and interest‑rate uncertainty continue to weigh on near‑term conditions, their impact has eased compared with a year ago, reinforcing farmland's durable long‑term role in diversified portfolios. Its inflation‑resistant profile and stable income potential continue to attract investors, with value opportunities emerging in markets such as California, where climate conditions in the Central Valley support permanent crops, and the Northern Plains, driven by strong livestock markets.

Timberland supported by improving housing demand
Elevated construction and borrowing costs weighed on U.S. housing in 2025 and put short‑term pressure on lumber prices. Despite these headwinds, long‑term timberland fundamentals remained stable, and the U.S. South continued to attract significant sawmill and bioenergy investment. Improving housing demand and increased timber consumption are expected to drive long‑term timberland value appreciation. Looking ahead, disciplined market monitoring and proactive asset management, rather than simply a buy‑and‑hold approach, can help investors capture emerging opportunities in the sector.

Energy markets shift as AI drives power demand
In 2026, demand is rising for reliable electricity as artificial intelligence, data centers, and broader electrification accelerate and place increasing strain on aging power grids. Oil markets continue to introduce uncertainty amid geopolitical risks, evolving supply dynamics, and changing energy security priorities. Meanwhile, natural gas will continue to play a growing role in meeting energy needs. The balance between fuel abundance and power scarcity will be a defining theme for investors.

Read Bank of America's full 2026 Specialty Asset Management Outlook.

Frequently asked questions

Question: What is Bank of America's Specialty Asset Management group?
Answer: Bank of America's Specialty Asset Management (SAM) group helps clients integrate real assets into their broader wealth management plans through a disciplined, long‑term approach. Backed by decades of hands-on expertise, the team provides investment guidance, oversight, and stewardship for a range of specialty assets, including commercial real estate, farmland, timberland, energy and mineral interests, and private businesses. The SAM team works with advisors and their clients who already own real assets or are considering acquiring them. Today, the team manages client assets with a total asset value of over $13 billion.

Question: How are specialty assets different from traditional investments?
Answer: Specialty assets often involve operating considerations, unique risk profiles, and longer holding periods than traditional financial assets. They require active oversight and specialized expertise, particularly around liquidity needs, valuation, and operations. Importantly, these assets often behave differently from traditional stocks and bonds, which can make them a non‑correlated option within a broader, diversified portfolio. For many ultra‑high‑net‑worth families and institutions, specialty assets also represent holdings tied to legacy, making thoughtful management and oversight especially important.

Question: How does the Specialty Asset Management group support clients across market cycles?
Answer: For ultra‑high‑net‑worth clients and institutions, specialty assets often carry both significant financial value and long‑term legacy considerations. The SAM group supports clients across market cycles by providing consistent governance and oversight, with a focus on risk management, cash‑flow sustainability, and long‑term asset stewardship. This includes monitoring market developments, overseeing third‑party operators and advisors, and helping ensure specialty assets remain aligned with clients' broader objectives as markets, regulations, and legacy goals evolve over time.

Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the #1 small business lender in the United States (FDIC), Bank of America offers industry leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters may contact

Carolyn Batt, Bank of America
Phone: 1.646.983.1369
[email protected]

MAP #8927124

Important disclosures

Investing involves risk. There is always the potential of losing money when you invest in securities or real assets. Past performance does not guarantee future results. Asset allocation, rebalancing and diversification do not guarantee against risk in broadly declining markets.

Neither Bank of America Private Bank nor any of its affiliates or advisors provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

Credit and collateral subject to approval. Terms and conditions apply. Programs, rates, terms and conditions subject to change without notice.

Trust, fiduciary and investment management services, including assets managed by the Specialty Asset Management team, are provided by Bank of America, N.A., Member FDIC (Federal Deposit Insurance Corporation) and wholly owned subsidiary of Bank of America Corporation ("BofA Corp."), and its agents.

Bank of America Private Bank is a division of Bank of America, N.A.

U.S. Trust Company of Delaware is a wholly owned subsidiary of Bank of America Corporation.

Investment products:

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

Bank of America, N.A., and U.S. Trust Company of Delaware (collectively the "Bank") do not serve in a fiduciary capacity with respect to all products or services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is offering or providing credit solutions, banking, custody or brokerage products/services or referrals to other affiliates of the Bank.

View original content to download multimedia:https://www.prnewswire.com/news-releases/bank-of-america-outlook-sees-renewed-opportunity-across-commercial-real-estate-farmland-timberland-and-energy-302778737.html

SOURCE Bank of America Corporation

Key Takeaways SAM saw Beyond Beer volumes rise 3% in Q1 2026 while traditional beer volumes declined slightly.Boston Beer calls Sun Cruiser the fastest-growing spirits RTD by volume, fueled by marketing and shelf gains.SAM launched Sinless Vodka Cocktails as depletions fell 4% and budget pressure plus commodity costs weighed. The Boston Beer Company Inc. (SAM - Free Report) appears reasonably well-positioned to capitalize on premium beverage trends, thanks to its growing presence in high-growth ready-to-drink (RTD) and “Beyond Beer” categories. Management noted that Beyond Beer outperformed traditional beer in the first quarter of 2026, with volume rising about 3% while traditional beer volumes declined slightly. The company’s expanding premium portfolio, led by Twisted Tea, Sun Cruiser and Truly Unruly, reflects changing consumer preferences toward flavored, spirit-based and convenience-oriented alcoholic beverages.

A major bright spot is Sun Cruiser, which management called the “fastest-growing brand” in the spirits RTD category by volume. The brand has benefited from strong on-premise demand, expanding shelf space and aggressive marketing partnerships tied to sports and entertainment. Boston Beer is also broadening package options and investing heavily in advertising to support further growth. These initiatives align well with premiumization trends, where consumers increasingly seek differentiated, experiential beverages.

The company is also leaning into innovation across categories. New launches such as Sinless Vodka Cocktails, positioned as zero-sugar and zero-carb premium cocktails, target health-conscious consumers seeking flavorful alternatives. Meanwhile, Truly Unruly and Twisted Tea Extreme continue gaining traction in the high-alcohol flavored malt beverage segment.

However, challenges remain. Truly continues to lose market share, and overall company depletions declined 4% in the quarter. Consumer budget pressures, category moderation and rising commodity costs could also limit growth. Nonetheless, Boston Beer’s innovation pipeline, strong distributor relationships and premium-focused portfolio suggest it remains strategically aligned with evolving beverage consumption trends.

SAM’s Zacks Rank & Share Price PerformanceShares of this Zacks Rank #4 (Sell) company have lost 18.6% in the past three months against the industry’s growth of 1.8%.

SAM Stock's Past Three-Month Performance
Image Source: Zacks Investment Research

Is SAM a Value Play Stock?SAM currently trades at a forward 12-month P/E ratio of 17.47X, higher than the industry average of 15.94X and the sector average of 17.01X. This valuation positions the stock at a premium relative to both its sector and industry peers, suggesting that investors may be pricing in stronger growth prospects, brand strength or operational efficiency compared with competitors.

SAM P/E Ratio (Forward 12 Months)
Image Source: Zacks Investment Research

Stocks to ConsiderFomento Economico Mexicano (FMX - Free Report) participates in the beverage industry through Coca-Cola FEMSA, which is the world’s largest franchise bottler for Coca-Cola products. The company currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for FMX’s 2026 sales and earnings suggests growth of 16.2% and 81.7%, respectively, from the year-ago reported figures. The company delivered a trailing four-quarter negative earnings surprise of 17%, on average.

Vita Coco Company (COCO - Free Report) is a global beverage company best known for its Vita Coco coconut water brand, with a diversified portfolio spanning coconut-based products, plant-based alternatives, functional drinks and private-label offerings across retail, e-commerce and foodservice channels. The company currently carries a Zacks Rank #1.

The Zacks Consensus Estimate for Vita Coco’s 2026 sales and earnings indicates growth of 21.4% and 47.9%, respectively, from the year-ago reported numbers. The company delivered a trailing four-quarter earnings surprise of 11.7%, on average.

Ambev S.A. (ABEV - Free Report) is a beverage company that produces and distributes beer, draft beer, soft drinks and other beverages across the Americas. The company currently has a Zacks Rank #2 (Buy).

The Zacks Consensus Estimate for Ambev’s 2026 sales and earnings implies a growth of 19.2% and 16.7%, respectively, from the previous year’s reported numbers.

The Boston Beer Company, Inc. (SAM) Presents at 23rd annual dbAccess Global Consumer Conference Transcript