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30.9.2026 08:59, BAATABAK

Česká tabáková společnost Philip Morris ČR zveřejnila výsledky za první polovinu roku 2026. Tržby meziročně vzrostly o 0,4 % na 10,74 mld. Kč, čistý zisk však meziročně klesl o 7,2 % na 1,49 mld. Kč.

Výsledky za 1H Tržby (bez spotřební daně a DPH) meziročně vzrostly o 0,4 % na 10,74 mld. Kč, a to i přes negativní dopad měnového kurzu ve výši 0,8 p. b. Na konstantní měnové bázi vzrostly o 1,2 %. Růst táhlo zdražování napříč portfoliem klasických i bezdýmných výrobků (+0,2 mld. Kč) a vyšší objem prodejů a lepší produktový mix u bezdýmných výrobků (+0,2 mld. Kč). Proti šly nižší prodeje klasických cigaret (-0,2 mld. Kč).

Tržby v ČR dosáhly 6,4 mld. Kč, tedy přibližně stejně jako před rokem. Pomohly vyšší ceny (+0,1 mld. Kč) a vyšší prodeje bezdýmných produktů (+0,1 mld. Kč), naopak pokles prodejů klasických cigaret ubral 0,2 mld. Kč. Tržby na Slovensku vzrostly o 5,9 % na 126 mil. EUR, především díky růstu prodejů bezdýmných výrobků (+8,5 mil. EUR). Tržby za výrobní služby klesly o 4,1 % na 1,2 mld. Kč, což podle společnosti odráží probíhající transformaci závodu v Kutné Hoře. Celkový odbyt nikotinových produktů klesl o 0,8 % na 4,5 mld. ekvivalentních jednotek. V ČR klesl o 3,1 % na 2,8 mld., na Slovensku naopak vzrostl o 3,1 % na 1,8 mld.

Provozní zisk klesl o 7,4 % na 1,76 mld. Kč, přičemž negativní dopad měnového kurzu činil 0,9 p. b.

Čistý zisk se snížil meziročně o 7,2 % na 1,49 mld. Kč (negativní kurzový dopad 1,1 p. b.). Zisk na akcii tak dosáhl za 1H roku 542 Kč oproti 584 Kč v 1H 2025.

Vývoj tržního podílu v ČR podle interního odhadu, zdroj: Philip Morris ČR

Vývoj tržního podílu na Slovensku podle interního odhadu, zdroj: Philip Morris ČR

Výhled Pro rok 2026 si společnost drží opatrnější výhled, než naznačují základní ekonomické prognózy. Jako hlavní důvod uvádí konflikt na Blízkém východě, kvůli kterému hrozí vyšší ceny energií. Mezi rizika řadí také přechod spotřebitelů k levnějším nikotinovým produktům a přeshraniční nákupy.

Akcie Philip Morris ČR Akcie Philip Morris ČR (BAATABAK) na pražské burze včera uzavřely na 18 400 Kč. Na RM-SYSTÉMu pak také na 18 400 Kč.

Zdroj: Philip Morris ČR

Michal Bárta, Fio banka, a.s.

30.9.2026 08:56, BAAKARIN

Český zpracovatel kůží Karo Leather zveřejnil výsledky hospodaření za 2Q 2026. Společnost vykázala na úrovni EBITDA rekordních 52,4 mil. Kč, což představuje 33% růst meziročně. Celoroční výhled byl potvrzen na pozadí splnění 54 % středu celoročního výhledu EBITDA zisku za 1H. Společnost uvedla, že je blízko k uzavření dohody o akvizici polského logistického centra.

Výsledky za 2Q 2026 Společnost Karo Leather reportovala ve druhém čtvrtletí 2026 tržby ve výši 100,6 mil. Kč, což představuje růst o 39,4 % v porovnání s 2Q 2025. Objem prodaných usní činil celkem 311 tis. m2, což odpovídá měsíčnímu průměru 103,7 tis. m2 a 27,7% meziroční růstu.

Provozní zisk EBITDA dosáhl rekordních 52,4 mil. Kč, meziročně o 33 % více. Dle společnosti byl nárůst ziskovosti tažen především dokončením certifikace produktů s vysokou přidanou hodnotou a zároveň zpracováním a prodejem neproduktové štípenky, především do Číny a Itálie. Na úrovni čistého zisku společnost vykázala 31,7 mil. Kč, resp. zisk na akcii 4,6 Kč.

Čistý dluh společnosti dále vzrostl na 282 mil. Kč především v důsledku pokračujícího financování rozvojových investic podporovaných dotačními programy, které jsou propláceny až zpětně. Dle prezentace pro investory má společnost možnost v průběhu roku 2026 načerpat až 148 mil. Kč veřejné podpory.

Potvrzení výhledu na rok 2026 Společnost v rámci výsledkového reportu potvrdila celoroční výhled. Jedná se o cíl na úrovni tržeb v pásmu 360–390 mil. Kč, EBITDA zisku v pásmu 140–150 mil. Kč a čistého zisku 60–70 mil. Kč. Do výhledu společnost zahrnuje aktuální stav rozjednaných akvizic, organického růstu a aktuální kurzové pohyby.

V rámci prvních dvou kvartálů v tomto roce se společnosti již podařilo splnit 54 % ze střední hodnoty potvrzeného výhledu.

Srovnání výsledků na úrovni EBITDA s výhledem, zdroj: Karo Leather

Společnost na začátku září také informovala o spuštění programu zpětného odkupu vlastních akcií od 15. září. Do 30. 6. 2027 nyní očekává společnost odkup okolo 1 % akcií.

Společnost také uvádí, že je blízko uzavření dohody o akvizici logistického centra v Polsku, které má zrychlit distribuci usní k evropským odběratelům a otevřít obchodní cesty k menším, ale více maržovým odběratelům.

Přechod na IFRS V rámci přechodu na Prime Market BCPP společnost avizovala záměr přejít na mezinárodní standardy účetního výkaznictví (IFRS). Pololetní finanční zpráva za 1H je prvním výkazem společnosti reportovaným v IFRS.

Tato zpráva pracuje s reportovanými čísly ČÚS vzhledem k výhledu hospodaření pro rok 2026, který je společností rovněž sestaven dle ČÚS. Srovnání výsledků ČÚS a IFRS je k nalezení v prezentaci pro investory, viz odkaz výše.

Komentář analytika Výsledky za 2Q, resp. za 1H 2026, reflektují další posun v orientaci na prodej produktů s vyšší přidanou hodnotou a start prodeje nehořlavých usní, které byly kvůli chybě certifikační laboratoře odloženy do 2Q. Po dosažení více než poloviny potvrzeného výhledu společnosti zbývá dosáhnout 61,6 mil. Kč na úrovni EBITDA pro splnění spodní hranice výhledu, přičemž náš odhad pro rok 2026 je ještě mírně pod touto hranicí. Naplnění našich očekávání tak působí i přes avizovanou slabší poptávku na německém trhu v 1Q výrazně dosažitelněji. Klíčovým tématem druhé poloviny roku tak bude pravděpodobně cash flow, inkaso dotací a očekávané snížení čistého dluhu.

Program zpětného odkupu byl v září zahájen, jeho předpokládaná realizace však bude pozvolnější, než naznačoval výhled managementu. Zatímco společnost dříve očekávala odkup 1–3 % akcií do konce roku 2026, aktuálně počítá s odkupem přibližně 1 % do poloviny roku 2027. Posun proto vnímáme jako mírně negativní z pohledu krátkodobého růstu EPS, současně však ponechává společnosti větší finanční flexibilitu před očekávaným inkasem dotací a případnou expanzí v Polsku.

Výsledky hospodaření Karo Leather za 2Q hodnotíme pozitivně.

Akcie Karo Leather Akcie společnosti Karo Leather (BAAKARIN) na pražské burze včera uzavřely na 141 Kč a na RM-SYSTÉMu na 142 Kč.

Zdroj: Karo Leather

Marek Chudoba, Fio banka, a.s.

AbbVie presents 60 abstracts and presentations from a robust portfolio spanning across alopecia areata, atopic dermatitis, hidradenitis suppurativa, non-segmental vitiligo, psoriasis and psoriatic arthritis New data for risankizumab and upadacitinib provide further evidence supporting efficacy and safety across diverse patient populations Data evaluating investigational compounds lutikizumab and zumilokibart will also be presented, highlighting AbbVie's ongoing research in additional mechanisms of action , /PRNewswire/ -- AbbVie (NYSE: ABBV) today announced new research across its diverse dermatology portfolio to be presented at the 2026 European Academy of Dermatology and Venereology (EADV) Congress, September 30 – October 3 in Vienna, Austria. The breadth of data from 60 abstracts, including three late-breaking presentations, reflects AbbVie's expanding portfolio across a wide spectrum of immune-mediated skin diseases, and includes the investigational compounds lutikizumab and zumilokibart, and approved therapies, SKYRIZI® (risankizumab) and RINVOQ® (upadacitinib).

"At EADV, we are excited to share new data that further strengthen the growing evidence base across our dermatology portfolio, including SKYRIZI, RINVOQ and investigational therapies," said Ryan DeMasi, M.D., vice president, global medical affairs, immunology, AbbVie. "These findings underscore our ongoing research in advancing scientific understanding and delivering innovative treatment options that have the potential to meaningfully improve outcomes for patients across a broad spectrum of immune-mediated skin diseases."

Key data to be presented across the following therapeutic areas include:

Alopecia Areata (AA): 52-week data on the long-term efficacy and safety of upadacitinib from the Phase 3 UP-AA trials, alongside new analyses evaluating improvements in patients' quality of life following upadacitinib treatment. Atopic Dermatitis (AD):  Late-breaking presentation of the primary 16-week results from the Phase 2 APEX Part B dose-regimen-finding study evaluating the efficacy and safety of zumilokibart in moderate to severe AD. Results from the Phase 2 APEX Part A study evaluating maintenance and improvement of response with zumilokibart through 52 weeks, as well as efficacy in patients with AD and evidence of type 2 inflammatory comorbidities. Data from both real-world registries and clinical trial settings evaluating the efficacy of upadacitinib in specific patient populations, including those with moderate disease, hand eczema or an itch-dominant phenotype. Hidradenitis Suppurativa (HS):  Late-breaking presentation showing how lutikizumab targets neutrophilic inflammation and fibroblast activation in HS. Results from a Phase 2 study evaluating the impact of lutikizumab on symptom burden, disease burden and quality of life in patients with moderate-to-severe HS. An additional analysis of this Phase 2 study will assess the impact on disease severity according to the International Hidradenitis Suppurativa Severity Score System (IHS4) with lutikizumab. Non-segmental Vitiligo (NSV): Analyses from two Phase 3 trials (Viti-Up 1 and 2) of upadacitinib in adults and adolescents with NSV, evaluating patient-reported outcomes, disease stabilization and repigmentation, week 48 efficacy and safety data as well as week 76 continued repigmentation response. Findings from a phototherapy substudy evaluating the efficacy and safety of RINVOQ in combination with narrow band ultraviolet (NB-UVB) phototherapy and RINVOQ monotherapy after 28 weeks. Psoriasis (PsO): Efficacy and safety results from several real-world and clinical studies of risankizumab in patients with moderate to severe PsO, including adults with high-impact area involvement and Week 52 data in pediatric patients. Other key data include results from a head-to-head trial evaluating risankizumab vs. deucravacitinib in moderate psoriasis patients, and a retrospective, real-world study evaluating the association of risankizumab and other targeted immunomodulators on risk of developing psoriatic arthritis in adults with PsO. Psoriatic Arthritis (PsA): A post-hoc analysis of the Phase 3 KEEPsAKE-1 trial will evaluate radiographic progression in patients with active PsA treated with risankizumab according to their risk of joint erosive disease. The 2026 EADV Congress program is available here, including the late-breaking sessions. Select abstracts and oral presentations from AbbVie include:

Abstract Title

Session Details 

Alopecia Areata

Impact of Upadacitinib on Clinician- and Patient-Reported Outcomes Assessing Visible Hair Loss at Key Sites in Patients With Severe Alopecia Areata: Results From Two Replicate Phase 3 Trials

Thursday, 1 October

16:40 – 16:50

FC04: Free Communication 4: Hair and nail disorders

Upadacitinib in Adults and Adolescents With Severe Alopecia Areata: Efficacy, Safety, and Tolerability Results from Week 52 of the Randomized, Placebo-Controlled, Double-Blind Phase 3 Clinical Trial Program (UP-AA)

Thursday, 1 October

17:10 – 17:20

FC04: Free Communication 4: Hair and nail disorders

Atopic Dermatitis

Efficacy and Safety of Zumilokibart, a Half-Life-Extended Anti-IL-13 Antibody, in Moderate-to-Severe Atopic Dermatitis: Primary Results From the Phase 2 APEX Part B Dose-Regimen-Finding Study

Wednesday, 30 September

16:15 – 16:30

Session: D1T01.2 - Late-Breaking News

Room: Hall A

Upadacitinib Targets Multiple Disease-Relevant Inflammatory Pathways and Restores Skin Barrier in Atopic Dermatitis Lesions: Extending Beyond Type 2 Responses

Thursday, 1 October

09:50 – 10:00

FC01: Free Communication 1: Atopic dermatitis/Eczema

Efficacy of Upadacitinib in Patients With Itch-Dominant Atopic Dermatitis: A Post-Hoc Analysis From the Phase 3 Measure Up 1 and Measure Up 2 Trials

Digital e-poster

P1558

Real-World Impact of Achieving Optimal Versus Moderate Treatment Targets on Patient Outcomes: Analysis of the PPD CorEvitas Atopic Dermatitis Registry

Digital e-poster

P1556

Zumilokibart Provides Robust, Progressive Improvement in the Signs and Symptoms of Atopic Dermatitis: 52-Week Results from the Phase 2 APEX Part A Study

Digital e-poster

P1603

Responders to Zumilokibart Show Durable Maintenance and Deepening of Response Beyond Week 16: Results from the Phase 2 APEX Part A Study in Atopic Dermatitis

Digital e-poster

P2785

Efficacy of Zumilokibart in Patients with Atopic Dermatitis and Evidence of Type 2 Inflammatory Comorbidities: Results from the Phase 2 APEX Part A Study

Digital e-poster

P0151

Hidradenitis Suppurativa

Lutikizumab Targets Neutrophilic Inflammation and Fibroblast Activation to Drive Response in Hidradenitis Suppurativa

Wednesday, 30 September

16:00 – 16:15

Session: D1T01.2 - Late Breaking News

Room: Hall A

Patient-Reported Quality of Life and Disease Burden in Biologic-Naive Adults With Moderate-to-Severe Hidradenitis Suppurativa Treated With Lutikizumab: A Single-Arm, Open-Label, Phase 2 Study

Digital e-poster

P1448

Impact of Lutikizumab on Symptom Burden in Biologic-Naive Patients With Moderate-to-Severe Hidradenitis Suppurativa: Results From a Phase 2, Multicenter, Single-Arm, Open-Label Study

Digital e-poster

P1337

Characterization of the IHS4 Response to Lutikizumab Treatment in Biologic-Naïve Patients With Moderate-to-Severe Hidradenitis Suppurativa: A Single-Arm, Open-Label Phase 2 Study

Digital e-poster

P1799

Non-Segmental Vitiligo

Efficacy and Safety of Upadacitinib in Adolescents and Adults for Treatment of Non-Segmental Vitiligo at Week 76 and in Combination With NB-UVB Therapy

Thursday, 1 October

16:00 – 16:15

Session: D2T01.4 - Late Breaking News

Room: Hall A

Patient-Reported Outcomes With Upadacitinib in Adults and Adolescents With Nonsegmental Vitiligo: Pooled Results From Two Phase 3 Trials (Viti-Up 1&2) Through Week 48

Friday, 2 October

09:40 – 09:50

FC04: Free Communication 5: Psoriasis

Psoriasis

Real-World Effectiveness of Risankizumab Versus Other Biologic Therapies After 3 Years of Treatment in Adults With Moderate-To-Severe Plaque Psoriasis With High-Impact Area Involvement

Digital e-poster

P2617

Efficacy of Risankizumab in Patients With Scalp Psoriasis: A Subgroup Analysis by Affected Body Surface Area

Digital e-poster

P1110

Risankizumab Versus Deucravacitinib in Adult Patients With Moderate Plaque Psoriasis: 52-Week Results From IMMpactful, a Phase 4 Multicenter, Randomized Study

Digital e-poster

P2589

Risankizumab Treatment Is Associated With Lower Risk of Developing Psoriatic Arthritis in Patients With Psoriasis Compared to Other Targeted Immunomodulators

Digital e-poster

P1107

Efficacy and Safety of Risankizumab in Pediatric Patients With Psoriasis in the OptIMMize-1 Phase 3 Study: Results Through 52 Weeks

Digital e-poster

P1010

Psoriatic Arthritis

Efficacy of Risankizumab in Prevention of Radiographic Progression in Patients With PsA at Low and High Risk of Joint Erosive Disease: 5-Year Data From the KEEPsAKE 1 Phase 3 Trial

Digital e-poster

P0359

About RINVOQ® (upadacitinib)
Discovered and developed by AbbVie scientists, RINVOQ is a selective and reversible JAK inhibitor that is being studied in several immune-mediated inflammatory diseases.1,2 In human cellular assays, RINVOQ preferentially inhibits signaling by JAK1 or JAK 1/3 with functional selectivity over cytokine receptors that signal via pairs of JAK2.1

Upadacitinib (RINVOQ) is being studied in Phase 3 clinical trials for hidradenitis suppurativa, Takayasu arteritis and systemic lupus erythematosus and in pediatric studies for systemic juvenile idiopathic arthritis, atopic dermatitis, ulcerative colitis and Crohn's disease.

EU Indications and Important Safety Information about RINVOQ® (upadacitinib)1 Indications

Rheumatoid arthritis

RINVOQ is indicated for the treatment of moderate to severe active rheumatoid arthritis (RA) in adult patients who have responded inadequately to, or who are intolerant to one or more disease-modifying anti-rheumatic drugs (DMARDs). RINVOQ may be used as monotherapy or in combination with methotrexate.

Psoriatic arthritis

RINVOQ is indicated for the treatment of active psoriatic arthritis (PsA) in adult patients who have responded inadequately to, or who are intolerant to one or more DMARDs. RINVOQ may be used as monotherapy or in combination with methotrexate.

Polyarticular juvenile idiopathic arthritis

RINVOQ is indicated for the treatment of active polyarticular juvenile idiopathic arthritis (pJIA) [polyarticular rheumatoid factor positive {RF+} or negative {RF-}, extended oligoarticular], in patients 2 years of age and older who have responded inadequately to, or who are intolerant to one or more DMARDs. RINVOQ may be used as monotherapy or in combination with methotrexate.

Axial spondyloarthritis

Non-radiographic axial spondyloarthritis (nr-axSpA)

RINVOQ is indicated for the treatment of active non-radiographic axial spondyloarthritis in adult patients with objective signs of inflammation as indicated by elevated C-reactive protein (CRP) and/or magnetic resonance imaging (MRI), who have responded inadequately to nonsteroidal anti-inflammatory drugs (NSAIDs).

Ankylosing spondylitis (AS, radiographic axial spondyloarthritis)

RINVOQ is indicated for the treatment of active ankylosing spondylitis in adult patients who have responded inadequately to conventional therapy.

Giant cell arteritis

RINVOQ is indicated for the treatment of giant cell arteritis (GCA) in adult patients.

Atopic dermatitis

RINVOQ is indicated for the treatment of moderate to severe atopic dermatitis (AD) in adults and adolescents 12 years and older who are candidates for systemic therapy.

Alopecia areata

RINVOQ is indicated for the treatment of severe alopecia areata in adults and adolescents 12 years and older.

Vitiligo

RINVOQ is indicated for the treatment of non-segmental vitiligo in adults and adolescents 12 years and older who are candidates for systemic therapy.

Ulcerative colitis

RINVOQ is indicated for the treatment of adult patients with moderately to severely active ulcerative colitis (UC) who have had an inadequate response, lost response or were intolerant to either conventional therapy or a biologic agent.

Crohn's disease

RINVOQ is indicated for the treatment of adult patients with moderately to severely active Crohn's disease who have had an inadequate response, lost response or were intolerant to either conventional therapy or a biologic agent.

Important Safety Information

Contraindications
RINVOQ is contraindicated in patients hypersensitive to the active substance or to any of the excipients, in patients with active tuberculosis (TB) or active serious infections, in patients with severe hepatic impairment, and during pregnancy.

Special warnings and precautions for use
RINVOQ should only be used if no suitable treatment alternatives are available in patients:
- 65 years of age and older;
- patients with history of atherosclerotic cardiovascular (CV) disease or other CV risk factors (such as current or past long-time smokers);
- patients with malignancy risk factors (e.g. current malignancy or history of malignancy)

Use in patients 65 years of age and older
Considering the increased risk of MACE, malignancies, serious infections, and all-cause mortality in patients ≥65 years of age, as observed in a large randomised study of tofacitinib (another Janus Kinase (JAK) inhibitor), RINVOQ should only be used in these patients if no suitable treatment alternatives are available. In patients ≥65 years of age, there is an increased risk of adverse reactions with RINVOQ 30 mg once daily. Consequently, the recommended dose for long-term use in this patient population is 15 mg once daily.

Immunosuppressive medicinal products
Use in combination with other potent immunosuppressants is not recommended.

Serious infections
Serious and sometimes fatal infections have been reported in patients receiving RINVOQ. The most frequent serious infections reported included pneumonia and cellulitis. Cases of bacterial meningitis and sepsis have been reported with RINVOQ. Among opportunistic infections, TB, multidermatomal herpes zoster, oral/esophageal candidiasis, and cryptococcosis have been reported. RINVOQ should not be initiated in patients with an active, serious infection, including localized infections. RINVOQ should be interrupted if a patient develops a serious or opportunistic infection until the infection is controlled. A higher rate of serious infections was observed with RINVOQ 30 mg compared to 15 mg. As there is a higher incidence of infections in the elderly and patients with diabetes in general, caution should be used when treating these populations. In patients ≥65 years of age, RINVOQ should only be used if no suitable treatment alternatives are available.

Tuberculosis
Patients should be screened for TB before starting RINVOQ. RINVOQ should not be given to patients with active TB. Anti-TB therapy may be appropriate for select patients in consultation with a physician with expertise in the treatment of TB. Patients should be monitored for the development of signs and symptoms of TB.

Viral reactivation
Viral reactivation, including cases of herpes zoster, was reported in clinical studies. The risk of herpes zoster appears to be higher in Japanese patients treated with RINVOQ. Consider interruption of RINVOQ if the patient develops herpes zoster until the episode resolves. Screening for viral hepatitis and monitoring for reactivation should occur before and during therapy. If hepatitis B virus DNA is detected, a liver specialist should be consulted.

Vaccination
The use of live, attenuated vaccines during or immediately prior to therapy is not recommended. It is recommended that patients be brought up to date with all immunizations, including prophylactic zoster vaccinations, prior to initiating RINVOQ, in agreement with current immunization guidelines.

Malignancy
Lymphoma and other malignancies have been reported in patients receiving JAK inhibitors, including RINVOQ. In a large randomised active‑controlled study of tofacitinib (another JAK inhibitor) in RA patients ≥50 years of age with ≥1 additional CV risk factor, a higher rate of malignancies, particularly lung cancer, lymphoma, and non-melanoma skin cancer (NMSC), was observed with tofacitinib compared to tumour necrosis factor (TNF) inhibitors. A higher rate of malignancies, including NMSC, was observed with RINVOQ 30 mg compared to 15 mg. Periodic skin examination is recommended for all patients, particularly those with risk factors for skin cancer. In patients ≥65 years of age, patients who are current or past long-time smokers, or patients with other malignancy risk factors (e.g., current malignancy or history of malignancy), RINVOQ should only be used if no suitable treatment alternatives are available.

Hematological abnormalities
Treatment should not be initiated, or should be temporarily interrupted, in patients with hematological abnormalities observed during routine patient management.

Gastrointestinal perforations
Events of diverticulitis and gastrointestinal perforations have been reported in clinical trials and from post marketing sources. RINVOQ should be used with caution in patients who may be at risk for gastrointestinal perforation (e.g., patients with diverticular disease, a history of diverticulitis, or who are taking non-steroidal anti-inflammatory drugs (NSAIDs), corticosteroids, or opioids. Patients with active Crohn's disease are at increased risk for developing intestinal perforation. Patients presenting with new onset abdominal signs and symptoms should be evaluated promptly for early identification of diverticulitis or gastrointestinal perforation.

Major adverse cardiovascular events
MACE were observed in clinical studies of RINVOQ. In a large randomised active-controlled study of tofacitinib (another JAK inhibitor) in RA patients ≥50 years of age with ≥1 additional CV risk factor, a higher rate of MACE, defined as CV death, non-fatal myocardial infarction and non-fatal stroke, was observed with tofacitinib compared to TNF inhibitors. Therefore, in patients ≥65 years of age, patients who are current or past long-time smokers, and patients with history of atherosclerotic CV disease or other CV risk factors, RINVOQ should only be used if no suitable treatment alternatives are available.

Lipids
RINVOQ treatment was associated with dose-dependent increases in lipid parameters, including total cholesterol, low-density lipoprotein cholesterol, and high-density lipoprotein cholesterol.

Hepatic transaminase elevations
Treatment with RINVOQ was associated with an increased incidence of liver enzyme elevation. Hepatic transaminases must be evaluated at baseline and thereafter according to routine patient management. If alanine transaminase (ALT) or aspartate transaminase (AST) increases are observed and drug-induced liver injury is suspected, RINVOQ should be interrupted until this diagnosis is excluded.

Venous thromboembolism
Events of deep venous thrombosis (DVT) and pulmonary embolism (PE) were observed in clinical trials for RINVOQ. In a large randomised active-controlled study of tofacitinib (another JAK inhibitor) in RA patients ≥50 years of age with ≥1 additional CV risk factor, a dose‑dependent higher rate of VTE including DVT and PE was observed with tofacitinib compared to TNF inhibitors. In patients with CV or malignancy risk factors, RINVOQ should only be used if no suitable treatment alternatives are available. In patients with known VTE risk factors other than CV or malignancy risk factors (e.g. previous VTE, patients undergoing major surgery, immobilisation, use of combined hormonal contraceptives or hormone replacement therapy, and inherited coagulation disorder), RINVOQ should be used with caution. Patients should be re-evaluated periodically to assess for changes in VTE risk. Promptly evaluate patients with signs and symptoms of VTE and discontinue RINVOQ in patients with suspected VTE.

Retinal vein occlusion
Retinal vein occlusion has been reported in patients treated with JAK inhibitors, including upadacitinib. Patients should be advised to promptly seek medical care in case they experience symptoms suggestive of retinal vein occlusion.

Hypersensitivity reactions
Serious hypersensitivity reactions such as anaphylaxis and angioedema have been reported in patients receiving RINVOQ. If a clinically significant hypersensitivity reaction occurs, discontinue RINVOQ and institute appropriate therapy.

Hypoglycemia in patients treated for diabetes
There have been reports of hypoglycemia following initiation of JAK inhibitors, including RINVOQ, in patients receiving medication for diabetes. Dose adjustment of anti-diabetic medication may be necessary in the event that hypoglycemia occurs.

Medication residue in stool
Reports of medication residue in stool or ostomy output have occurred in patients taking RINVOQ tablets. Most reports described anatomic (e.g., ileostomy, colostomy, intestinal resection) or functional gastrointestinal conditions with shortened gastrointestinal transit times. Patients should be instructed to contact their healthcare professional if medication residue is observed repeatedly. Patients should be clinically monitored, and alternative treatment should be considered if there is an inadequate therapeutic response.

Giant cell arteritis
RINVOQ monotherapy should not be used for the treatment of acute relapses as efficacy in this setting has not been established. Corticosteroids should be given according to medical judgement and practice guidelines.

Excipients with known effect
RINVOQ 1 mg/ml oral solution contains 0.3 mg sodium benzoate in each ml.

Adverse reactions
The most commonly reported adverse reactions in RA, PsA, and axSpA clinical trials (≥2% of patients in at least one of the indications) with RINVOQ 15 mg were upper respiratory tract infections, blood creatine phosphokinase (CPK) increased, ALT increased, bronchitis, nausea, neutropenia, cough, AST increased, and hypercholesterolemia. Overall, the safety profile observed in patients with psoriatic arthritis or active axial spondyloarthritis treated with RINVOQ 15 mg was consistent with the safety profile observed in patients with RA.

The most commonly reported adverse reactions in AD trials (≥2% of patients) with

RINVOQ 15 mg or 30 mg were upper respiratory tract infection, acne, herpes simplex, headache, blood CPK increased, cough, folliculitis, abdominal pain, nausea, neutropenia, pyrexia, and influenza. Dose dependent increased risks of infection and herpes zoster were observed with RINVOQ. The safety profile for RINVOQ 15 mg and 30 mg in adolescents was similar to that in adults. With long-term exposure, skin papilloma was reported in adolescents in the RINVOQ 15 mg and 30 mg groups.

The most commonly reported adverse reactions in the UC and CD trials (≥3% of patients) with RINVOQ 45 mg, 30 mg or 15 mg were upper respiratory tract infection, pyrexia, blood CPK increased, anemia, headache, acne, herpes zoster, neutropenia, rash, pneumonia, hypercholesterolemia, bronchitis, AST increased, fatigue, folliculitis, ALT increased, herpes simplex, and influenza. The overall safety profile observed in patients with UC was generally consistent with that observed in patients with RA. Overall, the safety profile observed in patients with CD treated with RINVOQ was consistent with the known safety profile for RINVOQ.

Overall, the safety profile observed in patients with GCA treated with RINVOQ 15 mg was generally consistent with the known safety profile for RINVOQ.

Overall, the safety profile observed in paediatric patients with pJIA treated with RINVOQ was consistent with the known safety profile of RINVOQ.

The safety profile of RINVOQ 15 mg and 30 mg observed in patients with alopecia areata was generally consistent with the known safety profile in patients with atopic dermatitis.

The safety profile of RINVOQ 15 mg observed in patients with vitiligo was generally consistent with the known safety profile in patients with atopic dermatitis. A higher incidence of hypercholesterolemia was observed in patients with vitiligo treated with RINVOQ 15 mg compared to placebo.

The most common serious adverse reactions were serious infections.

The safety profile of RINVOQ with long term treatment was generally similar to the safety profile during the placebo-controlled period across indications.

RINVOQ is available in 15 mg, 30 mg, and 45 mg prolonged-release tablets and 1 mg/ml oral solution. RINVOQ tablets and RINVOQ oral solution are not bioequivalent. Refer to the Summary of Product Characteristics for posology and method of administration.

This is not a complete summary of all safety information.

See RINVOQ full Summary of Product Characteristics (SmPC) at http://www.ema.europa.eu 

Globally, prescribing information varies; refer to the individual country product label for complete information.

About SKYRIZI®
SKYRIZI is an interleukin (IL)-23 inhibitor that selectively blocks IL-23 by binding to its p19 subunit. IL-23, a cytokine involved in inflammatory processes, is thought to be linked to a number of chronic immune-mediated diseases.3 SKYRIZI is approved by the U.S. Food and Drug Administration and the European Medicines Agency for the treatment of plaque psoriasis, psoriatic arthritis, Crohn's disease and ulcerative colitis.3,4

EU Indications and Important Safety Information about SKYRIZI® (risankizumab)3 

Indications

Skyrizi (risankizumab) is indicated for the treatment of moderate to severe plaque psoriasis in adults who are candidates for systemic therapy.

Skyrizi is indicated for the treatment of moderate to severe plaque psoriasis in children and adolescents from the age of 6 years who are candidates for systemic therapy.

Skyrizi, alone or in combination with methotrexate (MTX), is indicated for the treatment of active psoriatic arthritis in adults who have had an inadequate response or who have been intolerant to one or more disease-modifying antirheumatic drugs (DMARDs).

Skyrizi is indicated for the treatment of adult patients with moderately to severely active Crohn's disease who have had an inadequate response to, lost response to, or were intolerant to conventional therapy or a biologic therapy.

Skyrizi is indicated for the treatment of adult patients with moderately to severely active ulcerative colitis who have had an inadequate response to, lost response to, or were intolerant to conventional therapy or a biologic therapy.

Important Safety Information

Risankizumab is contraindicated in patients hypersensitive to the active substance or to any of the excipients, and in patients with clinically important active infections (e.g. active tuberculosis).

Risankizumab may increase the risk of infection. In patients with a chronic infection, a history of recurrent infection, or known risk factors for infection, risankizumab should be used with caution.

Treatment with risankizumab should not be initiated in patients with any clinically important active infection until the infection resolves or is adequately treated.

Patients treated with risankizumab should be instructed to seek medical advice if signs or symptoms of clinically important chronic or acute infection occur. If a patient develops such an infection or is not responding to standard therapy for the infection, the patient should be closely monitored and risankizumab should not be administered until the infection resolves.

Prior to initiating treatment with risankizumab, patients should be evaluated for tuberculosis (TB) infection. Patients receiving risankizumab should be monitored for signs and symptoms of active TB. Anti-TB therapy should be considered prior to initiating risankizumab in patients with a past history of latent or active TB in whom an adequate course of treatment cannot be confirmed.

Prior to initiating therapy with risankizumab, completion of all appropriate immunizations should be considered according to current immunization guidelines. If a patient has received live vaccination (viral or bacterial), it is recommended to wait at least 4 weeks prior to starting treatment with risankizumab. Patients treated with risankizumab should not receive live vaccines during treatment and for at least 21 weeks after treatment.

Serious hypersensitivity reactions, including anaphylaxis, have been reported with use of risankizumab. If a serious hypersensitivity reaction occurs, administration of risankizumab should be discontinued immediately and appropriate therapy initiated.

The most frequently reported adverse reactions were upper respiratory infections (13% in psoriasis, 15.6% in Crohn's disease and 26.2% in ulcerative colitis).

Commonly (≥ 1/100 to < 1/10) reported adverse reactions included tinea infections, headache, pruritus, rash, eczema, fatigue, and injection site reactions.

This is not a complete summary of all safety information.

See Skyrizi full Summary of Product Characteristics (SmPC) at http://www.ema.europa.eu 

Globally, prescribing information varies; refer to the individual country product label for complete information.

About lutikizumab
Lutikizumab is a dual-variable-domain interleukin (IL) 1α/1β antagonist being investigated in several immune-mediated diseases, including HS and ulcerative colitis. Studies have shown IL 1α and 1β are elevated in HS lesions.5,6 Lutikizumab is an investigational agent and is not approved by regulatory authorities. Safety and efficacy have not been established.

About zumilokibart
Zumilokibart is a novel, high-affinity humanized IgG1 monoclonal antibody targeting interleukin-13 (IL-13) preventing the formation of the IL-13Rα1-IL4Rα heterodimer being investigated in AD. Zumilokibart is engineered for extended half-life, with clinical data demonstrating a half-life of approximately 77 days in humans.7 Zumilokibart is an investigational agent and is not approved by regulatory authorities. Safety and efficacy have not been established.

About AbbVie in Immunology
AbbVie is relentless in our pursuit to redefine the standard of care for patients living with immune-mediated conditions, with the goal of helping them live a life free from the limitations of their disease. For more than 20 years, AbbVie has led and helped shape the field of immunology through groundbreaking science and trusted medicines. Building on deep expertise across gastroenterology, rheumatology and dermatology, and other areas of high unmet need, we continue to invest in a broad and differentiated pipeline – spanning innovative modalities, novel mechanisms of action and next-generation approaches designed to conquer the complex biology underlying immune-mediated disease.

Today, more than 1 million patients worldwide are treated with AbbVie's immunology medicines, approved in more than 175 countries across 20+ immune-mediated diseases that impact adult and pediatric populations. As we work to strengthen our legacy and drive the next wave of innovation, we remain focused on delivering meaningful progress for patients and expanding access to our medicines. For more information, please visit www.abbvie.com/immunology.

About AbbVie
AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas including immunology, neuroscience and oncology – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X and YouTube.

Forward-Looking Statements
Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2025 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

References

RINVOQ. Summary of product characteristics. AbbVie; 2026. Pipeline. AbbVie. 2026. Accessed September 8, 2026. https://www.abbvie.com/our-science/pipeline.html Skyrizi. Summary of product characteristics. AbbVie; 2026. SKYRIZI [package insert]. North Chicago, IL: AbbVie Inc. van der Zee HH, de Ruiter L, van den Broecke DG, et al. Elevated levels of tumour necrosis factor (TNF)-α, interleukin (IL)-1β and IL-10 in hidradenitis suppurativa skin: a rationale for targeting TNF-α and IL-1β. Br J Dermatol. 2011;164(6):1292-1298. doi:10.1111/j.1365-2133.2011.10254.x Kanni T, Tzanetakou V, Savva A, et al. Compartmentalized Cytokine Responses in Hidradenitis Suppurativa. PLoS One. 2015;10(6):e0130522. doi:10.1371/journal.pone.0130522 Lim XQ, Winter E, Nograles K, et al. A First-in-Human, Single- and Multiple-Dose Study of APG777, a Half-Life-Extended Anti-IL-13 Monoclonal Antibody, in Healthy Volunteers. Clin Transl Sci. 2025;18(12):e70456. doi:10.1111/cts.70456  SOURCE AbbVie

In this new analysis, Zepbound 15 mg showed 4.5% greater weight loss than Wegovy HD in adults with obesity

Participants receiving Zepbound 15 mg had more than three times the odds of achieving at least 20% body-weight reduction compared with Wegovy HD

, /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY), the maker of Foundayo (orforglipron), today announced results from a new analysis showing that Zepbound (tirzepatide) 10 mg and 15 mg, a dual GIP and GLP-1 receptor agonist, delivered greater weight loss than Wegovy HD (semaglutide injection 7.2 mg) in adults with obesity. The findings come from an indirect treatment comparison of Zepbound and Wegovy HD, drawing on data from the SURMOUNT-1 and STEP UP trials.1,2,3 These results, presented at the 62nd Annual Meeting of the European Association for the Study of Diabetes (EASD) in Milan, Italy, add to the growing body of evidence comparing Zepbound and Wegovy, including SURMOUNT-5, a randomized controlled Phase 3b trial in which Zepbound 10 mg and 15 mg demonstrated superior weight loss compared with Wegovy 1.7 mg and 2.4 mg.

"For people living with obesity, the choice of treatment matters, and clinicians increasingly want evidence on how the available options compare," said John Wilding, DM, professor of medicine at the University of Liverpool. "Tirzepatide 10 mg and 15 mg and semaglutide 1.7 mg and 2.4 mg were compared directly in SURMOUNT-5, where tirzepatide helped people with obesity lose more weight. In the absence of a head-to-head trial comparing tirzepatide 15 mg against semaglutide 7.2 mg, this indirect comparison offers useful evidence for physicians as they make treatment decisions."

In the indirect treatment comparison, which was covariate-adjusted for gender, age, baseline weight and baseline A1C, Zepbound 10 mg and 15 mg were associated with greater reductions in body weight than Wegovy HD at 72 weeks using the treatment-regimen estimand.4,5 Participants taking Zepbound 15 mg lost 4.5% more of their body weight (95.0% CrI: -6.3, -2.8) on average, and those taking 10 mg lost 3.2% more of their body weight (95.0% CrI: -5.0, -1.4).  Using the efficacy estimand, Zepbound 15 mg and 10 mg were associated with 1.8% (95.0% CrI: -3.8, 0.1) and 0.7% (95.0% CrI: -2.6, 1.3) greater mean weight reduction than Wegovy HD, respectively, though these differences did not reach statistical significance.6

"People with obesity have more treatment options than ever before, and their healthcare providers deserve as much information as possible to help guide their decisions," said Thomas Seck, M.D., senior vice president of product development, Lilly Cardiometabolic Health. "In a head-to-head Phase 3 clinical trial, Zepbound 10 mg and 15 mg delivered greater weight loss than Wegovy 1.7 mg and 2.4 mg, and a new indirect treatment comparison suggests the same doses of Zepbound may outperform Wegovy HD, as well. Together, these results offer physicians more information as they choose a treatment path."

In addition to achieving greater weight loss, participants taking Zepbound 15 mg were four times more likely to achieve 20% or greater body weight reduction compared with Wegovy HD using the efficacy estimand (odds ratio 4.15; 95.0% CrI: 1.02, 15.64), and more than three times more likely using the treatment-regimen estimand (odds ratio 3.54; 95.0% CrI: 1.05, 11.05). While not statistically significant, participants taking Zepbound 10 mg had more than two times the odds of achieving at least 20% body-weight reduction compared with Wegovy HD using the efficacy (odds ratio 2.8; 95.0% CrI: 0.7, 10.8) and treatment-regimen estimands (odds ratio 2.46; 95.0% CrI: 0.7, 7.8).

Zepbound 10 mg and 15 mg showed comparable rates of treatment discontinuation due to adverse events versus Wegovy HD across both estimands.

About SURMOUNT-1 and the SURMOUNT clinical trial program  
SURMOUNT-1 (NCT04184622) is a multi-center, randomized, double-blind, parallel, placebo-controlled trial comparing the efficacy and safety of tirzepatide 5 mg, 10 mg and 15 mg to placebo as an adjunct to a reduced-calorie diet and increased physical activity in adults without type 2 diabetes who have obesity, or overweight with at least one of the following comorbidities: hypertension, dyslipidemia, obstructive sleep apnea or cardiovascular disease. The trial randomized 2,539 participants across the U.S., Argentina, Brazil, China, India, Japan, Mexico, Russia and Taiwan in a 1:1:1:1 ratio to receive either tirzepatide 5 mg, 10 mg or 15 mg or placebo. The co-primary objectives of the study were to demonstrate that tirzepatide 10 mg and/or 15 mg is superior in percentage of body weight reductions from baseline and percentage of participants achieving ≥5% body weight reduction at 72 weeks compared to placebo.

The SURMOUNT phase 3 global clinical development program for tirzepatide in chronic weight management began in late 2019 and has enrolled more than 5,000 people with obesity or overweight across six registration studies, four of which are global studies.

About SURMOUNT-5
SURMOUNT-5 (NCT05822830) was a 72-week, multi-center, randomized, open-label, Phase 3b trial evaluating the efficacy and safety of Zepbound (tirzepatide) compared with Wegovy (semaglutide) in adults with obesity, or overweight with at least one of the following comorbidities: hypertension, dyslipidemia, obstructive sleep apnea (OSA) or cardiovascular disease, who did not have diabetes. Participants in both treatment groups received counseling on a reduced-calorie diet and increased physical activity. The trial randomized 751 participants across the U.S. and Puerto Rico in a 1:1 ratio to receive maximum tolerated dose of Zepbound (10 mg or 15 mg) or Wegovy (1.7 mg or 2.4 mg). With tirzepatide, 89.3% received at least one dose of the 15 mg dose and with semaglutide 92.8% received at least one dose of the 2.4 mg dose. The primary objective of the study was to demonstrate Zepbound's superiority in percent change from baseline in body weight at 72 weeks compared to Wegovy.

For the primary endpoint, participants treated with Zepbound achieved an average weight reduction of 20.2% compared to 13.7% with Wegovy at 72 weeks using the treatment-regimen estimand, a 47% greater relative weight loss. Participants using Zepbound lost an average of 50.3 lbs (22.8 kg) and participants on Wegovy lost an average of 33.1 lbs (15.0 kg). 

About Zepbound (tirzepatide) injection
Zepbound (tirzepatide) is the first and only dual GIP (glucose-dependent insulinotropic polypeptide) and GLP-1 (glucagon-like peptide-1) receptor agonist obesity medication. Zepbound tackles an underlying cause of excess weight. It reduces appetite and how much you eat. Zepbound is indicated for adults with obesity, or some adults who are overweight and also have at least one weight-related medical problem, to lose weight and keep it off. Additionally, Zepbound is FDA-approved to treat adults with moderate-to-severe obstructive sleep apnea and obesity. Zepbound should be used with a reduced calorie diet and increased physical activity.

Endnotes and References

Jastreboff AM, Aronne LJ, Ahmad NN, et al. Tirzepatide once weekly for the treatment of obesity. New England Journal of Medicine. 2022;387(3):205-216. doi:10.1056/NEJMoa2206038. Wharton S, Freitas P, Hjelmesæth J, et al. Once-weekly semaglutide 7.2 mg in adults with obesity (STEP UP): a randomised, controlled, phase 3b trial. The Lancet Diabetes & Endocrinology, 2025; 13, 949-963. https://doi.org/10.1016/S2213-8587(25)00226-8 Wilding J, Postma MJ, Jacobi D, et al. Tirzepatide 10 and 15 mg (SURMOUNT-1) vs semaglutide 7.2 mg (STEP UP) in adults with obesity without type 2 diabetes: an indirect treatment comparison. Presented at the 62nd Annual Meeting of the European Association for the Study of Diabetes (EASD). Weight loss data represent an ML-NMR analysis. Treatment-regimen estimand represents the estimated average treatment effect regardless of treatment discontinuation. Efficacy estimand represents efficacy prior to discontinuation of study drug. U.S. ZEPBOUND INDICATIONS AND SAFETY SUMMARY WITH WARNINGS
Zepbound® (ZEHP-bownd) is an injectable prescription medicine used with a reduced-calorie diet and increased physical activity to help adults with:

obesity, or some adults with overweight who also have weight-related medical problems, to lose excess body weight and keep the weight off. moderate-to-severe obstructive sleep apnea (OSA) and obesity to improve their OSA. Zepbound contains tirzepatide and should not be used with other tirzepatide-containing products or any GLP-1 receptor agonist medicines. It is not known if Zepbound is safe and effective for use in children. Warnings - Zepbound may cause tumors in the thyroid, including thyroid cancer. Watch for possible symptoms, such as a lump or swelling in the neck, hoarseness, trouble swallowing, or shortness of breath. If you have any of these symptoms, tell your healthcare provider.

Do not use Zepbound if you or any of your family have ever had a type of thyroid cancer called medullary thyroid carcinoma (MTC). Do not use Zepbound if you have Multiple Endocrine Neoplasia syndrome type 2 (MEN 2). Do not use Zepbound if you have had a serious allergic reaction to tirzepatide or any of the ingredients in Zepbound. KwikPen®: Do not share your KwikPen with other people, even if the pen needle has been changed.  You may give other people a serious infection or get a serious infection from them.

Zepbound may cause serious side effects, including:

Severe stomach problems. Stomach problems, sometimes severe, have been reported in people who use Zepbound. Tell your healthcare provider if you have stomach problems that are severe or will not go away.

Dehydration leading to kidney problems. Diarrhea, nausea, and vomiting may cause a loss of fluids (dehydration), which may cause kidney problems. It is important for you to drink fluids to help reduce your chance of dehydration. Tell your healthcare provider right away if you have nausea, vomiting, or diarrhea that does not go away.

Gallbladder problems. Gallbladder problems have happened in some people who use Zepbound. Tell your healthcare provider right away if you get symptoms of gallbladder problems, which may include pain in your upper stomach (abdomen), fever, yellowing of skin or eyes (jaundice), or clay-colored stools.

Inflammation of the pancreas (pancreatitis). Stop using Zepbound and call your healthcare provider right away if you have severe pain in your stomach area (abdomen) that will not go away, with or without nausea or vomiting. You may feel the pain from your abdomen to your back.

Serious allergic reactions. Stop using Zepbound and get medical help right away if you have any symptoms of a serious allergic reaction, including swelling of your face, lips, tongue or throat, problems breathing or swallowing, severe rash or itching, fainting or feeling dizzy, or very rapid heartbeat.

Low blood sugar (hypoglycemia). Your risk for getting low blood sugar may be higher if you use Zepbound with medicines that can cause low blood sugar, such as a sulfonylurea or insulin. Signs and symptoms of low blood sugar may include dizziness or light-headedness, sweating, confusion or drowsiness, headache, blurred vision, slurred speech, shakiness, fast heartbeat, anxiety, irritability, mood changes, hunger, weakness or feeling jittery.

Changes in vision in patients with type 2 diabetes. Tell your healthcare provider if you have changes in vision during treatment with Zepbound.

Food or liquid getting into the lungs during surgery or other procedures that use anesthesia or deep sleepiness (deep sedation). Zepbound may increase the chance of food getting into your lungs during surgery or other procedures. Tell all your healthcare providers that you are taking Zepbound before you are scheduled to have surgery or other procedures.

Common side effects
The most common side effects of Zepbound include nausea, diarrhea, vomiting, constipation, stomach (abdominal) pain, indigestion, injection site reactions, feeling tired, allergic reactions, belching, hair loss, and heartburn. These are not all the possible side effects of Zepbound. Talk to your healthcare provider about any side effect that bothers you or doesn't go away.

Tell your doctor if you have any side effects. You can report side effects at 1-800-FDA-1088 or www.fda.gov/medwatch.

Before using Zepbound

 Your healthcare provider should show you how to use Zepbound before you use it for the first time.  Talk to your healthcare provider about low blood sugar and how to manage it. Tell your healthcare provider if you are taking medicines to treat diabetes including an insulin or sulfonylurea.  If you take birth control pills by mouth, talk to your healthcare provider before you use Zepbound. Birth control pills may not work as well while using Zepbound. Your healthcare provider may recommend another type of birth control for 4 weeks after you start Zepbound and for 4 weeks after each increase in your dose of Zepbound. Review these questions with your healthcare provider:
❑ Do you have other medical conditions, including problems with your pancreas, or severe problems with your stomach, such as slowed emptying of your stomach (gastroparesis) or problems digesting food?
❑ Do you take diabetes medicines, such as insulin or sulfonylureas?
❑ Do you have a history of diabetic retinopathy?
❑ Are you scheduled to have surgery or other procedures that use anesthesia or deep sleepiness (deep sedation)?
❑ Do you take any other prescription medicines or over-the-counter drugs, vitamins, or herbal supplements?
❑ Are you pregnant, plan to become pregnant, breastfeeding, or plan to breastfeed? Zepbound may harm your unborn baby. Tell your healthcare provider if you become pregnant while using Zepbound. Zepbound may pass into your breast milk. You should talk with your healthcare provider about the best way to feed your baby while using Zepbound.

Pregnancy Exposure Registry: There is a pregnancy exposure registry for women who have taken Zepbound during pregnancy. The purpose of this registry is to collect information about the health of you and your baby. Talk to your healthcare provider about how you can take part in this registry, or you may call 1-844-524-0039 or email at [email protected] or visit https://pregnancyregistry.lilly.com/zepbound. How to take

Read the Instructions for Use that come with Zepbound. Use Zepbound exactly as your healthcare provider says. Use Zepbound with a reduced-calorie diet and increased physical activity. Inject Zepbound under the skin (subcutaneously) of your stomach (abdomen), thigh, or
have another person inject in the back of the upper arm. Do not inject ZEPBOUND into a muscle (intramuscularly) or vein (intravenously). Use Zepbound 1 time each week, at any time of the day. Change (rotate) your injection site with each weekly injection. Do not use the same site for each injection. If you take too much Zepbound, call your healthcare provider, call the Poison Help line at 1-800-222-1222 or go to the nearest hospital emergency room right away. Zepbound is approved as a 2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, and 15 mg injection.

Learn more
Zepbound is a prescription medicine. For more information, call 1-800-LillyRx (1-800-545-5979) or go to www.zepbound.lilly.com.

This summary provides basic information about Zepbound but does not include all information known about this medicine. Read the information that comes with your prescription each time your prescription is filled. This information does not take the place of talking with your healthcare provider. Be sure to talk to your healthcare provider about Zepbound and how to take it. Your healthcare provider is the best person to help you decide if Zepbound is right for you.

ZP CON BS 01SEP2026
Zepbound®, its delivery device base and KwikPen® are registered trademarks owned or licensed by Eli Lilly and Company, its subsidiaries, or affiliates. 

U.S. FOUNDAYO INDICATION AND SAFETY SUMMARY WITH WARNINGS
Foundayo™ (fown-DAY-oh) is a prescription medicine used with a reduced-calorie diet and increased physical activity to help adults with obesity, or some adults with overweight who also have weight-related medical problems, to lose excess body weight and keep the weight off.

Foundayo should not be used with other GLP-1 receptor agonist medicines. It is not known if Foundayo is safe and effective for use in children. Warnings – Foundayo may cause tumors in the thyroid, including thyroid cancer. Watch for possible symptoms, such as a lump or swelling in the neck, hoarseness, trouble swallowing, or shortness of breath. If you have any of these symptoms, tell your healthcare provider.

Do not use Foundayo if you or any of your family have ever had a type of thyroid cancer called medullary thyroid carcinoma (MTC). Do not use Foundayo if you have Multiple Endocrine Neoplasia syndrome type 2 (MEN 2). Do not use Foundayo if you have had a serious allergic reaction to orforglipron or any of the ingredients in Foundayo. Foundayo may cause serious side effects, including:

Inflammation of the pancreas (pancreatitis). Stop taking Foundayo and call your healthcare provider right away if you have severe pain in your stomach area (abdomen) that will not go away, with or without nausea or vomiting. Sometimes you may feel the pain from your abdomen to your back.

Severe stomach problems. Stomach problems, sometimes severe, have been reported in people who use Foundayo. Tell your healthcare provider if you have stomach problems that are severe or will not go away.

Dehydration leading to kidney problems. Diarrhea, nausea, and vomiting may cause a loss of fluids (dehydration), which may cause kidney problems. It is important for you to drink fluids to help reduce your chance of dehydration. Tell your healthcare provider right away if you have nausea, vomiting, or diarrhea that does not go away.

Low blood sugar (hypoglycemia). Your risk for getting low blood sugar may be higher if you use Foundayo with medicines that can cause low blood sugar, such as an insulin or sulfonylurea. Signs and symptoms of low blood sugar may include dizziness or light-headedness, sweating, confusion or drowsiness, headache, blurred vision, slurred speech, shakiness, fast heartbeat, anxiety, irritability, mood changes, hunger, weakness, or feeling jittery.

Serious allergic reactions. Stop using Foundayo and get medical help right away if you have any symptoms of a serious allergic reaction, including swelling of your face, lips, tongue or throat, problems breathing or swallowing, severe rash or itching, fainting or feeling dizzy, or very rapid heartbeat.

Changes in vision in patients with type 2 diabetes. Tell your healthcare provider if you have changes in vision during treatment with Foundayo.

Gallbladder problems. Gallbladder problems have happened in some people who use Foundayo. Tell your healthcare provider right away if you get symptoms of gallbladder problems, which may include pain in your upper stomach (abdomen), fever, yellowing of skin or eyes (jaundice), or clay-colored stools.

Food or liquid getting into the lungs during surgery or other procedures that use anesthesia or deep sleepiness (deep sedation). Foundayo may increase the chance of food getting into your lungs during surgery or other procedures. Tell your healthcare providers that you are taking Foundayo before you are scheduled to have surgery or other procedures.

Common side effects
The most common side effects of Foundayo include nausea, constipation, diarrhea, vomiting, indigestion, stomach (abdominal) pain, headache, swollen belly, feeling tired, belching, heartburn, gas, and hair loss. These are not all the possible side effects of Foundayo. Talk to your healthcare provider about any side effect that bothers you or doesn't go away.

Tell your doctor if you have any side effects. You can report side effects at 1-800-FDA-1088 or www.fda.gov/medwatch.

Before taking Foundayo

Tell your healthcare provider about all the medicines you take. Foundayo may affect the way some medicines work, and some medicines may affect the way Foundayo works. Pregnancy Exposure Registry: There will be a pregnancy exposure registry for women who have taken Foundayo during pregnancy. The purpose of this registry is to collect information about the health of you and your baby. Talk to your healthcare provider about how you can take part in this registry, or you may contact Eli Lilly and Company at 1-800-LillyRx (1-800-545-5979). If you take birth control pills by mouth, talk to your healthcare provider before you take Foundayo. Birth control pills may not work as well while taking Foundayo. Your healthcare provider may recommend another type of birth control for 30 days after starting Foundayo and for 30 days after each dose increase of Foundayo. Talk to your healthcare provider about low blood sugar and how to manage it. Tell your healthcare provider if you are taking medicines to treat diabetes including an insulin or sulfonylurea. Review these questions with your healthcare provider:

❑ Do you have other medical conditions, including problems with your pancreas or kidneys, or severe problems with your liver, severe problems with your stomach, such as slowed emptying of your stomach (gastroparesis) or problems digesting food?
❑ Do you have a history of diabetic retinopathy?
❑ Are you scheduled to have surgery or other procedures that use anesthesia or deep sleepiness (deep sedation)?
❑ Are you pregnant or plan to become pregnant? Foundayo may harm your unborn baby.
❑ Are you breastfeeding or plan to breastfeed? Breastfeeding is not recommended during treatment with Foundayo.
❑ Do you take any other prescriptions or over-the-counter medicines, vitamins, or herbal supplements?

How to take

Take Foundayo exactly as your healthcare provider tells you to. Use Foundayo with a reduced-calorie diet and increased physical activity. Take Foundayo by mouth 1 time each day, with or without food. Swallow tablets whole. Do not break, crush, or chew the tablet. If you miss a dose, take it as soon as possible. Do not take 2 doses of Foundayo in the same day. Do not take more than 1 tablet per day. If you miss taking Foundayo for 7 or more days in a row, call your healthcare provider to talk about how to restart your treatment. If you take too much Foundayo, call your healthcare provider or Poison Help line at 1-800-222-1222 or go to the nearest hospital emergency room right away. Learn more
Foundayo is a prescription medicine available in 0.8 mg, 2.5 mg, 5.5 mg, 9 mg, 14.5 mg, or 17.2 mg oral tablets. For more information, call 1-800-545-5979 or go to foundayo.lilly.com.

This summary provides basic information about Foundayo but does not include all information known about this medicine. Read the information that comes with your prescription each time your prescription is filled. This information does not take the place of talking with your doctor. Be sure to talk to your doctor or other healthcare provider about Foundayo and how to take it. Your doctor is the best person to help you decide if Foundayo is right for you.

OG CON BS APR2026

Foundayo™ is a trademark of Eli Lilly and Company.

About Lilly
Lilly is a medicine company turning science into healing to make life better for people around the world. We've been pioneering life-changing discoveries for 150 years, and today our medicines help tens of millions of people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world's most significant health challenges: redefining diabetes care; treating obesity and curtailing its most devastating long-term effects; advancing the fight against Alzheimer's disease; providing solutions to some of the most debilitating immune system disorders; and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we're motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. To learn more, visit Lilly.com and Lilly.com/news, or follow us on Facebook, Instagram, and LinkedIn. P-LLY

Trademarks and Trade Names
All trademarks or trade names referred to in this press release are the property of the company, or, to the extent trademarks or trade names belonging to other companies are referenced in this press release, the property of their respective owners. Solely for convenience, the trademarks and trade names in this press release are referred to without the ® and ™ symbols, but such references should not be construed as any indicator that the company or, to the extent applicable, their respective owners will not assert, to the fullest extent under applicable law, the company's or their rights thereto. We do not intend the use or display of other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

Cautionary Statement Regarding Forward-Looking Statements 
This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about Zepbound (tirzepatide) as a treatment for adults with obesity, or some adults with overweight who also have weight-related medical problems, to lose excess body weight and keep the weight off and reflects Lilly's current beliefs and expectations. However, as with any pharmaceutical product, there are substantial risks and uncertainties in the process of drug research, development, and commercialization. Among other things, there is no guarantee that planned or ongoing studies will be completed as planned, that future study results will be consistent with study results to date, or that Zepbound will receive additional regulatory approvals. For further discussion of these and other risks and uncertainties that could cause actual results to differ from Lilly's expectations, see Lilly's Form 10-K and Form 10-Q filings with the United States Securities and Exchange Commission. Except as required by law, Lilly undertakes no duty to update forward-looking statements to reflect events after the date of this release.

SOURCE Eli Lilly and Company

MAX Digital Asset Exchange, the MaiCoin Group-operated platform that dominates Taiwan’s TWD-denominated crypto trading market, has rolled out support for native Tether USDT on the Aptos blockchain. Deposits and withdrawals went live on September 29, with new trading pairs scheduled to open on September 30 at 15:00 GMT+8.

What MAX is actually launching The integration covers both on-ramp and off-ramp functionality. Users deposit TWD, buy USDT that lives natively on Aptos, and withdraw it to an Aptos wallet. The reverse works too. No wrapped assets, no cross-chain bridges acting as middlemen.

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Alongside the Aptos USDT support, MAX is listing several new trading pairs. HYPE, GRAM, APT, and RENDER are all scheduled to go live for trading on September 30.

One important caveat that MAX has flagged: users need to select the correct Aptos network when initiating deposits. Sending tokens on the wrong network can result in permanent asset loss.

Why native USDT matters more than it sounds Native USDT is issued directly by Tether on the target blockchain. Aptos got this treatment in late 2024, when Tether began minting USDT natively on the network. Since then, major exchanges including Binance and Bithumb have added support for Aptos-native USDT.

Taiwan’s evolving crypto landscape In Taiwan, TWD-denominated trading pairs serve a different function than they might in larger markets. Because the Taiwanese Dollar is not as widely supported by global exchanges as the US Dollar, Euro, or Japanese Yen, local platforms like MAX fill a critical gap.

MaiCoin Group, which operates MAX, has positioned the exchange as a compliance-focused platform in a region where regulatory clarity around digital assets continues to develop. The group also issues its own utility token, MAX, which provides trading fee discounts on the platform.

Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.

Five-year task order provides comprehensive systems support for integrated capabilities that strengthen U.S. border security, protect the American people, and support national economic prosperity  | Source: SAIC, Inc.

RESTON, Va., Sept. 29, 2026 (GLOBE NEWSWIRE) -- Science Applications International Corp. (NASDAQ: SAIC) announced today it has been awarded a $742 million recompete task order to provide full-scale support for U.S. Customs and Border Protection (CBP) systems that are essential to securing our borders and assessing security risk from travelers and cargo entering our country. This award further cements SAIC’s critical role in helping CBP drive an integrated border security mission.

As the prime contractor, SAIC will provide comprehensive systems support, including software development, operations, maintenance, upgrades, and enhancements. The work will help CBP rapidly respond to evolving technologies, threats, and mission requirements in support of Department of Homeland Security (DHS) initiatives to strengthen U.S. border security, protect the American people, and support national economic prosperity. The task order was issued under Alliant 2 and has a period of performance from September 15, 2026, through September 14, 2031.

“For more than 25 years, our teams have partnered with CBP to further its mission, tackle its operational challenges, and meet the needs of its highly skilled workforce,” said Prabu Natarajan, SAIC Chief Financial Officer and Interim Leader of the Civilian Business Group. “We do not just build tools for operators; we develop and enhance integrated capabilities for the CBP. By applying our ‘Operator First’ mission-driven approach, and outstanding performance, we will help CBP achieve faster, safer and more effective mission outcomes.”

SAIC also recently won a five-year, $199 million recompete task order for the agency’s Integrated Traveler Initiatives (ITI) 2.1 program. Through ITI 2.1, SAIC will continue supporting technologies that enable secure and efficient processing at ports of entry and inspection checkpoints.

About SAIC 
SAIC® is a premier mission integrator focused on advancing the power of technology and innovation to serve and protect our world. Our robust portfolio of offerings across the defense, space, intelligence, and civilian markets includes secure high-end solutions in mission IT, enterprise IT, engineering services, and professional services. We rapidly integrate emerging technologies into mission operations that modernize and enable critical national imperatives.

We are approximately 23,000 strong; driven by mission, united by purpose, and inspired by opportunities. Headquartered in Reston, Virginia, SAIC has annual revenues of approximately $7.3 billion. For more information, visit saic.com. For ongoing news, please visit our newsroom.

Media Contact: 
Caralyn Duke
[email protected]

Forward-Looking Statements 
Forward-Looking Statements Certain statements in this release contain or are based on “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “guidance,” and similar words or phrases. Forward-looking statements in this release may include, among others, estimates of future revenues, operating income, earnings, earnings per share, charges, total contract value, backlog, outstanding shares and cash flows, as well as statements about future dividends, share repurchases and other capital deployment plans. Such statements are not guarantees of future performance and involve risk, uncertainties and assumptions, and actual results may differ materially from the guidance and other forward-looking statements made in this release as a result of various factors. Risks, uncertainties and assumptions that could cause or contribute to these material differences include those discussed in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Legal Proceedings” sections of our Annual Report on Form 10-K, as updated in any subsequent Quarterly Reports on Form 10-Q and other filings with the SEC, which may be viewed or obtained through the Investor Relations section of our website at saic.com or on the SEC’s website at sec.gov. Due to such risks, uncertainties and assumptions you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. SAIC expressly disclaims any duty to update any forward-looking statement provided in this release to reflect subsequent events, actual results or changes in SAIC’s expectations. SAIC also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others. 

Source: Binance EN

This is a general announcement. Products and services referred to here may not be available in your region. Fellow Binancians, Starting at approximately 2026-10-07 15:00 (UTC), Binance will suspend the deposits and withdrawals of token(s) on the Ronin (RONIN) network to support its network upgrade and hard fork to ensure the best user experience. The network upgrade and hard fork will take place at approximately 2026-10-07 16:00 (UTC). Please note: The trading of token(s) on the aforementioned network will not be impacted.Binance will handle all technical requirements involved for all users.Deposits and withdrawals for token(s) on the aforementioned network will be reopened once the upgraded network is deemed to be stable. No further announcement will be posted.There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. For more information, please refer to the announcement from the project team. Thank you for your support! Binance Team 2026-09-30

There's no doubt about it. Netflix (NFLX +1.55%) is struggling. Shares of the leading streamer are down 25% this year on signs of weak engagement, rising competition from YouTube, and an underwhelming slate of original content.

As the chart below shows, Netflix's 25% slide includes a surge in late February when it bowed out of its pursuit of Warner Bros. Discovery, yielding to a higher offer from Paramount Skydance.

NFLX data by YCharts

Netflix even got a $2.8 billion breakup fee as part of WBD's decision to sell to Paramount instead, and the stock has still gotten crushed this year. Investors seem to think the company has lost its mojo and that the buzz is gone from its programming. Streaming is essentially turning into a commodity business, as they see it.

While plenty of investors have sold the stock this year due to those recent woes, I believe that's a mistake. Below, I'll explain why, and as a longtime Netflix shareholder, what it would take for me to sell my shares.

Image source: Getty Images.

Netflix is still a solid business Just from reading the bearish headlines, you might get the sense that Netflix is now in decline. However, that's far from the case. In its second quarter, revenue grew 13.4% to $12.6 billion, and its operating margin was 33.4%. While that was down slightly from the 34.1% clip from the quarter a year ago, it still shows Netflix is pocketing 1 out of every 3 dollars it receives before interest and taxes, a profit margin almost any company would be happy with.

That margin is a credit to the strength of the company's business model. It's scaled its subscription business to more than 300 million subscribers worldwide and now has a robust advertising business to go with it. Netflix's operating margin should continue to expand as it adds subscribers since the incremental costs to distribute content to new subscribers are basically nothing, though that subscriber pays the same as all the other ones.

Netflix's third-quarter guidance calls for 11.7% growth in revenue to $12.9 billion and an operating margin of 33.2%, showing the company is still on the right track.

About the weakness in engagement Netflix's hours watched rose 2% in the first half of 2026, which was an improvement from 1.5% growth in 2025. It's unclear if per-subscriber engagement is declining as the company no longer reports subscriber numbers. However, Wall Street analysts have predicted that per-subscriber engagement will fall in the second half of the year, meaning its customers are losing interest in the service.

While that's a troubling sign, it's worth remembering that engagement for a streaming service is variable, and that a couple of original hits and a stronger content slate may be all it needs to reaccelerate subscriber growth. In its most recent shareholder letter, Netflix acknowledged, "We know not all hours are equal," explaining that quality and variety are key components to engagement, in addition to quantity.

Netflix's efforts to add more live sports, for example, could do a lot to add and retain subscribers, even if it doesn't add up to that many hours.

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What would make me sell Netflix Excluding the breakup fee it got from Warner Bros. Discovery, Netflix trades at a price-to-earnings ratio of 26, about even with the S&P 500. That looks like a fair price to pay for a company growing its top line by double digits with superior profit margins.

For me to sell Netflix stock, its growth would have to slow meaningfully to mid-single-digits or below for several quarters. At this point, I believe the company is closer to an entertainment utility than a traditional consumer discretionary stock, and I think the business model can overcome even weak engagement. Netflix might not be Procter & Gamble, but even P&G is likely envious of Netflix's recurring revenue model, as its subscriptions help lock in customers.

Additionally, Netflix offers good value, and at-home entertainment tends to be recession-proof. I think it would take years of poor content choices to do lasting damage to the brand.

Overall, with its current growth rate and profit margin, Netflix looks closer to a buy than a sell at this price. The company has overcome plenty of obstacles before, and I expect to do the same with this one.

On the surface, Palantir (PLTR -0.27%) and Oracle (ORCL +3.91%) today have almost the same price tag. As I write, Palantir's market cap is about $447 billion with a share price near $186, while Oracle's is about $425 billion at about $140 a share.

Getting here took a brutal year for Oracle. Its stock has lost about half its value in the past 12 months, while Palantir's shares are up a little in the same stretch.

Under these similar values, though, sit two very different companies. Palantir took in around $6.2 billion in revenue over the last 12 months, less than a tenth of Oracle's $71.8 billion. And it made around $3 billion, versus Oracle's $18.7 billion.

So investors paying around the same for both businesses are betting on very different amounts of future growth. I think one of these bets is much easier to win than the other.

Image source: Getty Images.

Palantir: profits that nearly quadrupledShowing how fast the data analytics software business is scaling, Palantir's net income rose from around $327 million in the second quarter of 2025 to about $609 million in the fourth quarter, then to about $1.06 billion in the second quarter of 2026. Over the past 12 months, profit was around $3 billion, nearly four times the $763 million it made in the previous 12 months. Management expects 2026 revenue of about $8.15 billion, around 82% higher than in 2025.

Palantir also ended June with about $9.2 billion in cash and short-term Treasuries and no borrowings on its balance sheet.

At around 160 times earnings, though, Palantir's stock costs over seven times as much as Oracle's per dollar of profit.

For Palantir to trade at Oracle's price-to-earnings ratio of about 22 without its share price dropping, it'd need to earn about $22 billion a year -- more than Oracle earns now. Getting there in five years would take profit growth averaging around 48% annually.

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Granted, that rate is slower than what Palantir just posted. But five straight years of it is rare for any company, and rivals might make it tougher.

When Oracle reported quarterly results earlier this month, it introduced an AI data platform that it said "fully automates the creation of Enterprise Ontologies" (models of how a business and its data fit together). Oracle's own release credited Palantir with pioneering that approach.

Oracle: accelerating growth, negative cash flowOracle's growth has sped up, too. Revenue climbed 17% over fiscal 2026 (the year ended May 31, 2026). By the fiscal fourth quarter, year-over-year growth had accelerated to 21%. In the fiscal first quarter of 2027 (the period ended Aug. 31, 2026), revenue jumped 30% to $19.3 billion, driven by a 121% gain in cloud infrastructure revenue.

Given that growth, Oracle's stock looks modestly priced. Management expects non-GAAP (adjusted) earnings per share of $8.10 this fiscal year, around 19% above the $6.83 it made in fiscal 2026 excluding one-time investment gains, including the sale of its stake in chip designer Ampere. Shares cost around 17 times that expected profit. Put another way, at this price, Oracle arguably doesn't need much growth after this year.

Oracle's issue is paying for that growth. In fiscal Q1, capital spending of $28.5 billion topped the $23.1 billion of cash its operations took in, and free cash flow over fiscal 2026 was a negative $23.7 billion. Plus, the company sold $20 billion of stock using an at-the-market program in the quarter, issuing around 141 million new shares and lifting its share count by about 5%. At the end of August, Oracle had about $125 billion of notes payable and other borrowings against about $37 billion of cash and marketable securities.

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Which price is easier to justify?Including debt and cash, the gap flips: the market values Oracle's whole business at about $505 billion, versus around $438 billion for Palantir.

Still, investors are asking much less of Oracle. At today's price, it mostly has to deliver the earnings management already expects, while Palantir has to grow its profit at around 48% a year for five years.

True, Palantir is arguably the better business. It kept 55% of its second-quarter revenue as net income, and it doesn't have Oracle's debt or its spending burden. But at a price-to-earnings ratio around 160, even years of strong results could fall short of what investors are paying for.

Of the two, Oracle's price is the easier one to live up to, and I think this makes it the more reasonable stock of the pair now. But I'd still want to see its spending start producing free cash flow before buying shares.

Joby Aviation (JOBY -1.96%) and Archer Aviation (ACHR -2.69%) are looking to upend the aviation industry. That's a tall task, given the sector's highly regulated and capital-intensive nature. But they are making material strides toward that goal, as they each advance their electric vertical takeoff and landing (eVTOL) technology.

From a business perspective, things are going well. But what about from a finance perspective? Neither one generates material revenue, so both are burning through cash at a rapid rate as they build their aerospace businesses. It looks like Joby may have more room to run, at least for now.

Image source: Getty Images.

Joby and Archer: Lots of money out, little money in In the second quarter of 2026, Joby Aviation reported $38.6 million in revenues. Archare Aviation reported just $5 million. That's not a lot of revenue when you consider the spending these two companies are doing as they build their businesses.

Joby's cost of revenue was $28.3 million, resulting in a small gross profit. However, selling, general, and administrative (SG&A) costs were $76.5 million. And then research and development expenses were nearly $195 million. When all was said and done, the company's loss from operations was roughly $260 million.

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Archer's story is no better. The $5 million in revenue it produced cost $4.3 million to generate, leaving a small gross profit. However, SG&A costs came in at nearly $94 milloin in the second quarter. Research and development costs totalled $186 million. All in, Archer's loss from operations was $279 million.

As start-ups, it isn't surprising that Archer and Joby are bleeding cash. But investors have to understand that the cash supporting these businesses is limited. At the end of the second quarter, Joby had roughly $2.2 billion in cash and investments. Archer Aviation had about $1.5 billion.

Joby has an edge, but don't get too excited From a pure numbers perspective, Joby has more room to run. If it continues to loss $260 million each quarter, the $2.2 billion in cash could last another two years or so. Joby's $1.5 billion in cash at a roughly $280 million quarterly loss would last only a little over a year.

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That's if nothing changes, which is highly unlikely. After all, Joby just successfully showcased its autonomous flight technology with a cross-country flight. And Archer just showed off its tech with manned flights between local California airports, basically proving it can operate an air taxi service. At this point, there's a strong reason to believe both will be able to bring their eVTOLs to market.

This helps explain why aviation giant Boeing (BA +1.78%), among other companies, is partnering with Archer. And why Joby is working with Virgin Atlantic and Delta (DAL +1.00%). Basically, neither Joby nor Archer is flying solo here, which suggests that more capital will be relatively easy to raise when it is needed.

Almost there, but not quite Archer Aviation and Joby Aviation are high-risk stocks that only the most aggressive of growth investors should consider. But they are both making material progress as businesses, even as they continue to burn through cash at a rapid clip. That's pretty normal for a start-up.

The big difference here is that each of these eVTOL companies is working with major partners that could be important sources of capital. In other words, investors should monitor cash burn as it occurs, but it is highly likely to be replenished before there's any risk to either company's business. That said, if either company fails to replace its cash balances in a timely fashion, it might be time to ditch the aircraft maker.

Headline and trimmed mean inflation modestly undershoot expectations
November RBA hike probability slumps from 44% to 20%
AUD/USD tests 0.6964 as downside momentum remains dominant
ASX 200 breaks higher as hawkish rate pricing unwinds
Australia’s August inflation report has undershot expectations, adding to the unwind in hawkish RBA pricing that began after Governor Michele Bullock’s press conference following the bank’s interest rate decision on Tuesday.

ASX 200 and Australian three-year bond futures have broken higher, while AUD/USD has resumed its unwind to test a key support zone.

Inflation miss adds to RBA pricing unwind
On the August inflation figures themselves, there was a modest undershoot in both headline and trimmed mean inflation, the latter important given it is the RBA’s preferred measure of underlying price pressures.

Headline CPI rose 0.4% for the month and 4.0% over the year compared with expectations for 0.5% and 4.1% respectively.

Trimmed mean rose 0.2% against 0.3% expected, while the annual rate came in at 3.6%, unchanged from July and in line with expectations.

Source: ABS

Looking at the unrounded index, though, the monthly trimmed mean increase was a relatively high 0.24%, while the annual rate was 3.57%. So while there was a modest undershoot, it was still basically in line with both the prior month and what markets had been looking for.

While the year-on-year rate appears to be rolling over, fitting with the view expressed by Bullock yesterday that policy settings are now restrictive, the nearer-term inflation pulse still leaves plenty of room for caution. Trimmed mean inflation is running at a 4.12% annualised pace over three months and 3.94% over six months, keeping the prospect of additional rate hikes firmly on the table.

However, the market is showing a clear inclination to jump on even the smallest dovish signal after what had been a very significant hawkish move in RBA pricing, and that's exactly what we've seen following the inflation report. 

The implied probability for a 25 basis point hike at the RBA’s next meeting on November 3 now sits at just 20%, down from 44% last week. 

Source: TradingView

Domestic inflation detail looks softer
Looking at the underlying detail in the August report, there was a clear trend within the data, with tradable inflation, which largely reflects global rather than domestic factors, rising 1.3% to be 2.9% higher than a year earlier.

In contrast, domestically derived categories were soft. Non-tradables were flat on the month, although still up 4.5% on a year earlier. Goods, largely reflecting higher energy prices, surged 1% to be 4.2% higher, but services, which often have linkages to wage pressures, and discretionary categories both declined 0.2%.

Source: ABS

While one month is not enough to create a trend, it fits with the view that high inflation, tighter monetary policy and recent declines in house prices across the country may be combining to curtail consumer demand.

That was also evident in a separate report released on Tuesday ahead of the RBA decision, which showed household spending was flat in August.

Rates unwind drives bullish breakout in threes

Source: TradingView

With front-end RBA hawkish pricing unwinding rapidly, Australian three-year government bond futures have staged a bullish breakout, successfully pushing above resistance at 95.035 that had capped bounces earlier this month.

With RSI (14) shifting back into neutral territory and MACD staging a bullish crossover while remaining in negative territory,  evidence is accumulating that we may have seen the lows for threes, at least in the near term.

If that is the case, 95.16, which was a breakdown level earlier this month, and 95.26 are the immediate overhead levels to watch.

If we were to see a reversal of the move, which at this stage appears unlikely, 94.875 is where the price bounced on two separate occasions earlier this month.

AUD/USD sinks to its lowest since July

Source: TradingView

The move in front-end rates has seen the modest corrective bounce in AUD/USD overnight reverse and then some, sending the pair to its lowest level since late July on the back of the inflation data.

The price is now testing a key support zone comprising horizontal support at 0.6964 and the 23.6% Fib retracement of the April 2025 to June 2026 bull move.

On the topside, 0.7004 is the immediate focal point from where the pair now trades. Unless the price can reclaim that level, the bias remains towards further downside.

A sustained break beneath the Fib level would point to the potential for an unwind back towards support at 0.6920. Below that, there’s not a lot to speak of until 0.6865, the swing low set in June this year.

The message from the oscillators continues to favour selling into strength and downside breaks, with RSI (14) struggling to recover from oversold territory, while MACD remains deeply negative after crossing the signal line from above.

AUD/USD just looks heavy on the charts.

ASX 200 loves the rates unwind

Source: TradingView

While the Aussie dollar is struggling with the unwind in hawkish pricing, Australia’s ASX 200 is loving it, breaking to its highest level in more than a week after clearing downtrend resistance drawn from the highs set in August.

With the breakout now in place and the oscillators indicating that upside strength is rebuilding on the four-hourly timeframe, buying dips and bullish breaks is favoured in the near term.

8710 had been the top of the prevailing sideways range the index was trading in prior to the RBA, so it looms as a level of interest underneath where the index now trades, along with 8750, where the price stalled in overnight trade.

Overhead, 8810 has acted as resistance on multiple occasions this month, with 8840 and 8890 the other nearby levels of note.

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Cindy Holland said in a memo to staff that CEO David Ellison was "optimizing for HBO stability." John Nacion/Variety via Getty Images Paramount Skydance's streaming chief is out as it closes in on its deal with Warner Bros. Discovery.

Cindy Holland told staffers in a memo obtained by Business Insider on Tuesday that it would be her last day at the company. Holland said the decision came as CEO David Ellison prepares for the $110 billion merger.

"As David readies for the next phase of his vision, we've discussed my role and the future of the combined businesses," Holland wrote. "David is optimizing for HBO stability as we move into this next chapter, and I fully support that."

A representative for Paramount declined to confirm if that meant HBO CEO Casey Bloys would be the new head of streaming.

"Cindy is one of the most exceptional executives in our industry — a force of nature whose impact on Paramount over the past year has been significant," Ellison said in a statement.

Who is Berkshire Hathaway's new CEO and can he live up to Warren Buffett's legacy?

Paramount announced last week it had settled an antitrust lawsuit brought by 12 states, clearing the way for the Warner Bros. merger. The deal, which the company said is expected to close within weeks, would make Paramount a Hollywood giant, with assets including Paramount Pictures, the Warner Bros. studio, CBS, HBO, and TV networks such as CNN and MTV.

Read Holland's full memo here:

When I joined David's team in January 2025, we proceeded to set three goals: i) advise on the Warner Bros. Discovery acquisition, ii) integrate and transform Paramount+ & revive Pluto TV, and iii) build an unparalleled team in this industry. In just over 12 months, I'm proud to say we accomplished all three and it's been a joy to work closely with all of you. Together with the Product team, we drove significant strategic and organizational change across DTC — building a new foundation for growth on both services, while investing in greater depth and breadth of programming and delivering strong revenue, profit, and subscriber growth for the division.

As David readies for the next phase of his vision, we've discussed my role and the future of the combined businesses. David is optimizing for HBO stability as we move into this next chapter, and I fully support that. I know this team has the leadership and expertise to manage through the transition and the next phase of the company, and to this end today will mark my last day here.

As I reflect on my time here and all that we've built together in this short time, what stands out most to me is this team. I have never been more proud of a group of people. What we've accomplished together is remarkable — landing quarter after quarter while navigating extraordinary uncertainty and change with resilience, focus and ambition. We grew Paramount+ to an all-time subscriber high, delivered the best retention in the service's history, and drove double-digit growth in both engagement and revenue. We built an extraordinary content pipeline, greenlighting more than 40 new and returning series and setting all-time records with Landman, the most-watched series in Paramount+ history, and Dutton Ranch, the service's biggest original series debut ever. We transformed live sports into a powerful streaming growth engine, securing landmark agreements with UFC and Zuffa Boxing and expanding our WNBA and UEFA Champions League rights — with UFC Freedom 250 becoming the largest-ever audience for an exclusive live event on Paramount+ and UFC 329 setting a new platform record for peak concurrent streams for an exclusive live event. And we undertook Pluto TV's biggest product transformation in a decade, dramatically increasing registered viewing and VOD consumption while delivering strong financial performance across the business. These are extraordinary accomplishments — but what makes me proudest is how we achieved them: together, with an unwavering commitment to our audiences, our creative partners and one another.

I joined Paramount because I believe in these businesses, and because I believe wholeheartedly that the combination of Paramount and Warner Bros. Discovery serves the best interests of artists and audiences worldwide. I'm looking forward to seeing what you all accomplish together in this next, momentous chapter.

Cindy

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, /PRNewswire/ -- This press release provides shareholders of Cohen & Steers Quality Income Realty Fund, Inc. (NYSE: RQI) (the "Fund") with information regarding the sources of the distribution to be paid on September 30, 2026 and cumulative distributions paid fiscal year-to-date.

In December 2012, the Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The managed distribution policy seeks to deliver the Fund's long-term total return potential through regular monthly distributions declared at a fixed rate per common share. The policy gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund's shares. 

The Fund's monthly distributions may include long-term capital gains, short-term capital gains, net investment income and/or return of capital for federal income tax purposes. Return of capital includes distributions paid by the Fund in excess of its net investment income and net realized capital gains and such excess is distributed from the Fund's assets. A return of capital is not taxable; rather, it reduces a shareholder's tax basis in his or her shares of the Fund. In addition, distributions from the Fund's investments in real estate investment trusts (REITs) may later be characterized as capital gains and/or a return of capital, depending on the character of the dividends reported to the Fund after year-end by REITs held by the Fund. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.

At the time of each monthly distribution, information will be posted to cohenandsteers.com and mailed to shareholders in a concurrent notice. However, this information may change at the end of the year because the final tax characteristics of the Fund's distributions cannot be determined with certainty until after the end of the calendar year. Final tax characteristics of all of the Fund's distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year.

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated. All amounts are expressed per common share.

DISTRIBUTION ESTIMATES

September 2026

YEAR-TO-DATE (YTD)

September 30, 2026*

Source

Per Share
Amount

% of Current
Distribution

Per Share
Amount

% of 2026
Distributions

Net Investment Income

$0.0832

92.44 %

$0.2325

28.70 %

Net Realized Short-Term Capital Gains

$0.0000

0.00 %

$0.0664

8.20 %

Net Realized Long-Term Capital Gains

$0.0024

2.67 %

$0.4144

51.16 %

Return of Capital (or other Capital Source)

$0.0044

4.89 %

$0.0967

11.94 %

Total Current Distribution

$0.0900

100.00 %

$0.8100

100.00 %

You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution policy. The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund's Year-to-date Cumulative Total Return for fiscal year 2026 (January 1, 2026 through August 31, 2026) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund's Cumulative Distribution Rate for 2026. In addition, the Fund's Average Annual Total Return for the five-year period ending August 31, 2026 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund's Current Annualized Distribution Rate for 2026. The performance and distribution rate information disclosed in the table is based on the Fund's net asset value per share (NAV). The Fund's NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's individual investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. 

Fund Performance and Distribution Rate Information:

Year-to-date January 1, 2026 to August 31, 2026                                                                 

Year-to-date Cumulative Total Return1

14.30 %

Cumulative Distribution Rate2

6.20 %

Five-year period ending August 31, 2026

Average Annual Total Return3

3.04 %

Current Annualized Distribution Rate4

8.27 %

1.

Year-to-date Cumulative Total Return is the percentage change in the Fund's NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

2.

Cumulative Distribution Rate for the Fund's current fiscal period (January 1, 2026 through September 30, 2026) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of August 31, 2026.

3.

Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending August 31, 2026. Annual NAV Total Return is the percentage change in the Fund's NAV over a year including distributions paid and assuming reinvestment of those distributions.

4.

The Current Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV as of August 31, 2026.

Investors should consider the investment objectives, risks, charges and expense of the Fund carefully before investing. You can obtain the Fund's most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com. These reports and other filings can be found on the Securities and Exchange Commission's EDGAR Database. You should read these reports and other filings carefully before investing.

Shareholders should not use the information provided here in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report Fund distributions for federal income tax purposes.

About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.

Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Website: https://www.cohenandsteers.com
Symbol: (NYSE: CNS)

SOURCE Cohen & Steers, Inc.

, /PRNewswire/ -- This press release provides shareholders of Cohen & Steers REIT and Preferred and Income Fund, Inc. (NYSE: RNP) (the "Fund") with information regarding the sources of the distribution to be paid on September 30, 2026 and cumulative distributions paid fiscal year-to-date.

In December 2017, the Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The managed distribution policy seeks to deliver the Fund's long-term total return potential through regular monthly distributions declared at a fixed rate per common share. The policy gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund's shares. 

The Fund's monthly distributions may include long-term capital gains, short-term capital gains, net investment income and/or return of capital for federal income tax purposes. Return of capital includes distributions paid by the Fund in excess of its net investment income and net realized capital gains and such excess is distributed from the Fund's assets. A return of capital is not taxable; rather, it reduces a shareholder's tax basis in his or her shares of the Fund. In addition, distributions from the Fund's investments in real estate investment trusts (REITs) may later be characterized as capital gains and/or a return of capital, depending on the character of the dividends reported to the Fund after year-end by REITs held by the Fund. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.

At the time of each monthly distribution, information will be posted to cohenandsteers.com and mailed to shareholders in a concurrent notice. However, this information may change at the end of the year because the final tax characteristics of the Fund's distributions cannot be determined with certainty until after the end of the calendar year. Final tax characteristics of all of the Fund's distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year.

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated. All amounts are expressed per common share.

DISTRIBUTION ESTIMATES

September 2026

YEAR-TO-DATE (YTD)
September 30, 2026*

Source

Per Share Amount

% of Current Distribution

Per Share Amount

% of 2026 Distributions

Net Investment Income

$0.1360

100.00 %

$0.6917

56.51 %

Net Realized Short-Term Capital Gains

$0.0000

0.00 %

$0.0000

0.00 %

Net Realized Long-Term Capital Gains

$0.0000

0.00 %

$0.5323

43.49 %

Return of Capital (or other Capital Source)

$0.0000

0.00 %

$0.0000

0.00 %

Total Current Distribution

$0.1360

100.00 %

$1.2240

100.00 %

You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution policy. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund's Year-to-date Cumulative Total Return for fiscal year 2026 (January 1, 2026 through August 31, 2026) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund's Cumulative Distribution Rate for 2026. In addition, the Fund's Average Annual Total Return for the five-year period ending August 31, 2026 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund's Current Annualized Distribution Rate for 2026. The performance and distribution rate information disclosed in the table is based on the Fund's net asset value per share (NAV). The Fund's NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's individual investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. 

Fund Performance and Distribution Rate Information:

Year-to-date January 1, 2026 to August 31, 2026

Year-to-date Cumulative Total Return1

10.39 %

Cumulative Distribution Rate2

5.66 %

Five-year period ending August 31, 2026

Average Annual Total Return3

3.48 %

Current Annualized Distribution Rate4

7.55 %

1.

Year-to-date Cumulative Total Return is the percentage change in the Fund's NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

2.

Cumulative Distribution Rate for the Fund's current fiscal period (January 1, 2026 through September 30, 2026) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of August 31, 2026.

3.

Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for
the five-year period ending August 31, 2026. Annual NAV Total Return is the percentage change in the Fund's NAV over a year including distributions paid and assuming reinvestment of those distributions.

4.

The Current Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage
of the Fund's NAV as of August 31, 2026.

Investors should consider the investment objectives, risks, charges and expense of the Fund carefully before investing. You can obtain the Fund's most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com. These reports and other filings can be found on the Securities and Exchange Commission's EDGAR Database. You should read these reports and other filings carefully before investing.

Shareholders should not use the information provided here in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report Fund distributions for federal income tax purposes.

About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.  

Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.

Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Website: https://www.cohenandsteers.com
Symbol: (NYSE: CNS)

SOURCE Cohen & Steers, Inc.

In the latest close session, Pilgrim's Pride (PPC - Free Report) was down 2.99% at $27.27. The stock's performance was behind the S&P 500's daily loss of 0.17%. Elsewhere, the Dow lost 0.26%, while the tech-heavy Nasdaq lost 0.09%.

The poultry producer's shares have seen a decrease of 10.42% over the last month, not keeping up with the Consumer Staples sector's loss of 3.69% and the S&P 500's loss of 0.24%.

The upcoming earnings release of Pilgrim's Pride will be of great interest to investors. The company is expected to report EPS of $0.75, down 50.66% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $4.6 billion, down 3.35% from the year-ago period.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $2.35 per share and revenue of $18.5 billion. These totals would mark changes of -54.55% and +0.01%, respectively, from last year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Pilgrim's Pride. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Pilgrim's Pride is currently sporting a Zacks Rank of #5 (Strong Sell).

Valuation is also important, so investors should note that Pilgrim's Pride has a Forward P/E ratio of 11.96 right now. For comparison, its industry has an average Forward P/E of 12.69, which means Pilgrim's Pride is trading at a discount to the group.

The Food - Meat Products industry is part of the Consumer Staples sector. Currently, this industry holds a Zacks Industry Rank of 247, positioning it in the bottom 1% of all 250+ industries.

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

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

 | Source: Apollo Global Management, Inc.

TOKYO and NEW YORK, Sept. 29, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced the successful completion of Apollo managed funds’ (“Apollo Funds”) acquisition of Nippon Sheet Glass Co., Ltd., a leading global company in architectural, automotive, and solar glass, and the launch of its new management structure, marking the new beginning of its next phase of growth.

This transaction by Apollo Funds and key financial institutions will support the strengthening of the company’s financial foundation to accelerate investments in its people and technology. Drawing on Apollo’s prior investment experience in glass, automotive, and manufacturing sectors, the company will further capitalize on the strengths of the wider group and steadily build a more robust and sustainable business foundation.

“This closing marks the beginning of an exciting new chapter for NSG Group,” said Munehiro Hosonuma, Representative Director, President and CEO. “Reaching this milestone would not have been possible without the understanding and steadfast support of our shareholders, financial institutions, business partners, and employees, and we are deeply grateful to each of them. The expertise, trust, brand, and core values of our company, cultivated over a century of tradition, remain unchanged and we intend to develop them further. Together, we will dedicate our utmost efforts to transform the company and contribute to the development of a sustainable society.”

“The combination of Apollo's experience and the talent and craftsmanship of NSG Group's people positions the company to build a strong platform for growth and innovation,” said Tetsuji Okamoto, Lead Partner, Asia Pacific Private Equity at Apollo. “We look forward to working closely with the management team and the wider NSG Group as we pursue an exciting future together.”

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2026, Apollo had approximately $1.05 trillion of assets under management. To learn more, please visit www.apollo.com.

Contacts

Apollo
Noah Gunn, Global Head of Investor Relations
(212) 822-0540, [email protected]

Joanna Rose, Global Head of Corporate Communications
(212) 822-0491, [email protected]

In the latest close session, Garmin (GRMN - Free Report) was down 1.3% at $290.23. The stock's change was less than the S&P 500's daily loss of 0.17%. Meanwhile, the Dow lost 0.26%, and the Nasdaq, a tech-heavy index, lost 0.09%.

Shares of the maker of personal navigation devices have appreciated by 3.5% over the course of the past month, underperforming the Computer and Technology sector's gain of 3.58%, and outperforming the S&P 500's loss of 0.24%.

Investors will be eagerly watching for the performance of Garmin in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on October 28, 2026. The company is predicted to post an EPS of $2.38, indicating a 19.6% growth compared to the equivalent quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $1.99 billion, showing a 12.32% escalation compared to the year-ago quarter.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $10.08 per share and a revenue of $8.09 billion, representing changes of +17.76% and +11.7%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for Garmin. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

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

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Garmin is currently sporting a Zacks Rank of #2 (Buy).

From a valuation perspective, Garmin is currently exchanging hands at a Forward P/E ratio of 29.19. Its industry sports an average Forward P/E of 20.44, so one might conclude that Garmin is trading at a premium comparatively.

We can additionally observe that GRMN currently boasts a PEG ratio of 3.29. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Electronics - Miscellaneous Products industry had an average PEG ratio of 1.38 as trading concluded yesterday.

The Electronics - Miscellaneous Products industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 83, placing it within the top 34% of over 250 industries.

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

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

Volmex Finance has listed perpetual futures contracts based on its Bitcoin Volmex Implied Volatility Index (BVIV) on Hyperliquid, creating what amounts to the first onchain market dedicated to trading Bitcoin’s expected volatility as a standalone asset.

Think of it as crypto’s answer to the VIX, the Wall Street “fear gauge” that tracks expected S&P 500 volatility. Except instead of being locked behind institutional brokerage accounts, this one lives on a decentralized exchange and comes with up to 5x leverage.

How the BVIV contract works The BVIV index captures Bitcoin’s 30-day expected implied volatility by pulling real-time options data from Deribit and OKX, two of the largest crypto options venues. Recent index readings have sat in the mid-to-high 30s, which gives a rough sense of the market’s current anxiety level about near-term BTC price swings.

The perpetual futures contract uses a linear payout model. For every 1.00 point the index moves, a trader gains or loses $1 USDC. So if you’re long BVIV at 35 and it spikes to 50 during a market panic, that’s a $15-per-contract gain, no options Greeks required.

Contracts are USDC-collateralized with isolated margin, meaning a blown position on your volatility trade won’t cannibalize your other holdings on the platform. Funding is calculated hourly rather than the more typical eight-hour intervals seen on most perp markets, reflecting the unique dynamics of a volatility index that can gap sharply.

The initial open-interest cap is set at $2 million, a deliberate guardrail as the market finds its footing. Trading is accessible through the Markets by Kinetiq frontend under the ticker mkts:BVIV.

Why trade volatility instead of price Volmex CEO Cole Kennelly framed the launch in those terms, calling it a significant opportunity for crypto traders and investors to access hedging and speculation strategies without the barriers typically associated with options trading.

Hyperliquid’s expanding menu The choice of Hyperliquid as the listing venue is notable. The platform has established itself as the dominant decentralized perpetual futures exchange, processing billions in daily trading volume with a valuation that has exceeded $90 billion. Adding a volatility-specific product diversifies the exchange beyond straightforward crypto price speculation.

Still, the product comes with documented risks. Volatility indices can exhibit gap behavior, where the index jumps sharply between calculation intervals rather than moving smoothly. For leveraged traders, those gaps can mean the difference between a manageable drawdown and a liquidation. The isolated margin structure helps contain that risk, but it doesn’t eliminate it.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

Riot Platforms has fully repaid its Coinbase Credit borrowing and closed the $200 million Bitcoin-backed facility, releasing the lender’s claims on pledged assets after settling principal and accrued interest on Sep. 21.

Summary

Riot terminated the Coinbase facility after paying all outstanding principal and interest through Sep. 21. Coinbase’s security interests were released, alongside the termination of its commitment to provide further loans. Riot held 5,821 BTC as collateral as of June 30, roughly 51% of its Bitcoin reserves. The facility carried a fixed 6.15% annual interest rate following an April amendment. Riot Platforms’ Form 8-K, filed with the U.S. Securities and Exchange Commission on Sep. 25, disclosed that the company voluntarily prepaid its outstanding borrowing under the agreement signed on April 21, 2026.

After receiving Riot’s repayment notice, Coinbase Credit was paid the remaining principal and all accrued, unpaid interest through Sep. 21, according to the filing. The payment discharged Riot’s obligations under the agreement and ended the lender’s commitment to make further loans.

Riot Platforms repayment releases pledged assets Under the terminated agreement, Coinbase Credit served as lender, collateral agent and administrative agent, the SEC filing stated. The facility allowed multiple drawdowns up to an aggregate principal amount of $200 million, backed by financial assets held with Coinbase Custody Trust Company.

Eligible pledged assets included Bitcoin, USDC, and cash, according to the disclosure. Alongside the repayment, Coinbase’s security interests under the collateral documents were released.

No early-termination fee or penalty applied, the filing said, because Riot repaid after the four-month anniversary of the agreement’s original maturity date. The day-count fraction used to calculate the termination charge was therefore zero.

In its June-quarter financial disclosure, Riot reported holding 11,380 BTC, including 5,821 BTC pledged as collateral. At the June 30 valuation of $58,527 per coin, the pledged holdings were worth approximately $340.7 million and represented about 51% of the company’s Bitcoin inventory.

Across its entire Bitcoin balance, Riot reported a value of approximately $666 million at quarter-end. Its August earnings release also listed $548.9 million in cash, including $77.5 million classified as restricted cash.

April amendment set a 6.15% fixed borrowing rate According to Riot’s first-quarter Form 10-Q, the Coinbase borrowing arrangement began as a $100 million facility on April 22, 2025. An amendment on May 20, 2025 doubled the lender’s commitment to $200 million.

By the first-quarter disclosure, Riot had drawn the entire facility, the company reported. It identified strategic initiatives and general corporate purposes among the intended uses, including capital spending associated with developing data centers.

Before the April 2026 amendment, the agreement charged interest based on the federal funds rate, subject to a minimum base rate, plus 4.5 percentage points. Riot reported an applicable interest rate of 8.3% as of March 31.

Under the second amended agreement, the company extended maturity to April 20, 2027 and replaced the previous pricing with a fixed annual rate of 6.15%, according to the quarterly filing.

Using that disclosed rate, a $200 million balance outstanding for a full year would incur approximately $12.3 million in interest. The figure is an annualized calculation from the loan terms, rather than the amount Riot paid when it settled the facility.

For U.S. shareholders, Riot’s disclosures concern a Nasdaq-listed company trading under RIOT. Its August earnings announcement identified Bitcoin mining and data center operations in Texas and Kentucky, alongside engineering and fabrication facilities in Denver and Houston.

Riot’s Bitcoin sales accompanied data center revenue In a May 1 report, crypto.news covered Riot’s first-quarter financial results, which showed revenue of $167.2 million, compared with $161.4 million a year earlier.

The company disclosed selling 3,778 BTC during the quarter for $289.5 million, while producing 1,473 BTC. According to the report, mining revenue fell to $111.9 million from $142.9 million, a decline Riot attributed to lower average Bitcoin prices and increased global network computing power.

Alongside mining, Riot reported its first quarter of data center revenue at $33.2 million, including $0.9 million from operating leases and $32.2 million from tenant fit-out services. The May report also noted that AMD exercised an option for another 25 megawatts, bringing its contracted capacity to 50 megawatts.

On July 3, a separate report documented Riot’s 500 BTC custody transfer to NYDIG, valued at approximately $30.72 million at the time. The report attributed the transaction to on-chain information shared by Onchain Lens.

For the second quarter, Riot’s earnings release reported total revenue of $174.2 million, up 14% from a year earlier. The company recorded $23.2 million in data center revenue and produced 1,587 BTC, compared with 1,426 BTC in the same quarter of 2025.

Other miners disclosed Coinbase borrowing and refinancing An Aug. 9 report detailed how MARA Holdings secured new Bitcoin-backed loans after pledging 18,750 BTC worth approximately $1.2 billion as initial collateral.

According to MARA’s SEC disclosure cited in that report, the arrangements provided $600 million in fresh borrowing through Coinbase Credit and Two Prime Lending. Coinbase’s $450 million facility included $300 million of new funding and the refinancing of an existing $150 million credit line.

Two Prime separately provided a fully drawn $300 million term loan at a fixed annual rate of 7.65%, the report stated. MARA said the proceeds could support general corporate purposes, including part of the cash consideration for its planned Long Ridge Energy & Power acquisition.

Earlier, a May 4 report covered Hut 8’s replacement of Coinbase financing with a $200 million FalconX credit agreement. Hut 8 said the new facility carried a fixed 7% annual rate, compared with 9% under the previous Coinbase arrangement.

Under that refinancing, Hut 8 said approximately 3,300 BTC would move out of pledged collateral once the transaction was completed. The company valued those coins at approximately $260 million using Bitcoin’s May 1 market price.

Aztec Labs has relaunched zk.money, a self-custodial wallet for private crypto payments, three years after discontinuing the original product.

The new version runs on Aztec Network, the company's privacy-focused Ethereum Layer 2. Unlike a standard Ethereum wallet, zk.money does not publish users' balances, payment amounts or counterparties on a public ledger, Aztec said Tuesday.

The return comes as privacy has become a larger focus for Ethereum. Its public roadmap calls for making privacy a "first-class property" of the network, while Ethereum co-founder Vitalik Buterin has highlighted the risks of making people's financial activity publicly traceable.

"Onchain transactions between two individuals shouldn't mean publishing your financial history to the world," Aztec Labs CEO Joe Andrews said in a statement. "zk.money is a self-custodial crypto wallet where your financial history stays yours."

Why zk.money is returning The original zk.money launched in 2021 and was discontinued in 2023 as Aztec Labs shifted its focus to building Aztec Network. Aztec said the wallet reached more than 75,000 unique wallets and processed over $100 million in volume.

Andrews told The Block that demand was not the reason for shutting it down. The earlier system was difficult to expand and could not scale globally, he said.

"We sunset in 2023, not because private payments were a failed thesis, but because they needed infrastructure that did not yet exist," Andrews said. "The system back then was very hard to add features and did not scale globally."

Aztec spent the following three years building Aztec Network, a decentralized Layer 2 designed to support private applications on Ethereum, he added. The network is now overseen by the nonprofit Aztec Foundation, while Aztec Labs develops products on top of it.

"Now that the network is live and stewarded via the non-profit Aztec Foundation, our team at Aztec Labs is back shipping open-source privacy products on top of it," Andrews said. He added that the new infrastructure gives developers more room to add features using Noir, Aztec's programming language for zero-knowledge applications.

How the wallet works Users can claim a simple handle such as bob.zk.money instead of using a long wallet address, Aztec said. They can send or request payments by sharing a link.

The handles use Ethereum Name Service technology and can work with apps that support ENS. Users can also choose who can interact with their handles.

Users can send funds from Ethereum-based exchanges directly to a zk.money handle. Aztec also plans to connect the wallet with DeFi protocols on Ethereum. The company said it is working with potential partners, with integrations expected in Q4, but declined to name them ahead of future announcements.

Since the wallet is non-custodial, Aztec Labs said it cannot spend, move or freeze users' funds.

Users can access zk.money through the web or run it locally. A mobile app is also planned for Q4, though Aztec said there is no set launch date yet.

The relaunch comes after two older Aztec smart contracts were exploited in June. Aztec said the contracts were linked to separate products that had been shut down years earlier and were not part of the current Aztec Network. The new zk.money runs on the newer network and was not affected, the company said.

Aztec has raised $125 million to date, including a $100 million Series B backed by a16z crypto and Paradigm in 2022.

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In the latest close session, Lockheed Martin (LMT - Free Report) was down 1.14% at $512.21. The stock's performance was behind the S&P 500's daily loss of 0.17%. Elsewhere, the Dow lost 0.26%, while the tech-heavy Nasdaq lost 0.09%.

The stock of aerospace and defense company has fallen by 7.68% in the past month, leading the Aerospace sector's loss of 8.98% and undershooting the S&P 500's loss of 0.24%.

The upcoming earnings release of Lockheed Martin will be of great interest to investors. It is anticipated that the company will report an EPS of $7.25, marking a 4.32% rise compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $20.35 billion, up 9.36% from the year-ago period.

For the full year, the Zacks Consensus Estimates project earnings of $30.45 per share and a revenue of $80.82 billion, demonstrating changes of +31.7% and +7.69%, respectively, from the preceding year.

Investors should also take note of any recent adjustments to analyst estimates for Lockheed Martin. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.19% increase. Lockheed Martin is currently a Zacks Rank #3 (Hold).

Looking at valuation, Lockheed Martin is presently trading at a Forward P/E ratio of 17.02. For comparison, its industry has an average Forward P/E of 23.72, which means Lockheed Martin is trading at a discount to the group.

We can additionally observe that LMT currently boasts a PEG ratio of 1.13. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Aerospace - Defense was holding an average PEG ratio of 1.69 at yesterday's closing price.

The Aerospace - Defense industry is part of the Aerospace sector. At present, this industry carries a Zacks Industry Rank of 179, placing it within the bottom 28% of over 250 industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

@Coinbase has expanded its crypto-backed lending product, allowing eligible U.S. residents outside of New York to borrow up to $100,000 in USDC by pledging their $HYPE (Hyperliquid) or $ZEC (Zcash) tokens as collateral. Loans are processed instantly through the Coinbase app.

Liquidity Without the Tax Hit The key appeal is the tax treatment. Borrowing against crypto holdings is not considered a taxable event, meaning users can access dollar liquidity without selling their positions and without realising a capital gain. According to Crypto Briefing, the feature lets holders of Hyperliquid and Zcash tokens borrow up to $100,000 in USDC "without triggering a taxable sale."

Risk parameters for altcoin collateral on the platform are set at a maximum loan-to-value (LTV) ratio of 49%, with liquidation triggered at 62.5%. In practical terms, that means a user posting $10,000 worth of $HYPE could borrow up to roughly $4,900. There are no fixed repayment schedules, though borrowers must keep their LTV ratio within limits to avoid automatic liquidation.

Built on Morpho and Base The product is powered by the @Morpho Protocol, an on-chain lending platform, running on @Base, Coinbase's own Layer-2 network. When a user posts collateral through the Coinbase app, the mechanics are handled by Morpho's smart contracts in the background. As Coinbase's own help documentation notes, "borrowing is enabled by the Morpho onchain lending protocol on Base."

The addition of $HYPE and $ZEC continues a steady expansion of accepted collateral assets. The platform already supports borrowing against Bitcoin, Ethereum, Solana, XRP, Cardano, Dogecoin, and Litecoin, with the programme having launched in early 2025. The broader Morpho and Coinbase partnership has grown considerably, with onchain collateral in their shared vaults rising 133% in 2026 to approximately $3.5 billion, alongside $1.57 billion in outstanding loans across roughly 53,000 active users.

Sources:
Crypto Briefing: Coinbase expands crypto-backed loans to include HYPE and ZEC
Crypto Briefing: Base financing markets grow 133% this year, driven by Morpho and Coinbase integration
Coinbase Help: Crypto-backed loans introduction

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Aneel Bhusri took over as CEO in February. Fortune Workday is conducting layoffs for the second time this year, this time affecting around 500 workers. It also trimmed its fiscal third-quarter earnings forecast.

The software-as-a-service giant said in a securities filing Tuesday that it's cutting approximately 2.5% of its workforce, mainly within its product and technology team, to "better align team structures with Workday's strategic growth priorities."

The company, which had over 21,000 employees at the end of January, said it plans to continue hiring in strategic areas and locations throughout fiscal 2027.

Workday shares are down about 12% year to date.

The company previously laid off about 400 employees in February, and about a week later, its then-CEO, Carl Eschenbach, left his post. He was succeeded by Workday cofounder and executive chair Aneel Bhusri, who had held the top job three times before.

In both layoff announcements, Workday didn't cite AI as a catalyst, though the technology soured investors' appetite for the company and other enterprise software vendors earlier this year. That is when the so-called SaaSpocalypse erased hundreds of billions of dollars from their market values over concerns that AI could make it cheaper for businesses to build software rather than buy it.

Bhusri has nonetheless remained bullish on his company's prospects. "Last quarter, I told you I hadn't met a single customer looking to replace Workday with something they're building internally or buying from a startup. One quarter later, that hasn't changed," he said on an earnings call with analysts in August.

Workday also said on Tuesday that restructuring charges stemming from the latest round of layoffs will reduce its fiscal 2027 third-quarter and full-year operating margins.

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Sarah E. Needleman You're currently following this author! Click to unsubscribe from email alerts.

Sarah E. Needleman covers leadership and the workplace for Business Insider.Previously, she was a reporter for The Wall Street Journal for more than two decades, covering technology companies, entrepreneurship, and recruiting.In 2022, Sarah received an honorable mention with WSJ colleagues for their coverage of workplace misconduct at Activision Blizzard from the Society for Advancing Business Editing and Writing.Sarah graduated from Rutgers University in 1997 with a bachelor's degree in journalism. She lives with her husband, daughter, and fur child (an Australian labradoodle) in northern New Jersey.

Careers Layoffs

A year ago, Zcash was a rounding error next to Bitcoin. Its market cap sat at roughly 0.1% of Bitcoin’s, the kind of ratio that makes a coin easy to ignore. Fast forward to September 2026, and that number has jumped to 1.5%, according to new research from Grayscale.

ZEC went from approximately $60 to around $1,500 in twelve months, a roughly 19-fold increase that pushed its market cap near $13.74 billion by late August. For context, Bitcoin’s market cap hovered around $1.56 trillion at the time.

What’s driving the surge Grayscale’s report, published September 29, 2026, attributes the rally to growing demand for financial privacy. The thesis is straightforward: as blockchain transparency improves and on-chain surveillance tools proliferate, a segment of users and investors increasingly values the option to transact privately.

Zcash’s core feature, shielded transactions, lets users encrypt sender, receiver, and amount data while still settling on a public blockchain.

By late September 2026, ZEC was trading around $1,400, with its market cap reported near $23-24 billion, suggesting continued momentum even after the initial price spike earlier in the summer.

Grayscale frames the opportunity in relative terms. Bitcoin dominates what the firm calls the “currencies sector” of crypto, holding roughly 90-93% of that category’s total market cap.

The ETF factor On August 25, 2026, the firm launched its Zcash ETF under the ticker ZCSH on NYSE Arca. The product was a conversion of Grayscale’s longstanding Zcash Trust, which dates back to 2017.

Converting a trust into an ETF matters because it eliminates the persistent premium or discount to net asset value that plagued Grayscale’s earlier trust products. Now, ZCSH offers direct exposure to ZEC with the arbitrage mechanism that keeps ETF prices tethered to the underlying asset.

The ETF has reportedly attracted considerable inflows since launch.

Grayscale’s report includes hypothetical scenarios showing ZEC’s price at various levels of Bitcoin market-cap capture. If Zcash hit 2% of Bitcoin’s market cap, the implied ZEC price would land near $1,622. These are explicitly hypothetical, not forecasts.

Privacy’s moment, and the risks that come with it Zcash offers optional privacy that users can toggle on or off depending on the situation, using shielded transactions based on zero-knowledge proofs.

But privacy coins carry specific risks that Grayscale itself acknowledges. ZEC is significantly more volatile than Bitcoin. Regulatory risk looms larger too — several exchanges have delisted privacy-focused tokens in recent years under pressure from regulators concerned about money laundering.

Zcash also has a capped supply of 21 million coins, mirroring Bitcoin’s scarcity model.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

Gold Defied the Fed’s Rate Hike—These 3 Plays Stand OutWheaton Precious Metals NYSE: WPM President and CEO Haytham Hodaly said the company is expanding its technical team and reviewing a larger-than-usual pipeline of potential streaming transactions as it pursues growth through 2030.

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Speaking at a company event, Hodaly said Wheaton has increased its workforce to 48 employees after adding three technical hires during the past month. The additions come as the company evaluates between 20 and 25 opportunities at a given time, compared with a more typical range of 12 to 15 opportunities.

Gold Has Gone Sideways, But These 3 Stocks Haven’tHodaly, who became CEO earlier this year after 15 years with Wheaton, said he remains closely involved in corporate development. He described the company’s investment approach as focused on “the highest quality, lowest cost, longest life” assets in safe jurisdictions and with strong operating partners.

Due Diligence and Returns According to Hodaly, Wheaton’s technical team rebuilds drill-hole databases, develops its own reserve and resource estimates, and assesses engineering plans before comparing its work with technical reports supplied by project operators. The company then evaluates possible expansions, recoveries, grades, efficiency gains and exploration potential, he said.

Safety Stocks Are Not What They Used to Be: 4 Names Built for a Weaker DollarSocial, financial and legal teams also participate in the assessment and structuring of potential transactions. Hodaly said Wheaton often enters life-of-mine agreements, making long-term expansion potential an important consideration.

He said Wheaton has generated an internal rate of return near 20% over the past 20 years and currently has return on invested capital near 20%. Hodaly attributed part of those returns to the timing of its capital commitments, saying Wheaton generally does not provide most project funding until a project is near construction and has been further de-risked.

“Often what we do is we’ll put up, let’s say, 10% of the stream value up front to allow them to advance it through to the construction stage and the permitting stage,” Hodaly said.

2030 Production Outlook Hodaly said Wheaton expects production to increase from about 800,000 gold equivalent ounces to 1.2 million gold equivalent ounces by 2030. He characterized that target as conservative and said it is underpinned by nine development projects, including six already under construction. Several other projects are nearing commercial production or awaiting final investment decisions, he said.

The company has not included additional potential growth from existing assets in its 1.2 million-ounce projection, according to Hodaly. He cited potential expansions or higher production at Salobo, Koné, Kurmuk and Hemlo, as well as possible future contributions from Generation Mining and Aris Mining’s Toroparu project.

At Salobo in Brazil, Wheaton’s largest contributor to production, Hodaly said the operator has expanded processing capacity from one 12-million-tonne line to three such lines. A coarse particle flotation circuit is expected to add another 6 million tonnes to the third line, he said, potentially helping offset declining grades as the mine matures.

Hodaly said Wheaton’s share of output from Salobo could approach 300,000 ounces annually. While Salobo currently represents about 37% of Wheaton’s production, he said that proportion could decline to roughly 27% by 2030 as other assets enter production.

Capital Deployment and Larger Transactions Wheaton has committed $4.6 billion so far in 2026, Hodaly said, following approximately $5.5 billion deployed during the past 12 months. That compares with a more typical annual deployment range of $800 million to $1 billion over the past decade.

Hodaly said the company has roughly $2.6 billion of capacity available for new investments and adds about $250 million monthly. While he expects most potential transactions to remain below $500 million, he said billion-dollar-plus deals could occur about once annually over the next five to 10 years.

He pointed to the company’s $4.3 billion Antamina transaction as an example of a larger deal that required years of discussions. Hodaly said Wheaton first became familiar with Antamina in 2016 and believes the asset could operate for 60 to 90 years, based on its due diligence and ongoing work by its owners. Antamina’s current permitted period runs to 2036, he said, with tailings capacity representing a constraint during the next decade.

Dividend Priorities Hodaly said Wheaton intends to continue increasing its progressive dividend as production and commodity prices support cash flow. He said the dividend rose 3% three years ago, 7% last year and 18% this year.

However, he emphasized that the company’s primary capital-allocation objective remains deploying capital into high-quality assets on an accretive basis, with dividend growth as a secondary objective.

About Wheaton Precious Metals (NYSE:WPM)Wheaton Precious Metals Corp. is a precious metals streaming company headquartered in Vancouver, Canada. Rather than operating mines directly, the company provides mining companies with upfront financing in exchange for the right to purchase a portion of the gold, silver, palladium, cobalt and other metals produced by designated mining operations at predetermined prices.

Wheaton's streaming portfolio is supported by agreements with mining operations in the Americas and other regions, including Canada, the United States, Mexico, Peru, Brazil and Chile.

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].

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