Market Signal Briefing

Richard Francis, Teva's President and CEO, will present at the 44th Annual J.P. Morgan Healthcare Conference on Tuesday, January 13, 2026, at 8:15 A.M. Pacific Time (11:15 A.M. Eastern Time) January 11, 2026 18:00 ET  | Source: Teva Pharmaceutical Industries Ltd

TEL AVIV, Israel, Jan. 11, 2026 (GLOBE NEWSWIRE) -- Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) will present its ongoing transformation and expected growth trajectory through 2030 at the 44th Annual J.P. Morgan Healthcare Conference. Teva’s President and Chief Executive Officer, Richard Francis, will meet with investors and present the Company’s milestones achieved in 2025, transformative initiatives, and forward-looking outlook for 2026 and beyond.

Presentation Highlights:

Pivot to Growth Strategy Progress: Teva is accelerating its Pivot to Growth strategy, focusing on transforming into a leading innovative biopharmaceutical company through late-stage innovative pipeline, fueled by its world-class generics business.Innovation at the Heart of Teva's Transformation: Teva's key innovative brands – AUSTEDO®, AJOVY® and UZEDY® – are already driving its growth and reshaping Teva's financial outlook. Teva’s clinical pipeline assets – olanzapine LAI, DARI (ICS/SABA), duvakitug (anti-TL1A), emrusolmin, and anti-IL-15 – are expected to drive Teva's long-term growth trajectory and further Teva’s transformation.2025 Performance: Teva to provide its expected 2025 financial performance.2026 and Beyond: In addition, Teva to provide forward-looking outlook for 2026 and beyond, underlining disciplined capital allocation and a commitment to securing an investment-grade credit rating. Expected 2025 Performance

$ billions, except EPS or as noted

2025 Outlook

Expected 2025 performance relative to Outlook (excluding duvakitug milestones)

Additional contribution from expected duvakitug milestones

Revenues*

$16.8 - $17.0

Lower point of the range

$500M

Operating Margin

~26.2% - 27.1%

Mid to high point of the range

~80%-85%

Adjusted EBITDA

$4.8 - $5.0

Midpoint of the range

~$400M-$430M

Tax Rate

15%-18%

Lower point of the range

Diluted EPS ($)

2.55 - 2.65

Higher point of the range

Free Cash Flow**

$1.6 - $1.9

Higher point of the range

~$500M

Net leverage

~2.5x - 2.9x

Midpoint of the range

~2.5x

Path to achieving 2027 targets and additional 2030 targets

$billionsor as noted

2026

2027

2030

Revenues*

Flat to slightly down vs. 2025

Low-single digit growth

Mid-single digit CAGR

Operating Profit

Growing vs. 2025

30%

>30%

Adjusted EBITDA

Growing vs. 2026

Growing

Free Cash Flow**

Growing vs. 2025

>$2.7

>$3.5

Net Leverage

~2.0-2.2x

<2x

<2x

Cumulative Transformation Programs Savings

~$450M-500M

~$700M

Note: 2026 commentary compared to 2025 results excluding duvakitug milestones, except for net debt leverage calculation.
* Revenues presented on a GAAP basis; all other metrics presented on a non-GAAP basis.
** Free Cash Flow includes cash flow generated from operating activities net of capital expenditures and deferred purchase price cash component collected for securitized trade receivables.

To access a live webcast of the presentation, visit Teva’s Investor Relations website at:  https://ir.tevapharm.com/Events-and-Presentations.

An archived version of the webcast will be available within 24 hours after the end of the live discussion and will be accessible for up to 30 days.

About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is transforming into a leading innovative biopharmaceutical company, enabled by a world-class generics business. For over 120 years, Teva’s commitment to better health has never wavered. From innovating in the fields of neuroscience and immunology to providing complex generic medicines, biosimilars and pharmacy brands worldwide, Teva is dedicated to addressing patients’ needs, now and in the future. At Teva, We Are All In For Better Health. To learn more about how, visit www.tevapharm.com.

Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures as defined by SEC rules. Management believes that such non-GAAP financial measures provide useful information to investors to facilitate their understanding of our business because the non-GAAP financial measures are used by Teva's management and board of directors, in conjunction with other performance metrics, to evaluate the operational performance of the company, to compare against the company's work plans and budgets, and ultimately to evaluate the performance of management; the company’s annual budgets are prepared on a non-GAAP basis; and senior management’s annual compensation is derived, in part, using these non-GAAP measures. Investors should consider the non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. In the case of the non-GAAP financial measures disclosed in this press release, we are not providing comparable forward looking guidance for GAAP financial measures or a quantitative reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP measure because we are unable to predict with reasonable certainty the ultimate outcome of certain significant items including, but not limited to, the amortization of purchased intangible assets, legal settlements and loss contingencies, impairment of long-lived assets and goodwill impairment, without unreasonable effort. These items are uncertain, depend on various factors, and could be material to our results computed in accordance with GAAP.

Teva Cautionary Note Regarding Forward Looking Statements
This Press Release and the presentation at the conference may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our financial guidance, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. These forward-looking statements include statements concerning our plans, strategies, objectives, future performance and financial and operating targets, and any other information that is not historical information. You can identify these forward-looking statements by the use of words such as “should,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” "outlook” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance. Important factors that could cause or contribute to such differences include risks relating to: our ability to successfully compete in the marketplace, including: that we are substantially dependent on our generic products; our ability to develop and commercialize additional pharmaceutical products; competition for our innovative medicines; our ability to achieve expected results from investments in our product pipeline; our ability to successfully execute on our Pivot to Growth strategy, including to expand our innovative and biosimilar medicines pipeline and profitably commercialize the innovative medicines and biosimilar portfolio, whether organically or through business development, to sustain and focus our portfolio of generic medicines, and to execute on our organizational transformation and to achieve expected cost savings; and the effectiveness of our patents and other measures to protect our intellectual property rights; our significant indebtedness, which may limit our ability to incur additional indebtedness, engage in additional transactions or make new investments; our business and operations in general; compliance, regulatory and litigation matters; other financial and economic risks; and other factors discussed in this document, in our Quarterly Report on Form 10-Q for the third quarter of 2025 and in our Annual Report on Form 10-K for the year ended December 31, 2024, including in the sections captioned “Risk Factors” and “Forward-looking Statements.” Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.

By PYMNTS  |  January 11, 2026

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Walmart-backed FinTech OnePay is now reportedly a $4 billion company.

OnePay reached that valuation, up from $2.5 billion in 2024, after repurchasing shares from employees, Bloomberg News reported Friday (Jan. 9), citing a source familiar with the matter.

As the report noted, OnePay was formed from the combination of two smaller FinTechs, with the aim of establishing an all-in-one financial app. The company has flourished thanks to its distribution partnership with Walmart, growing to upwards of 3 million monthly active users.

The company’s offerings now include a credit card, cryptocurrency trading, a buy now, pay later (BNPL) product and an investing platform.

OnePay also recently joined Google’s Agent Payments Protocol (AP2), saying it will help make agentic payments more secure, transparent and useful. OnePay will be a credential provider in AP2 and will help define how payment methods are stored, chosen and used by artificial intelligence (AI) agents, the company said in December.

Writing about OnePay’s work with Walmart last year, PYMNTS CEO Karen Webster noted that the companies can use their connectivity with brands to disrupt pure-play FinTechs.

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“That can become the basis for a disruptive business model that doesn’t rely on investor checks to cover up shortfalls in positive unit economics,” Webster wrote. 

“The sheer scale of their customer base and supplier relationships, and the ability to connect purchases with offers and financing, is unmatched by any except for one other retailer — Amazon … [OnePay] looks like it could be a winner, and highly disruptive.”

More recently, PYMNTS examined how OnePay’s pending launch of its crypto functionality is an example of how Walmart is “testing how emerging financial tools can be integrated into everyday commerce without requiring customers to leave a familiar ecosystem.”

That same report looked at how Walmart is both adopting artificial intelligence tools while embedding AI leadership at the strategic decision-making level.

Days earlier, the retail giant had announced it was embedding advertising into its AI shopping agent, Sparky, “reflecting a growing confidence in conversational commerce,” PYMNTS wrote.

Instead of seeing AI as a utility, Walmart is treating it as a new interface, one that can guide discovery in more natural ways than search bars or category menus.

“This past week also saw Walmart add an AI specialist, Superhuman CEO Shishir Mehrotra, to its board of directors, a move that combines governance with strategic direction at a moment when every major retailer is grappling with how artificial intelligence should shape product recommendations, personalization, supply chain automation and customer engagement,” the report added.

Low-cost airline Allegiant will acquire Sun Country Airlines in a deal valued at about $1.5 billion, including debt, the companies said on Sunday.

As part of the agreement, Sun Country shareholders will receive 0.1557 Allegiant shares and $4.10 in cash for each share, valuing the stock at $18.89, representing a premium of about 19.8% to its Friday close of $15.77.

The deal will add more destinations across the US and international markets to the company’s network. ZUMAPRESS.com The deal will expand the combined company’s network, adding more destinations across the US and international markets. The fleet will include about 195 aircraft, with additional orders and options.

The combined company, which will be headquartered in Las Vegas, is expected to generate $140 million in annual synergies by the third year after closing, and the transaction will be accretive to earnings per share in the first year. The deal is expected to close in the second half of 2026.

The deal is expected to close in the second half of this year. REUTERS Upon closing, Allegiant and Sun Country shareholders will own about 67% and 33% respectively of the combined company.

Allegiant CEO Gregory Anderson will lead the combined company as chief executive officer, while Robert Neal will serve as president and chief financial officer. Sun Country CEO Jude Bricker will join the board of directors.

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Stride To Contact Him Directly To Discuss Their Options

If you purchased or acquired securities in Stride between October 22, 2024 and October 28, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

New York, New York--(Newsfile Corp. - January 11, 2026) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Stride, Inc. ("Stride" or the "Company") (NYSE: LRN) and reminds investors of the January 12, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose information regarding the Company's products and services to public and private schools, school districts, and charter boards. Throughout the Class Period, Stride represented to investors that "[t]hese products and services, spanning curriculum, systems, instruction, and support services are designed to help learners of all ages reach their full potential through inspired teaching and personalized learning." Unbeknownst to investors, Stride was inflating enrollment numbers, cutting staff costs beyond required statutory limits, ignoring compliance requirements, and losing existing and potential enrollments.

On September 14, 2025, Simply Wall St. published a report stating that the Gallup-McKinley County Schools Board of Education had filed a complaint against Stride, alleging fraud, deceptive trade practices, systemic violations of law, and intentional and tortious misconduct, including inflating enrollment numbers by retaining "ghost students" on rolls to secure state funding per student and ignoring compliance requirements, including background checks and licensure laws for its employees.

On this news, Stride's stock price fell $18.60, or 11.7%, to close at $139.76 per share on September 15, 2025, thereby injuring investors.

Then, on October 28, 2025, Stride released its first quarter fiscal 2026 financial results, revealing the Company had purposely "limit[ed] enrollment growth while we improve our execution." The Company also revealed it had experienced "system implantation issues" resulting in "higher withdrawal rates and lower conversion rate." The Company stated that "these factors resulted in approximately 10,000 to 15,000 fewer enrollments" and "these challenges will likely restrict [its] in-year enrollment growth."

On this news, Stride's stock price fell as much as 51% during intraday trading on October 29, 2025, thereby injuring investors further.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Stride's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the Stride class action, go to www.faruqilaw.com/LRN or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

Follow us for updates on LinkedIn, on X, or on Facebook.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279965

Source: Faruqi & Faruqi LLP

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Worrying about the state of the home construction industry in the U.S. was reasonable, but the company didn't deserve the big sell-off it suffered.

Homebuilder Lennar (LEN +8.85%) couldn't build any gains for its shareholders as 2025 came to an end. Its share price fell by almost 22% across December due to two major factors -- continued weakness in U.S. homebuilding and quarterly results that missed the bottom line.

Not safe as houses Of the pair, by far the more impactful was Lennar's fiscal fourth quarter and full-year 2025 earnings release. This was published on Dec. 16, and revealed that the company's revenue for the quarter slid by 6% year-over-year to just under $9.4 billion. Worse, its net income not in accordance with generally accepted accounting principles (GAAP) cratered by 53% to $514 ($2.03 per share).

Image source: Getty Images.

Although Lennar handily beat the consensus analyst top-line estimate of slightly over $9 billion, it whiffed notably on non-GAAP (adjusted) net income. Pundits tracking the stock were modeling $2.21 per share.

It isn't necessarily a sell-the-shares-right-now emergency when a company misses a prognosticator estimate or two. However, Lennar's bottom-line swing and miss came at a generally gloomy time for the U.S. homebuilding industry, and this uncomfortable combination negatively affected sentiment on the company.

In the last three months of 2025 for which we have official federal government data -- August, September, and October -- housing starts (a key indicator of homebuilding activity) fell significantly more than they grew. The August month-over-month change was a decline of 9.1%, followed by a slight (1.2%) uptick in September. October saw another slide, by 4.6%.

Over the course of the year, housing starts are expected to have fallen a queasy 7% compared to 2024. That's according to a forecast by the National Association of Home Builders (NAHB) cited in a recent article on the housing market published in The Washington Post.

And 2025 was supposed to be a boom year, on the back of a humming economy and an incoming presidential administration considered more favorable to business interests such as the construction industry.

Many homebuilders (and real estate industry participants generally) were also hoping for more aggressive Federal Reserve (Fed) cuts than they ultimately got. Lower rates mean cheaper mortgages, which -- all things being equal -- increases demand for housing.

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A fine company at a gloomy time So in the eyes of many investors, Lennar was considered an underperforming company in an unfavored sector of the economy. I don't think that's necessarily fair.

First of all, it has managed to remain one of this country's elite homebuilders, consistently landing near the top in terms of total closings and revenue.

Secondly, it has a solid approach to the market that works, with its popular "everything's included" pricing model making its already attractive home stock even more compelling for buyers. Finally, its recently adopted "land light" operating model allows it to focus more sharply on its core strength, building homes.

Given all that, I think Lennar was unfairly punished by Mr. Market last month. The stock has recovered to some degree since, but it still looks undervalued to me. I consider it a bargain buy.

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In StubHub To Contact Him Directly To Discuss Their Options

If you purchased or otherwise acquired stock of StubHub pursuant and/or traceable to StubHub's registration statement for the initial public offering held on or about September 17, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

New York, New York--(Newsfile Corp. - January 11, 2026) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against StubHub Holdings, Inc. ("StubHub" or the "Company") (NYSE: STUB) and reminds investors of the January 23, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

The complaint filed in this class action alleges that Registration Statement was materially false and/or misleading, and failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company was experiencing changes in the timing of payments to vendors; (2) those changes had a significant adverse impact on free cash flow, including trailing 12 months ("TTM") free cash flow; (3) as a result, the Company's free cash flow reports were materially misleading; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

On September 17, 2025, StubHub conducted its IPO, selling approximately 34 million shares of Class A common stock at $23.50 per share.

On November 13, 2025, after the market closed, StubHub issued a press release announcing financial results for the third quarter 2025, which ended September 30, 2025. The press release revealed free cash flow of negative $4.6 million in the quarter, a 143% decrease from the Company's free cash flow in the year ago period, which was positive $10.6 million. The press release further revealed the Company's net cash provided by operating activities was only $3.8 million, a 69.3% decrease from the year ago period, where the Company reported $12.4 million in net cash provided by operating activities.

On the same date, the Company filed its Form 10-Q for the same quarterly period ended September 30, 2025, with the SEC. The quarterly report revealed that this year-over-year decrease "primarily reflects changes in the timing of payments to vendors."

On this news, StubHub's stock price fell $3.95 per share, or 20.9%, to close at $14.87 per share on November 14, 2025, on unusually heavy trading volume.

By the commencement of this action, the Company's stock was trading as low as $10.31 per share, a nearly 56% decline from the $23.50 per share IPO price.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding StubHub's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the StubHub Holdings, Inc. class action, go to www.faruqilaw.com/STUB or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

Follow us for updates on LinkedIn, on X, or on Facebook.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279966

Source: Faruqi & Faruqi LLP

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Shareholders should contact the firm as there may be limited time to enforce your rights.

NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the merger of Allegiant Travel Company (NASDAQ: ALGT) and Sun Country Airlines is fair to Allegiant shareholders. Upon completion of the proposed transaction, Allegiant shareholders will own approximately 67% of the combined company.

Halper Sadeh encourages Allegiant shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or [email protected] or [email protected].

The investigation concerns whether Allegiant and its board violated the federal securities laws and/or breached their fiduciary duties to shareholders by failing to, among other things: (1) obtain the best possible consideration for Allegiant shareholders; and (2) disclose all material information necessary for Allegiant shareholders to adequately assess and value the merger consideration.

On behalf of Allegiant shareholders, Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits. We would handle the action on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.

Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.

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Shareholders should contact the firm as there may be limited time to enforce your rights.

NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the sale of Sun Country Airlines Holdings, Inc. (NASDAQ: SNCY) to Allegiant Travel Company for 0.1557 shares of Allegiant common stock and $4.10 in cash for each Sun Country share is fair to Sun Country shareholders.

Halper Sadeh encourages Sun Country shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or [email protected] or [email protected].

The investigation concerns whether Sun Country and its board of directors violated the federal securities laws and/or breached their fiduciary duties to shareholders by failing to, among other things: (1) obtain the best possible consideration for Sun Country shareholders; (2) determine whether Allegiant is underpaying for Sun Country; and (3) disclose all material information necessary for Sun Country shareholders to adequately assess and value the merger consideration.

On behalf of Sun Country shareholders, Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits. We would handle the action on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.

Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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Satoshi-Era Miner Moves Millions in Bitcoin After 15 Years of SilenceA miner from Bitcoin’s earliest years moved 2,000 BTC, worth about $181 million, marking the largest Satoshi-era transfer since late 2024.The coins, mined in 2010 and dormant for more than 15 years, were consolidated from legacy P2PK addresses and sent to Coinbase.Despite renewed selling by early holders, the Bitcoin market absorbed the supply without structural stress, underscoring its deep liquidity.A Bitcoin miner from the network’s earliest days has emerged from dormancy to shift 2,000 BTC, a strategic profit-taking move valued at approximately $181 million.

CryptoQuant’s Julio Moreno noted that this represents the most significant activity by a “Satoshi-era” whale since late 2024.

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Bitcoin Absorbs $181 Million Satoshi-Era Sell SignalMoreno highlighted the timing of the transaction and observed that “Satoshi-era miners [tend to] move their Bitcoin at key inflection points.”

Satoshi-Era Bitcoin Miners. Source: CryptoQuantAdding technical context, Sani, the founder of TimechainIndex, confirmed that the funds originated from block rewards mined in 2010. Notably, the blockchain network had rewarded early miners of that era with 50 BTC in block subsidies.

The coins had remained untouched for more than 15 years across 40 legacy Pay-to-Public-Key (P2PK) addresses. They were later consolidated and transferred to Coinbase.

Typically, market analysts interpret transfers to centralized exchanges as a prelude to an open-market sale.

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Meanwhile, this transaction is not an isolated anomaly but underscores a developing trend of “vintage” supply hitting the market.

Over the past year, wallets from the 2009–2011 era have been increasingly reactivated across the Bitcoin network. The activity reflects early holders moving to lock-in gains or update long-standing custody arrangements.

For context, Galaxy Digital had executed one of the largest crypto sales in history by helping a Satoshi-era investor to sell more than $9 billion in July 2025.

Crucially, the market has demonstrated remarkable resilience amid this selling pressure. Bitcoin successfully absorbed these large-scale “OG” supply shocks without suffering a breakdown in market structure.

This signals that while Bitcoin’s early adopters are moving to lock in generational wealth, the market’s liquidity remains deep enough to handle their exits.

However, despite the immediate sell-side pressure from legacy holders, long-term institutional forecasts remain bullish.

In a report released last week, asset manager VanEck projected that Bitcoin could reach a theoretical valuation of $2.9 million per coin by 2050. The firm’s thesis relies on the asset’s potential adoption as a global settlement currency.

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From gold stablecoins to privacy coins, these were the top crypto performers of 2025.

It was a strange year for the cryptocurrency market in 2025. All of the usual suspects -- including Bitcoin and Ethereum -- declined in value, while a number of relatively unknown cryptocurrencies soared in value.

The five biggest winners of 2025 were Bitcoin Cash (BCH +1.89%), Zcash (ZEC +1.71%), Monero (XMR +8.47%), Pax Gold (PAXG 0.04%), and MYX Finance (MYX +9.50%). But are any of them worth a place in your portfolio in 2026?

Bitcoin Cash Somewhat surprisingly, Bitcoin Cash -- a spinoff of Bitcoin -- soared in value by more than 30% in 2025. That's despite the fact that Bitcoin actually fell by 5% last year.

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Quite simply, this isn't supposed to happen. Over the long haul, Bitcoin has absolutely trounced the performance of Bitcoin Cash, so I don't expect this period of outperformance from Bitcoin Cash to continue much longer.

Privacy coins While privacy coins have been around for more than a decade, it was not until last year that they burst into the spotlight. The returns, quite simply, were out of this world. Zcash soared by a head-spinning 782%, while Monero soared by 122%.

Image source: Getty Images.

There's a lot to like about privacy coins. Through the use of advanced cryptography, they can provide complete anonymity for online transactions and can help keep users safe from blockchain surveillance. But, for the average investor, they likely have little to zero appeal.

I fully expect the shine to wear off privacy coins by mid-2026. Already, Zcash is down 17% for the year.

Gold stablecoins Given that the price of gold soared by nearly 70% last year, it's perhaps no surprise that gold stablecoins followed suit. Pax Gold, one of the two largest gold stablecoins, soared in value by 70% last year.

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This is one big winner from 2025 that should be able to carry its momentum into 2026. Amid a backdrop of macroeconomic and geopolitical uncertainty, It's easy to see more money flowing into gold as a safe-haven asset. If that happens, Pax Gold should continue its upward ascent.

MYX Finance MYX Finance, a decentralized perpetual futures exchange, debuted to much fanfare in May 2025. The token traded flat for the first few months of trading, then saw a huge pump in September and October, rising as high as $19. But since then, it's been mostly downhill for MYX, which now trades for just $5.

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5.43

That's why I feel bad even mentioning MYX Finance. Just look at the above chart. It's a sober reminder of how retail investors can get burned by rushing into a momentum crypto. Yes, MYX Finance ended the year up a head-spinning 3,700%, but if you weren't already invested in MYX by September, you likely posted a loss for the year.

Momentum in crypto At the end of the day, it's a fool's errand trying to market time different momentum cryptocurrencies. It's far better to buy and hold, while investing for the long haul. For that reason, the only big winners from 2025 that have my attention are the gold stablecoins.

Sun, 11/01/2026 - 19:36

Monero (XMR) is on the brink of shattering an eight-year record, threatening to break an all-time high that has stood since January 2018.

Cover image via U.Today Monero is currently staging one of the most significant technical breakouts in its history. 

The privacy coin is knocking on the door of an all-time high (ATH) that has stood since the height of the bull run after close to a decade of consolidation. 

For most major cryptocurrencies of the likes of Bitcoin, the 2018 cycle highs are a distant memory, broken long ago in 2021. Monero is different. Its all-time peak of $542.33 was set on Jan. 9, 2018.

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Momentum is acceleratingAccording to trade Josh Olszewicz, XMR currently has the best-looking chart in crypto.  

The privacy coin has now formed a textbook ascending triangle, which is typically viewed as a bullish continuation pattern. 

The top dotted line represents a fierce resistance zone around $475–$520.

This level marks the all-time highs (ATH) from the 2017 bull run and the 2021 double-top.

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For nearly 8 years, sellers would step in and push the price of XMR back down.

The price is currently squeezed into the very apex of the triangle. The distance between support and resistance has narrowed. Hence, it is likely that a decision could be in the offing. 

The more times a resistance level is tested (knocked on), the weaker it becomes. This is XMR’s third major attempt to break the $500 region on the monthly timeframe. If it succeeds, there is no historical resistance above this level.

A monthly close above the $520 level would confirm the breakout.

Will it be the next Zcash? Zcash (ZEC) entered the year as the "breakthrough" darling. The privacy coin suddenly soared by more than 750% in virtually no time. However, the narrative faced a severe stress test last week, with the entire team at the Electric Coin Company (ECC) calling it quits due to governance disputes. 

Now that Zcash is enmeshed in an internal drama, Monero has seemingly capitalized on the chaos.

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contributor

Posted: January 12, 2026

Bitcoin made history in 2025 by closing its third year in the red for the first time in 14 years, shaking up its long-standing 4-year cycle and sparking debate among analysts.

Some believed a “super cycle” was emerging, while others thought Bitcoin had topped and a bear market was ahead.

CZ’s tweet, “Super Cycle incoming,” added fuel to the fire. He believed that Bitcoin’s future could be reshaped by institutional buying, especially with Wells Fargo’s recent $383 million Bitcoin purchase.

2 factors pushing Bitcoin ahead Amid growing market uncertainty, Wells Fargo made headlines with its $383 million Bitcoin purchase in January 2026. This institutional move showed strong support for Bitcoin despite recent declines.

CZ retweeted the news, emphasizing that while retail investors were selling off, institutions like Wells Fargo were loading up on Bitcoin. 

Source: X

“While you were panic selling, U.S. banks were loading up on Bitcoin,”

he said, reflecting his continued optimism for Bitcoin’s growth.

Additionally, CZ saw the U.S. SEC’s decision to remove crypto from its 2026 priority risk list as a bullish signal, reinforcing his belief that Bitcoin [BTC] was entering a super cycle.

Source: X

This contrasted with those who argued that Bitcoin had peaked and was headed for a bear market.

Bitcoin’s 2025 red close made many question the stability of its 14-year cycle. 

Source: X

Historically, Bitcoin’s cycle has been marked by halvings followed by rallies and corrections. Yet, 2025 closed in red, leaving some to wonder whether the cycle was still valid.

CryptoFlow, however, argued that Bitcoin’s long-term pattern remained intact. They noted that previous cycles had followed a consistent 35-month trend from cycle bottom to cycle top. 

Source: Crypto Flow

This could still hold, with the next cycle low possibly coming in October 2026.

Bitcoin ETFs played a pivotal role as institutional interest grew through these products, potentially influencing Bitcoin’s dynamics beyond the traditional cycle.

What’s next for Bitcoin in 2026? Bitcoin stands at a critical juncture. 2026 is set to usher in a 5-year super cycle driven by institutional adoption, increased ETF inflows, and extreme demand.

These factors could reshape Bitcoin’s future, but the coming months will determine its trajectory.

Final Thoughts The 4-year cycle that Bitcoin has followed for over 14 years faces new challenges with growing institutional involvement.  2026 may mark the start of a new growth phase, potentially reshaping Bitcoin’s future.

Analysts Spot Bitcoin Price Rebound Window — Could Trump’s 10% Credit Cap Trigger It?On-chain flows suggest Bitcoin bottomed in late December, opening a short-term rebound window.BTC trades below miner costs, historically forming a low-activity price floor.Trump’s proposed 10% credit cap could push users toward Bitcoin and DeFi alternatives.The Bitcoin price may be approaching a short-term rebound, according to on-chain analyst Willy Woo, as macroeconomic policy developments in the US could accelerate crypto adoption.

Woo’s data-driven models indicate that investor flows into Bitcoin bottomed on December 24, 2025, and have been steadily strengthening since then. While his broader outlook for 2026 remains cautious due to waning liquidity, the near-term setup suggests a cautiously bullish window over the coming weeks.

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Bitcoin Flows Signal Rebound as Trump’s Credit Card Cap LoomsBitcoin is currently trading around $90,580, below the estimated miner production costs of approximately $101,000 per BTC.

Bitcoin (BTC) Price Performance. Source: BeInCrypto According to analyst Wimar.X, trading below the miner cost historically does not trigger panic selling. Instead, miners slow production and wait for better prices, creating what is often a zone of low activity that acts as a temporary floor.

“BTC is cheap relative to what it takes to produce it…Most people panic sell here. Then, BTC pushes back above the miner’s cost, and everyone suddenly turns bullish again. Same story every cycle,” Wimar.X said.

Elsewhere, on-chain analyst Willy Woo emphasizes that actual spot inflows, rather than narratives or equity market correlations, are the key drivers of Bitcoin’s price recovery.

“The entire market can perfectly rally upwards without BTC if investors aren’t allocating,” he noted. “Our work centers on measuring the actual flows real investors put into BTC… not imaginary flows from narrative.”

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The technical and flow-driven picture may intersect with a potential macro catalyst: President Donald Trump’s recent proposal to cap credit card interest rates at 10% for one year, effective January 20, 2026.

Trump’s Credit Cap Could Push Consumers Toward Bitcoin and DeFiPresident Donald Trump’s recent push to cap credit card interest rates at 10% aims to ease the financial burden on millions of Americans. It could restrict access to traditional credit for consumers with scores below 780.

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Analysts and crypto commentators warn that this move may inadvertently drive these users toward alternative financial systems, including Bitcoin.

🚨 THIS COULD TURN OUT TO BE VERY BULLISH FOR BITCOIN!

Tomorrow, markets react to Trump’s call for a 10% cap on credit card interest rates. Visa & Mastercard could take a hit.

Anyone with a credit score below 780 might lose access to their cards.

This could push more people… https://t.co/PUfdf7w4GS pic.twitter.com/KfL5l6URUW

— Crypto | Stocks | News (@Wealthmanager) January 11, 2026 Others highlighted that banks such as Visa and Mastercard could face short-term volatility as they adjust to potential restrictions on higher-risk credit users.

“Tomorrow, we will see the market reaction to Trump’s call for a 10% cap on credit card interest rates, which could significantly impact Visa and Mastercard,” wrote analyst Crypto Rover.

Industry analysts have noted that the policy could result in banks offloading low credit-rated customers, who may then enter DeFi lending platforms like Aave or Compound.

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Crypto theorists suggest this could create a “seamless adoption cycle,” with stablecoins, Bitcoin, and Ethereum-based DeFi infrastructure benefiting from increased demand for DeFi services.

While Woo sees a short-term rebound possibility, he remains cautious about the broader outlook for 2026. Liquidity flows have been declining relative to price momentum since January 2025, indicating that while temporary rallies may occur, they may lack the support necessary for sustained upside.

Nevertheless, the convergence of miner-cost support, strengthening flows, and potential policy-driven demand sets up a high-volatility environment for Bitcoin.

As markets brace for the policy to take effect on January 20 and for ongoing liquidity trends to unfold, the coming weeks may prove critical in testing whether Bitcoin can capitalize on both flow-driven fundamentals and macroeconomic shocks.

This creates a rare inflection point where short-term bullish forces meet structural uncertainty.

Disclaimer

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Nicolás Maduro’s arrest in the United States has pushed Tether back into focus. USDT has shaped Venezuela’s oil trade under sanctions. It has also become a core payment tool for citizens dealing with currency collapse.

Stablecoin USDT Stays Key as Maduro Case Draws Scrutiny Tether’s stablecoin has been used for two purposes within Venezuela according to a WSJ report. It has enabled the state oil industry to get around banking restrictions. It has also provided Venezuelans with a dollar-indexed alternative as the value of the bolivar dropped.

Maduro is being held in a Brooklyn jail, heightening scrutiny of financial activity linked to his regime. But analysts say this will not be enough to take USDT out of Venezuela. They say that high inflation and weak institutions continue to undergird a solid demand for stablecoins.

Adam Zarazinski, CEO of crypto-intelligence firm Inca Digital, said crypto use in Venezuela will likely continue. Stablecoins serve as a hedge for daily users, he said. It also warned that those same conditions allow for sanctions evasion.

Maduro entered a plea of not guilty to narcotrafficking charges at his indictment in U.S. federal court. His case has raised interest in monitoring funds associated with Venezuelan state activity. 

The U.S sanctions redefined the manner in which Venezuela conducts its oil exportation. In 2020, Petroleos de Venezuela (PdVSA) started accepting USDT as oil payments. Settlement were sent directly to direct wallet addresses or via a third-party who swapped the proceeds into Tether.

USDT Powers 80% of Venezuela Oil Revenue This transition transformed the oil economy structure. According to local economist Asdrúbal Oliveros in a podcast, nearly 80% of the revenue of the Venezuelan oil sector is collected in stablecoins such as USDT. The estimate underlines the extent to which state cash flow was penetrated by stablecoins.

Since then, Tether collaborated with the U.S. authorities to freeze wallets associated with the Venezuelan oil trade. It is under U.S. and international sanctions followed by the company. It also claimed that it actively contributes to law enforcement activities against illegal activity.

Growth of the stablecoin is not bound to oil trade only. USDT is now a viable alternative currency among Venezuela locals. It has been used by users to make cross-border payments, their day to day purchases.

Tether CEO Paolo Ardoino cited long-term currency collapse as seen in various countries. He claimed that in the 10 years the bolivar depreciated against the U.S. dollar, it lost 99.8% of its value. He applied the trend to understand why the adoption of USDT increased.

Researchers attribute the reliance on stablecoins to lack of trust on domestic banks. Capital controls, which limit availability of physical U.S. dollars, are also mentioned. In 2018 Venezuela launched an oil-backed Petro token that was a failure. It failed because of lack of popular confidence and international recognition.

Ari Redbard, TRM Labs policy global head, commented that the second major problem is the dual-nature of stablecoins. He claimed they may be used as a civilian lifeline and at the same time facilitate the elusion of sanctions.

The Bitcoin price has slowed down after a relatively hot start to the year, as it appears that not much has structurally changed for the market leader. A crypto analyst recently revealed that the premier cryptocurrency continues to trade beneath a critical price threshold.

Why The Present Scenario Raises Caution Among Investors  In a January 10 post on social media platform X, analyst Ali Martinez shared that the Bitcoin price has continued to trade underneath its 50-week Simple Moving Average (SMA). This not-so-optimistic trend, according to the crypto pundit, has been ongoing for the past nine weeks. 

For context, the 50-week SMA is a long-term technical indicator that calculates, on average, the closing price of an asset — in this case, Bitcoin — over the past 50 weeks. This indicator is particularly useful in establishing points of dynamic support and resistance during differing market cycles. For example, it functions as support during bull markets and acts as resistance in bear markets. 

When Bitcoin trades above the 50W SMA, it is often a sign that the market is in a strong uptrend. Contrarily, when the Bitcoin price trades beneath this dynamic resistance level for an extended period, it indicates that upside momentum is weakening and that major corrections might soon ensue.

Source: @ali_charts on X Interestingly, historical data is the source of this observation. From the chart shared below, there are recurrent periods where the Bitcoin price stayed consistently below the 50W SMA. In those past cycles, these periods of prolonged deviation beneath the 50W SMA preceded major pullbacks for BTC, which often ranged between 50% to 70%. 

Notably, the pullbacks seen did not end Bitcoin’s long-term uptrend. Rather — as is typical of corrections — they likely served as reset phases, where excessive leverage was wiped out of the market in preparation for the next long-term continuations.

As a result, concerns have been raised among Bitcoin market participants, considering the similarity of the current setup to past ones. If history were to repeat itself here, the Bitcoin price could see a pullback by at least 50%, with the price falling to levels as low as $50,000.

Bitcoin Price Outlook On a more positive note, the Bitcoin price still has a chance to escape the snares of its historical woes. For this to happen, the world’s leading cryptocurrency would have to reclaim the 50-week moving average and hold above it for prolonged periods. As of press time, the price of Bitcoin stands at around $90,352, reflecting no movement in the past day. 

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView

Bitcoin's New Year rally falters near critical price supportBTC is on the cusp of plunging below the $90,000 level as bullish enthusiasm fades.

Failed rally. Bitcoin has failed to hold above $90,000 three separate times since November 2025.Bitcoin bulls started the year on a high note, pushing the flagship cryptocurrency to nearly $95,000. However, the rally quickly faded. 

The flagship coin is now on the cusp of losing the make-it-or-break-it $90,000 level once again. Bitcoin has failed to hold above the critical $90,000 level three distinct times since November 2025.

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Bearish sentiment. Traders increasingly view the New Year rally as a bull trap rather than a true trend reversal.The current despair among bulls is driven by the realization that the New Year's rally was likely a "bull trap" rather than a structural reversal.

The current despair among bulls is driven by the realization that the New Year's rally was likely a "bull trap" rather than a structural reversal. If the breakout does not immediately confirm with strong momentum, the bullish structure is invalidated. 

Morgan Stanley files for Solana ETF, signals deeper push into crypto productsThe leading investment bank plans to engage third-party providers to stake SOL and reflect those rewards in the fund's NAV.

Solana ETF. American investment bank Morgan Stanley has filed for a Solana exchange-traded fund.American multinational investment bank Morgan Stanley has filed for a Solana exchange-traded fund. 

The fund seeks to track the performance of SOL, the native digital asset of the Solana blockchain, as measured by a specific Pricing Benchmark, adjusted for expenses and liabilities. The Trust will utilize third-party SOL custodians to hold the Trust's SOL. 

Bitcoin ETF. Alongside the Solana filing, Morgan Stanley has also submitted paperwork for a Bitcoin ETF, joining established issuers like BlackRock.The trust will engage in staking to earn rewards, which are expected to accrete to the product's net asset value (NAV). On top of that, Morgan Stanley has also filed for a Bitcoin ETF, joining BlackRock and a slew of other issuers. 

This is yet another development that shows how mainstream crypto has become. Until now, Morgan Stanley has only allowed its clients to invest in other crypto ETFs instead of creating its own products and actively managing them. 

A sudden increase in buying pressure propelled SHIB above its 100-day exponential moving average (EMA), which in turn drove the rally. For weeks, this level had served as a strong dynamic barrier that limited attempts at upside and strengthened the overall downward trend. 

SHIB briefly erases a zero, but breakout fails to holdShiba Inu removed zero from its price, but it is not a guarantee of success for the asset.

Price surge. Shiba Inu briefly surged to the $0.00001 level, momentarily removing another zero from its price before quickly reversing.For a brief period, Shiba Inu provided what many investors had been anticipating: the elimination of yet another zero from its price. SHIB surged to the $0.00001 level during a strong intraday move, trading above it briefly before swiftly reversing. 

Although the milestone was technically reached, the market's response showed that there was not enough support for the move to become a sustained breakout.

100-day EMA. The move was driven by a short-term spike in buying pressure that pushed price above the 100-day exponential moving average (EMA).A sudden increase in buying pressure propelled SHIB above its 100-day exponential moving average (EMA), which in turn drove the rally. For weeks, this level had served as a strong dynamic barrier that limited attempts at upside and strengthened the overall downward trend. 

A sudden increase in buying pressure propelled SHIB above its 100-day exponential moving average (EMA), which in turn drove the rally. For weeks, this level had served as a strong dynamic barrier that limited attempts at upside and strengthened the overall downward trend. 

John Bollinger urges caution on XRP despite sharp January rallyJohn Bollinger is warning traders not to mistake verticality for structural strength.

Bearish setup. Legendary market technician John Bollinger has tempered expectations for XRP in a recent social media post, urging technical caution despite the token’s strong price surge.Legendary market technician John Bollinger has tempered expectations for XRP in his latest social media post.  

The prominent technical analyst has urged technical caution on the popular altcoin despite its recent price surge. He has concluded that the market hierarchy remains "BTC > ETH > XRP for now".

XRP vs. BTC. While acknowledging XRP’s “strong lift,” Bollinger argued that its underlying technical pattern is weaker than that of Bitcoin and Ethereum.XRP has managed to soar by rougly 32% since Jan. 1. The Ripple-affiliated token has outstripped other major cryptocurrencies so far. The move was violent enough to bypass typical resistance checks. "$XRP bulls blasted through the immediate resistance 5% higher and pushed all the way to range high," pseudonymous analyst "Dom" noted in a recent social media post. 

Bollinger has acknowledged the asset's recent "strong lift," but he argued that the underlying technical formation is inferior to its peers. "Ripple, strong lift, but the pattern is weaker," Bollinger stated.

Bitcoin prints first post-halving red yearBTC reached an intraday high of $91,764, with traders now watching for what comes next in the markets.

BTC past $91K. Bitcoin has recorded its first red candle in a post-halving year, breaking the historical four-year cycle pattern.Bitcoin surpassed $91,000 for the first time in 2026 and since Dec. 12. Bitcoin reached a high of $91,764 on Sunday as traders extended the early 2026 rebound across major cryptocurrencies as risk appetite improved.

At the time of writing, Bitcoin was up 1.72% in the last 24 hours to $91,192 and up 3.8% in the last seven days. While traders are watching for what comes next in the markets, community analyst at on-chain analytics platform CryptoQuant Maartunn hints that the next few hours till Sunday's close might be crucial to watch.

ETFs breaking cycles. ETF-driven demand pulled forward liquidity into 2024, meaning the expected post-halving surge never materialized in 2025.According to Maartunn, Sunday nights can bring volatility. Some instances have seen prices rise on Sundays only for the markets to reverse, plunging most assets into losses.

Maartunn noted an exception to last two Sundays, which were relatively flat with not much to trade on. It will be watched to see if Sunday's volatility trend as highlighted will play out, with the next few hours being watched.

Bitcoin has traded in a tight range between $85,000 and $90,000 in recent weeks. As a result, the gap between its Bollinger Bands, volatility bands placed two standard deviations above and below the 20-day MA, has narrowed.

Despite falling meme coin volumes in 2025, Solana revealed Pump.fun and launchpads generated massive revenue.

Solana-based meme coin launchpad, Pump.fun, emerged as one of the ecosystem’s top revenue-generating applications.

Pump.fun was listed among seven Solana apps that generated more than $100 million in revenue during the year, as meme coin issuance and speculative trading remained a major activity driver on the network.

Pump.fun Stole the Spotlight According to the latest findings by Solana, alongside Pump.fun, five other launchpads each recorded over $1 billion in volume in 2025. They collectively contributed to launchpad revenues doubling year-over-year to $762 million.

Pump.fun also played an important role in rising token creation as launchpads collectively generated 11.6 million tokens, more than double the prior year. However, only a small fraction, about 0.89%, progressed beyond bonding curve launches. Despite meme coin trading volume declining 10% year-over-year to $482 billion, Solana noted that activity was still up roughly 80 times compared with two years earlier.

Beyond Pump.fun, Solana reported that total app revenue across the network reached $2.39 billion in 2025. This figure was up 46% year over year and marked a new all-time high. In addition to Pump.fun, revenue leaders included Axiom Exchange, Meteora, Raydium, Jupiter, Photon, and Bullx, each generating more than $100 million.

Apps on the network, earning under $100 million, collectively generated more than $500 million in revenue during the year. At the protocol level, Solana said network REV climbed to $1.4 billion, which was a 48-fold increase over the past two years, while average transaction fees continued to decline, and median fees fell to $0.0011.

Solana’s broader network metrics pointed to rising usage and asset activity. The blockchain processed 33 billion non-vote transactions in 2025, and averaged 1,054 non-vote transactions per second. Meanwhile, daily active wallets averaged 3.2 million, up 50% year over year.

You may also like: Whales Can’t Get Enough of Meme Coins as FLOKI Explodes 950% CNBC Crowns XRP Hottest Crypto Trade of 2026 Over BTC and ETH: Here’s Why This Trader Turned $321 Into $2.18M, And Reminded Crypto How Wild It Still Is Stablecoin supply more than doubled to $14.8 billion, and $11.7 trillion in stablecoins were transferred over the year. Tokenized equities, on the other hand, debuted on the network with $1 billion in supply.

DEXs, and ETFs Additionally, decentralized exchange volume reached $1.5 trillion, led by Raydium, Orca, and Meteora, while DEX aggregators such as Jupiter accounted for a growing share of trading activity.

Staked SOL reached record highs in 2025, while Solana ETFs recorded $1.02 billion in net inflows amidst heightened institutional demand.

Tags:

TLDR: BSC daily revenue reached $1.3M on January 8, breaking the previous record of $1.27M set on November 30 Fee revenue indicates genuine network usage as users pay more to execute transactions across protocols A revenue spike suggests large-scale accumulation patterns emerging among institutional participants Increased trading and transfer activity demonstrates growing adoption of Binance-based DeFi protocols  Binance Smart Chain recorded its highest daily revenue in recent months, reaching $1.3 million on January 8. The milestone surpassed the previous peak of $1.27 million set on November 30. 

This development signals increased network usage and transaction volume across BSC protocols. The fee revenue metric provides direct insight into blockchain activity patterns.

BSC Revenue Metrics Show Network Growth Blockchain fee revenue serves as a reliable indicator of genuine user engagement across decentralized networks. 

Users pay these fees to execute transactions, trade assets, and interact with protocols. The revenue directly reflects network demand and activity levels at any given time.

The latest data reveals a sharp increase in BSC’s daily revenue generation. According to blockchain analytics tracking all protocols on the network, the January 8 figure represents the highest point in several months. This pattern emerged after weeks of relatively stable fee collection across the chain.

Source: Cryptoquant

Daily blockchain revenue metrics measure the total fees users pay across all protocols operating on a network. 

For BSC, this includes decentralized exchanges, lending platforms, and various DeFi applications. Higher revenue typically correlates with increased trading volumes and on-chain transactions.

Increased Activity Points to Accumulation Patterns The revenue spike coincides with heightened trading and transfer activity across Binance-based protocols. Network data shows users executing more transactions than in typical baseline periods. 

This behavior often appears during phases of concentrated market interest and capital movement.

Fee revenue patterns can indicate institutional or whale accumulation phases. When large-scale investors begin positioning, transaction volumes naturally increase across the network. 

The resulting fee pressure drives up total revenue collection. BSC’s current metrics align with these typical accumulation signatures.

Market participants watch blockchain revenue trends to gauge network health beyond price movements. The metric filters out speculative noise and focuses on actual usage. 

For BSC, sustained revenue growth would confirm continued protocol adoption and user retention across its ecosystem.

The network’s fee structure makes it attractive for users seeking lower transaction costs compared to alternatives. 

As activity increases, even modest per-transaction fees accumulate into substantial daily totals. The January 8 record demonstrates BSC’s capacity to handle elevated transaction loads while maintaining user engagement through competitive pricing.

The privacy-focused crypto asset monero ( XMR) has been on a tear lately, with the digital currency clocking a new all-time high on Sunday, Jan. 11, 2026.

This clinical-stage biotech specializing in blood disorders reported a notable insider sale amid strong recent stock performance.

On Jan. 2, Rahul Khara, the chief legal officer of Disc Medicine (IRON 1.45%), exercised and immediately sold 6,500 shares in a derivative transaction valued at approximately $511,472, according to an SEC Form 4 filing.

Transaction summaryMetricValueShares sold (direct)6,500Transaction value$511,471.8Post-transaction shares (direct)37,793Post-transaction value (direct ownership)$2.99 millionTransaction value based on SEC Form 4 weighted average purchase price; post-transaction value based on the Jan. 2 market close.

Key questionsHow significant was this transaction relative to Khara's prior activity?
The 6,500-share exercise and sale aligns with the recent median administrative sale size of 7,000 shares, representing 14.7% of direct holdings, which is consistent with the 13.28% median for the past year.What does the derivative context indicate about insider intent?
This transaction was a structured, non-discretionary sale of shares acquired through option exercise, rather than an open-market discretionary sale.How did this sale affect Khara's remaining capacity and ownership?
Direct holdings declined to 37,793 shares; Khara also reported holding stock options underlying 22,270 shares.What is the market context for this transaction?
The transaction occurred at a weighted average price of $78.69 per share; over the trailing year, Disc Medicine shares delivered a 26.6% return as of the transaction date.Company overviewMetricValuePrice (as of Jan. 2)$78.69Market capitalization$2.95 billionNet income (TTM)($181.11 million)1-year price change26.6%* 1-year price change calculated using Jan. 2, 2026 as the reference date.

Company snapshotDisc Medicine, Inc. develops and advances clinical-stage therapeutic candidates targeting hematologic diseases, with a focus on red blood cell biology, heme biosynthesis, and iron homeostasis.The company operates a biotechnology business model, investing in research and development to bring novel therapies through clinical trials toward regulatory approval and future commercialization.Primary customers include healthcare providers and institutions treating patients with serious hematologic disorders, particularly those with unmet medical needs in red blood cell and iron regulation.Disc Medicine, Inc. is a clinical-stage biotechnology company specializing in innovative treatments for hematologic diseases. Leveraging expertise in red blood cell biology, primarily heme biosynthesis and iron homeostasis, the company is building a portfolio of therapeutic candidates.

What this transaction means for investorsThis sale came from a pre-scheduled Rule 10b5-1 plan and followed an option exercise, making it an administrative move rather than a discretionary bet against the business. That context matters because Disc is operating from a position of financial strength. The company ended the third quarter with roughly $616 million in cash, cash equivalents, and marketable securities, a balance bolstered by an October public offering that extended its cash runway into 2029. Research and development spending rose meaningfully year over year as Disc advanced multiple programs, including preparations for the potential launch of bitopertin following its NDA submission for erythropoietic protoporphyria. These higher operating costs widened losses to $62.3 million for the quarter, but they also reflect execution rather than distress.

Shares have delivered a roughly 26.6% return over the past year, comfortably ahead of the S&P 500’s roughly 18% gain and suggesting investors are already pricing in pipeline progress. After the sale, the executive retained a sizable equity stake and additional vested options, keeping incentives aligned with long-term outcomes.

Ultimately, administrative insider selling against a backdrop of strong liquidity, advancing clinical programs, and market-beating returns does little to undermine the long-term thesis. The bigger variables remain regulatory execution and clinical data delivery over the next 12 to 24 months.

GlossaryDerivative transaction: A trade involving financial instruments whose value is based on an underlying asset, such as stock options.
Exercised options: The act of using the right to buy company shares at a set price, typically granted to employees.
SEC Form 4: A required filing that discloses insider trades of company stock by executives, directors, or large shareholders.
Vested options: Stock options that have met required conditions and are now eligible to be exercised by the holder.
Direct holdings: Shares owned outright by an individual, not through trusts or other indirect entities.
Indirect holdings: Shares owned via trusts, family members, or entities rather than directly by the individual.
Non-discretionary sale: A pre-scheduled or automatic sale of shares, not based on the insider's immediate choice or market timing.
Weighted average price: The average price of shares sold, weighted by the number of shares at each price.
Clinical-stage: Refers to drug candidates currently being tested in human clinical trials but not yet approved for sale.
Hematologic diseases: Disorders related to the blood, such as anemia or clotting conditions.
Heme biosynthesis: The biological process by which the body produces heme, a key component of red blood cells.
TTM: The 12-month period ending with the most recent quarterly report.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

– Cabozantinib franchise achieves approximately $2.123 billion in preliminary U.S. net product revenues for fiscal year 2025 –

– Fiscal year 2026 net product revenues guidance of $2.325 billion - $2.425 billion –

– Presentation and webcast at J.P. Morgan 2026 Healthcare Conference tomorrow, Monday, January 12th at 5:15 p.m. PT / 8:15 p.m. ET –

ALAMEDA, Calif.--(BUSINESS WIRE)--Exelixis, Inc. (Nasdaq: EXEL) today announced its preliminary unaudited financial results for the fiscal year 2025, provided financial guidance for fiscal year 2026 and delivered an update on its business. Exelixis anticipates 2026 will be a significant year of clinical, regulatory and commercial progress as the company grows its current cabozantinib business, works toward building a potential second commercial franchise with zanzalintinib and moves its earlier stage pipeline forward. As outlined at its December 2025 R&D Day, the company seeks to leverage its diverse pipeline and key clinical collaborations to build next-generation oncology franchises that can improve standards of care for patients with cancer.

Preliminary Fiscal Year 2025 Financial Results & 2026 Financial Guidance

Exelixis is providing the following preliminary unaudited 2025 financial results and financial guidance for 2026. Net product and total revenues guidance do not currently reflect any revenues resulting from a potential U.S. regulatory approval and commercial launch of zanzalintinib for the treatment of patients with previously treated metastatic colorectal cancer (CRC). The U.S. Food and Drug Administration (FDA) is currently reviewing Exelixis' New Drug Application (NDA) for this proposed indication, when used in combination with atezolizumab (Tecentriq®).

Fiscal Year 2025

Fiscal Year 2026 Guidance

Total revenues

~ $2.320 billion

$2.525 billion - $2.625 billion

Net product revenues

~ $2.123 billion

$2.325 billion - $2.425 billion(1)

Cost of goods sold, % of net product revenues

~ 3.7%

3.5% - 4.5%

Research and development expenses

~ $825 million(2)

$875 million - $925 million(3)

Selling, general and administrative expenses

~ $520 million(4)

$575 million - $625 million(5)

Effective tax rate

n/a(6)

21% - 23%

Ending cash and marketable securities(7)

~ $1.65 billion

n/p

(1)

Exelixis’ 2026 net product revenues guidance range includes the impact of a U.S. wholesale acquisition cost increase of 3.0% for both CABOMETYX® and COMETRIQ® effective on January 1, 2026.

(2)

Includes $40.8 million of non-cash stock-based compensation expense.

(3)

Includes $50.0 million of non-cash stock-based compensation expense.

(4)

Includes $72.2 million of non-cash stock-based compensation expense.

(5)

Includes $75.0 million of non-cash stock-based compensation expense.

(6)

Preliminary results not yet available.

(7)

Cash and marketable securities are composed of cash, cash equivalents and marketable securities. Fiscal year 2026 guidance not provided (n/p).

The preliminary 2025 financial information presented in this press release has not been audited and is subject to change. The complete Exelixis Fourth Quarter and Fiscal Year 2025 Financial Results are planned for release after market on Tuesday, February 10, 2026.

“Exelixis enters 2026 with a strong and growing commercial business, the opportunity to bring a potential second oncology franchise to market and an exciting pipeline of novel small molecules and biotherapeutics,” said Michael M. Morrissey, Ph.D., President & CEO, Exelixis. “Our momentum accelerated throughout 2025, driven by the continued strong commercial performance of CABOMETYX in renal cell carcinoma and advanced neuroendocrine tumors. We also achieved major milestones with the first positive pivotal data readout and subsequent U.S. regulatory filing for zanzalintinib, our next potential franchise molecule, and drove meaningful pipeline progress.”

Dr. Morrissey continued: “To achieve our goal of becoming a top-5 solid tumor oncology company, Exelixis is pursuing a multi-franchise approach that fosters innovation, manages risk and maximizes the value of our portfolio for all our stakeholders. Building on the cabozantinib experience, we aim to establish lasting franchises in renal cell carcinoma, neuroendocrine tumors and colorectal cancer where our products can be successful as monotherapies or in combination, including with other Exelixis pipeline assets. Through careful prioritization and disciplined investments in high-value opportunities, we are confident we can drive sustained near- to mid-term growth while returning capital to shareholders and improving the standards of care for patients with cancer.”

Anticipated Cabozantinib Milestones

Growth and Acceleration of Cabozantinib Commercial Franchise. Exelixis expects cabozantinib franchise growth to continue in 2026, building on the product’s position as the leading tyrosine kinase inhibitor (TKI) and oral therapy in renal cell carcinoma (RCC) and neuroendocrine tumors (NET). As of the third quarter 2025, in RCC, CABOMETYX® (cabozantinib) was the market leader as the number one TKI monotherapy and the most prescribed TKI in combination with immunotherapy (IO). The accelerating uptake in NET builds on the March 2025 U.S. regulatory approval of CABOMETYX for two new NET indications, advanced pancreatic and extra-pancreatic NET (pNET and epNET), based on results from the CABINET study. As of the third quarter 2025, CABOMETYX was the leading oral therapy in the second-or-later line (2L+) NET market, with broad uptake across 2L+ patient types and practice settings. Based on this success and with additional gastrointestinal (GI) cancer opportunities ahead, Exelixis is expediting the full buildout of its GI sales team to accelerate growth in NET and prepare for potential future indications for zanzalintinib in GI cancers.

Anticipated Zanzalintinib Milestones

Ongoing U.S. Regulatory Review in CRC. Exelixis is preparing for the potential first commercial launch of zanzalintinib for the treatment of patients with previously treated CRC, when used in combination with atezolizumab. The regulatory filing was based on positive results from the phase 3 STELLAR-303 pivotal trial, which met one of its dual primary endpoints, with the combination of zanzalintinib and atezolizumab demonstrating a statistically significant reduction in the risk of death versus regorafenib in the intention-to-treat population at the final analysis. An overall survival (OS) benefit with the combination was consistently observed across pre-specified subgroups, including geographic region, RAS status, liver involvement and prior anti-VEGF therapy.

STELLAR-303 CRC Study Final Analysis of Second Dual Primary Endpoint of OS in Patients without Liver Metastases Expected Mid-2026. In 2025, a prespecified interim analysis of STELLAR-303's other dual primary endpoint, OS in patients without liver metastases (non-liver metastases or NLM), showed a trend favoring the combination; however, these data were immature at the data cutoff. The trial is proceeding to the planned final analysis for this endpoint, which is expected in mid-2026, based on current event rates.

Topline Results for STELLAR-304 Anticipated Mid-2026. STELLAR-304 is a phase 3 pivotal trial evaluating zanzalintinib in combination with nivolumab versus sunitinib in previously untreated patients with advanced non-clear cell RCC. The primary endpoints in the trial are progression-free survival (PFS) and objective response rate (ORR). STELLAR-304 completed enrollment in May 2025. Topline results expected in mid-2026, based on current event rates.

Enrollment Progress for STELLAR-311 Trial of Zanzalintinib in Advanced NET. Exelixis is actively enrolling patients in the phase 2/3 STELLAR-311 pivotal trial, which is evaluating zanzalintinib versus everolimus as a first oral therapy in patients with advanced NET, regardless of site of origin, who have received up to one prior line of therapy. Initiated in June 2025, STELLAR-311 is the first study to randomize a small molecule against an active control in this setting, with the potential to broadly redefine oral treatment options for these patients. The primary endpoint of the trial is PFS per Response Evaluation Criteria in Solid Tumors (RECIST) 1.1 as assessed by Blinded Independent Central Review.

Additional Ongoing and Planned Pivotal Trials for Zanzalintinib. In addition to the ongoing Exelixis-sponsored STELLAR-303, -304, and -311 trials, additional zanzalintinib pivotal trials include:

LITESPARK-033, which is evaluating the combination of zanzalintinib and WELIREG® (belzutifan) versus cabozantinib in first-line advanced RCC following IO administered in the adjuvant setting. LITESPARK-033 was initiated in December 2025 and is the first Merck-sponsored pivotal trial of zanzalintinib and belzutifan in RCC under the companies’ clinical development collaboration. A second Merck-sponsored pivotal trial of zanzalintinib and belzutifan in RCC is anticipated to begin in early 2026. Details of this anticipated study are forthcoming. STELLAR-316, which will evaluate the potential of zanzalintinib, with and without an immune checkpoint inhibitor, to keep patients disease-free in the adjuvant CRC setting. As currently proposed, the study will enroll patients with resected stage II/III CRC who have completed definitive therapy and tested positive for molecular residual disease (MRD), but do not have radiographic evidence of disease. The primary endpoint of STELLAR-316 is disease-free survival, with secondary endpoints including circulating tumor DNA clearance. Exelixis recently announced a collaboration with Natera, a global leader in cell-free DNA and precision medicine, in which Natera will provide its Signatera™ assay to identify MRD-positive patients for enrollment in the trial. Exelixis expects to initiate STELLAR-316 in mid-2026. STELLAR-201, which will evaluate zanzalintinib in recurrent meningioma, the most common primary intracranial neoplasm for which there are currently no approved systemic therapies. The study is planned to enroll patients with Grade I/II/III meningioma with relapse/progression following radiation/surgery or who are not candidates for radiation/surgery. The proposed primary endpoint of the trial is ORR, with secondary endpoints including duration of response, PFS and OS. Pending favorable results, the trial represents an opportunity for zanzalintinib to become the first and only systemic therapy approved for this form of cancer. Exelixis expects to initiate STELLAR-201 in mid-2026, and a confirmatory phase 3 study is also being planned. Anticipated R&D Milestones

Progress of Phase 1 Clinical Programs for XL309, XB010, XB628 and XB371. Exelixis is advancing ongoing phase 1 clinical trials for XL309 (USP1 inhibitor), XB010 (5T4-targeting ADC), XB628 (PD-L1 + NKG2A bispecific) and XB371 (TF-targeting ADC). If phase 1 data are supportive, Exelixis plans to progress these molecules into full development as part of its strategy to build next-generation oncology franchises across tumor types and novel combination regimens, including with zanzalintinib and other therapeutic modalities. Combination opportunities of particular development interest highlighted at the December 2025 R&D Day include zanzalintinib plus XB628 in both advanced RCC and CRC.

Two Potential IND Applications in 2026. Exelixis anticipates advancing two programs into clinical development this year:

XL557 is an orally bioavailable small molecule Somatostatin Receptor 2 agonist. Somatostatin analogs are widely used in the first- and second-line NET treatment settings, but currently available therapies are administered via injection and pose associated challenges. Exelixis believes XL557 has the potential to become a best-in-class molecule that could serve NET patients across all lines of treatment as a monotherapy and potentially in combination with zanzalintinib. XB773 is an antibody-drug conjugate (ADC) consisting of an exatecan payload conjugated to a monoclonal antibody targeting DLL3, a transmembrane protein that is expressed in neuroendocrine carcinomas such as small cell lung cancer and neuroendocrine prostate cancer. Exelixis believes XB773 could be a best-in-class molecule with better payload delivery compared to competitor ADCs and potential for improved therapeutic benefit, as well as strong combination potential that would facilitate its use in earlier lines and settings. Corporate Updates

Stock Repurchase Program (SRP) Update. Since Exelixis’ Board of Directors authorized the first SRP in March 2023, Exelixis has repurchased a total of $2.16 billion of the company’s common stock, retiring 76.7 million shares, at an average price of $28.14 per share, as of the end of fiscal year 2025. In October 2025, Exelixis’ Board of Directors authorized the repurchase of up to an additional $750 million of the company’s common stock before December 31, 2026. Exelixis has begun executing stock repurchases under the October 2025 SRP, which is the fifth such program to be undertaken by the company since March 2023. Stock repurchases under this program may be made from time to time through a variety of methods, which may include open market purchases, in block trades, Rule 10b5-1 trading plans, accelerated share repurchase transactions, exchange transactions or any combination of such methods. The timing and amount of any stock repurchases under the SRP will be based on a variety of factors, including ongoing assessments of the capital needs of the business, alternative investment opportunities, the market price of our common stock and general market conditions. The program does not obligate Exelixis to acquire any amount of its common stock, and the SRP may be modified, suspended or discontinued at any time without prior notice.

Presentation and Webcast

Exelixis President and Chief Executive Officer Michael M. Morrissey, Ph.D., will provide a corporate overview and discuss the company’s preliminary fiscal year 2025 financial results, 2026 financial guidance and key priorities and milestones for 2026 during the company’s presentation at the J.P. Morgan 2026 Healthcare Conference beginning at 5:15 p.m. PT / 8:15 p.m. ET on Monday, January 12, 2026.

To access the webcast link, log onto www.exelixis.com and proceed to the Event Calendar page under the Investors & News heading. A replay will also be available at the same location for at least 30 days.

About Exelixis

Exelixis is a globally ambitious oncology company innovating next-generation medicines and regimens at the forefront of cancer care. Powered by drug discovery and development excellence, we are rapidly evolving our product portfolio to target an expanding range of tumor types and indications with our clinically differentiated pipeline of small molecules and biotherapeutics. This comprehensive approach harnesses decades of robust investment in our science and partnerships to advance our investigational programs and extend the impact of our flagship commercial product, CABOMETYX® (cabozantinib). Exelixis is driven by a bold scientific pursuit to create transformational treatments that give more patients hope for the future. For information about the company and its mission to help cancer patients recover stronger and live longer, visit www.exelixis.com, follow @ExelixisInc on X (Twitter), like Exelixis, Inc. on Facebook and follow Exelixis on LinkedIn.

Forward-Looking Statements and Preliminary Financial Results

This press release contains forward-looking statements, including, without limitation, statements related to: Exelixis’ anticipation that 2026 will be a significant year of clinical, regulatory and commercial progress as the company grows its current cabozantinib business, works toward building a potential second commercial franchise with zanzalintinib and moves its earlier stage pipeline forward; Exelixis’ 2026 financial guidance; Exelixis’ goal to build next-generation oncology franchises that can improve standards of care for patients with cancer and to become top 5 solid tumor oncology company; Exelixis’ goal to establish lasting franchises in RCC, NET and CRC while driving sustained near to mid-term growth, returning capital to shareholders and improving the standards of care for patients with cancer; Exelixis’ belief in the continued strong commercial performance of the cabozantinib franchise, with expected growth and acceleration in RCC and NET in 2026, including plans to buildout its GI sales team to accelerate growth in NET and prepare for future indications for zanzalintinib in GI cancers; the regulatory review process with respect to Exelixis’ NDA for zanzalintinib for the treatment of patients with previously metastatic CRC, when used in combination with atezolizumab; Exelixis’ plans for the potential first commercial launch of zanzalintinib in combination with atezolizumab for the treatment of patients with previously treated CRC; Exelixis’ upcoming development milestones, including expansion and acceleration of the zanzalintinib pivotal trial program; Exelixis’ expectation for clinical data readouts from STELLAR-303 and STELLAR-304; clinical progress and priorities for STELLAR 311 and LITESPARK-033; Exelixis’ plans to initiate STELLAR-316 and STELLAR-301 in 2026; Exelixis plans to progress XL309, XB010, XB628 and XB371 into full development as part of its strategy to build next-generation oncology franchises across tumor types and novel combination regimens, including with zanzalintinib and other therapeutic modalities, if phase 1 data are supportive; Exelixis’ anticipated discovery milestones, including the advancement into clinical development of XL557 and XB773; the timing, amount, and completion of any stock repurchase programs; and Exelixis’ scientific pursuit to create transformational treatments that give more patients hope for the future; and other statements that are not historical facts. Any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements and are based upon Exelixis’ current plans, assumptions, beliefs, expectations, estimates and projections. Forward-looking statements involve risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of these risks and uncertainties, which include, without limitation: the degree of market acceptance of CABOMETYX and other Exelixis products in the indications for which they are approved and in the territories where they are approved, and Exelixis’ and its partners’ ability to obtain or maintain coverage and reimbursement for these products; the effectiveness of CABOMETYX and other Exelixis products in comparison to competing products; complexities and the unpredictability of the regulatory review and approval processes in the U.S. and elsewhere; the level of costs associated with Exelixis’ commercialization, research and development, in-licensing or acquisition of product candidates, and other activities; Exelixis’ ability to maintain and scale adequate sales, marketing, market access and product distribution capabilities for its products or to enter into and maintain agreements with third parties to do so; the availability of data at the referenced times; the potential failure of cabozantinib, zanzalintinib and other Exelixis product candidates, both alone and in combination with other therapies, to demonstrate safety and/or efficacy in clinical testing; uncertainties inherent in the drug discovery and product development process; Exelixis’ dependence on its relationships with its collaboration partners, including their pursuit of regulatory approvals for partnered compounds in new indications, their adherence to their obligations under relevant collaboration agreements and the level of their investment in the resources necessary to complete clinical trials or successfully commercialize partnered compounds in the territories where they are approved; complexities and the unpredictability of the regulatory review and approval processes in the U.S. and elsewhere; Exelixis’ continuing compliance with applicable legal and regulatory requirements; unexpected concerns that may arise as a result of the occurrence of adverse safety events or additional data analyses of clinical trials evaluating cabozantinib, zanzalintinib and other Exelixis product candidates; Exelixis’ dependence on third-party vendors for the development, manufacture and supply of its products and product candidates; Exelixis’ ability to protect its intellectual property rights; market competition, including the potential for competitors to obtain approval for generic versions of Exelixis’ marketed products; changes in economic and business conditions, including as a result of changing trade policies and tariffs and the related uncertainty thereof; and other factors detailed from time to time under the caption “Risk Factors” in Exelixis’ most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and in Exelixis’ other future filings with the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Exelixis as of the date of this press release, and Exelixis undertakes no obligation to update or revise any forward-looking statements contained herein, except as required by law.

In addition, this press release includes Exelixis’ preliminary financial results for the fiscal year ended January 2, 2026. Exelixis is currently in the process of finalizing its financial results for the quarter and fiscal year ended January 2, 2026, and the preliminary financial results presented in this press release are based only upon preliminary information available to Exelixis as of January 11, 2026. Exelixis’ preliminary financial results should not be viewed as a substitute for audited financial statements prepared in accordance with U.S. GAAP, and undue reliance should not be placed on Exelixis’ preliminary financial results. Exelixis’ independent registered public accounting firm has not audited or reviewed the preliminary financial results included in this press release or expressed any opinion or other form of assurance on such preliminary financial results. In addition, items or events may be identified or occur after the date of this press release due to the completion of operational and financial closing procedures, final audit adjustments and other developments may arise that would require Exelixis to make material adjustments to the preliminary financial results included in this press release. Therefore, the preliminary financial results included in this press release may differ, perhaps materially, from the financial results that will be reflected in Exelixis’ audited consolidated financial statements for the fiscal year ended January 2, 2026.

Exelixis, the Exelixis logo, CABOMETYX and COMETRIQ are registered U.S. trademarks of Exelixis, Inc.
TECENTRIQ (atezolizumab) is a registered trademark of Genentech, a member of the Roche Group.
WELIREG® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, N.J., USA.

More News From Exelixis, Inc.

Brings Together Airlines with Similar Flexible Capacity Models Serving 22 Million Annual Customers, Nearly 175 Cities, With More Than 650 Routes, and 195 Aircraft

Complementary Route Networks, Diversified Fleet, and Third-Party Travel Business Expand Choice, and Service for Passengers, Allowing Them to Reach More U.S. and International Vacation Destinations

Strengthens Diversified Operations with Long-Term, Contractual Charter and Cargo Customers

Strong Margins and Balance Sheet Support Growth Drive Shareholder Returns 

Expected to Generate $140 Million in Annual Synergies by Year 3 Post Close; Accretive to EPS Year 1 Post Closing While Enhancing Long Term Financial Returns

Larger Loyalty Program Will Boost Rewards with Expanded Earning Options, Richer Benefits, and Greater Flexibility for Travelers

More Opportunities for Team Members with a Shared Commitment to People and Service

Committed to Maintaining Significant Presence in Minneapolis-St. Paul as an Important Base of Operations and Key Anchor City

Investor Conference Call Scheduled for Monday, January 12 at 8:30 AM Eastern Time

, /PRNewswire/ -- Allegiant (NASDAQ: ALGT) and Sun Country Airlines (NASDAQ: SNCY) today announced a definitive merger agreement under which Allegiant will acquire Sun Country in a cash and stock transaction at an implied value of $18.89 per Sun Country share. Sun Country shareholders will receive 0.1557 shares of Allegiant common stock and $4.10 in cash for each Sun Country share owned, representing a premium of 19.8% over Sun Country's closing share price of $15.77 on January 9, 2026, and 18.8% based on the 30-day volume-weighted average price. The transaction values Sun Country at approximately $1.5 billion, inclusive of $0.4 billion of Sun Country's net debt. Upon closing, Allegiant and Sun Country shareholders will own approximately 67% and 33%, respectively, of the combined company on a fully diluted basis.

Allegiant and Sun Country Planes (PRNewsfoto/Allegiant Travel Company) The combination will create a leading leisure-focused U.S. airline, expanding service to more popular vacation destinations across the United States, as well as international destinations, and providing more people with access to affordable, convenient air travel. Allegiant and Sun Country are well positioned to create one of the most adaptable and resilient airline models in the industry, with the ability to respond quickly to changing market conditions, traveler demand, and charter and cargo partner needs. The combination of two financially strong leisure carriers in the U.S. will create benefits for customers, communities, employees, and partners by enhancing stability, expanding opportunities, and enabling continued investment and innovation.

Gregory C. Anderson, Allegiant CEO, said, "This combination is an exciting next chapter in Allegiant and Sun Country's shared mission in providing affordable, reliable, and convenient service from underserved communities to premier leisure destinations. We have long admired Sun Country for their well-run, flexible, and diversified business model that optimizes for year-round utilization and strong margins. Together, our complementary networks will expand our reach to more vacation destinations including international locations. With our combined strengths– including operational excellence, consistent profitability, strong balance sheets, and fleet ownership, we will create an even more resilient and agile airline that delivers greater value to travelers, partners, Team Members, shareholders, and the communities we serve."

Jude Bricker, Sun Country President & CEO, said, "Over Sun Country's 43-year history, we have grown to become one of the nation's most respected low-cost, leisure airlines with a unique business model for serving scheduled service and charter passengers as well as delivering cargo, with a strong brand and deep roots in Minnesota. Today marks an exciting next step in our history as we join Allegiant to create one of the leading leisure travel companies in the U.S. We are two customer-centric organizations, deeply committed to delivering affordable travel experiences without compromising on quality. Importantly, we believe this transaction delivers significant value to Sun Country shareholders and an opportunity to continue to benefit from our growth plans as a combined company."

A Shared Commitment to Affordable Leisure Travel for Our Combined 22 Million Annual Passengers

Both Allegiant and Sun Country have built their businesses with a focus on connecting travelers to the places they love, with a commitment to value, convenience, and customer choice. The combined airline will offer:

Complementary footprint provides more destinations, more often: The combination brings together complementary route networks across Allegiant's small and mid-sized localities and Sun Country's larger cities and will provide more than 650 routes, including 551 Allegiant routes and 105 Sun Country routes. This combination will connect MSP to Allegiant's mid-sized markets, and expand nonstop service to popular vacation spots, with a continued focus on underserved markets across the U.S. while expanding opportunities into international locations. Expanded international service: With access to Sun Country's vast international network across Mexico, Central America, Canada, and the Caribbean, the combined airline will offer Allegiant customers access to expanded service from its small and mid-sized cities to 18 international destinations. Greater scheduling agility, improved reliability, and dynamic route planning enhance on-time performance: Integrated scheduling and fleet management will enhance on-time performance. The combined airline's flexible capacity will match demand during peak leisure travel seasons and days of the week, while leveraging year-round charter and cargo operations to maximize profitability. By rapidly adjusting and expanding passenger and charter routes to support emerging vacation trends and expertly matching demand trends, the combined company can better service underserved markets and meet charter and cargo customer demands. Enhanced loyalty rewards program: Expanded frequent flyer and membership benefits, combining the best of both airlines' programs. Adding Sun Country's more than 2 million members to Allegiant's 21 million member base further enhances the relevance of the combined program, driving greater customer rewards. Opportunities for Our Teams Flying Together

Allegiant and Sun Country share cultures rooted in respect, teamwork, and opportunity, where employees are empowered to grow their careers and contribute to a mission they believe in: connecting communities and helping travelers reach the places they love. As part of a leading leisure-focused airline, employees will have increased opportunities, including:

Career growth: A larger network and fleet will create new roles, advancement opportunities, and cross-training possibilities across the combined airline. Shared culture of service: Both airlines' emphasis on safety, hospitality, and affordable leisure travel will remain central to training, operations, and customer care. Seasonal stability: In addition to expanded leisure travel opportunities, the combined airline's diversified operations, including Sun Country's long-term charter contracts and cargo partnerships, will create more year-round flying opportunities for pilots, crews, and operations personnel. This stability supports career growth, cross-training, and operational efficiency across the network. Employee engagement: Continued investment in programs that support professional development and recognition of team member contributions. Allegiant and Sun Country will work closely with employees and their unions — including pilots, flight attendants, mechanics, ground staff, and dispatchers — to ensure a smooth and transparent integration process. Existing collective bargaining agreements will remain in effect, and the companies will follow all processes required under the Railway Labor Act. Both companies share a goal to support employees throughout the transition, creating a unified team for the future.

Creating Outsized, Long-Term Value for Shareholders

The combination of Allegiant and Sun Country brings together two profitable airlines with strong balance sheets and is expected to deliver immediate and sustained value to shareholders of both companies through significant long-term growth potential and enhanced financial strength, including:

Synergy realization: Allegiant expects to achieve $140 million in annual synergies within three years following the closing and integration, primarily driven by the ability to provide more customers with more options across the combined network. Expected cost savings and revenue synergies are also expected from scale efficiencies, fleet optimization, and procurement. EPS accretion: Transaction expected to be accretive to earnings per share one year post closing, while enhancing long-term financial results.  Balance sheet flexibility and leverage: The combined company expects Net Adjusted Debt[1] to EBITDAR of less than 3.0x at closing and to maintain balance sheet flexibility post-closing. Diversified operations: Sun Country remains a major narrow-body freighter operator in the U.S., with its multi-year agreement with Amazon Prime Air, as well as its charter contracts with casinos, Major League Soccer, collegiate sports teams, and the Department of Defense. With the addition of Allegiant's existing charter business, the combined airline will benefit from a further diversified business model that balances demand cycles, provides stable revenue streams, and maximizes aircraft and crew utilization. Enhanced fleet optimization and leverage: Owning and operating both Airbus and Boeing aircraft – with the ability to source additional aircraft from new and existing markets – will enable the company to deploy aircraft where they deliver the greatest operational and financial benefit. The combined airline will have the scale to more fully utilize Allegiant's 737 MAX fleet and order book, improving fuel efficiency and capacity. On closing, the combined airline will operate approximately 195 aircraft, with 30 on order and an additional 80 options. Financial resilience through economic cycles: The combined airline's diversified revenue streams, including its high ancillary revenues and long-term contracts in cargo and charter that are able to pass through fuel risk to the end customer, are expected to provide greater resilience through economic cycles. Leadership, Governance, and Footprint

Following close, Allegiant will continue to be the publicly held parent company and the combined company will continue under the Allegiant name. However, each airline will operate separately until the airline operations obtain a single operating certificate from the FAA which consolidates the airlines' operations, procedures, and safety protocols into one framework. There will be no immediate impact to ticketing, flight schedules, and travel experience, or the Sun Country brand, and customers can continue to book and fly with Allegiant and with Sun Country as they do today.

Upon closing, Allegiant CEO Gregory C. Anderson will serve as Chief Executive Officer of the combined company, and Robert Neal will serve as President and Chief Financial Officer. Sun Country President and CEO Jude Bricker will join the Board of Directors, alongside two additional Sun Country Board members, expanding the size of the Allegiant board to 11. Maury Gallagher, Chairman of the Board of Allegiant, will serve as Chairman of the Board of the combined company. Jude Bricker will serve as an advisor to Mr. Anderson to help ensure a smooth and successful integration.

The combined company will be headquartered in Las Vegas and will maintain a significant presence in Minneapolis-St. Paul where Sun Country is based.

Timing and Approvals

The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the second half of 2026, subject to receipt of U.S. federal antitrust clearance and other required regulatory approvals, the approval of both companies' shareholders and other customary closing conditions.

Investor Conference Call and Transaction Website Details

Allegiant and Sun Country will conduct a live conference call and webcast to discuss the transaction tomorrow, January 12, 2026, at 8:30 AM ET. A live broadcast of the conference call will be available via the Company's Investor Relations website homepage at http://ir.allegiantair.com.

The webcast and accompanying presentation slides will be available on both the Allegiant website and Sun Country website, as well as www.SoaringForLeisure.com, a joint website dedicated to the transaction.

Advisors

Barclays is serving as financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor, and FGS Global is serving as strategic communications advisor to Allegiant.

Goldman Sachs & Co. LLC is serving as financial advisor and Milbank LLP is serving as legal advisor, and Collected Strategies is serving as strategic communications advisor to Sun Country.

Allegiant – Together We FlyTM

Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places, and experiences that matter most. Since 1999, Allegiant Air has linked travelers in small-to-medium cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant's fleet serves communities across the nation, with base airfares less than half the cost of the average domestic roundtrip ticket. For more information, visit us at Allegiant.com. Media information, including photos, is available at http://gofly.us/iiFa303wrtF

About Sun Country 

Sun Country Airlines is a new breed of hybrid low-cost air carrier, whose mission is to connect guests to their favorite people and places to create lifelong memories and transformative experiences. Sun Country dynamically and synergistically deploys shared resources for our passenger service, including scheduled service and charter, and cargo service segments. Based in Minnesota, we focus on serving leisure and visiting friends and relatives ("VFR") passengers and charter customers and providing cargo service to Amazon, with flights throughout the United States and to destinations in Mexico, Central America, Canada, and the Caribbean.

For photos, b-roll and additional company information, visit https://www.stories.suncountry.com/multimedia

Cautionary Statement Regarding Forward-Looking Statements

This communication contains forward-looking statements under the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, Section 27A of the Securities Act of 1933 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and often can be identified by the use of forward-looking terminology such as the words "believe," "expect," "guidance," "anticipate," "intend," "plan," "estimate", "project", "hope" or similar expressions. Forward-looking statements in this communication are based on Allegiant's and Sun Country's current expectations, estimates and projections about the expected date of closing of the proposed transaction and the potential benefits thereof, their respective businesses and industries, management's beliefs and certain assumptions made by Allegiant and Sun Country, all of which are subject to change. Forward-looking statements in this communication may relate to, without limitation, the benefits of the proposed transaction, including future financial and operating results; the parties' respective plans, objectives, expectations and intentions; the expected timing and likelihood of completion of the proposed transaction; expected synergies of the proposed transaction; the timing and result of various regulatory proceedings related to the proposed transaction; the ability to execute and finance current and long-term business, operational, capital expenditures and growth plans and strategies; the impact of increased or increasing transaction and financing costs associated with the proposed transaction or otherwise, as well as inflation and interest rates; and the ability to access debt and equity capital markets.

Forward-looking statements involve risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to, the following: the occurrence of any event, change or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive merger agreement for the proposed transaction; the risk that potential legal proceedings may be instituted against Allegiant or Sun Country and result in significant costs of defense, indemnification or liability; the possibility that the proposed transaction does not close when expected or at all because required stockholder approvals, required regulatory approvals or other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that such regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction); the risk that the combined company will not realize expected benefits, cost savings, accretion, synergies and/or growth from the proposed transaction or that any of the foregoing may take longer to realize or be more costly to achieve than expected; disruption to the parties' businesses as a result of the announcement and pendency of the proposed transaction; the costs associated with the anticipated length of time of the pendency of the proposed transaction, including the restrictions contained in the definitive merger agreement on the ability of each of Sun Country and Allegiant to operate their respective businesses outside the ordinary course consistent with past practice during the pendency of the proposed transaction; the diversion of Allegiant's and Sun Country's respective management teams' attention and time from ongoing business operations and opportunities on acquisition-related matters; the risk that the integration of Sun Country's operations will be materially delayed or will be more costly or difficult than expected or that Allegiant is otherwise unable to successfully integrate Sun Country's businesses into its businesses; the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of Allegiant's or Sun Country's customers, suppliers, employees, labor unions or other business partners, including those resulting from the announcement or completion of the proposed transaction; the dilution caused by Allegiant's issuance of additional shares of its common stock in connection with the consummation of the proposed transaction; a material adverse change in the business, condition or results of operations of Allegiant or Sun Country; changes in domestic or international economic, political or business conditions, including those impacting the airline industry (including customers, employees and supply chains); Allegiant's and Sun Country's ability to successfully implement their respective operational, productivity and strategic initiatives; the outcome of claims, litigation, governmental proceedings and investigations involving Allegiant or Sun Country; and a cybersecurity incident or other disruption to Sun Country's or Allegiant's technology infrastructure.

Forward-looking statements in this communication are qualified by and should be read together with, the risk factors set forth above and the risk factors included in Allegiant's and Sun Country's respective annual and quarterly reports as filed with the Securities and Exchange Commission (the "SEC"), and readers should refer to such risks, uncertainties and risk factors in evaluating such forward-looking statements. In addition, the risk factors discussed above are not exhaustive and they, along with other risk factors, will be more fully discussed in the registration statement and joint proxy statement/prospectus to be filed with the SEC in connection with the proposed transaction.

The forward-looking statements in this communication are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, Allegiant and Sun Country disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Important Additional Information and Where to Find It

In connection with the proposed transaction, Allegiant intends to file with the SEC a registration statement on Form S-4 (the "Registration Statement"), which will include a prospectus with respect to the shares of Allegiant's common stock to be issued in the proposed transaction and a joint proxy statement for Allegiant's and Sun Country's respective stockholders (the "Joint Proxy Statement/Prospectus"). The definitive joint proxy statement (if and when available) will be mailed to stockholders of Allegiant and Sun Country. Each of Allegiant and Sun Country may also file with or furnish to the SEC other relevant documents regarding the proposed transaction. This communication is not a substitute for the Registration Statement, the Joint Proxy Statement/Prospectus or any other document that Allegiant or Sun Country may file with the SEC or send to their respective stockholders in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF ALLEGIANT AND SUN COUNTRY ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION WHEN THEY BECOME AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING ALLEGIANT, SUN COUNTRY, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders of Allegiant and Sun Country may obtain free copies of these documents and other documents filed with the SEC by Allegiant or Sun Country through the website maintained by the SEC at http://www.sec.gov or from Allegiant at its website, https://ir.allegiantair.com/financials/sec-filings/default.aspx, or from Sun Country at its website, https://ir.suncountry.com/financials/sec-filings. Documents filed with the SEC by Allegiant will be available free of charge by accessing Allegiant's website at https://ir.allegiantair.com/financials/sec-filings/default.aspx, or alternatively by directing a request by mail to Allegiant's Investor Relations department, 1201 North Town Center Drive, Las Vegas, NV 89144, and documents filed with the SEC by Sun Country will be available free of charge by accessing Sun Country's website at https://ir.suncountry.com/financials/sec-filings, or alternatively by directing a request by mail to Sun Country's Investor Relations department, 2005 Cargo Road, Minneapolis, MN 55450.

Participants In The Solicitation

Allegiant, Sun Country and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Allegiant and Sun Country in connection with the proposed transaction under the rules of the SEC.

Information about the interests of the directors and executive officers of Allegiant and Sun Country and other persons who may be deemed to be participants in the solicitation of stockholders of Allegiant and Sun Country in connection with the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Joint Proxy Statement/Prospectus, which will be filed with the SEC.

Information about the directors and executive officers of Allegiant, their ownership of Allegiant common stock and Allegiant's transactions with related persons can also be found in the Allegiant Annual Report and Allegiant's definitive proxy statement in connection with its 2025 annual meeting of stockholders, as filed with the SEC on Schedule 14A on April 30, 2025 (the "Allegiant 2025 Proxy Statement"), and other documents subsequently filed by Allegiant with the SEC, which are available on its website, https://ir.allegiantair.com/financials/sec-filings/default.aspx. Such information is set forth in the sections entitled "Proposal No. 1 – Election of Directors", "Proposal No. 2  –  Advisory (non-binding) Vote on Executive Compensation", "Proposal No. 3 – Approval of Amendment to Allegiant 2022 Long-Term Incentive Plan to Increase Number of Shares Available", "Executive Compensation" and "Related Party Transactions" of the Allegiant 2025 Proxy Statement. To the extent holdings of Allegiant common stock by the directors and executive officers of Allegiant have changed from the amounts of Allegiant common stock held by such persons as reflected therein, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC, which are available at https://www.sec.gov/edgar/browse/?CIK=1362468&owner=exclude under the tab "Ownership Disclosures".

Information about the directors and executive officers of Sun Country, their ownership of Sun Country common stock and Sun Country's transactions with related persons can also be found in the definitive proxy statement for Sun Country's 2025 annual meeting of stockholders, as filed with the SEC on Schedule 14A on April 25, 2025 (which is available at https://ir.suncountry.com/financials/sec-filings), and other documents subsequently filed by Sun Country with the SEC. Such information is set forth in the sections entitled "Proposal 1– Reelection of Directors", "Proposal 2 – Non-binding (Advisory) Vote to Approve the Compensation of Our Named Executive Officers", "Executive Compensation", "Certain Relationships and Related Person Transactions" and "Security Ownership of Certain Beneficial Owners and Management" of such definitive proxy statement. Please also refer to Sun Country's subsequent Current Reports, as filed with the SEC on Form 8-K on September 22, 2025 (which is available at https://ir.suncountry.com/financials/sec-filings) and on October 30, 2025, regarding subsequent changes to Sun Country's Board of Directors and executive management following the filing of such definitive proxy statement. To the extent holdings of Sun Country common stock by the directors and executive officers of Sun Country have changed from the amounts of Sun Country common stock held by such persons as reflected in the definitive proxy statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC, which are available at https://www.sec.gov/edgar/browse/?CIK=1743907&owner=exclude under the tab "Ownership Disclosures".

Free copies of these documents may be obtained as described above.

No Offer or Solicitation

This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell, an offer to buy, or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, and there shall be no sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Contacts

Allegiant

Media Inquiries: 
[email protected]

FGS Global: 
[email protected]

Investor Inquiries: 
[email protected]

Sun Country

Media Inquiries: 
Wendy Burt
[email protected] 

Collected Strategies:
Jim Golden, Tali Epstein, Kiki Torpey
[email protected] 

Investor Relations:
Chris Allen
[email protected]

1 Adjusted Net Debt / Adjusted EBITDAR defined as (Total Debt + Operating Leases – Cash) / LTM Adjusted EBITDAR.

SOURCE Allegiant Travel Company

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LAS VEGAS--(BUSINESS WIRE)--Aristocrat Leisure Limited (ASX:ALL) and Light & Wonder (ASX:LNW) have agreed to settle their pending litigation in Australia and the United States which Aristocrat brought following the launch of Light & Wonder’s Dragon Train game, which Aristocrat contends was developed using Aristocrat’s trade secrets and copyright works. Aristocrat later made similar claims against Light & Wonder’s Jewel of the Dragon game.

While the specific terms of the settlement remain confidential, the parties can confirm that:

Light & Wonder has agreed to compensate Aristocrat USD $127.5 million (approximately AUD $190 million) in respect of the claims for misappropriation and infringement of its intellectual property. Light & Wonder acknowledges that certain Aristocrat math information was used in connection with the development of both Dragon Train and Jewel of the Dragon. Light & Wonder has agreed to permanently cease commercialization of these games globally and to make best efforts to remove existing installations. Light & Wonder has agreed not to make any further use of the Aristocrat math information and copyright works at issue in the litigation, and to permanently destroy all documents reflecting that information. The parties have agreed to confidential procedures for identifying and resolving any issues concerning the use of Aristocrat math in connection with certain existing Light & Wonder hold and spin games and certain hold and spin games now in development, including games for which Light & Wonder was ordered to produce math models to Aristocrat in the United States litigation. Aristocrat’s claims against Light & Wonder in Australia and the United States will be dismissed. Both Light & Wonder and Aristocrat acknowledge the significant investment and innovation that goes into game design and development including the complex and confidential underlying math and the need to ensure protection of those valuable, proprietary assets. Both parties agree that maintaining protection of these valuable proprietary assets, and respecting intellectual property rights, is critical to ensure fair competition among all participants in the gaming industry. Aristocrat CEO and Managing Director Trevor Croker said:

“Aristocrat welcomes fair competition but will always robustly defend and enforce its intellectual property rights. As an ideas and innovation company our intellectual property is vital to our ongoing success. We are committed to protecting the great work of our dedicated creative and technical teams. We welcome this positive outcome, which includes significant financial compensation and follows the decisive action we took to ensure the preservation of Aristocrat’s valuable intellectual property assets. This decisive action included securing a preliminary injunction in September 2024, at which time the court recognised that Light & Wonder was able to develop Dragon Train by using Aristocrat’s valuable trade secrets and without investing the equivalent time and money.”

Light & Wonder CEO Matt Wilson said:

“Light & Wonder is pleased to resolve this matter and move forward. We are firmly committed to doing business the right way - respecting our competitors’ intellectual property rights while protecting our own rights. This matter arose when a former employee inappropriately used certain Aristocrat math without our knowledge and in direct violation of our policies. Upon discovery, we took immediate action and have since implemented strengthened processes aimed at preventing similar issues in the future. This settlement protects the interests of our customers, employees, and shareholders, and allows us to continue our focus on developing and delivering the market-leading content our customers expect—without distraction or disruption.”

About Aristocrat Leisure Limited

Aristocrat Leisure Limited (ASX: ALL) is a global entertainment and gaming content creation company powered by technology. Our reporting segments span regulated land-based gaming (Aristocrat Gaming), social casino (Product Madness) and regulated online real money gaming (Aristocrat Interactive). Aristocrat offers a diverse range of products and services including electronic gaming machines, casino management systems, online real money games, including iLottery, and free-to-play mobile games, that serve customers and entertain millions of players worldwide every day. Our team of over 7,400 people across the globe is united by our company mission to bring joy to life through the power of play. For more: www.aristocrat.com

About Light & Wonder, Inc.

Light & Wonder, Inc. is the leading cross-platform global games company. Through our three unique, yet highly complementary business segments, we deliver unforgettable experiences by combining the exceptional talents of our 6,500+ member team, with a deep understanding of our customers and players. We create immersive content that forges lasting connections with players, wherever they choose to engage. At Light & Wonder, it’s all about the games. The Company is committed to the highest standards of integrity, from promoting player responsibility to implementing sustainable practices. To learn more visit www.lnw.com.

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Grew full-year revenue to between $515 million and $517 million, an increase of 16%

SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Veracyte, Inc. (Nasdaq: VCYT), a leading cancer diagnostics company, today announced preliminary, unaudited financial results for the fourth quarter and full year ended December 31, 2025.

Preliminary Unaudited Financial Results

For the fourth quarter ended December 31, 2025, as compared to the same period of 2024, Veracyte expects to report:

Total revenue of between $138 million and $140 million, an increase of between 16% and 18% Testing revenue of between $134 million and $136 million, an increase of between 19% and 21% Testing volume of approximately 45,500, an increase of 16% For the full year ended December 31, 2025, as compared to the same period of 2024, Veracyte expects to report:

Total revenue of between $515 million and $517 million, an increase of approximately 16% Testing revenue of between $491 million and $493 million, an increase of approximately 17% to 18% Testing volume of approximately 169,700, an increase of 19% Decipher volume of approximately 102,000, an increase of 27%, and Afirma volume of approximately 67,700, an increase of 11% Additionally, Veracyte expects to report adjusted EBITDA margin of greater than 25% for the full year ended December 31, 2025.

“I am immensely proud of the impact our tests have had on the more than 800,000 patients we have served since the company’s inception,” said Marc Stapley, Veracyte’s chief executive officer. “We ended 2025 with another strong quarter of testing revenue growth and further expanded our patient impact. Looking ahead to 2026, I’m excited for continued Decipher and Afirma growth, as well as the launch of Prosigna and our TrueMRD platform in the US market, which we believe will further catalyze our patient reach and financial performance.”

2026 Financial Outlook

Veracyte is initiating 2026 total revenue guidance of 10% to 13% growth, or $570 million to $582 million, with testing revenue guidance of 14% to 16% growth, or $559 million to $569 million, excluding the contribution from new tests. Further, 2026 adjusted EBITDA margin is expected to be 25%.

Veracyte is unable to provide a quantitative reconciliation of expected adjusted EBITDA margin to the most directly comparable forward-looking GAAP measure without unreasonable effort, because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliations that have not yet occurred, that are dependent on various factors, are out of the company’s control, or that cannot be reasonably predicted. Such adjustments include, but are not limited to, acquisition-related expenses, and other adjustments. Any associated estimate of these items and their impact on GAAP performance for the guidance period could vary materially. For more information on the non-GAAP financial measures, please refer to the section titled “Note Regarding Use of Non-GAAP Financial Measures” at the end of this press release.

About Veracyte

Veracyte (Nasdaq: VCYT) is a global diagnostics company whose vision is to transform cancer care for patients all over the world. We empower clinicians with the high-value insights they need to guide and assure patients at pivotal moments in the race to diagnose and treat cancer. Our Veracyte Diagnostics Platform delivers high-performing cancer tests that are fueled by broad genomic and clinical data, deep bioinformatic and AI capabilities, and a powerful evidence-generation engine, which ultimately drives durable reimbursement and guideline inclusion for our tests, along with new insights to support continued innovation and pipeline development. For more information, please visit www.veracyte.com or follow us on LinkedIn or X (Twitter).

Financial Disclaimer

Veracyte has not completed preparation of its financial statements for the fourth quarter or full year ended December 31, 2025. The revenue and testing volume ranges presented in this news release for the fourth quarter of 2025 and for the year ended December 31, 2025, as well as the estimates given for our adjusted EBITDA margin, are preliminary and unaudited and are thus inherently uncertain and subject to change as we complete our financial results for the fourth quarter and full year ended December 31, 2025. Further, these preliminary and unaudited estimates are not a comprehensive statement or estimate of our financial results or financial condition as of and for the periods presented, should not be viewed as a substitute for financial statements prepared in accordance with GAAP and are not necessarily indicative of the results to be achieved in any future period. Veracyte is in the process of completing its customary year-end close and review procedures as of and for the year ended December 31, 2025, and there can be no assurance that final results for this period will not differ from these estimates. During the course of the preparation of Veracyte’s consolidated financial statements and related notes as of and for the year ended December 31, 2025, the company's independent registered public accountants may identify items that could cause final reported results to be materially different from the preliminary financial estimates presented herein. Further, Veracyte is unable to provide an estimate of net income margin, the most closely comparable GAAP measure to adjusted EBITDA margin, for the full year ended December 31, 2025 or related reconciliation tables without unreasonable effort, due to the unavailability at this time of reliable estimates for net income and certain components that are necessary for such reconciliation for the period presented. Such components may include, but are not limited to, stock-based compensation expenses, acquisition-related expenses, and other adjustments. For more information on non-GAAP financial measures, please refer to the section titled “Note Regarding Use of Non-GAAP Financial Measures” at the end of this press release.

Veracyte plans to report full audited Q4 and 2025 financial results during its upcoming earnings call to be held in February 2026.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements, including, but not limited to our statements related to our plans, objectives, and expectations (financial and otherwise), including with respect to our financial and operating results for the full year and quarter ended December 31, 2025; and our intentions with respect to our tests and products, including upcoming product launches. Forward-looking statements can be identified by words such as: “appears,” “anticipate,” “intend,” “plan,” “expect,” “believe,” “should,” “may,” “could,” “would,” “will,” “enable,” “positioned,” “offers,” “designed,” “ultimately,” “strategic,” “outlook,” “guidance,” and similar references to future periods. Actual results may differ materially from those projected or suggested in any forward-looking statements. These statements involve risks and uncertainties, which could cause actual results to differ materially from our predictions, and include, but are not limited to: our ability to launch, commercialize and receive reimbursement for our products; our ability to execute on our business strategies relating to the C2i Genomics acquisition, integration of the business and the realization of expected benefits and synergies; our ability to demonstrate the validity and utility of our genomic tests and biopharma and other offerings; our ability to continue executing on our business plan; our ability to continue to scale our global operations and enhance our internal control environment; the impact of the war in Ukraine and other regional conflicts on European economies; the impact of foreign currency fluctuations, volatile interest rates, inflation, the impact of legislation and policies enacted by the current U.S. administration; turmoil in the global banking and finance system; the ongoing conflict in the Middle East; and the performance and utility of our tests in the clinical environment. Additional factors that may impact these forward-looking statements can be found under the caption “Risk Factors” in our Annual Report on Form 10-K filed on February 28, 2025, as well as in other documents that we may file from time to time with the Securities and Exchange Commission. Copies of these documents, when available, may be found in the Investors section of our website at investor.veracyte.com. These forward-looking statements speak only as of the date hereof and, except as required by law, we specifically disclaim any obligation to update these forward-looking statements or reasons why actual results might differ, whether as a result of new information, future events or otherwise.

Note Regarding Use of Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release contains and references certain non‐GAAP results including adjusted EBITDA margin. These non-GAAP financial measures are not meant to be considered superior to or a substitute for financial measures calculated in accordance with GAAP, and investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool.

We use non-GAAP financial measures to internally evaluate and analyze financial results. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies, many of which present similar non-GAAP financial measures. However, the non-GAAP financial measures we present may be different from those used by other companies, including similarly titled measures.

We compute these non-GAAP measures by adjusting the applicable GAAP measure to remove the impact of certain recurring and non-recurring charges and gains and to adjust for the impact of income tax items related to such adjustments to our GAAP financial statements. In particular, we exclude amortization of acquired intangible assets, acquisition-related expenses relating to our acquisitions of Decipher Biosciences, HalioDx and C2i Genomics, impairment charges associated with the nCounter license and other biopharmaceutical services related to HalioDx intangible assets, all stock-based compensation and certain costs related to restructuring from all of our non-GAAP financial measures as well as depreciation and income tax items from our adjusted EBITDA and adjusted EBITDA as a percentage of revenue. Beginning in the second quarter of 2024, we changed our non-GAAP policy to exclude all stock-based compensation to align with our peers and we have also excluded all stock-based compensation from our prior period non-GAAP financial measures. Management has excluded the effects of these items in non-GAAP financial measures to help investors gain a better understanding of the core operating results and future prospects of the company, consistent with how management measures and forecasts the company’s performance, especially when comparing such results to previous periods or forecasts. The company encourages investors to carefully consider its results under GAAP, together with its supplemental non‐GAAP information.

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By Reuters

January 11, 20269:37 PM UTCUpdated ago

A Sun Country Airlines plane takes off from Minneapolis–Saint Paul International Airport in Minneapolis, Minnesota, U.S., November 7, 2025. REUTERS/Tim Evans Purchase Licensing Rights, opens new tab

Jan 11 (Reuters) - Low-cost airline Allegiant (ALGT.O), opens new tab will acquire Sun Country Airlines (SNCY.O), opens new tab in a deal valued at about $1.5 billion, including debt, the companies said on Sunday.

As part of the agreement, Sun Country shareholders will receive 0.1557 Allegiant shares and $4.10 in cash for each share, valuing the stock at $18.89.

Sign up here.

Shares of Sun Country closed at $15.77 on Friday.

Reporting by Ruchika Khanna in Bengaluru; Editing by Bill Berkrot

Our Standards: The Thomson Reuters Trust Principles., opens new tab