22.9 %), Regeneron(-18.7 %), Sanofi( 13.8 %), and Merck & Co( 11.8 %) recorded negative growth of over 10 % in Q2 2025.
Bristol Myers Squibb’ s market capitalization fell 22.9 % over Q2 2024, following the announcement of its mixed Q1 2025 financial performance and disappointing trial results. Of note, the company’ s Phase III ARISE trial investigating Cobenfy as an adjunctive therapy to atypical antipsychotics for schizophrenia did not meet its primary endpoint of change in the Positive and Negative Syndrome Scale( PANSS).
The Anatomy of a Trade Shock
Regeneron(- 18.7 %) and Sanofi(-13.8 %) experienced drops in their market capitalization due to the failure of itepekimab— their partnered IL-33- targeting monoclonal antibody— to meet its primary endpoint in the Phase III AERIFY-2 trial for chronic obstructive pulmonary disease( COPD). The AERIFY-2 trial is one of a pair of Phase III trials( AERIFY-1 and
AERIFY-2) that aimed to achieve a reduction in moderate or severe exacerbations of COPD.
The U. S. administration’ s August announcement came swiftly. After weeks of speculation, Washington slapped an additional 25 % tariff on a broad basket of Indian imports, doubling the existing duty to 50 %. Apparel exporters rushed to“ front-load” shipments in July and early August. But in pharma, where supply contracts are regulated, shipments must meet strict quality and timeline requirements. There is no such thing as dumping a month’ s worth of generic statins or antibiotics in advance.
Labya adds:“ The failure of the AERIFY-2 trial represents a setback for itepekimab, for which Sanofi had planned to file for regulatory approval in the US and EU in H2 2025. However, other trials evaluating itepekimab in COPD remain ongoing, including the Phase II AERIFY- 3 and Phase III AERIFY-4 trials. Despite the setback, itepekimab is forecasted to achieve analyst consensus global sales exceeding $ 1 billion by 2031, according to GlobalData’ s Sales and Forecast database.”
Merck & Co witnessed a 11.8 % decline in market capitalization during Q2 2025, primarily driven by concerns over the performance of its Gardasil vaccine in China, which contributed to a 40 % decline in global sales to $ 1.3 billion in Q1 2025.
Labya concludes:“ Investor sentiment
BIOVOICENEWS. COM 23