2026: Preparing for Massive M&A Deals

Moreover, mega-mergers and acquisitions (M&A) exceeding USD 1 billion showed an upward trend in 2025; over 70% of such deals involved assets in Phase III clinical trials or registration-stage commercialization assets. At the micro level, the acquisitions of biotechs Cidara Therapeutics and Akero Therapeutics featured intense multi-party bidding—highlighting multinational corporations’ (MNCs) strong appetite for high-quality late-stage assets. (Selected M&A deals exceeding USD 1 billion in 2025. Source: RBC Capital Markets) 02 AbbVie: A Typical—and Atypical—MNC Example AbbVie serves as both a ‘typical’ and ‘atypical’ case illustrating the logic outlined above. It is ‘typical’ because, ahead of Humira’s patent expiry, it completed three major acquisitions—demonstrating how MNCs strategically prepare for the ‘patent cliff’. Yet it is ‘atypical’ in that AbbVie successfully mitigated revenue risk from Humira’s decline; M&A was not its sole decisive factor (other key contributors included: Humira’s sales erosion slower than market expectations; rapid growth of Skyrizi and Rinvoq; and solid contributions from other business segments). Humira—the previous generation ‘blockbuster drug’—lost patent protection in 2023. Notably, AbbVie’s stock price did not rise only in that same year (2023); it posted strong gains in both 2024 and 2025. A close review of AbbVie’s acquisition activity in the two to three years preceding Humira’s patent expiry reveals: a USD 63-billion acquisition of Allergan in 2020; an USD 8.7-billion acquisition of Cerevel Therapeutics in 2021; and a USD 10.1-billion acquisition of ImmunoGen in 2023. These three deals alone totaled over USD 80 billion—not counting numerous smaller BD activities and minor acquisitions. By comparison, Humira’s peak annual global sales reached USD 22 billion; AbbVie thus spent nearly four times Humira’s peak price-to-sales (P/S) ratio on these acquisitions. Analyzing the three acquired assets: • Allergan represents the most mature asset—its hyaluronic acid and botulinum toxin-based aesthetics business is globally undisputed leader, generating USD 16.1 billion in revenue and USD 1.874 billion in EBITDA in 2019. • Cerevel Therapeutics is a neuroscience pipeline portfolio and technology platform, with core candidates including Emraclidine (an M4 receptor positive allosteric modulator) and Tavapadon (a selective D1/D5 receptor partial agonist), plus several other clinical-stage candidates. • ImmunoGen is an ADC-focused biotech, with most of its value concentrated in Elahere—the world’s first approved FRα-targeted ADC—alongside early-stage next-generation FRα ADCs and CD123-targeted ADC clinical programs. These acquisitions reveal distinct strategic rationales: Allergan served as the cornerstone mature asset to offset financial losses; Cerevel—though comparatively underperforming among the three—nonetheless significantly strengthened AbbVie’s neuroscience capabilities (an attempt akin to BMS’s KarXT story, albeit less successful); and ImmunoGen delivered a first-in-class (FIC), commercially mature asset with a defined period of market exclusivity.

Net Profit Soars 23-Fold: The 'Joys and Worries' in Estun’s Semi-Annual Report

From a business-structure perspective, the industrial robot and intelligent manufacturing systems segment remains the core pillar driving Estun’s revenue growth. In the first half of the year, this segment generated RMB 2.138 billion in revenue, up 2.21% year-on-year, accounting for 82.96% of total revenue. Its gross margin stood at 31.69%, up 4.69 percentage points year-on-year. The automation core components segment achieved RMB 439 million in revenue, down 3.78% year-on-year, with a gross margin of 32.40%. Estun’s overall gross margin reached 31.81%, up 4.17 percentage points year-on-year—the highest in recent years. This marked improvement in gross margin stems from Estun’s proactive optimization of its customer mix and business structure, as well as its disciplined reduction of low-margin business share. Domestic revenue amounted to RMB 1.641 billion, down 8.82% year-on-year—not due to shrinking market demand, but rather a deliberate strategic adjustment: focusing instead on high-end applications and high-margin orders in advantageous sectors such as automotive, photovoltaics, and lithium batteries. Meanwhile, overseas markets performed exceptionally well, generating RMB 936 million in revenue—a 25.06% increase year-on-year—and raising the overseas revenue share to 36.33%. The profitability-enhancing effect of Estun’s international expansion is becoming increasingly evident. On March 9, 2026, Estun successfully listed on the Hong Kong Stock Exchange (H-share), becoming the first domestic industrial robot company with dual A+H listings. Seizing this opportunity, Estun continues advancing its ‘Local for Global’ globalization strategy, intensifying market development efforts across Europe, the Americas, and Southeast Asia. During the reporting period, its Polish warehousing and manufacturing base commenced operations; Estun has now been added to the supplier lists of multiple leading European automotive parts and general industrial customers, with orders growing rapidly. On the product front, Estun’s portfolio covers the full payload range—from 3 kg to 1,200 kg—with 96 industrial robot models available. Among them, its 700-kg heavy-duty robot has been included in the MIIT’s ‘Catalogue of Key Equipment for First-of-a-Kind Applications’; in the first half of the year, Estun further launched its self-developed 1,200-kg ultra-heavy-duty robot—filling a critical gap in China’s domestic heavy-duty robotics sector and breaking long-standing foreign brand dominance in high-end heavy-load applications.

Ecovyst Inc (ECVT) Q2 2026 Earnings Call Highlights: Strong Demand and Calabrian Acquisition

Aug 6, 2026

Ecovyst Inc reported Q2 2026 sales of $250 million and raised full-year adjusted EBITDA guidance to $195-$207 million, driven by mining sector demand and the Calabrian acquisition despite rising sulfur costs.

Yahoo Finance UK

2026-04-20

Ecovyst to Host First Quarter 2026 Earnings Conference Call and Webcast

2026-04-29

Ecovyst to Hold First-Quarter 2026 Earnings Call on May 5

2026-05-04

Ecovyst earnings up next: Can refining demand sustain momentum?

2026-05-05

Ecovyst Posts Strong Q1 2026 Results and Higher 2026 Outlook

2026-05-05

ECOVYST ($ECVT) Releases Q1 2026 Earnings