International Top Pharmaceutical Companies Weekly News — Week of July 22–28, 2024

• Johnson & Johnson (J&J): On July 23, 2024, J&J announced it will participate in Morgan Stanley’s 22nd Annual Global Healthcare Conference, to be held on Wednesday, September 4, at the Marriott Marquis New York in New York, NY. Company representatives will attend the session at 10:45 a.m. Eastern Time. • Bristol-Myers Squibb (BMS): On July 26, 2024, BMS reported second-quarter 2024 revenue of $12.201 billion, representing a 9% increase year-over-year. First-half 2024 revenue totaled $24.066 billion, up 7% compared to the same period last year. • Merck & Co. (MSD): On July 23, 2024, Merck announced positive results from its Phase 2b/3 clinical trial (MK-1654-004; NCT04767373), evaluating clesrovimab (MK-1654)—a prophylactic monoclonal antibody designed to protect infants against respiratory syncytial virus (RSV) disease. In the trial, clesrovimab met its primary safety and efficacy endpoints, including reduction of medically attended lower respiratory tract infection (MALRI) due to RSV through Day 150. Detailed results will be presented at an upcoming scientific conference, and Merck plans to submit the data to global regulatory authorities. MK-1654-004 is a double-blind, randomized, placebo-controlled Phase 2b/3 study assessing the safety and efficacy of clesrovimab in healthy preterm and full-term infants. Participants were randomly assigned to receive a single dose of clesrovimab or placebo. The primary endpoints included the incidence of RSV-associated MALRI from Day 1 (post-dose) through Day 150 versus placebo, as well as safety. Safety assessments included the percentage of participants experiencing any injection-related adverse events (AEs), systemic AEs related to special adverse events (AESIs), or serious adverse events (SAEs). Clesrovimab (MK-1654) is an extended-half-life monoclonal antibody (mAb) developed for passive immunization to prevent RSV-associated MALRI. It is being studied in infants (both preterm and full-term) via a single fixed-dose administration to provide rapid, durable protection during their first RSV season. • Sanofi: On July 25, 2024, Sanofi reported second-quarter 2024 revenue of €10.745 billion, up 7.8% year-over-year; first-half 2024 revenue totaled €21.209 billion, an increase of 5.1% year-over-year. • Pfizer: On July 24, 2024, Pfizer announced positive results from the Phase 3 AFFINE study (NCT04370054), evaluating giroctocogene fitelparvovec—an investigational gene therapy for adults with moderate-to-severe hemophilia A.

Anthropic’s Historic IPO Countdown

There will also be an ‘Investor Day’ scheduled for mid-September—a standard feature for large-scale IPOs. Polymarket currently assigns an 86% probability to the IPO closing before October. Let’s examine how the previous record-holder executed its offering. SpaceX listed on the Nasdaq on June 11, 2026, with a $1.77 trillion valuation and raised $75 billion; its stock rose 19% on its first trading day. Anthropic’s target valuation range is $1.5–2 trillion, with expected proceeds exceeding $60 billion—meaning that if priced at the upper end of the range, it would surpass SpaceX in sheer size. Even more critically, its fundraising structure differs significantly—a point we’ll address separately. A major legal hurdle has also been cleared: In early September, a federal judge permanently rescinded the U.S. Department of Defense’s ‘supply chain risk’ blacklist designation against Anthropic. This allows the company to omit a weighty risk factor from the ‘Risk Factors’ section of its prospectus—a positive signal for pricing. II. How the $2 Trillion Valuation Is Calculated Valuation is not arbitrary—it follows a clear pricing logic. Anthropic’s current valuation narrative rests on three pillars: private-market valuation, annualized revenue, and comparable-company multiples. First, the private-market anchor: In May 2026, Anthropic completed its Series H-1 round, raising $65 billion at a $965 billion valuation. Less than four months later, its IPO seeks to double that private valuation—a premium few companies dare demand. This aggressive pricing is underpinned by explosive revenue growth. Anthropic’s annualized revenue stood at ~$9 billion at the end of 2025; it reached $47 billion in May; and surged to $65 billion by late July—up sevenfold in just eight months. Multiple investors privately project annualized revenue of $100–120 billion by the end of 2026. Applying the $1.5–2 trillion target valuation yields price-to-sales (P/S) ratios between 17x and 30x. While this may appear high, AI-focused peers such as Palantir and Nebius currently trade above 50x P/S. Thus, 30x represents a relatively conservative benchmark. Internally, Anthropic forecasts $190–200 billion in revenue for 2028—implying that the IPO valuation equates to only ~10x forward two-year revenue, making the story credible. Revenue composition further supports the valuation: Claude Code (the AI coding assistant) contributes $2.5 billion in annualized revenue; over 500 customers pay more than $1 million annually; and eight of the Fortune 10 have already adopted Claude. Its customer base has evolved from ‘cutting-edge model developers’ to ‘global enterprise infrastructure standard’—a pivotal shift enabling the $2 trillion valuation. III. The Most Prestigious Underwriting Syndicate + an Unprecedented Offering Structure Goldman Sachs, JPMorgan Chase, and Morgan Stanley are serving as joint lead bookrunners; Citigroup is expected to join. This represents the strongest underwriting team currently available for a U.S. IPO. What truly sets this deal apart is its innovative structure. Anthropic has designed a multi-component offering: • A portion consists of newly issued shares—to raise capital for model training and compute expansion; • A portion comprises secondary sales—enabling strategic shareholders such as Alphabet and Amazon to realize partial paper gains; • Lock-up periods—exceeding the standard 180 days; exact duration will be disclosed in the prospectus.

Ecovyst Inc. Files Form 144 on July 17

Jul 17, 2026

Ecovyst Inc. filed a Form 144 notice with the SEC on July 17 regarding restricted securities. The filing was reported by Investing.com as a standard regulatory disclosure.

Investing.com Nigeria

2026-05-26

Ecovyst Director Patti A. Humble Files Initial Form 3

2026-05-27

Ecovyst Director Granted 9,099 Common Shares in Form 4 Filing

2026-06-02

Ecovyst Inc. SEC Filing

2026-07-17

Ecovyst Inc. Files Form 144 on July 17

2026-09-18

Patti Humble Bought 273% More Shares in Ecovyst

Ecovyst Inc. Files Form 144 on July 17

FAQ