Daily Brief - 30 Apr 2024

Sandoz and Amgen settle patent clash, clearing path for new treatments

Sandoz, has settled its patent dispute with American pharmaceutical giant Amgen.

The settlement resolves all legal issues about Sandoz's upcoming products, Jubbonti and Wyost, which are alternatives to Amgen's drug, denosumab. These new treatments could be available as soon as May 31, 2025.

The agreement will not affect Sandoz's financial outlook for 2024, ensuring stability despite the legal challenges. This deal ends a legal battle that began in New Jersey's federal court last May.

Volkswagen maintains 2024 goals, despite 20% profit dip in first quarter

Volkswagen, has confirmed it will stick to its 2024 financial targets, despite a 20% decrease in operating profit for the first quarter.

The drop was mainly due to lower car sales and increased costs. However, Volkswagen is optimistic about the future, anticipating a boost from over 30 new model launches this year. The company also reported a significant rise in orders for electric vehicles.

Even though there are challenges in China, Volkswagen plans to sustain its market share there through strategic investments. Their revenue slightly decreased but remained above expectations, with a stable order book compared to the end of last year.

Noel Quinn to step down as HSBC CEO after a transformative five years

Noel Quinn, CEO of HSBC, is set to retire after five impactful years at the helm, during which he significantly restructured the bank with a sharper focus on Asia. Quinn, who has been with HSBC for 37 years, announced his departure, seeking a better balance between his personal and business life.

His leadership period included navigating through the COVID-19 pandemic and responding to intense shareholder demands. Under his watch, HSBC initiated a major job reduction and aimed to cut costs substantially.

The search for Quinn’s successor is underway, with both internal and external candidates being considered. Meanwhile, HSBC has reported a slight drop in first-quarter profits but also planned new shareholder returns.