The latest Market Talks focus on Fresenius, which raised full‑year earnings guidance after Kabi posted a 17.9% adjusted operating profit margin in Q2, marking the first time the unit’s growth vectors hit the 17‑19% band. The approval of Germany’s healthcare reform removed regulatory uncertainty for the Helios hospital segment, and shares rose 5.6%.

Sandoz benefited from strong U.S. performance and rapid biosimilar sales growth in H1, boosting its HoC EBITDA margin. Vontobel’s Stefan Schneider noted that biosimilar sales, with higher margins than generics, lifted profitability. Shares were up 7.7%.

Novo Nordisk is expected to face softer European pressure after a 6% U.S. drop yesterday. Jyske Bank’s Henrik Hallengreen Laustsen said the company beat Q2 estimates, raised its outlook, and saw Ozempic drive sales, while Wegovy performed as forecasted. However, a study of Cagri Sema versus Eli Lilly’s Mounjaro could weigh on long‑term growth,icho investors remain concerned.