Investors Pivot to Health Care as Moderna and Eli Lilly Rally

Moderna shares surged following the announcement of a new pipeline focused on autoimmune treatments. This strategic pivot aims to diversify the company’s portfolio after the post-pandemic decline in demand for its foundational vaccine products. Meanwhile, Eli Lilly reached record-high valuations after European regulators backed its drug Jaypirca for the treatment of a specific leukemia strain.

Not every major player enjoyed a smooth session. European Union officials launched an antitrust investigation into Sanofi to determine if its marketing practices for a flu vaccine stifled fair competition. In a separate regulatory blow, the European Medicines Agency recommended the revocation of marketing authorization for Tavneos, a medication co-developed by Amgen and licensed through CSL’s Vifor unit.