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This is the seventeenth edition (week ending 19-Jul-26) of our Pharma Weekly - In Case You Missed It. Key developments in the past week:

1) Q32 Bio reported positive 36-week Phase 2a results for Bempikibart in severe alopecia areata, demonstrating 35.3% mean improvement in hair regrowth (SALT ≤ 20 score) with a favorable safety profile, supporting advancement into a Phase 3 trial in 1HCY27 (relevant for Sun’s Leqselvi).

2) Merck received USFDA approval for Lipfendra (Enlicitide), the first oral PCSK9 inhibitor for hypercholesterolemia, offering a once-daily alternative to injectable therapies which reduced LDL cholesterol by nearly 60% in Phase 3 trials with sales potential of ~$2.7bn by 2031 (read through for Divis).

3) J&J’s immunology franchise continues to shift beyond Stelara (~69% yoy decline in 2QCY26 due to biosimilar competition), as Tremfya delivered ~84% yoy growth on strong Inflammatory Bowel Disease (IBD) uptake and share gains in the US. Newly launched Icotyde (oral IL-23) has been prescribed to ~11,000 patients with a data readout for psoriatic arthritis expected in 2HCY26 (relevant for Sun’s Ilumya).

4) Health Canada approved Novartis's Vanrafia (Atrasentan) to reduce proteinuria in adults with primary IgA nephropathy at risk of rapid disease progression, based on interim Phase 3 trial results (relevant for Anthem).

5) Zoetis has launched Lenivia (Izenivetmab) in Canada and the EU, a longacting anti-nerve growth factor that provides up to three months of osteoarthritis pain relief in dogs with a single injection (read through for Syngene).

6) The European Commission approved Boehringer Ingelheim's Jascayd (Nerandomilast) for idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF), making it the first new IPF treatment in the EU in over a decade (relevant for Cohance).

7) Takeda reported additional Phase 3 data showing its oral TYK2 inhibitor Zasocitinib achieved clear or almost clear scalp psoriasis in ~75% of patients at Week 16 (following positive Phase 3 results in plaque psoriasis in Dec-25), outperforming Amgen’s Otezla, with the company planning a USFDA submission by 1QCY27 (read through for Sun’s Ilumya).

8) Avere Therapeutics licensed Hansoh Pharma's oral IL-23 (AVR-001) with a Phase 2b psoriasis study expected next year and a readout expected in 1HCY28 (relevant for Sun’s Ilumya). 9) Accord BioPharma (Intas Pharmaceuticals's US division) received USFDA approval for Ennumo (Pegfilgrastim), Accord’s second Pegfilgrastim biosimilar in the US (relevant for Biocon and Lupin).

10) The European Commission approved Novo Nordisk's oral Wegovy (Semaglutide) as the first GLP-1 obesity tablet in Europe, alongside the 7.2 mg high-dose formulation, giving Novo a potential first-mover advantage ahead of Eli Lilly's Foundayo in the region.

11) US drug shortages increased for the third consecutive quarter to 227 active shortages, with nearly half new shortages involving single-manufacturer products. 16% of active shortages are controlled substances, and 10% of all new shortages in 2026 are contrast media agents.

12) Celltrion reduced the planned enrollment for its Phase 3 Pembrolizumab (Keytruda) biosimilar trial from ~600 to ~220 patients following discussions with the USFDA, but the original two-year trial duration remains (reflects easing biosimilar regulations).

Management changes/Corporate actions

1) Sun Pharma Advanced Research Company appointed Anil Raghavan, currently CEO, as Managing Director and CEO, effective 11-Aug-26, while Dr Rajamannar Thennati will retire from the Board of Directors upon completion of his term on 10-Aug-26.

2) Syngene International announced that Surender Sharma, General Counsel, and a member of the Executive Committee, stepped down from the company, effective 15-Jul-26.

3) Shilpa Medicare announced that Dr Sridevi Khambhampaty resigned as CEO of Shilpa Biologicals, its material subsidiary, effective 15-Jul-26.

4) Torrent Pharma voluntarily dissolved Curatio Inc Philippines, its Philippines wholly-owned subsidiary, effective 10-Jul-26.

5) Emcure Pharma will acquire the remaining 12.05% stake in Gennova Biopharmaceuticals for Rs2.3bn, making it a wholly-owned subsidiary. Gennova will be led by Samit Mehta and will focus on its biologics franchise.

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