Jiangsu Hengrui Pharmaceuticals, China’s largest drugmaker by market value, reported an 88.9 per cent rise in third-quarter profit, driven by income from out-licensing deals.

Alnylam Pharmaceuticals (ALNY) is lobbying Washington on Medicare home infusion coverage, implementation of the Inflation Reduction Act, most-favored-nation drug pricing and pharmaceutical supply chain tariffs, as Congress and the administration weigh policies that could reshape prescription drug coverage and pricing.

Vanda Pharmaceuticals (VNDA) said its experimental drug for social anxiety disorder failed the main goal of a late-stage study, prompting the company to put the program on hold pending further analysis of the data. Shares in the biopharmaceutical company fell about 17 per cent in extended trading.

Zealand Pharma (ZELA) has partnered with US biotech Generate Biomedicines (GENB) to develop protein-based treatments for obesity and other metabolic diseases using artificial intelligence, in a deal worth up to $1.2bn.

The European Society of Cardiology congress in Munich was a consequential meeting for Alnylam Pharmaceuticals (ALNY), as the outlook wavers for its two ATTR-CM drugs following a competitor’s surprise failure in the same heart disease.