MORNING NEWS

Building materials manufacturer Amrize reported higher revenue in the first quarter of 2026. Profitability, however, declined slightly. The company has confirmed its full-year forecast and will pay a quarterly dividend for the first time. Revenue rose 4.7 percent to $2.18 billion from January to March, the former Holcim subsidiary announced on Wednesday evening. The larger Building Materials segment grew by 12.9 percent, while the smaller Building Envelope segment shrank by 9.8 percent. Operating profit adjusted for special costs (Adj. EBITDA) fell by 10.3 percent to $192 million.

UBS Group has reported an increase in net profit. A surge in investment banking revenue helped boost the group’s revenue and earnings. The Swiss bank announced on Wednesday that net profit for the first quarter amounted to $3.04 billion, compared with $1.69 billion in the same period last year. According to consensus estimates provided by the bank, analysts had expected a net profit of $2.33 billion. UBS emphasized that strong momentum in client business had led to inflows of funds and brisk trading activity.

As expected, Novartis felt the significant impact of generic drugs at the start of the year. Nevertheless, management confirmed its forecast for the rest of the year on Tuesday. Revenue for the first quarter came in at $13.1 billion. This represents a 1 percent decline compared to the same period last year. On a constant currency basis (cc), revenue declined by 5 percent. By comparison, revenue had risen by 1 percent in the fourth quarter of 2025 and by 8 percent in the third quarter. According to its own earlier statements, the pharmaceutical company will face the greatest impact from generic drugs in its history in the coming months, as the billion-dollar drugs Entresto, Promacta, and Tasigna have lost their patent protection.

India’s Sun Pharmaceutical Industries has agreed to acquire U.S.-listed healthcare company Organon in a deal valuing the company at $11.75 billion, putting the Indian drugmaker on track to become one of the top three global players in women’s health. Sun Pharma has offered to pay $14.00 a share for New Jersey-based Organon in an all-cash deal, the two companies said in a joint statement late Sunday. Upon completion, Sun Pharma said the acquisition will make it one of the seven largest players in the global market for biosimilars.

The building materials group Holcim generated less revenue and profit in the first quarter. The harsh winter in some European countries and currency effects weighed on earnings. However, the sale of several country operations also had a negative impact on the results. Revenue dropped 4.8 percent to 3.52 billion Swiss francs in the first quarter, as the Swiss-based group announced on Thursday.

Tesla reported better revenue and earnings in the first quarter - and surprised Wall Street with positive free cash - when compared with last year’s period. The company reported $22.4 billion in revenue for the first quarter, up 16% from the first quarter of last year. Revenue from its automotive business increased 16% from the year prior, and the company said the recent run-up in gasoline prices has helped sales slightly. Energy business revenue, which comes from selling industrial and residential battery storage, was previously a bright spot for the company, but it fell 12% in the first quarter. Even so, Tesla’s net income grew 17%.

ABB significantly increased its revenue in the first quarter of 2026. Order intake also rose noticeably. The full-year outlook has now been revised upwards. Revenue increased by 18 percent to $8.73 billion between January and March, the company announced on Wednesday. On a comparable basis, the increase was 11 percent. Order intake, which forms the basis for future revenue, also saw a significant jump. On a comparable basis, it climbed 24 percent to $11.30 billion. Profitability also improved: The operating margin (EBITA) increased by 3.2 basis points to 23.5 percent. The bottom line was a net profit of $1.32 billion, up by a good fifth.

Tim Cook, the longtime leader of Apple, is stepping down after transforming the iPhone maker into a titan of the technology industry, handing the reins to a veteran engineer. Apple said John Ternus, the affable head of its hardware division, will take over as chief executive. Ternus, 50 years old, takes the lead of the iPhone maker as it works to rekindle its creative fire and chart a hardware-heavy future in the AI era. He follows Steve Jobs, who led the invention of the most popular consumer product in history, and Cook, who squeezed so much profit from the device that Apple became the world’s most valuable company. His appointment will take effect Sept. 1, when Cook will become executive chairman, succeeding longtime chair Art Levinson.

The latest wave of IPO filings on Friday extends beyond Cerebras Systems and includes at least two companies that had previously postponed their IPO plans. Cerebras Systems is an AI company valued at around $23 billion earlier this year. According to Barron’s, Blackstone-backed Liftoff Mobile, focused on app marketing and monetization, postponed its offering in February due to market conditions but renewed its plans later that same month with a confidential filing.

Netflix Chairman and co-founder Reed Hastings will step down from the company’s board after his term expires in June, the streaming giant said Thursday, ending a nearly three-decade run at the direct-to-consumer pioneer.