Health Sector Highlights: Abortion Ban, Weight Loss Drugs & Major Investments

The Utah Supreme Court has blocked a near-total abortion ban while considering its constitutionality. Eli Lilly's weight loss drug shows promising results, and Sanofi plans a major investment in insulin production. Other notable updates include Biogen's profit rise, Walgreens reducing its stake in Cencora, and Novo Nordisk's drug launch in Australia.

A recent decision by the Utah Supreme Court has blocked the enforcement of a near-total abortion ban, pending lower court review of its constitutionality. Judge Andrew Stone's decision to challenge the law highlights serious constitutional issues.

Meanwhile, Eli Lilly reports encouraging results from a trial of its weight loss drug Zepbound, which cuts the risk of heart failure for obese patients. The drugmaker also anticipates an end to the drug's shortage in the U.S. soon, according to CEO David Ricks.

In addition, French pharmaceutical giant Sanofi is set to invest €1.3 billion in a new insulin production facility in Frankfurt, aiming to replace its current plant by 2029, while Biogen lifted its full-year profit forecast amid a strategic turnaround led by its CEO.

Walgreens has further reduced its stake in drug distributor Cencora, now holding about 10% of shares. Condom maker Church & Dwight has revised its earnings forecast, citing consumer spending hesitancy.

Also, ResMed met its fourth-quarter revenue estimates due to steady demand for sleep apnea devices, and Novo Nordisk launched its Wegovy weight-loss drug in Australia. Lastly, 23andMe has rejected CEO Anne Wojcicki's take-private offer, asking her to withdraw the proposal.

(With inputs from agencies.)