Fresenius CEO exit drags shares; Bernstein backs AstraZeneca pipeline

A surprise CEO change at German dialysis specialist Fresenius Medical Care drew a negative analyst reaction and pushed shares down 2.7%, while separate research notes from Nomura, Maybank and Bernstein moved shares of Gland Pharma in India, IHH Healthcare in Malaysia and AstraZeneca in the U.K.

The Fresenius call was the most consequential of the day’s moves. Analysts at J.P. Morgan said in a research note that the change at the top of the German dialysis specialist would be taken negatively by investors. The departure of CEO Helen Giza comes less than 18 months after she presented an ambitious business plan with guidance through 2030, the analysts added.

Giza’s exit makes it less likely that Fresenius Medical Care will be able to demonstrate the benefits from the rollout of a new dialysis technology in the United States, according to J.P. Morgan. The end of regulatory tailwinds that recently flattered the group’s results means the company could now be set for an operating profit contraction, the broker said.

Shifting to India, Nomura analysts said Gland Pharma is likely benefiting from deepening ties with China’s Shanghai Fosun Pharmaceutical. In a research report, they said the relationship centers on four priorities: contract development and manufacturing organization contracts that use Gland Pharma’s large injectable capacity; joint business development between Gland and subsidiary Cenexi; the Indian pharmaceutical company’s entry into biologics drug substances and products; and its sourcing innovation assets.

Nomura raised its target price on Gland Pharma to ₹3,750 from ₹3,330, reflecting a valuation roll-forward, with an unchanged buy rating. Shares in Gland Pharma were 0.7% lower at ₹3,130.55.

In Malaysia, Maybank IB analyst Nur Natasha Ariza said IHH Healthcare’s recent share price weakness likely offers an attractive entry point, with earnings growth seen supported by more complex treatments, hospital expansions and Fortis-Gleneagles synergies. IHH’s focus on higher-value treatments and day-care services should also support growth beyond bed additions, she said.

IHH’s core net profit is expected to grow 18% annually over 2025–2028, faster than its 11% annual growth recorded over 2016–2025, according to Ariza. Legal developments in IHH’s India operations provide little basis to revise earnings forecasts, in the analyst’s view. Maybank maintained a buy rating on IHH and kept its target price at 11.20 ringgit; shares were unchanged at 7.90 ringgit.

Rounding out the day, Bernstein analysts said AstraZeneca has a strong research-and-development engine that continues running despite recent setbacks, boding well for the U.K. drugmaker’s long-term outlook. Shares in AstraZeneca have come under pressure of late, with some investors debating whether the company’s current challenges resemble those Swiss peer Roche experienced between 2022 and 2025.

During that stretch, Roche was punished by the market after a series of disappointing trials. The breadth and depth of AstraZeneca’s drug pipeline means fears of a similar outcome appear misplaced and the U.K. company is unlikely to share Roche’s fate, according to Bernstein.

Bernstein trimmed its target price on AstraZeneca to £198 from £200, while shares rose 1% to £120.80.

The four research notes were published in WSJ’s Market Talk column, which compiles brief analyst commentary throughout the trading day.