Daily's Pre-Market: Big Pharma, US-Iran conflict, China's housing crisis, luxury market, and Haley vs Trump

Big pharma is at a crossroads, as J&J, Merck and others prepare to lose heaps of revenue from blockbuster drugs

Big pharmaceutical companies like Bristol Myers Squibb, Merck and Johnson & Johnson face so-called patent cliffs that will put tens of billions of dollars in sales at risk between now and 2030.
That refers to when patents expire for one or more leading branded products for a company, which opens up the door for competitors to sell copycats of those drugs, often at a lower price.
Some companies appear to be well-prepared to offset some of the losses from upcoming patent expirations.

Oil prices advanced after missiles launched by Iran-backed militants killed U.S. troops in Jordan and struck a fuel tanker in the Red Sea.
Three U.S. service members were killed and many injured in an unmanned aerial drone attack on forces stationed in a northeast Jordan outpost.

“For projects that are in difficulty but whose funds can be balanced, we should not blindly withdraw loans, suppress loans, or cut off loans,” said Xiao Yuanqi, deputy director of China’s National Financial Regulatory Administration.
“We should provide greater support through extending existing loans, adjusting repayment arrangements, and adding new loans,” Xiao added.
The official noted the latest relaxation of financing guidelines for real estate firms is targeted.

LVMH results showed that despite some resumption of overseas travel, more of China’s consumers are buying luxury products at home.
The mainland China personal luxury market grew by about 12% last year to more than 400 billion yuan ($56.43 billion), according to consulting firm Bain & Company.
In all, about half the leading brands and several niche brands, have rebounded to 2021 sales levels, the Bain report said, without sharing specific names.

GOP presidential candidate Nikki Haley criticized former President Donald Trump for his attempts to blow up an important border security bill for political gain.
The border deal has been deadlocked in Congress for months as lawmakers struggle to compromise.
Some Republicans worry that passing the deal now is a political risk because it would deliver President Joe Biden a victory during an election year.