While deal activity buoyed sentiment, individual performance remained fragmented. Merck faced a significant setback in Europe after a Dutch court ruled in favor of Halozyme Therapeutics, which alleged unauthorized use of its MDASE technology. The injunction bars Merck from selling an injectable version of its blockbuster oncology drug, Keytruda, across eight markets including France, Sweden, and the Netherlands.

Separately, Becton Dickinson is recalibrating its operational footprint. Chief Executive Tom Polen confirmed the company is expanding U.S. manufacturing capabilities, a move designed to insulate hospital supply chains from systemic fragility and potential tariff-related disruptions.