Pfizer shares retreated despite the company raising its annual growth outlook. While momentum in oncology products like Padcev provided a buffer, the gains were insufficient to mask the impact of waning demand for Covid-19 vaccines and treatments. The market reaction underscores a broader sensitivity to regulatory shifts that could alter the landscape for major drug developers.

Elsewhere, volatility dominated the sector. Emergent BioSolutions saw a sharp decline after reporting a third-quarter loss, driven by a contraction in government contracts for its opioid overdose remedies. Conversely, Bayer shares climbed as robust pharmaceutical sales offset sluggish performance in its agricultural and consumer health divisions. Meanwhile, Herbalife bucked the downward trend, rallying on news that the firm plans to diversify its portfolio into broader health product categories.