European pre-market summary - 26th October 2026: European bourses set for a slightly firmer open; stock stories focused on a slew of healthcare updates

Pharma: AstraZeneca (AZN LN): Co. announced positive results from the SAFFRON Phase III trial, which showed Tagrisso plus Orpathys demonstrated a statistically significant and clinically meaningful improvement in both progression-free survival and overall survival versus doublet platinum-based chemotherapy. GSK (GSK LN): GSK reported positive results from two cancer trials. Phase II AZUR-1 showed Jemperli achieved a 76% complete response rate in locally advanced rectal cancer. Bayer (BAYN GY): Reports interim analysis results from the Phase III DASL-HiCaP trial show a statistically significant 58% reduction in the risk of metastasis or death with NUBEQA versus placebo in addition to androgen deprivation therapy and radiation therapy. Novartis (NOVN SW): Remibrutinib delivered comprehensive disease control in a Phase 3 RMS trial. The experimental multiple sclerosis pill met its primary endpoint but fell short of analyst expectations. Earnings: PostNL (PNL NA): Q3 2026 (EUR): Revenue 736mln (prev. 762mln Y/Y). Confirms 2026 outlook, with FCF to be at around 0. Galp Energia (GALP PL): Q3 2026 (EUR): RCA EBITDA 1.52bln (exp. 1.48bln). FY Outlook: RCA EBITDA 4bln (prev. guided 5bln Y/Y) Broker Moves: Eni (ENI IM) downgraded to Neutral from Outperform at Santander Telefonica (TEF SM) downgraded to Underweight from Neutral at JPMorgan