This week, the American FDA announced it’s set to review a new breast cancer drug, Enhertu, developed by AstraZeneca (AZN) and its Japanese partner, Daiichi Sankyo. Julian Hofmann and Dan Jones unpack what this did to Astra’s shares, the wider issues facing pharmaceutical companies, plus an update on GSK’s (GSK) newest CEO.

Next, our Big Read on the ways to effectively pass on your wealth. In the UK, estimates suggest up to £7tn could be transferred from older to younger generations over the next 30 years. Val Cipriani, author of the piece, explains what the “Great Wealth Transfer” means for investors, the trade-off gifters need to consider, and more.

Last up, results from Ceres Power (CWR) came in lower than expected. Mark Robinson unpacks the reasons behind it, German shareholder Bosch’s departure, and where the valuation stands.

Timestamps

1:23 AstraZeneca

14:53 Passing on wealth

27:40 Ceres Power

Read more on these topics:

A pharma giant with star quality

How to pass on wealth to your children

Ceres Power cuts revenue guidance for 2025

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We begin with Trustpilot’s (TRST) results. Mark Robinson and Dan delve into what has gone right and wrong for the company, its durability in an age of AI, and our take on its use of buybacks.

Alex Hamer then covers the North Sea Energy Profits Levy. From the effect current policies are having on production to the companies that see opportunity in the region, Alex covers all that investors need to know.

Last up, Goodwin (GDWN), the 140-year-old Stoke-based engineering and manufacturing company. Alex Newman touches on the history of the business, its most recent trading update and if its years of investment are finally paying off.

Timestamps

1:31 Trustpilot

13:34 North Sea

27:21 Goodwin

Read the stories mentioned in the show:

Trustpilot grows revenue as AI boosts its subscription model

North Sea oil stocks bet on government U-turn

Goodwin: A 143-year-old firm flying under the radar

Meeting M&G’s CEO: Lee and the IC

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Reuniting after the summer, Lord Lee and Alex Newman sit down in the M&G offices with Andrea Rossi, CEO since 2022.

In the episode, the trio unpack what drew Rossi to take on the role, the challenges of balancing £350bn of assets, and how the affiliate deal with the Japanese life insurer Dai Ichi could transform the company, and more.

Alex and Lord Lee wrap up in usual fashion with an update on Lord Lee’s portfolio, including a relatively unknown family-run Plc that’s crucial to the UK’s submarine programme.

If you have any questions or any suggestions for future guests, email alex.newman@ft.com

Timestamps

1:09 Rossi’s impression of the business prior to joining

2:18 Why Rossi did not want to break up the group

4:13 What Rossi sees in private markets

7:58 The challenge of valuing a business such as M&G

14:36 Would private ownership be a better fit?

16:02 The Dai Ichi deal

17:43 Managing £350bn of assets

20:38 Replicating deals elsewhere in the world

21:22 Working in the Gulf

23:17 How Rossi allocates capital

26:12 Will M&G move into the ETF world

27:32 How optimistic is Rossi on M&G

29:31 Lord Lee’s portfolio

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