Fortune 500 Power Moves: Which executives gained and lost power, Aug. 8-21

The FDA issued warning letters to Baxter International and Olympus Medical Systems for GMP and QSR violations. Baxter's Round Lake facility was cited for contamination risks, inadequate procedures, and recurring sterility issues. Olympus faced violations at six facilities, including failure to address known hazards and inadequate risk management. Both companies were advised to take corrective actions.

Zoetis Inc. (ZTS) announced FDA approval for Convenia RTU for Dogs, a single-injection antibiotic for canine skin infections. The product offers 14 days of treatment in one dose and is expected to be available in Q1 2027. According to the company, the original Convenia has 18 years of real-world experience, with 86% of dogs resolving infections with one injection.

Zoetis Inc. (ZTS) received FDA approval for Convenia RTU for Dogs, a single-dose treatment for bacterial skin infections. U.S. launch is expected in Q1 2027, expanding the company's dermatology portfolio and potentially driving future revenue.

Zoetis received FDA approval for Convenia RTU for Dogs, a single-injection antibiotic treatment for bacterial skin infections in medium and large dogs. The product is expected to be available in Q1 2027, expanding Zoetis' dermatology portfolio and addressing compliance issues with oral antibiotics.

Baxter International (BAX) received an FDA warning letter for its Illinois facility, citing cross-contamination, inadequate sterilization, and inspection issues. Wolfe Research maintained a Peerperform rating, noting the stock trades below its fair value. Seven analysts revised earnings downward ahead of the company's upcoming earnings report. Despite the regulatory challenges, Baxter reported strong Q2 2026 results, exceeding earnings and revenue expectations, and raised its full-year outlook.

Zoetis (ZTS) shares fell 1.4% premarket after Jefferies downgraded it to Hold, cutting its price target to $83 from $103. The firm cited risks to Zoetis's pricing power and lower earnings growth, projecting 2027 EPS to decline 2%. Jefferies also downgraded Elanco (ELAN) but kept a Buy rating on IDEXX (IDXX). U.S. pet product sales are declining, and vet visit volumes remain low.