JPM Healthcare Conference update part I: Biopharma – from pricing uncertainty to execution focus

Industry leaders laid out an improving operating environment
We noted a broadly constructive tone from large pharma CEOs regarding drug pricing dynamics. In discussions with executives who have recently completed MFN-related agreements with the US administration, the consistent message was that a key source of uncertainty has now been reduced. Management framed MFN as limited in scope and manageable, with clearer line of sight through the remainder of the current US administration (3 years) and exemptions from broader CMMI pricing experiments (e.g., GUARD, GLOBE). Importantly, European pricing dynamics are also shifting, with governments increasingly under pressure to pay appropriately for innovation – particularly for new launches. Several companies highlighted improved negotiating leverage, a willingness to more actively manage launch sequencing geographies, and growing confidence that pricing is no longer the dominant macro risk. As a result, investor focus is shifting back toward execution, pipeline delivery, and capital allocation.

Pharma / Generics – company-specific highlights
At the company level, Galderma stood out with encouraging momentum for Nemluvio, driven by itch-focused differentiation, strong commercial coverage, and uptake among biologic-naïve patients. This may support an faster-than-expected path to profitability for the asset. CEO Flemming Ørnskov highlighted that its aesthetics franchise continues to gain market share in injectables.

Teva CEO Richard Francis articulated a credible long-term rebuild story extending to 2030 and beyond, underpinned by accelerating cash flow, a growing late-stage innovative drug pipeline, a robust biosimilars portfolio, and meaningful optionality from its IL-15 mAb across immunology indications – with development accelerated through  the recently announced Royalty Pharma deal.

UCB reinforced its positioning as an immunology-focused compounder, with Bimzelx driving growth (2026 contracting to drive 25% increase in covered lives) and an exciting pipeline emerging (e.g., donzakimig potential to restore the skin barrier in atopic dermatitis).

Sandoz CEO Richard Saynor highlighted its scale advantage as key for maximizing the upcoming biosimilar patent cliff (2029-2032) opportunity. Additionally, the planned launch of generic GLP-1 products in Canada, Brazil, and Mexico this year provides upside optionality not reflected in mid-term guidance.

Biotech – lack of M&A disappoints, but launches deliver
In Biotech, pre-announcements and guidance updates were generally constructive, providing a supportive backdrop despite the absence of confirmed M&A. While anticipated transactions involving Revolution Medicines and Abivax did not materialize, operational updates were broadly positive and helped stabilize sentiment. Several companies stood out. BridgeBio continued to demonstrate accelerating commercial traction for Attruby alongside meaningful near-term data catalysts. Madrigal reinforced confidence in Rezdiffra’s real-world persistence, improving diagnosis rates for liver diseases, and its ambition to build a durable franchise. BioNTech stood out for the depth and breadth of its oncology pipeline and late-stage catalyst density.