Biotech at a Crossroads: Insights from JPM 2025

Biotech at a Crossroads: Insights from JPM 2025

The 43rd Annual J.P. Morgan Healthcare Conference, a bellwether event for the biotech industry, concluded, leaving a trail of insights and predictions for the year ahead. JPM 2025 illuminated both the opportunities and challenges on the horizon for biotech, setting the stage for a dynamic year.

I dug through the transcripts and slide decks from Big BioPharma companies who presented at the conference and distilled the key insights for you below, discussing key themes, differences, and outlook for the remainder of the year.

Innovation Amidst Uncertainty: Key Themes Emerge

Patent Expirations Loom: The industry still grapples with the loss of exclusivity for blockbuster drugs. Companies like AbbVie (Humira), Bayer (Xarelto), and Bristol Myers Squibb (Revlimid) are heavily reliant on the success of new launches and pipeline advancements to mitigate the impact of these patent cliffs, not to mention upcoming patent cliffs like Opdivo and Keytruda in 2028. AbbVie believes its growth platform, led by Skyrizi and Rinvoq, will offset Humira erosion. Bayer emphasized its focus on replacing Xarelto revenue with new launches and pipeline assets, while acknowledging that generic competition will be dynamic in 2025 and 2026. Bristol Myers Squibb is focused on managing expenses and driving top-line growth from its portfolio of newer products to offset the decline from Revlimid.

Obesity Takes Center Stage: The obesity market emerged as a focal point, with Lilly and Amgen showcasing their promising late-stage assets. Lilly's Mounjaro and Amgen's MariTide generated significant buzz, highlighting the potential for these therapies to transform obesity care and drive future revenue growth. Lilly anticipates that increased access, through commercial insurance and potential government programs like the Department of Defense, will drive further growth. Amgen emphasized its confidence in MariTide's differentiated profile and dosing regimen, noting that its ability to secure favorable pricing and coverage will be key to its success

Oncology Remains a Stronghold: Oncology continues to be a dominant force, attracting significant investment and innovation. Companies like AstraZeneca, BioNTech, and Merck emphasized their commitment to advancing cancer therapies, highlighting the potential for breakthrough treatments in the coming years. AstraZeneca highlighted its progress with Dato-DXd and its potential in various breast cancer settings. BioNTech emphasized its mRNA platform and highlighted its potential to revolutionize cancer treatment. Merck anticipates that its oncology portfolio will contribute substantially to growth in the coming years, driven by its antibody-drug conjugates, particularly its TROP2-directed therapy.

Strategic Divergence: Companies Chart Unique Courses

Scientific Pioneers: Gilead and BioNTech stood out for their unwavering focus on scientific innovation. Gilead highlighted its R&D efforts across HIV, oncology, and inflammation, signaling a commitment to developing first-in-class therapies. They specifically called out CCR8, a target for inflammatory diseases, and a CD19xCD20 bicistronic CAR-T therapy as examples of their innovative early-stage programs. BioNTech showcased the transformative potential of its mRNA platform, emphasizing its ability to address unmet needs in cancer and beyond.

Commercial Powerhouses: GSK and AbbVie emphasized their prowess in commercial execution and market access, critical factors for maximizing the value of new products. GSK expressed confidence in its ability to drive strong launches, leveraging its global reach and established commercial infrastructure, particularly for Blenrep in multiple myeloma. AbbVie highlighted its expertise in securing favorable reimbursement for its key products, navigating pricing pressures and ensuring patient access. They believe they can continue to leverage their pricing expertise to maintain low-single-digit price erosion for Skyrizi and Rinvoq.

Portfolio Strategies: Companies exhibited diverse approaches to pipeline diversification. Merck showcased a broad and deep pipeline with potential blockbuster drugs spanning multiple therapeutic areas, showcasing a balanced growth strategy. In contrast, Vertex remained focused on its core expertise in cystic fibrosis, demonstrating its commitment to leadership in this rare disease market. They are also pursuing opportunities in neuropathic pain, but their primary focus remains on expanding their cystic fibrosis franchise.

By the way, I'm in the process of sourcing sponsors for posts in 2025. Sponsored posts are not paywalled and get your brand, product, or service in front of my audience of BioPharma Industry decision-makers. If you're interested in becoming a Big Pharma Sharma sponsor, please reach out to me here or on my socials. You can learn more about sponsorships by visiting our sponsorship page.