{"id":34389,"date":"2026-01-23T17:13:00","date_gmt":"2026-01-23T11:43:00","guid":{"rendered":"https:\/\/www.delveinsight.com\/blog\/?p=34389"},"modified":"2026-01-23T12:13:32","modified_gmt":"2026-01-23T06:43:32","slug":"jpm-healthcare-2026-highlights","status":"publish","type":"post","link":"https:\/\/www.delveinsight.com\/blog\/jpm-healthcare-2026-highlights","title":{"rendered":"JPM 2026 Recap: Who\u2019s Winning, Who\u2019s Catching Up, and Who\u2019s at Risk?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-white ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69eb9fd8341f5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69eb9fd8341f5\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.delveinsight.com\/blog\/jpm-healthcare-2026-highlights\/#The_Mega-Cap_Movers_Defensive_and_Offensive_Strategies\" >The Mega-Cap Movers: Defensive and Offensive Strategies<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.delveinsight.com\/blog\/jpm-healthcare-2026-highlights\/#Eli_Lilly_The_Obesity_Empire_and_AI_Innovation\" >Eli Lilly: The Obesity Empire and AI Innovation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.delveinsight.com\/blog\/jpm-healthcare-2026-highlights\/#Novo_Nordisk_Commercial_Execution_Over_Scientific_Innovation\" >Novo Nordisk: Commercial Execution Over Scientific Innovation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.delveinsight.com\/blog\/jpm-healthcare-2026-highlights\/#Novartis_Dealmaking_as_Strategic_Imperative\" >Novartis: Dealmaking as Strategic Imperative<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.delveinsight.com\/blog\/jpm-healthcare-2026-highlights\/#AbbVie_Oncology_as_the_New_Growth_Engine\" >AbbVie: Oncology as the New Growth Engine<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.delveinsight.com\/blog\/jpm-healthcare-2026-highlights\/#Pfizer_The_Metsera_Gamble_and_Obesity_Pivot\" >Pfizer: The Metsera Gamble and Obesity Pivot<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.delveinsight.com\/blog\/jpm-healthcare-2026-highlights\/#Roche_The_Oncology_Rejuvenation_Play\" >Roche: The Oncology Rejuvenation Play<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.delveinsight.com\/blog\/jpm-healthcare-2026-highlights\/#The_Challenged_Champions_Confronting_Patent_Cliffs\" >The Challenged Champions: Confronting Patent Cliffs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.delveinsight.com\/blog\/jpm-healthcare-2026-highlights\/#Bristol_Myers_Squibb_Patent_Cliff_Mitigation_Through_Portfolio_Depth\" >Bristol Myers Squibb: Patent Cliff Mitigation Through Portfolio Depth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.delveinsight.com\/blog\/jpm-healthcare-2026-highlights\/#Merck_KEYTRUDA_Lifecycle_Management\" >Merck: KEYTRUDA Lifecycle Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.delveinsight.com\/blog\/jpm-healthcare-2026-highlights\/#Bayer_A_Narrow_Escape_from_the_Patent_Cliff\" >Bayer: A Narrow Escape from the Patent Cliff<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.delveinsight.com\/blog\/jpm-healthcare-2026-highlights\/#Emerging_Opportunities_Platform_Plays_and_Niche_Leadership\" >Emerging Opportunities: Platform Plays and Niche Leadership<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.delveinsight.com\/blog\/jpm-healthcare-2026-highlights\/#Gilead_Sciences_Virology_Diversification_Beyond_HIV\" >Gilead Sciences: Virology Diversification Beyond HIV<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.delveinsight.com\/blog\/jpm-healthcare-2026-highlights\/#GSK_Respiratory_and_Oncology_Rejuvenation\" >GSK: Respiratory and Oncology Rejuvenation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.delveinsight.com\/blog\/jpm-healthcare-2026-highlights\/#AstraZeneca_AI-Driven_Oncology_Acceleration\" >AstraZeneca: AI-Driven Oncology Acceleration<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.delveinsight.com\/blog\/jpm-healthcare-2026-highlights\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>The <strong>44th Annual J.P. Morgan Healthcare Conference<\/strong>, held January 12-15, 2026, in San Francisco, revealed a pharmaceutical sector at an inflection point. With major blockbusters facing patent expirations, industry leaders such as <strong>Eli Lilly, Novo Nordisk, Bristol Myers Squibb, AbbVie, Bayer, Pfizer, Novartis, Roche, Merck, Gilead Sciences, GSK, AstraZeneca<\/strong>, and others demonstrated balanced strategies combining aggressive pipeline expansion, selective dealmaking, and the adoption of emerging technologies, particularly artificial intelligence.&nbsp;<\/p>\n\n\n\n<p>The JPM 2026 conference generated approximately <strong>$8.3 billion<\/strong> in announced deals, with emphasis on oncology (particularly PD-1\/VEGF bispecifics and antibody-drug conjugates), obesity market expansion, and neurodegenerative disease therapeutics. The overarching narrative: proven pipeline depth can deliver sustainable growth through the 2030s, provided execution remains flawless.<\/p>\n\n\n\n<p><em>Let\u2019s dive deep into the key highlights from the JPM 2026<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-mega-cap-movers-defensive-and-offensive-strategies\"><span class=\"ez-toc-section\" id=\"The_Mega-Cap_Movers_Defensive_and_Offensive_Strategies\"><\/span><strong>The Mega-Cap Movers: Defensive and Offensive Strategies<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-eli-lilly-the-obesity-empire-and-ai-innovation\"><span class=\"ez-toc-section\" id=\"Eli_Lilly_The_Obesity_Empire_and_AI_Innovation\"><\/span><strong>Eli Lilly: The Obesity Empire and AI Innovation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Eli Lilly CEO David Ricks<\/strong> articulated a company increasingly bullish on its long-term growth trajectory, projecting <strong>5-7% annual sales growth<\/strong> for the back half of the decade. The company&#8217;s competitive advantage extends well beyond its blockbuster <a href=\"https:\/\/www.delveinsight.com\/report-store\/glucagon-like-peptide1-glp1-agonists-market-forecast\">GLP-1 therapies<\/a>. <strong>LillyDirect<\/strong>, the company&#8217;s direct-to-consumer pharmacy platform, now serves <strong>over 1 million<\/strong> patients globally and is expanding internationally, a strategic moat comparable to the out-of-pocket market penetration Pfizer observed with Viagra.<\/p>\n\n\n\n<p>\u200bMost significantly, Lilly announced a landmark <strong>$1 billion <\/strong>joint investment with <strong>NVIDIA <\/strong>to establish an AI innovation lab specifically focused on accelerating drug discovery. This partnership builds on an earlier collaboration to create a pharma &#8220;supercomputer&#8221; capable of training AI models on millions of experiments to identify potential drug candidates. The message is explicit: Lilly is betting that AI-driven compound identification will materially compress development timelines and improve success rates in early-stage programs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-novo-nordisk-commercial-execution-over-scientific-innovation\"><span class=\"ez-toc-section\" id=\"Novo_Nordisk_Commercial_Execution_Over_Scientific_Innovation\"><\/span><strong>Novo Nordisk: Commercial Execution Over Scientific Innovation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Novo Nordisk CEO Mike Doustdar<\/strong> openly acknowledged what investors already knew: 2024 was a difficult year for the company, ceding obesity market leadership to Eli Lilly despite technological parity. The strategic response at JPM 2026 was refreshingly candid: the company would focus ruthlessly on commercial execution rather than pursuing additional scientific breakthroughs.<\/p>\n\n\n\n<p>\u200b<a href=\"https:\/\/www.delveinsight.com\/blog\/wegovy-for-obesity-and-weight-loss\">Novo&#8217;s oral GLP-1 formulation<\/a>, WEGOVY&#8217;s pill form, launched in early January 2026, provided the company a narrow window of competitive advantage before Lilly&#8217;s oral competitor arrived. However, Doustdar&#8217;s framing of the market opportunity proved instructive: with approximately <strong>100 million <\/strong>obese Americans and Novo\/Lilly combined capturing only <strong>10-15 million<\/strong> patients, the addressable market remains vast. Rather than compete solely on drug efficacy, Novo aggressively repositioned itself in the cash-pay channel, a market segment with consumer patterns similar to those of Viagra, where consumers are willing to self-pay despite insurance coverage.<\/p>\n\n\n\n<p>\u200bThe company relaunched its online pharmacy and forged partnerships with Ro Health, Weight Watchers, and Costco to ensure direct-to-consumer accessibility. Doustdar explicitly stated: &#8220;Mastering this cash channel to us is really, really important.&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-novartis-dealmaking-as-strategic-imperative\"><span class=\"ez-toc-section\" id=\"Novartis_Dealmaking_as_Strategic_Imperative\"><\/span><strong>Novartis: Dealmaking as Strategic Imperative<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Novartis <\/strong>announced two major licensing agreements totaling <strong>$1.65 billion<\/strong> in upfront payments, signaling aggressive portfolio expansion. The first, a <strong>$1.6 billion<\/strong> collaboration with <strong>SciNeuro Pharmaceuticals<\/strong>, targets Alzheimer&#8217;s disease with a de novo amyloid beta antibody, entering a crowded neurodegenerative space but one with proven Phase 3 validation via <strong>BioMarin\/Eli Lilly&#8217;s donanemab<\/strong>.<\/p>\n\n\n\n<p>The second agreement, a <strong>$50 million license for Zonsen PepLib&#8217;s peptide-based radioligand therapy<\/strong> for oncology, complements Novartis&#8217;s existing leadership in the radioligand therapy space. <strong>Novartis&#8217;s PLUVICTO<\/strong> generated <strong>$2.3 billion<\/strong> in 2025 sales, and the <a href=\"https:\/\/www.delveinsight.com\/report-store\/radioligand-therapies-market-forecast\">radioligand market<\/a> is projected to grow significantly by 2034, a compelling secular tailwind justifying selective acquisition in this space.<\/p>\n\n\n\n<p>\u200bNovartis positioned itself as a company that builds approximately 60% of its R&amp;D pipeline and total drug sales through partnerships, emphasizing disciplined yet aggressive external innovation rather than relying solely on internal R&amp;D productivity.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-abbvie-oncology-as-the-new-growth-engine\"><span class=\"ez-toc-section\" id=\"AbbVie_Oncology_as_the_New_Growth_Engine\"><\/span><strong>AbbVie: Oncology as the New Growth Engine<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>AbbVie <\/strong>kicked off the JPM conference with its largest transaction: a <strong>$5.6 billion<\/strong> licensing agreement with China-based <strong>RemeGen for RC148, a PD-1\/VEGF bispecific antibody<\/strong> targeting advanced solid tumors. This deal signals management&#8217;s explicit recognition that HUMIRA&#8217;s loss-of-exclusivity cliff, now three years behind, requires acceleration of newer assets.<\/p>\n\n\n\n<p>The strategic rationale merits analytical attention. PD-1\/VEGF bispecific antibodies represent the hottest competitive space in oncology, following <strong>Summit Therapeutics&#8217; Phase 3 victory<\/strong> over Merck&#8217;s KEYTRUDA in Chinese lung cancer patients, the first time any therapy has beaten KEYTRUDA on progression-free survival. By acquiring RC148, AbbVie positions itself to combine the dual immune checkpoint and anti-angiogenic mechanisms with its existing ADC pipeline, potentially creating synergistic combinations that overcome mechanisms of treatment resistance and limit the limitations of current immunotherapies.<\/p>\n\n\n\n<p>AbbVie&#8217;s 2027 guidance provides transparency on the HUMIRA transition: successor products <strong>SKYRIZI and RINVOQ <\/strong>are projected at <strong>$20 billion and $11 billion<\/strong>, respectively, representing a meaningful but not complete replacement of Humira&#8217;s peak revenue. The RemeGen deal represents management&#8217;s view that oncology must become the incremental growth driver in the 2030s.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-pfizer-the-metsera-gamble-and-obesity-pivot\"><span class=\"ez-toc-section\" id=\"Pfizer_The_Metsera_Gamble_and_Obesity_Pivot\"><\/span><strong>Pfizer: The Metsera Gamble and Obesity Pivot<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Pfizer CEO Albert Bourla&#8217;s<\/strong> most provocative statement: the company had underestimated the size of the out-of-pocket obesity market during its <a href=\"https:\/\/www.delveinsight.com\/blog\/novo-metsera-acquisition\">Metsera acquisition negotiation<\/a>. Bourla explicitly compared this market opportunity to Viagra, a therapy for which consumers willingly self-pay despite insurance availability, creating a profitable cash-pay market independent of traditional reimbursement constraints.<\/p>\n\n\n\n<p>\u200bBourla committed Pfizer to initiating <strong>10 distinct late-stage obesity studies<\/strong> from Metsera by year-end 2026, including studies commenced in November 2025. The message is unambiguous: Pfizer views obesity not as a traditional chronic disease but as a lifestyle\/wellness category with vastly larger addressable markets than conventional epidemiological estimates suggest.<\/p>\n\n\n\n<p>However, Pfizer faces a particular challenge: it lacks current market leadership in obesity. The Metsera acquisition signaled aggressive capital deployment, but execution risk remains material, particularly given Novo&#8217;s and Lilly&#8217;s entrenched positions and ongoing price deflation in the GLP-1 market.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-roche-the-oncology-rejuvenation-play\"><span class=\"ez-toc-section\" id=\"Roche_The_Oncology_Rejuvenation_Play\"><\/span><strong>Roche: The Oncology Rejuvenation Play<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Roche CEO Teresa Graham<\/strong> articulated a three-pillar strategy: maximizing the on-market portfolio (17 blockbuster drugs currently generating <strong>$44.5 billion<\/strong> in year-to-date sales through September 2025) to sustain growth until 2028, delivering key launches in 2026-2027, and preparing wide entry into novel disease areas, including Alzheimer&#8217;s and obesity via new molecular entities.<\/p>\n\n\n\n<p>The oncology pipeline represents the strategic linchpin. <strong>Giredestrant<\/strong>, a next-generation <a href=\"https:\/\/www.delveinsight.com\/report-store\/serd-market-forecast\">selective estrogen receptor degrader (SERD)<\/a>, is expected to advance the ER-positive breast cancer standard of care by combining superior efficacy with synergistic combinations with <strong>PI3K inhibitors and CDK4\/6 inhibitor<\/strong> alternatives. Roche targets up to 3 new molecular entity filings in 2026, with 10 Phase 3 initiatives launched in 2025, including <strong>pegozafermin <\/strong>in metabolic dysfunction-associated steatohepatitis (MASH).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-challenged-champions-confronting-patent-cliffs\"><span class=\"ez-toc-section\" id=\"The_Challenged_Champions_Confronting_Patent_Cliffs\"><\/span><strong>The Challenged Champions: Confronting Patent Cliffs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-bristol-myers-squibb-patent-cliff-mitigation-through-portfolio-depth\"><span class=\"ez-toc-section\" id=\"Bristol_Myers_Squibb_Patent_Cliff_Mitigation_Through_Portfolio_Depth\"><\/span><strong>Bristol Myers Squibb: Patent Cliff Mitigation Through Portfolio Depth<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Bristol Myers Squibb CEO Chris Boerner<\/strong> delivered what may be the conference&#8217;s most strategic articulation of big pharma&#8217;s patent cliff problem: the company faces exclusivity losses on blockbuster drugs (<strong>OPDIVO, ELIQUIS<\/strong>) but has deliberately constructed a diversified portfolio capable of delivering <strong>10+ new product launches by 2030<\/strong>.<\/p>\n\n\n\n<p>\u200bThe 2025 portfolio performance validated this thesis. The Growth Portfolio (excluding legacy assets) expanded <strong>17% year-over-year<\/strong>, with four assets annualized at greater than <strong>$1 billion<\/strong> in sales. In clinical development, BMS has <strong>11 late-stage programs<\/strong> across six distinct therapeutic areas, with multiple Phase 3 readouts anticipated in 2026, including trials for Alzheimer&#8217;s psychosis (the Adept program for Cobenfy).<\/p>\n\n\n\n<p>\u200bNotably, BMS has embraced cell therapy as a strategic pillar. The company acquired <strong>Orbital Therapeutics<\/strong> to expand its cell therapy capabilities beyond blood cancers into autoimmune diseases, recognizing that late-stage development timelines increasingly favor modalities with differentiated mechanisms and meaningful clinical advantages that can support premium pricing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-merck-keytruda-lifecycle-management\"><span class=\"ez-toc-section\" id=\"Merck_KEYTRUDA_Lifecycle_Management\"><\/span><strong>Merck: KEYTRUDA Lifecycle Management<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>\u200bMerck <\/strong>faces a singular strategic challenge: <strong>KEYTRUDA<\/strong>, the company&#8217;s crown jewel, generates approximately <strong>$25 billion<\/strong> in annual revenue but faces increasing competition from PD-1\/VEGF bispecifics and <a href=\"https:\/\/www.delveinsight.com\/report-store\/checkpoint-inhibitors-competitive-landscape\">next-generation checkpoint inhibitors<\/a>. Management explicitly acknowledged that KEYTRUDA&#8217;s patent cliff is being planned and confirmed active M&amp;A to offset anticipated revenue losses.<\/p>\n\n\n\n<p>The company is &#8220;seeking acquisitions to offset patent cliff&#8221; with oncology remaining the core focus. However, Merck has been notably absent from the most transformative recent M&amp;A activity (notably the PD-1\/VEGF bispecific rush), potentially indicating either selective discipline or diminished capacity for mega-acquisitions following recent capital deployment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-bayer-a-narrow-escape-from-the-patent-cliff\"><span class=\"ez-toc-section\" id=\"Bayer_A_Narrow_Escape_from_the_Patent_Cliff\"><\/span><strong>Bayer: A Narrow Escape from the Patent Cliff<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Bayer <\/strong>is using indication expansions of existing drugs to soften the impact of major US patent expiries but acknowledges this tactic is not a long\u2011term solution. At the J.P. Morgan Healthcare Conference 2026, pharma head <strong>Stefan Oelrich<\/strong> highlighted how new US indications for <strong>NUBEQA <\/strong>(advanced prostate cancer) and <strong>KERENDIA <\/strong>(heart failure with LVEF \u2265 40%) are helping to offset revenue gaps created by the loss of exclusivity for <strong>XARELTO <\/strong>in 2025 and the upcoming Eylea patent expiry in 2027, with XARELTO alone costing an estimated <strong>\u20ac1\u2013\u20ac1.5 billion<\/strong> in 2025 sales.<\/p>\n\n\n\n<p>\u200bTo rebuild growth, Bayer is leaning on five key assets, including continued 2026 EU launches of <strong>BEYONTTRA <\/strong>(acoramidis) for ATTR\u2011CM, menopause therapy <strong>LYNKUET <\/strong>(elinzanetant), and the oral anticoagulant asundexian, which the company aims to get approved for secondary stroke prevention by end\u20112026. Oelrich said these products, together with the NUBEQA and KERENDIA label expansions, should allow revenues to stabilise in 2026 and deliver mid\u2011single\u2011digit growth from 2027\u20132030 despite the patent cliff.<\/p>\n\n\n\n<p>\u200bHowever, Bayer concedes that \u201cre\u2011entering\u201d key assets into the US under new indications cannot be repeated indefinitely, since the same products cannot be relaunched twice. The company therefore, plans to increase deal\u2011making for early\u2011stage and preclinical assets, but this push depends on reducing debt and improving its credit rating to increase balance sheet flexibility for transactions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-emerging-opportunities-platform-plays-and-niche-leadership\"><span class=\"ez-toc-section\" id=\"Emerging_Opportunities_Platform_Plays_and_Niche_Leadership\"><\/span><strong>Emerging Opportunities: Platform Plays and Niche Leadership<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-gilead-sciences-virology-diversification-beyond-hiv\"><span class=\"ez-toc-section\" id=\"Gilead_Sciences_Virology_Diversification_Beyond_HIV\"><\/span><strong>Gilead Sciences: Virology Diversification Beyond HIV<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Gilead CEO Daniel O&#8217;Day<\/strong> positioned the company as operating from a &#8220;position of strength&#8221; in dealmaking, a confidence rooted in undisputed leadership in HIV treatment and prevention. The company&#8217;s twice-yearly injectable <strong>PrEP, <\/strong><a href=\"https:\/\/www.delveinsight.com\/blog\/yeztugo-for-hiv\"><strong>YEZTUGO (lenacapavir)<\/strong><\/a>, generated <strong>$150 million<\/strong> in preliminary 2025 sales and achieved <strong>85%<\/strong> payer coverage in the US with $0 copay availability on certain policies.<\/p>\n\n\n\n<p>The strategic pivot: diversifying beyond HIV into respiratory viruses, emerging viral threats, and pandemic preparedness. CEO O&#8217;Day&#8217;s seven-candidate HIV pipeline offers varied dosing schedules and administration routes (daily oral, weekly oral, long-acting injectables), creating an ecosystem locking in patients through optionality.<\/p>\n\n\n\n<p>In oncology, Gilead is pursuing &#8220;direct tumor cell targeting&#8221; through its ADC platform and Kite Pharma&#8217;s cell therapy subsidiary. <strong>TRODELVY (sacituzumab govitecan)<\/strong> was highlighted for potential first-line metastatic breast cancer labeling, though the drug recently failed to improve progression-free survival in a Phase 3 trial, raising questions about commercial trajectory despite mechanistic rationale.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-gsk-respiratory-and-oncology-rejuvenation\"><span class=\"ez-toc-section\" id=\"GSK_Respiratory_and_Oncology_Rejuvenation\"><\/span><strong>GSK: Respiratory and Oncology Rejuvenation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>GlaxoSmithKline <\/strong>has positioned <strong>15 launches<\/strong>, potentially generating more than <strong>$2 billion<\/strong> in peak-year sales in the years ahead. Most notably, an RNA-based hepatitis B medicine developed with Ionis Pharmaceuticals has shown efficacy in two late-stage trials, with full data expected at the EASL Congress in May 2026. The company emphasized 10 Phase 3 programs with 5 potential new products featuring established proof of concept, and a portfolio construction that acknowledges that late-stage clinical data provides investors with substantially greater visibility into commercial potential than early-stage science.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-astrazeneca-ai-driven-oncology-acceleration\"><span class=\"ez-toc-section\" id=\"AstraZeneca_AI-Driven_Oncology_Acceleration\"><\/span><strong>AstraZeneca: AI-Driven Oncology Acceleration<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>\u200bAstraZeneca <\/strong>announced the acquisition of Modella, an AI platform company, to accelerate oncology R&amp;D. The strategic rationale aligns with industry-wide recognition that AI-driven target identification and patient stratification can compress development cycles and improve Phase success rates. Additionally, AstraZeneca committed <strong>$570 million<\/strong> in Canadian investments to expand clinical trials, indicating geographic diversification of development infrastructure and potential tax\/regulatory optimization.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-conclusion\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The JPM 2026 conference confirmed that big pharma has substantially improved its preparedness for the patent cliff compared with historical precedent. Portfolio depth across oncology, immunology, metabolic disease, and virology offers meaningful defensive positioning. However, execution risk remains material, price deflation in <a href=\"https:\/\/www.delveinsight.com\/blog\/weight-loss-obesity-market\">obesity markets<\/a> may exceed consensus expectations, and the industry&#8217;s overarching growth targets presume consistent Phase 3 success rates that historical data suggests may prove optimistic.<\/p>\n\n\n\n<p>For healthcare investors and pharmaceutical industry participants, 2026 will serve as a critical inflection point: the year when portfolio rejuvenation strategies are tested against real-world clinical data and commercial execution. The companies that successfully navigate this inflection, balancing growth portfolio expansion with disciplined capital deployment, will establish dominant competitive positions for the next decade.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.delveinsight.com\/report-store\/weight-loss-weight-management-obesity-market\"><img decoding=\"async\" width=\"1024\" height=\"194\" src=\"https:\/\/assets.delveinsight.com\/blog\/wp-content\/uploads\/2024\/06\/27183101\/Obesity-Market-Outlook-and-Assessment-1024x194.png\" alt=\"\" class=\"wp-image-28507\" srcset=\"https:\/\/assets.delveinsight.com\/blog\/wp-content\/uploads\/2024\/06\/27183101\/Obesity-Market-Outlook-and-Assessment-1024x194.png 1024w, https:\/\/assets.delveinsight.com\/blog\/wp-content\/uploads\/2024\/06\/27183101\/Obesity-Market-Outlook-and-Assessment-300x57.png 300w, https:\/\/assets.delveinsight.com\/blog\/wp-content\/uploads\/2024\/06\/27183101\/Obesity-Market-Outlook-and-Assessment-150x28.png 150w, https:\/\/assets.delveinsight.com\/blog\/wp-content\/uploads\/2024\/06\/27183101\/Obesity-Market-Outlook-and-Assessment-768x145.png 768w, https:\/\/assets.delveinsight.com\/blog\/wp-content\/uploads\/2024\/06\/27183101\/Obesity-Market-Outlook-and-Assessment-1536x291.png 1536w, https:\/\/assets.delveinsight.com\/blog\/wp-content\/uploads\/2024\/06\/27183101\/Obesity-Market-Outlook-and-Assessment-1568x297.png 1568w, https:\/\/assets.delveinsight.com\/blog\/wp-content\/uploads\/2024\/06\/27183101\/Obesity-Market-Outlook-and-Assessment.png 1584w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The 44th Annual J.P. Morgan Healthcare Conference, held January 12-15, 2026, in San Francisco, revealed a pharmaceutical sector at an inflection point. With major blockbusters facing patent expirations, industry leaders such as Eli Lilly, Novo Nordisk, Bristol Myers Squibb, AbbVie, Bayer, Pfizer, Novartis, Roche, Merck, Gilead Sciences, GSK, AstraZeneca, and others demonstrated balanced strategies combining [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":34391,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[17],"tags":[1837,22409,21664,21663,22855,2819,1173],"industry":[17225],"therapeutic_areas":[17240,17228],"class_list":["post-34389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-artificial-intelligence","tag-glp-1-receptor","tag-jp-morgan","tag-jp-morgan-healthcare-conference","tag-jpm-2026","tag-jpmorgan","tag-obesity","industry-pharmaceutical","therapeutic_areas-endocrinology-and-metabolic-disorders","therapeutic_areas-oncology"],"acf":[],"yoast_head":"<!-- This site is optimized 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