The biopharma industry outlook on 2025: Uncertainty and change

This year, JPM delivered the dealmaking analysts and investors always say they hope to see: Johnson & Johnson agreed to buy Intra-Cellular Therapies for nearly $15 billion, while GSK and Eli Lilly announced smaller deals involving private biotechnology companies.

Rather than ebullient, the meeting’s mood remained restrained, reflecting the uncertainty of a moment marked by big questions. How will the Trump administration approach healthcare regulation? Will generalist investors remain wary of biotech? Can the industry’s expensive pivot into immunology and obesity deliver drugs promising enough to justify the investment? Will competition from China put pressure on young U.S. drugmakers?