5. Part D Redesign in the spotlight: While Medicare negotiation got less airtime, companies gave more detail on the effects of the 2025 cost-shift in Part D — up to $2B in projected revenue hits for some firms.

Get more details in our report: atiadvisory.com/resources/ph...

4. China on the Rise: Major players are increasingly licensing directly from Chinese biotechs, especially in oncology and metabolic disease—cutting out US VC and biotech.

3. Small molecule development alive and well: Among the 37 deals struck in 2023 and 2024 that exceeded $1bn, 19 (51%) had small molecules as lead assets. Over the same timeframe, companies discontinued 79 products, of which 36 were small molecules.

2. Deal Size Down, Risk Appetite Up: M&A value fell 68% vs. 2023, with a clear pivot toward early-stage and preclinical assets — with many assets maturing to late stage, companies are turning to smaller, earlier stage opportunities.

1. R&D Momentum Holds Strong: Companies continued to double down on late-stage key assets, with R&D spend growing another 11% yoy. Not surprising – 62% of global sales come from drugs that face loss of exclusivity by 2029. The 25 drugs selected for negotiation accounted for 10% of US sales.

Wow, yeah. Good call. Back to the drawing board!

I‘m so excited to see live-action reporting on this platform. But we need a better moniker!

I’m focused on #drugpricing and would love to be added as well!