2025 J.P. Morgan Healthcare Conference: M&A Activities and Strategic Updates from Global Pharma Giants (with Presentation Slides)

Jan 14, 2025 21:36 CST Updated 21:36

Johnson & Johnson

Medical Device R&D and Manufacturer

Biogen

Neuroscience Drug Developer

On January 13, 2025, the highly anticipated 43rd J.P. Morgan Healthcare Conference grandly opened in San Francisco, USA. Numerous pharmaceutical company leaders and Biotech founders gathered in San Francisco to present the latest achievements and strategic plans for 2025 to investors. During the conference, multinational pharmaceutical giants announced merger and acquisition plans or acquisition intentions, with a series of major deals and collaborations igniting excitement across the entire biopharmaceutical industry, also indicating a prosperous year for the biopharmaceutical M&A market in 2025.

Johnson & Johnson, Eli Lilly, and Biogen have all made moves: Johnson & Johnson acquired Intra-Cellular Therapeutics for $14.6 billion to strengthen its presence in the neuroscience field; Eli Lilly paid a whopping $1 billion upfront to secure Scorpion Therapeutics' PI3Kα inhibitor project; Biogen has also clearly stated that it will continue to expand its capabilities through acquisitions in 2025. Facing the dual challenges of expiring patents on traditional drugs and the continuous emergence of new technologies, acquiring potential assets or advanced technology platforms has become a key strategy for pharmaceutical giants to maintain long-term growth and competitiveness, accelerating industry reshuffling.

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Merck, BMS, Pfizer, Gilead and other pharmaceutical giants kick off JPM conference's first day by unveiling their latest pipelines and strategic plans, setting a strong start for 2025.

▲Conference Venue Photo

Merck: Diversified Development Focuses on Innovation, Strong Progress in Multiple Fields

Merck Showcased Strong Momentum and Future Directions Across Oncology, Cardiovascular-Metabolic Diseases, Infectious Diseases/Vaccines, Immunology, Ophthalmology at 2025 JPM Healthcare Conference

In 2024, Merck achieved multiple regulatory and commercial milestones, such as Keytruda's approval for indications including cervical cancer and endometrial cancer, and the launch of the RSV mAb drug clesrovimab. In 2025, Merck plans to make significant progress across various therapeutic areas, driving the approval and market entry of innovative therapies.

▲In 2024, Merck achieved multiple regulatory and commercial milestones.

In the field of oncology, Merck continues to expand the indications for Keytruda and is developing ADC drugs targeting HER3, B7H3, CDH6, TROP2, and others. In the cardiovascular metabolic disease field, they are developing oral PCSK9 inhibitors like enlicitide decanoate and GLP-1/Glucagon receptor co-agonists such as efinopegdutide. In the infectious diseases/vaccines area, they are working on RSV monoclonal antibodies like clesrovimab, HIV treatments like islatravir, and its combination therapies. In immunology, they are developing TL1A inhibitors like tulisokibart and ROR1 ADCs like zilovertamab vedotin. In ophthalmology, they are developing MK-3000, a drug targeting the Wnt pathway, for the treatment of diabetic macular edema.

▲Merck Product Pipeline

Bristol-Myers Squibb: Replacing the Old with the New to Face the Patent Cliff, Five Star Products Hold Up Half the Sky

Bristol-Myers Squibb (BMS) Faces Patent Crises for Revlimid, Pomalyst, and Sprycel in 2025; Particularly Revlimid, with Sales Projected to Drop to $2-2.5 Billion, Declining by at Least 42%. However, BMS Aims to Rely on Five "Star Products"—KarXT (Cobenfy), Opdivo, Reblozyl, Breyanzi, and Camzyos—to Support Half of the Company’s Revenue by 2025. Notably, Cobenfy (KarXT), a Schizophrenia Drug, Had a Strong Start in 2024, with Peak Sales Estimated to Reach Several Billion Dollars. BMS CEO Chris Boerner Stated That the Company Anticipates Launching 10 New Drugs and Securing 30 New Indication Expansions Within the Next Five Years.

▲BMS Future Product Pipeline

Gilead Sciences: Revenue Decline Reversed, Actively Expanding into Multiple Fields with Strategic Acquisitions

Gilead CEO Dan O'Day stated at the JPM conference that the company reversed the revenue decline seen from 2021 to 2023 in 2024, and will continue to maintain positive momentum as past investments are translating into commercial benefits.

Gilead expects to launch nine HIV products before Biktarvy loses market exclusivity in 2033, offsetting the impact of the loss of market exclusivity.

▲Gilead Sciences HIV Products

Currently, Gilead's core product in the HIV field, lenacapavir, was approved in Europe and the United States in 2022 for the treatment of HIV-1 infection and is expected to be approved for pre-exposure prophylaxis (PrEP) of HIV-1 infection by the summer of 2025.

▲Gilead Sciences Pipeline Progress

In addition, Gilead has also made strides in the fields of oncology and inflammatory diseases. For instance, Anito-cel has demonstrated significant therapeutic potential for 4L+ R/R MM and is expected to be commercially available by 2026; seladelpar (Livdelzi) has seen strong demand in the PBC space and has already received FDA approval for market launch.

Gilead currently has over 100 innovative pre-IND and clinical trial programs, covering multiple therapeutic areas and mechanisms of action.

▲Gilead Sciences Pipeline

Dan O'Day stated that existing products can steadily generate billions of dollars in revenue, allowing the company to pursue appropriate mergers and acquisitions as well as establish partnerships to supplement its pipeline. During the JPM2025 conference, Gilead introduced Leo Pharma's STAT6 inhibitor for $1.7 billion.

Pfizer: Addressing the LOE Wave by Compensating Losses with M&A Products and Focusing on Key Priorities

At the JPM conference, Pfizer announced that its key priorities for 2025 are to enhance shareholder value by improving R&D efficiency through focused areas, expanding profit margins, achieving commercial excellence, and optimizing capital allocation.

▲ Pfizer's 2025 Priorities

Pfizer CEO Albert Bourla stated that the company is preparing for a "wave of LOE" due to the loss of exclusivity for best-selling drugs in the coming years, which could result in an annual revenue loss of approximately $17 billion to $18 billion. However, Pfizer has been addressing the threat through a series of acquisitions in recent years, such as the $43 billion acquisition of Seagen, which is expected to contribute $20 billion to Pfizer's sales by 2030.

Pfizer is also confident in its recently launched and developed drugs. For example, the first-generation CDK4/6 inhibitor palbociclib will lose patent protection in 2023, but the next-generation product, selective CDK4 inhibitor atirmociclib, is currently undergoing Phase III research.

In the first three quarters of 2024, Pfizer's total revenue reached 45.864 billion US dollars, increasing by 2% year-on-year. At the JPM2025 conference, Pfizer announced its 2025 performance guidance, with expected total revenue of 61-64 billion US dollars.

▲Pfizer 2025 Financial Guidance

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