On January 13, the 43rd JP Morgan Healthcare Conference was held as scheduled. Senior executives from various pharmaceutical companies, including leaders of major pharmaceutical corporations and founders of biotech companies, gathered in San Francisco from around the world to present their latest developments and 2025 strategies to investors.▌Johnson & Johnson: Large-scale M&A is an exception, reaffirms leadership in lung cancer productsAt the JPM conference this year, Johnson & Johnson became the center of attention in the industry due to its $14.6 billion acquisition of Intra-Cellular, marking the largest biotech deal since 2023. This has led to speculation that Johnson & Johnson is about to engage in large-scale acquisitions. In response, Johnson & Johnson CEO Joaquin Duato stated, "Large deals are more of an exception. Most of the value we create comes from smaller transactions and collaborations where we can leverage our scale advantages."
Johnson & Johnson CEO Joaquin DuatoJohnson & Johnson believes that the antipsychotic product Caplyta (lumateperone) acquired through this merger has the potential to become the new standard treatment for schizophrenia, bipolar disorder, and major depressive disorder, with expected peak annual sales exceeding $5 billion.Moreover, Joaquin Duato pointed out that Wall Street undervalues the long-term revenue potential of some of Johnson & Johnson's key assets, including Amivantamab (an EGFR/c-Met bispecific antibody) and Lazertinib (an EGFR T790M inhibitor).Recently announced results from the Phase III MARIPOSA study show that, compared to the current standard therapy osimertinib, the combination of amivantamab and lazertinib as a first-line treatment provided a median overall survival (OS) benefit of more than one year for patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) harboring EGFR exon 19 deletions or L858R substitution mutations. Joaquin Duato stated, "This is practice-changing data," reiterating that the combination of amivantamab and lazertinib will ultimately become the new first-line treatment standard for these patients.
Source: Johnson & Johnson Press ReleaseJoaquin Duato also specifically mentioned Johnson & Johnson's TARIS system, a simple and effective burrito-shaped drug delivery device for treating bladder cancer. "There is a lack of understanding about how this product works, and some people even think it is a medical device. However, its regulatory classification is as a drug, and it will also be manufactured, marketed, and reimbursed as a drug. I have been to the urology clinic and seen firsthand how it is implanted. We are very confident that it will become a product with sales exceeding $5 billion."▌BMS：New Product Makes Up ForPatent cliff,New Indication Clinical Data of KarXT Released AnnuallyFacing the challenge of the upcoming "patent cliff" for several key drugs, BMS is striving to fill the gap with promising new therapies.BMS CEO Chris Boerner stated that mature products (Legacy Products) will face greater patent expiration risks in 2025, particularly Revlimid (lenalidomide), a multiple myeloma drug with global sales of approximately $4.4 billion in the first three quarters of 2024. BMS anticipates that Revlimid’s sales in 2025 will decrease to between $2 billion and $2.5 billion. Other products are also soon expected to encounter generic drug competition, such as Pomalyst (pomalidomide) and Sprycel (dasatinib).
However, BMS is not worried. Chris Boerner stated, "In 2023, we saw solid growth in our new Growth Products, and 2024 is expected to achieve double-digit growth again. These products will continue to drive growth momentum. Starting this year, the next wave of first-in-class/best-in-class drugs will be our key focus areas." By 2025, revenue from Growth Products will exceed 50% of total income.
Source: BMS JPM2025 Conference PPTAmong them, the schizophrenia drug Cobenfy (KarXT) got off to a good start in 2024. The drug also shows considerable potential for other indications, with peak sales projected to reach several billion dollars, making it one of BMS's key growth products. To further expand this advantage, Chris Boerner stated: "We expect to release clinical data results for Cobenfy in new indications annually before 2030."In 2025, Cobenfy is expected to release results from two key clinical studies: the Phase III ARISE study for adjunctive treatment of schizophrenia and the Phase III ADEPT-2 study targeting Alzheimer's disease psychosis. Chris Boerner pointed out that about half of the 6 million Alzheimer’s patients in the U.S. suffer from related psychosis. He also mentioned that most patients receive off-label treatments, highlighting significant unmet needs in this area.Chris Boerner stated that entering 2025, BMS has a newer and more diversified pipeline layout than ever before. BMS expects to launch 10 new drugs and obtain 30 new indications for existing drugs over the next five years.▌Gilead:The downward trend in revenue has been reversed,Appropriate M&A and CooperationAt the JPM2025 conference, Gilead CEO Daniel O'Day stated that 2024 has performed well, reversing the revenue decline trend of recent years (2021-2023), and will continue to maintain positive performance in the future because "investments are translating into commercial benefits."
Gilead Chief Executive Daniel O'DayDaniel O'Day's confidence stems from the upcoming handover of seven next-generation HIV products, which will cushion the market impact brought by the expiration of Biktarvy's (bictegravir/emtricitabine/tenofovir alafenamide) market exclusivity period in 2033.
Source: Gilead JPM2025 Conference PPTCurrently, Gilead's core product in the HIV-1 infection field is Sunlenca (lenacapavir), which only requires two injections per year. This product was approved in Europe and the United States in 2022 for the treatment of HIV-1 infection and received the "Drug Breakthrough of the Year" award from *Science* magazine in 2024. Gilead anticipates that Sunlenca will be approved in 2025 for pre-exposure prophylaxis (PrEP) of HIV-1 infection.
Source: Gilead JPM2025 Conference PPTIn addition to the antiviral field, Gilead also focuses on the layout of the oncology and inflammatory diseases fields. The BCMA CAR-T therapy Anito-cel has entered the Phase III clinical stage in 2024 and is expected to be launched in 2026; Livdelzi (seladelpar), acquired through the acquisition of CymaBay, has been approved by the FDA for marketing.
Source: Gilead JPM2025 Conference PPTDaniel O'Day stated that existing products can steadily generate billions of dollars in revenue annually, allowing Gilead to pursue "appropriate mergers and acquisitions and establish partnerships" to supplement its pipeline. During the JPM2025 conference, Gilead also closed a deal, acquiring Leo Pharma's STAT6 inhibitor for a total transaction value of $1.7 billion.▌Pfizer:Acquisition of New Products to Fill the Gap, Performance Restored to GrowthAt this year's JPM conference, Pfizer CEO Albert Bourla reiterated the goal of maximizing the value of recent mergers and acquisitions, stating that "products from acquisitions are expected to contribute $20 billion in revenue by 2030, which will be sufficient to offset the losses from several key products losing market exclusivity in the future — a loss that could reach $17 billion to $18 billion."
Albert Bourla, CEO of PfizerPfizer, which seized the COVID-19 opportunity, accumulated substantial resources in 2022, leading to the bold $43 billion acquisition of Seagen, the leading company in the ADC sector. Despite the high premium of this deal being highly controversial at the time—given that Seagen's total product sales had just reached $2 billion—it still ignited the ADC field. In 2023, the total value of global ADC project transactions reached a record high of $530 billion.
ADC Project Transaction Status Since 2015The acquisition of Seagen is already benefiting Pfizer's oncology business. Since entering Pfizer’s pipeline, both Padcev (enfortumab vedotin) and Adcetris (brentuximab vedotin) have achieved significant progress. The former has covered first-line and later-line treatments for urothelial cancer in major markets such as the U.S., Europe, and China, while the latter successfully completed the Phase III ECHELON-3 study targeting diffuse large B-cell lymphoma (DLBCL) in 2024. These two ADC products generated nearly $20 billion in revenue for Pfizer in the first three quarters of 2024. Additionally, the development of other ADC candidates is advancing, including sigvotatug vedotin, a first-in-class product targeting integrin β6 (ITGB6), which entered Phase III clinical trials in 2023.At the same time, Pfizer is confident in its self-developed products. Pfizer's first-generation CDK4/6 inhibitor, palbociclib, lost patent protection in 2023. The next-generation product—a selective CDK4 inhibitor, atirmociclib—is already in the pipeline, with the drug currently undergoing Phase III trials in HR-positive and HER2-negative metastatic breast cancer populations.
Source: Pfizer JPM2025 Conference PPTBased on the performance in the first three quarters, Pfizer's revenue has started to recover with a total revenue of $45.864 billion (+2%). At the JPM2025 conference, Pfizer announced its 2025 financial guidance, with expected total revenue in the range of $61 billion to $64 billion.
Source: Pfizer JPM2025 Conference PPT▌Regeneron: Aiming to Recapture Ophthalmology Market ShareRegeneron CEO Len Schleifer stated at the conference that the company's strategic focus is on continuously driving market growth for its marketed products, such as expanding the application of Dupixent (dupilumab) across multiple indications globally, enhancing the product advantages of Eylea HD (high-dose aflibercept) to consolidate its market leadership, while actively advancing the development of pipeline products. This is achieved by leveraging innovative technology platforms and large-scale genetic databases to explore potential therapeutic solutions.
Regeneron CEO Len SchleiferRegeneron showcased the progress of its current products at the meeting. Dupixent has been approved for seven indications worldwide, providing treatment options for over one million patients; Aflibercept (Eylea HD and Eylea) remains a leader in the U.S. market among anti-VEGF products, with Eylea HD set to expand its indications further by 2025; Libtayo (Cemiplimab) demonstrates remarkable efficacy in treating various cancers and is expected to become Regeneron's next drug with annual sales exceeding $1 billion, having already reached $850 million in sales for the first nine months of 2024 (+36%).
Source: Regeneron JPM2025 Conference PPTAhead of JPM2025, Regeneron shared preliminary revenue for Q4 2024, stating that Eylea HD generated $305 million in the U.S. However, Cory Kasimov, an analyst at Evercore ISI, described the sales result as "relatively bleak." During the JPM conference report, Len Schleifer did not elaborate much on the drug's performance but noted that Regeneron is counting on this drug to regain market share lost to Roche’s Vabysmo. He also remarked that Eylea HD “needs a few more arrows in its quiver” to enhance its competitiveness in the market.▌BeiGene:The turning point is approaching, and it is expected that2025Annual ProfitBeiGene CEO John Oyler stated at the conference that BeiGene has become a significant force in the global oncology field and is at a critical turning point in its development. By 2025, BeiGene is expected to achieve positive operating profits for the full year.
In 2024, BeiGene maintained sound financial conditions with a 67% year-over-year increase in product revenue for Q3. It also plans to relocate to Switzerland to enhance its global influence. The strategic priorities for 2025 focus on solidifying its leadership in hematology, advancing the development of its internal R&D pipeline, and improving financial performance to address industry challenges and enhance R&D returns.
Source: BeiGene JPM2025 Conference PPTBeiGene stated that zanubrutinib ranks first in prescriptions for newly diagnosed CLL patients in the U.S., demonstrating advantages in comparative studies with ibrutinib, and its annual revenue for 2023 surpassed the $1 billion mark for the first time. Facing fixed-duration treatment regimens and competing products, zanubrutinib stands out in terms of deep remission, progression-free survival, and safety. Combination therapies based on zanubrutinib, such as fixed-duration zanubrutinib + sonrotoclax (BCL-2 inhibitor), BTK CDAC +/- zanubrutinib/sonrotoclax, are strengthening BeiGene's position in the CLL field.In addition, BeiGene is continuously advancing the innovation of standard treatments for CLL, expanding its product portfolio to include indications such as AML, LBCL, and MM, and pushing various cutting-edge therapies into the clinical stage.In addition, BeiGene highlighted seven Phase I clinical research projects — GB-43395 (CDK4 inhibitor), BGB-53038 (PanKRAS inhibitor), BG-C9074 (B7-H4 ADC), BG-60366 (EGFR CDAC), BG-58067 (PRMT5 inhibitor), SHY-2039 (MAT2A inhibitor), and BGB-45035 (IRAK4 CDAC). It also indicated that Proof of Concept (POC) data will be available within the next 6 to 18 months.PharmaCube will continue to follow the updates of JPM2025, so stay tuned!Copyright © 2025 PHARMCUBE. All Rights Reserved.
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