Strategy

Sandoz passed a major milestone in 2024, with the firm’s sales for the first time exceeding $10bn on the back of a significant rise in biosimilars turnover. The company is continuing to push ahead with restructuring initiatives and also addressed the potential threat of US tariffs as management discussed the firm’s annual results.

The US stock market broadly declined following increased tariffs on goods from China and new tariffs on goods from Mexico and Canada, but biopharma initially weathered the storm, while pharma faced some headwinds.

After a successful 2024, Hikma has announced plans to ramp up spending on R&D as part of its ongoing turn towards more complex compounds.

CEO says firm’s “three clear imperatives” to drive cash and “total shareholder return” comprise its “three S” plan. Perrigo’s net sales for the quarter down 1.6% to $1.14bn and for the year down 6.1% to $4.37bn.

AbbVie is the latest big pharma to buy into the obesity space, licensing an amylin analog from Gubra for $350m up front, while Novo will pursue cardiometabolic targets with Gensaic’s AI-based platform.

Private Company Edition: $100m-plus venture capital mega-rounds drove biopharma company fundraising closer to record-breaking levels in 2024, but the pace of big VC deals has slowed aside from Callio’s $187m series A, Eikon’s $350.7m series D and Enveda’s series C extension to $150m.

Public Company Edition: BridgeBio Oncology Therapeutics will merger with a SPAC and raise $450m. Also, BridgeBio Pharma priced $500m in notes and Solid grossed $200m in a follow-on offering, while Idorsia restructured debt and a deal after a planned transaction fizzled out.

Eli Lilly's move is said to be part of broader industry campaign to invest in America and avoid President Trump's tariffs, but the company also said tax reform is necessary to make the investments.

Reporting year-end financials, the Fresenius group spoke at length about its ambition for Fresenius Kabi to reach the billion euro milestone in annual revenues for its prospering Biopharma unit in the coming years, as management also addressed queries about the dynamic pricing environment ahead of the firm’s imminent launch of a biosimilar to Stelara in the US.

South Africa’s Adcock Ingram struck a downbeat tone during its financial first-half results call, as multiple factors conspired to produce a performance “well below expectations.”