Business
Drug pricing, patent losses and deals: Here’s what pharma execs see ahead in the industry
President Donald Trump arrives for an announcement in the Roosevelt Room of the White House in Washington, Dec. 19, 2025.
Will Oliver | Bloomberg | Getty Images
Drug pricing. Looming patent cliffs. Dealmaking. The first year of Trump 2.0.
Those are among the themes that dominated conversations last week as drugmakers of all sizes met with investors to map out their plans for 2026 and beyond at the annual JPMorgan Healthcare Conference in San Francisco.
After geopolitical uncertainty weighed on dealmaking during the first half of 2025, investors and drugmakers sounded optimistic that 2026 may mark a turning point for the sector. Investors are beginning to see signs of recovery in U.S. biotech so far this year after years of volatility, betting that lower interest rates and a renewed appetite for deals will reopen the IPO window.
The conference lacked the splashy, high-dollar acquisitions that typically take center stage there. But big pharma made it clear it is on the hunt for potential buyouts and collaborations as it looks to make up for roughly $300 billion in possible lost revenue as patents for blockbuster drugs expire toward the end of the decade.
Some concerns around President Donald Trump‘s health-care policy agenda have eased after more than a dozen major drugmakers ended 2025 with landmark drug pricing deals and three-year reprieves from tariffs.
When asked about whether he still held to his prediction last year that Trump will be a positive for the sector, Pfizer CEO Albert Bourla told reporters last week, “Yes,” even though “I got scared big time” along the way.
Still, investors are trying to understand how the drug pricing agreements will impact businesses, and parse out the implications of policy changes like softer U.S. vaccine recommendations.
Here’s what we heard from pharma executives about the year ahead.
Drug pricing
Some executives said the recent drug pricing deals — part of Trump’s “most-favored-nation” policy — reduce uncertainty and will likely have a modest impact on their businesses.
The agreements involve lowering prices of certain products for Medicaid patients by tying them to the lowest ones abroad, and agreeing to sell some medicines at a discount on direct-to-consumer platforms, including the administration’s upcoming TrumpRx site.
“I don’t want to give the impression that there’s no impact from [the most-favored-nation deal], because there is,” Sanofi CEO Paul Hudson told reporters at a media event Wednesday morning. “The question for us is, can we manage that and deliver an attractive long-range plan? We feel, so far, we can.”
Sanofi and several other companies with pricing deals could outline how they expect the agreements to affect their businesses when they release their 2026 outlooks in the coming weeks.
Sanofi CEO Paul Hudson speaks during an event held by President Donald Trump to make an announcement about lowering drug prices, at the Roosevelt Room of the White House in Washington, Dec. 19, 2025.
Evelyn Hockstein | Reuters
AstraZeneca expects the initial effects of its drug pricing deal to be limited and manageable, as it so far applies to a specific Medicaid population and represents “a low single-digit percentage” of the company’s global sales, said CFO Aradhana Sarin during a presentation on Jan. 13.
Meanwhile, Bourla told reporters on Jan. 12 that the deals will help companies pressure European countries to increase what they will pay for drugs, similar to how the U.K. agreed in December to raise prices for medicines as part of a trade deal with the U.S.
He said companies could stop supplying medicines to some countries that refuse to pay more.
“Do you reduce [U.S.] prices to France’s level or stop supplying France? You stop supplying France,” Bourla said. “So they will stay without new medicines … because the system will force us not to be able to accept the lower prices.”
Patent losses, dealmaking
Pharmaceutical companies were confident they will be able to offset losses from upcoming patent expirations of popular drugs and zeroed in on dealmaking as a critical tool to add new revenue. Cheaper generic versions of brand-name drugs typically enter the market after their patents expire, leading to significant price drops and a loss of market share over time due to increased competition.
During a presentation on Jan. 12, Merck CEO Rob Davis said his company hopes “to grow through” the upcoming loss of exclusivity for its top-selling cancer immunotherapy Keytruda.
Merck raised its outlook for new products, saying those items will contribute a projected $70 billion in sales by the mid-2030s. That is almost double what Wall Street expects Keytruda to record in 2028 before its patent expires. Keytruda generated $29.48 billion in sales in 2024, which was nearly half of Merck’s total revenue for that year.
Davis indicated that Merck may not be done with dealmaking, especially for later-stage or already-approved products.
“If you look from a dollar perspective, we’ve been looking in that up to $15 billion dollar range,” he said. “We’ve been very clear that we’re willing to go larger than that, but we only will do so following the exact same logic and discipline.”
Bristol Myers Squibb has the highest exposure to the upcoming loss of exclusivity cycle, with blockbuster drugs such as the blood thinner Eliquis set to face generic competition, according to a note from JPMorgan analysts in late December. Eliquis raked in $13.3 billion in sales in 2024, making up more than a quarter of the company’s revenue for the year.
But in an interview on Jan. 13, Bristol Myers Squibb CEO Chris Boerner said the company has the potential to deliver up to 10 new products by the end of the decade.
“We feel really good about the substrate we have in late-stage development, and the mid-stage pipeline is also progressing nicely,” he told CNBC.
Boerner highlighted 11 late-stage data readouts in 2026 across six potential new products. Boerner said the company is “casting a wide net” for its business development.
He added that Bristol Myers Squibb is hoping to build on the core therapeutic areas it knows well, look across different phases of development and focus on “the best, most innovative science that we can find” to tackle difficult-to-treat diseases.
This year, Novo Nordisk is also facing patent expirations for semaglutide — the active ingredient in its blockbuster diabetes drug Ozempic and obesity counterpart Wegovy — in certain countries, including Canada and China.
Novo Nordisk CEO Mike Doustdar said 2026 “will be the year of price pressure” due to generic competition in some international markets and its U.S. drug pricing deal. He added that Novo Nordisk aims to offset price cuts with volume growth and will be active in business development to see what “can complement our own pipeline.”
Those comments come after Novo Nordisk lost a heated bidding war with Pfizer last year over the obesity biotech Metsera.
Vaccine rhetoric
Health and Human Services Secretary Robert F. Kennedy Jr. announces new nutrition policies during a press conference at the Department of Health and Human Services in Washington, Jan. 8, 2026.
Jonathan Ernst | Reuters
Some executives reiterated concerns about the administration’s changes to U.S. immunization policy under Health and Human Services Secretary Robert F. Kennedy Jr. — a prominent vaccine skeptic — and his appointees. That includes the Centers for Disease Control and Prevention’s recent move to roll back the number of immunizations routinely recommended for children.
“I’m very annoyed. I’m very disappointed,” Pfizer’s Bourla said, adding that “what is happening has zero scientific merit and is just serving an agenda, which is political.”
He added, “I think we do see that there are reductions in vaccination rates of kids and that will raise diseases, and I’m certain about that.” But Bourla said he doesn’t believe the recent changes to the childhood vaccine schedule will impact Pfizer’s bottom line.
He said the pressure the administration is putting on immunizations “is an anomaly that will correct itself.”
Meanwhile, Sanofi’s Hudson said the scrutiny of vaccines by the Trump administration is aligned with what the company expected ahead of the 2024 election.
“I’ve had conversations with Kennedy, we just try to stick to the facts of the evidence,” Hudson said. “There’s not much we can do.
“I just hope that the evidence is enough in the end with all these things,” he added.
Last Updated:
Gold is sold at a discount in Dubai due to Middle East conflict disrupting flights. Traders offer up to $30 per ounce less than London prices.
Dubai Gold Selling Cheaper As Iran War Grounds Flights
Gold is being sold at a discount in Dubai as the widening conflict in the Middle East disrupts flights and hampers the movement of bullion from one of the world’s key trading hubs.
According to a Bloomberg report, traders in Dubai are offering discounts of up to $30 per ounce compared to the global benchmark price in London. The unusual price cut comes as shipments remain stranded due to flight disruptions triggered by the escalating conflict involving Iran and Israel.
Dubai is a key global centre for refining and exporting gold to markets across Asia, including India. However, partial airspace restrictions and heightened security risks have slowed the movement of bullion out of the region.
Why Gold Is Being Sold Cheaper
Gold is typically transported in the cargo holds of passenger aircraft. With several flights from the UAE restricted amid regional tensions, traders are struggling to move bullion to international markets.
At the same time, insurance and freight costs have surged, making shipments more expensive and uncertain. Many buyers have therefore stepped back from placing new orders, unwilling to bear high logistics costs without assurance of timely delivery.
To avoid paying prolonged storage and financing costs while shipments remain stuck, some traders are offering gold at discounted prices.
Although transporting bullion by road to airports in neighbouring countries such as Saudi Arabia or Oman is theoretically possible, logistics firms are reluctant due to the risks and complications of moving high-value cargo across land borders during a conflict.
What It Means For India
India, one of the largest buyers of gold shipped from Dubai, could face short-term supply disruptions if the situation continues.
Renisha Chainani, head of research at Augmont Enterprises Ltd., said several cargo shipments have already been delayed, creating temporary tightness in the availability of physical bullion in India.
However, industry experts as reported by Bloomberg say the immediate impact may remain limited as domestic inventories are currently comfortable after heavy imports earlier this year.
Chirag Sheth, principal consultant for South Asia at Metals Focus, said Bloomberg that India has ample stocks for now, but warned that prolonged disruptions could eventually affect supply if the conflict continues for several months.
Meanwhile, global gold prices have surged this year amid geopolitical uncertainty, with spot gold recently trading above $5,000 per ounce.
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March 08, 2026, 10:03 IST
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Some seven in 10 British adults without a full driving licence say learning to drive is currently unaffordable, according to a survey.
The figure is even higher among younger people, with 76% of 18 to 29-year-olds without a licence saying driving lessons are financially out of reach, the poll for car insurer Prima found.
Overall, 38% said the cost of driving lessons was the biggest deterrent to learning to drive.
Some 32% were put off by the price of buying a car and 15% said the cost of car insurance was the main barrier to learning to drive.
Almost half (45%) said they would consider learning to drive if it became significantly cheaper.
Nick Ielpo, UK country manager at Prima, said: “For a growing number of people, driving is no longer a symbol of freedom – it’s a financial stretch too far.
“Between lessons, buying a car and insuring it, the upfront and ongoing costs are pricing many people out before they even start.”
Find Out Now surveyed 1,134 adults who do not hold a full driving licence between January 21 and 23.
KARACHI:
The Pakistan Stock Exchange’s (PSX) KSE-100 index experienced a sharp decline in the outgoing week, closing at 157,496 points, down 6.3% week-on-week, or 10,566 points.
This follows last week’s fall and brings the cumulative decline from its January 2026 peak of around 189,167 points to nearly 17%. The sell-off was driven by heightened geopolitical tensions stemming from the US-Iran conflict, which has rattled regional markets and prompted investors to reduce exposure amid fears of broader instability, rising energy prices and domestic security concerns.
On a day-on-day basis, the PSX commenced the week with its historical single-day decline as the benchmark KSE-100 index plunged 16,089 points, or 9.57%, to close at 151,973. Next day, it staged a partial recovery, with the index advancing 5,159 points, or 3.39%, at 157,132.
On Wednesday, however, the PSX witnessed a directionless session, when the KSE-100 closed at 155,777, down 1,355 points (-0.86%). The PSX recorded a sharp rebound on Thursday, with the benchmark index gaining 5,433 points (+3.49%) to close at 161,211. The market closed the week on a cautious note as the KSE-100 dropped by 3,715 points (-2.30%) to settle at 157,496.
In its weekly report, Arif Habib Limited (AHL) mentioned that the KSE-100 index witnessed a lacklustre performance during the outgoing week, closing at 157,496 points, down 6.3% WoW (10,566 points) amid geopolitical tensions due to the US-Iran conflict. The Consumer Price Index (CPI) for February 2026 hit 7% year-on-year, the highest level since October 2024, compared to 5.8% in January 2026.
Among other economic data, a trade deficit of $3 billion was recorded in February. Exports amounted to $2.3 billion (-8% YoY) while imports reached $5.3 billion, down 1.6% YoY. Total cement dispatches for the month rose 12.53% YoY to 4.19 million tons compared to 3.73 million tons in February 2025. Provisional urea offtake remained subdued, falling 28% YoY to 251k tons, marking the lowest monthly offtake.
AHL mentioned that gas production edged down 0.1% WoW to 2,687 million cubic feet per day (mmcfd) in the fourth week of Feb’26, while oil output fell 2.9% WoW to 59,103 barrels per day. A total of Rs581.7 billion was raised in the T-bill auction on Wednesday, with yields increasing across all tenors by 21.5 to 39.3 basis points. The government’s debt increased by 1% month-on-month to Rs79.3 trillion (+10% YoY) as of Jan’26 against Rs72.1 trillion in Jan’25.
Pakistan’s liquid foreign exchange reserves were recorded at $21.4 billion, up by $26.2 million, comprising $16.3 billion with the State Bank and $5.1 billion with commercial banks, AHL added.
Muhammad Waqas Ghani, Head of Research at JS Global, noted that the KSE-100 extended its decline during the week as heightened geopolitical tensions weighed on the market. The index dropped 10,566 points (-6.3%) WoW, following last week’s 5,108-point decline, pushing the cumulative fall from its January 2026 peak of 189,167 points to nearly 17%.
Market activity remained volatile throughout the week as investors continued to reduce exposure amid regional tensions and domestic security concerns. Sentiment also remained cautious ahead of key macro developments, with the IMF mission currently engaging with Pakistani authorities for the third review of the loan programme.
According to the Pakistan Bureau of Statistics, the inflation clocked in at 7% YoY for Feb’26, the highest since Oct’24. “We expect the SBP to keep its policy rate unchanged at 10.5% in the upcoming meeting as rising global oil prices may add to inflationary pressures,” he said.
Pakistan was exploring options to manage a potential gas shortfall after Qatar Energy halted LNG production following Iran’s attacks. On the other hand, Saudi Arabia assured Pakistan of secure oil supplies through the Port of Yanbu on the Red Sea to help meet energy needs. The government was also reviewing a proposal to shift to weekly revision of petroleum prices from fortnightly reviews, the JS head of research said.
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