Obesity Treatments, M&A Activity To Take Center Stage During Upcoming JPM Healthcare Conference
Obesity Treatments, M&A Activity To Take Center Stage During Upcoming JPM Healthcare Conference
Ahead of the 2025 JPM Healthcare Conference, JP Morgan highlights some investor expectations as sentiment remains mixed for the US Large Cap BioPharma group heading into 2025. The conference is scheduled between 13 January and 16 January.According to JP Morgan, U.S. large-cap biopharma stocks have underperformed the broader market for two consecutive years, with mixed sentiment shaping investor outlook for 2025.
根据摩根大通的说法，美国大型生物制药股票在连续两年中表现不佳，市场情绪对2025年的投资者展望产生了混合影响。
Despite strong fundamentals and advancements in drug pipelines, factors such as political uncertainty and sector rotation have hindered the sector's performance relative to the S&P 500.
尽管基本面强劲、药物管线不断进展，但政治不确定性和板块轮动等因素抑制了该板块相对于S&P 500的表现。
In 2024, biopharma stocks rose by 9.6%, falling short of the S&P 500's 28.5% surge. However, JP Morgan analysts maintain a positive outlook for several key players.
在2024年，生物制药股票上涨了9.6%，未能赶上S&P 500的28.5%的强劲增长。然而，摩根大通的分析师对几家关键企业仍持积极展望。
Ahead of the 2025 JPM Healthcare Conference, JP Morgan highlights some investor expectations as sentiment remains mixed for the US Large Cap BioPharma group heading into 2025. The conference is scheduled between 13 January and 16 January.
在2025年JP摩根医疗会议之前，JP摩根强调了一些投资者的期望，因为对美国大盘生物制药集团的情绪在2025年到来之际仍然是混合的。会议定于1月13日至1月16日举行。
Obesity is expected to remain a major focus for the industry. The sector's focus on the below advancements highlights the growing importance of obesity treatments and related drug innovations:
肥胖被预计将继续成为行业的主要焦点。该板块对以下进展的关注凸显了肥胖治疗和相关药物创新日益重要性：
- Eli Lilly And Co (NYSE:LLY): Increased emphasis on incretin therapies as production capacity grows and direct-to-consumer advertising gains traction. Key data catalysts: Phase 3 results for orforglipron, an oral small molecule GLP-1.
- Initial outcomes data for tirzepatide in type 2 diabetes.
- 礼来（纽交所：LLY）：随着生产能力的增长以及直面消费者广告的兴起，增加对肽类疗法的重视。关键数据催化剂：口服小分子GLP-1或福戈戈尔的三期结果。
- tirzepatide在2型糖尿病中的初步结果数据。
Several new product launches are on the radar for 2025. Bristol Myers Squibb & Co (NYSE:BMY) stands out as a top pick, with the anticipated launch of Cobenfy for schizophrenia.
预计2025年将有几款新产品推出。百赛瑞（纽交所：BMY）作为热门选择，预计将推出用于治疗精神分裂症的Cobenfy。
JP Morgan analyst Chris Schott expects a strong adoption once broader insurance coverage, expected by the second half of 2025, is in place.
摩根大通分析师克里斯·肖特预计，一旦更广泛的保险覆盖到位，预计到2025年下半年，将会有强劲的采用。
Gilead Sciences Inc (NASDAQ:GILD) is also preparing for a mid-2025 launch of lenacapavir for pre-exposure prophylaxis, with promising uptake projected into 2026.
吉利德科学公司（纳斯达克：GILD）也在为2025年中期推出预接触预防药物lenacapavir做准备，预计到2026年会有良好的市场接受度。
Additionally, JP Morgan is monitoring Merck & Co Inc's (NYSE:MRK) Winrevair for pulmonary arterial hypertension, which has already exceeded early expectations, and Gilead's Livdelzi for primary biliary cholangitis, expected to see more significant growth in 2025 as access improves.
此外，摩根大通正在关注默沙东（纽交所：MRK）的Winrevair用于肺动脉高压，这一药物的早期表现已经超出了预期，以及吉利德的Livdelzi用于原发性胆汁性胆管炎，预计随着可及性的改善，2025年将会有更显著的增长。
The analyst is watching for updates on how companies are approaching business development after a relatively quiet 2024. While major changes are not anticipated in the size or type of deals pursued by large-cap companies, JP Morgan expects M&A activity to pick up in 2025.
该分析师正在关注公司在相对安静的2024年后如何推进业务发展的最新动态。虽然大型公司的交易规模或类型的重大变化不被预期，但摩根大通预计2025年的并购活动将会有所增加。
Large deals over $25 billion remain unlikely, with mid-sized deals around $5-15 billion likely to focus on later-stage, lower-risk assets.
超过250亿的重大交易仍不太可能，预计500亿到150亿的中型交易将专注于后期、低风险的资产。
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Image via Shutterstock
图片来源：shutterstock
