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Good morning from San Francisco! It’s day three of the annual JPMorgan Healthcare Conference – the biggest gathering of biotech and pharma execs, investors and analysts in the U.S.
The sun has been shining this week, and so has the sector’s optimism. Several drugmakers, investors and advisors suggest that 2026 is already shaping up to be a good — or at least better — year than the last, with major drug pricing and tariff headwinds largely settled, interest rates falling, and, most importantly, encouraging science emerging from companies big and small.
On the dealmaking front, it’s been relatively quiet this week. No major tie-ups have been announced, but that doesn’t mean they aren’t on the way. Meanwhile, companies are charting their year ahead, highlighting key business and drug pipeline updates.
Here’s a recap of what I’ve heard from my conversations with a few major CEOs.
