This week, the biotech space witnessed significant milestones, including FDA approvals, oncology drug acquisitions, and collaborations. Positive clinical trial results were reported across multiple therapeutic areas, including radiographic and non-radiographic axial spondyloarthritis, microcystic lymphatic malformations, pulmonary arterial hypertension, and obesity. Here's a closer look at the details. FDA Approvals & Rejections Armata Pharma Secures FDA QIDP Designation for AP-SA02 Armata Pharmaceuticals, ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [2] Core Insights - 2025 saw a record high in innovative drug asset transactions among multinational pharmaceutical companies, with 142 cases and a total transaction value of $264.5 billion, marking new highs since 2015 [3][9] - Eli Lilly's revenue for 2025 increased by 44% year-on-year, driven by GLP-1 drugs, with Tirzepatide achieving $36.5 billion in sales [3][39] - Novo Nordisk's sales growth was impacted by increased competition in the weight loss drug market, with a projected revenue decline of 5% to 13% for 2026 [3][40] Summary by Sections 1. Innovative Drug Asset Transactions - In 2025, the number of innovative drug transactions reached 142, with mergers and acquisitions (M&A) and collaborations at 36 and 106 respectively, both setting new records since 2015 [3][9] - The total transaction value was $264.5 billion, with M&A accounting for $106 billion and collaborations for $158.4 billion, also new highs since 2015 [3][9] 2. Performance Review of Pharmaceutical Companies - Eli Lilly's total revenue for 2025 was $65.2 billion, with a guidance for 2026 revenue between $80 billion and $83 billion, indicating a projected growth of 25% [3][39] - Novo Nordisk's total revenue for 2025 was 309.1 billion Danish Kroner, with a guidance for 2026 indicating a decline of 5% to 13% [3][40] - Other companies like AbbVie, AstraZeneca, and Roche reported single-digit growth, while JNJ and Gilead faced challenges due to patent expirations [3] 3. Factors Influencing M&A Decisions - Demand for acquisitions is driven by the need to address revenue gaps from expiring patents and declining R&D efficiency [3][19] - Financial capacity for M&A is supported by free cash flow after shareholder returns, allowing for smaller acquisitions [3][20] - Pricing considerations are crucial, as the valuation of innovative drug assets significantly impacts the internal rate of return (IRR) for acquisitions [3][21]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [2] Core Insights - 2025 saw a record high in innovative drug asset transactions among multinational pharmaceutical companies, with 142 cases and a total transaction value of $264.5 billion, marking new highs since 2015 [3][9] - Eli Lilly's revenue for 2025 increased by 44% year-on-year, driven by GLP-1 drugs, with Tirzepatide achieving $36.5 billion in sales [3][39] - Novo Nordisk's sales growth was impacted by increased competition in the weight loss drug market, with a projected revenue decline of 5% to 13% for 2026 [3][40] Summary by Sections 1. Innovative Drug Asset Transactions - In 2025, the number of innovative drug transactions reached 142, with mergers and acquisitions (M&A) and collaborations at 36 and 106 respectively, both setting new records since 2015 [3][9] - The total transaction value was $264.5 billion, with M&A accounting for $106 billion and collaborations for $158.4 billion, also new highs since 2015 [3][9] 2. Performance Review of Pharmaceutical Companies - Eli Lilly's total revenue for 2025 was $65.2 billion, with a guidance of $80 billion to $83 billion for 2026, indicating a projected growth of 25% [3][39] - Novo Nordisk's revenue for 2025 was 309.1 billion Danish Krone, with a guidance for 2026 indicating a decline of 5% to 13% [3][40] - Other companies like AbbVie, AstraZeneca, and Roche reported single-digit growth, while JNJ and Gilead faced challenges due to patent expirations [3] 3. Factors Influencing M&A Decisions - Demand for acquisitions is driven by the need to address revenue gaps from expiring patents and declining R&D efficiency [3][19] - Financial capacity for M&A is supported by free cash flow after shareholder returns, allowing for smaller acquisitions [3][20] - Pricing considerations are crucial, as the valuation of innovative drug assets significantly impacts the internal rate of return (IRR) for acquisitions [3][21]

Core Viewpoint - Gilead Sciences' experimental single-tablet HIV treatment demonstrates low discontinuation rates and high patient satisfaction, indicating its potential as a viable option for patients after viral suppression [1] Group 1: Treatment Efficacy - The experimental treatment showed discontinuation rates due to adverse events of 1.6% and 0.5% in the two treatment arms, which are considered low [1] - After 48 weeks, 0.8% of patients on the combination pill had detectable virus levels, compared to 1.1% of those on multi-tablet regimens, suggesting better viral suppression [1] Group 2: Patient Satisfaction - Participants reported higher treatment satisfaction after switching to the experimental single-tablet regimen, as noted in a paper published in The Lancet [1] Group 3: Regulatory Plans - Gilead plans to submit data from the trials to regulatory authorities, although the combination treatment has not yet received approval [1]

FOSTER CITY, Calif.--(BUSINESS WIRE)-- #CROI2026--Gilead Sciences, Inc. (Nasdaq: GILD) today announced the presentation of new Phase 3 ARTISTRY-1 and ARTISTRY-2 trial data at CROI 2026 showing a treatment switch to an investigational, single-tablet combination regimen of bictegravir 75 mg/lenacapavir 50 mg (BIC/LEN) was effective in people living with HIV with virological suppression, including those switching from complex multi-tablet regimens or a global guideline-recommended single-tablet regimen. The n. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 000-19731 GILEAD SCIENCES, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Orga ...

Key Takeaways GILD will acquire Arcellx for $115 per share plus a $5 CVR, valuing the deal at $7.8 billion.The deal centers on anito-cel, a BCMA CAR-T therapy under FDA review with a December 2026 decision date.GILD expects the acquisition to be accretive from 2028 and strengthen its oncology and cell therapy portfolio.Gilead Sciences, Inc. (GILD) announced that it will acquire a clinical-stage biotechnology company, Arcellx (ACLX) , for $115 per share in cash plus a $5 contingent value right, implying an e ...

吉利德科学同意以每股115美元现金加未来还有机会额外获得的每股最高5美元的或有付款（隐含价值78 亿美元）收购Arcellx，获得其用于多发性骨髓瘤的BCMA CAR-T疗法anito-cel的完全控制权，该药物的 FDA PDUFA日期为2026年12月23日。 责任编辑：张俊 SF065 吉利德科学同意以每股115美元现金加未来还有机会额外获得的每股最高5美元的或有付款（隐含价值78 亿美元）收购Arcellx，获得其用于多发性骨髓瘤的BCMA CAR-T疗法anito-cel的完全控制权，该药物的 FDA PDUFA日期为2026年12月23日。 责任编辑：张俊 SF065 ...

在2025年12月举行的美国血液学会（ASH）年会上，Anitocabtagene autoleucel（anito-cel）在重度预处 理的R/R MM患者中展现出令人振奋的疗效：客观缓解率（ORR）高达96%，完全缓解（CR）或严格完 全缓解（sCR）率达到74%，且缓解持久性良好，安全性可控。这项研究结果不仅为R/R MM患者带来 了新的治疗选择，也进一步巩固了BCMA CAR T疗法在晚期骨髓瘤治疗中的核心地位。 21世纪经济报道记者季媛媛 2月23日，吉利德科学宣布与其长期合作伙伴Arcellx达成最终协议，将以每股115美元现金、总股权价值 约78亿美元的价格收购后者。消息一出，Arcellx盘前股价应声暴涨近80%。 这一收购背后被认为是吉利德旗下Kite Pharma在细胞治疗领域布下的一枚重子。根据协议条款，吉利 德将获得Arcellx的全部控股权，但故事并未结束。Arcellx的股东未来还有机会获得每股5美元的或有价 值权（CVR），而触发条件是核心资产anito-cel在上市后至2029年底，全球累计净销售额达到至少60亿 美元 。 这一"对赌"条款显示了吉利德对anito-cel成为重 ...

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the global business development (BD) activities in the pharmaceutical sector during the Chinese New Year period from February 13 to February 23, 2026, highlighting a total of 18 BD transactions globally [1] Core Insights and Arguments - **Key Transactions**: - Qinhai Bio licensed its MAT2A inhibitor (GH31), which has received IND approval in China and the US and is currently in Phase I clinical trials, to Gilead. Qinhai will receive an upfront payment of $80 million, $1.45 billion in milestone payments, and a tiered double-digit percentage royalty based on net sales [1] - Other notable transactions include: - Novartis partnered with Unnatural Products to develop macrocyclic peptide drugs, focusing on cardiovascular applications, with Unnatural Products receiving an upfront payment of $100 million and potential milestone payments of $1.7 billion [1] - Eli Lilly acquired global rights for the IL6 monoclonal antibody clazakizumab from CSL for all indications except end-stage renal disease, with CSL receiving an upfront payment of $100 million [1] - Merck collaborated with Mayo Clinic to integrate clinical and genomic data, focusing on early research translation in inflammatory bowel disease, skin diseases, and neurology [1] - **Year-to-Date Transactions**: - From January 1 to February 23, 2026, there have been 36 BD transactions involving Chinese companies, with 13 of these transactions involving multinational corporations (MNCs) [1] Additional Important Insights - **Comparison with Previous Year**: - In comparison, there were 26 BD transactions during the same period in 2025, with only 3 involving MNCs [2] - **Future Outlook**: - The analysis indicates that MNCs have increased their focus on Chinese BD teams and asset searches since the second half of 2025, suggesting a positive outlook for more BD transactions involving Chinese assets and MNCs in 2026 [2]