If approved, Dupixent would be the first targeted medicine in the EU indicated for children aged 2 to 11 years with CSU inadequately controlled by standard-of-care antihistamine treatment CSU is a chronic skin disease with underlying type 2 inflammation that can cause debilitating hives and recurring itch in young children TARRYTOWN, N.Y. and PARIS, Feb. 27, 2026 (GLOBE NEWSWIRE) -- Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Sanofi today announced that the European Medicines Agency’s Committee for M ...

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]

Ligand Pharmaceuticals (NasdaqGM:LGND) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsAnnabel Samimy - Managing DirectorJoe Pantginis - Managing DirectorJoohwan Kim - Assistant VP of BiotechnologyLauren Hay - VP of Strategic Planning and Investment AnalyticsMelanie Herman - Executive Director of Investor RelationsTavo Espinoza - CFOTodd Davis - CEOConference Call ParticipantsJohn Vandermosten - Senior AnalystMatt Hewitt - Senior Research AnalystPete Lucas - AnalystTrevor Allred - Ex ...

Ligand Pharmaceuticals (NasdaqGM:LGND) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsAnnabel Samimy - Managing DirectorJoe Pantginis - Managing DirectorJoohwan Kim - Assistant VP of BiotechnologyLauren Hay - VP of Strategic Planning and Investment AnalyticsMelanie Herman - Executive Director of Investor RelationsTavo Espinoza - CFOTodd Davis - CEOConference Call ParticipantsJohn Vandermosten - Senior AnalystMatt Hewitt - Senior Research AnalystPete Lucas - AnalystTrevor Allred - Ex ...

Novavax (NasdaqGS:NVAX) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsChris LoBianco - VP of Equity ResearchElaine O'Hara - Chief Strategy OfficerJim Kelly - CFO and TreasurerJohn Jacobs - President and CEOLuis Sanay - VP of Investor RelationsMayank Mamtani - Senior Managing DirectorRuxandra Draghia - Head of R&DSean Lee - VP of Equity ResearchConference Call ParticipantsRoger Song - AnalystTom Shrader - Managing Director and Healthcare AnalystNone - AnalystNone - AnalystNone - Ana ...

Novavax (NasdaqGS:NVAX) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsChris LoBianco - VP of Equity ResearchElaine O'Hara - Chief Strategy OfficerJim Kelly - CFO and TreasurerJohn Jacobs - President and CEOLuis Sanay - VP of Investor RelationsMayank Mamtani - Senior Managing DirectorRuxandra Draghia - Head of R&DSean Lee - VP of Equity ResearchConference Call ParticipantsRoger Song - AnalystTom Shrader - Managing Director and Healthcare AnalystNone - AnalystNone - AnalystNone - Ana ...

Novavax (NasdaqGS:NVAX) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Speaker6Welcome to Novavax Fourth Quarter and Full Year 2025 Financial Results and Operational Highlights Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star followed by 0. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on your touchtone phone. To withdraw your qu ...

Kymera Therapeutics (NasdaqGM:KYMR) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Speaker15Good day, everyone. My name is Kahealani. I will be your conference operator today. At this time, I'd like to welcome you to the Kymera Therapeutics fourth quarter 2025 results call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, and if you've joined via the webinar, pl ...

Fourth Quarter and Full Year 2025 Financial Results and Operational Highlights February 26, 2026 © 2026 NOVAVAX. All rights reserved This presentation includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning. These forward-looking statements address various matters including Novavax's corporate st ...