To The Moon

JPM 2026 Strategy Review: How Global Pharma Giants Are Engineering the Next Growth Cycle

The 2026 J.P. Morgan Healthcare Conference served as the global pharmaceutical industry's premier strategic roadshow. It revealed a shared, critical concern among industry titans: under the pressure of looming patent cliffs for marquee drugs, how can they engineer new engines for growth? Their strategic choices not only determine their own fates but also map out the industry trends and investment directions for the coming years.

$AstraZeneca PLC(AZN)$   : 2026 Focused on Bispecifics, ADCs, and AI-Driven R&D

At this year's JPM, AstraZeneca clearly outlined its strategic focus for 2026: full-throttle advancement of a pipeline centered on next-generation bispecifics and high-value Antibody-Drug Conjugates (ADCs), leveraged by an end-to-end AI efficiency revolution. The company plans to secure its ambitious $80 billion revenue target by 2030 through a "Proprietary R&D + Ecosystem Partnership" approach, comprehensively covering Oncology and Immunology.

Primary Objectives for 2026:

~Pivotal Validation for Oncology Bispecifics: Key clinical data for its priority asset, the PD-1/TIGIT bispecific Rilvegostomig, is expected in 2026. Together with another PD-1/CTLA-4 bispecific, the company has initiated 14 Phase III trials covering nine types of solid tumors, laying the foundation for near-to-mid-term growth.

~Blockbuster Launch in Immunology: The C5 bispecific Gefurulimab is scheduled for a simultaneous launch in the U.S. and China in 2026, positioning it as a new business pillar.

AI as a Strategic Imperative:

AstraZeneca has elevated AI to a strategic level. Its proprietary "AI Development Agent (AIDA)" aims to cut CMC (Chemistry, Manufacturing, and Controls) development time by 50%, while Quantitative Continuous Scoring (QCS) technology is being used to precisely identify patient responders. Furthermore, the recent acquisition of Modella AI strengthens its application of AI in oncology. The company is also expanding its footprint in frontier areas such as weight management, ADCs, and cell therapy.

$Pfizer(PFE)$   : Igniting the "Post-COVID" Growth Engine

At JPM 2026, Pfizer announced a strategy built on four pillars: maximizing value from acquired assets, achieving key R&D milestones, laying out the post-2028 growth pipeline, and scaling AI across the enterprise. The goal is to move decisively beyond COVID-related volatility and navigate the coming patent cliffs smoothly.

Primary Objectives for 2026:

~Maximizing M&A Value: Accelerating the integration of nearly $80 billion in recent acquisitions, including Seagen (ADCs), Biohaven (migraine), and Metsera (obesity). notably, Metsera has already initiated 10 Phase III trials.

~R&D Execution: Ensuring the initiation of Phase III trials for the PD-1/VEGF bispecific and securing key data readouts for ELREXFIO and the Lyme disease vaccine this year.

~Obesity as a Core Vertical: Pfizer has explicitly identified obesity as a key growth pole, utilizing a dual-path strategy involving the Metsera pipeline (long-acting injectables) and in-licensed oral GLP-1 assets ("Oral + Injectable").

AI Integration: Pfizer signaled that AI has transitioned from technical exploration to a core efficiency tool, now fully permeating R&D, manufacturing, and commercialization to lower costs and accelerate pipeline progression.

$Novartis AG(NVS)$   : A Year of Dense Clinical Readouts and New Launches

Novartis defined 2026 as a year of concentrated pipeline validation and commercial conversion. The strategy revolves to two cores: delivering over 15 key clinical data readouts that could support new drug filings, and accelerating the launch of multiple potential blockbuster assets.

Strategic Pillars:

~Therapeutic Focus: Deepening expertise in four key areas: Cardiovascular-Renal-Metabolic (CRM), Immunology, Neuroscience, and Oncology.

~Platform Drive: Leveraging five core technology platforms, including Radioligand Therapy (RLT), to generate a differentiated pipeline.

Execution Priorities for 2026:

~Data-Dense Period: The company plans to complete readouts for over 15 studies with registration potential between 2026 and 2027. Twelve of these are concentrated in Cardiovascular and Immunology, representing the core output targets for the near term.

~Commercial Momentum: Building on 9 already marketed potential blockbusters, Novartis is advancing the development and filing of 8 subsequent high-potential assets, converting R&D advantages into immediate growth.

Financial Outlook: Novartis projects a 5–6% sales CAGR for 2025–2030 and aims to restore core margins to above 40% by 2029.

$Bristol-Myers Squibb(BMY)$   : The "Year of Execution"

BMS is focusing on Neuroscience, Cardiovascular, Immunology, and Oncology, anchored by six assets with "multi-billion dollar" potential. The goal is to launch over 10 new drugs before 2030. The core strategy for 2026 is execution: driving over a dozen core clinical studies to critical milestones to ensure sustained growth against patent expirations.

Quantifiable Goals for 2026:

~Data Disclosure: Plans to disclose core registration data for 13 New Molecular Entities (NMEs) within the year.

~Clinical Completion: Plans to complete Phase III pivotal trials for 14 indications.

Commercial & Strategic Support:

~External Partnerships: Strengthening the pipeline through alliances with BioNTech, SystImmune, and others.

~Market Penetration: Expanding market share for launched drugs like Camzyos and Cobenfy, while leveraging partners to accelerate layout in the China market.

$Roche Holding Ltd(RHHBY)$   : Diversifying the Pipeline

Roche clarified its focus for the year: stabilizing revenue from existing blockbusters (e.g., the HER2 franchise) while aggressively launching new drugs and expanding into new growth territories like Metabolism and Autoimmune diseases.

Vision 2030:

Roche is building new growth engines through a "In-house + Partnership" model, planning to launch up to 19 new drugs, 17 of which have peak sales potential exceeding CHF 1 billion. Since 2025, the company has executed over 20 deals totaling more than $20 billion, signaling a strategic pivot from its traditional stronghold in Oncology toward new horizons in Metabolism and Immunology.

$Sanofi (SNY.US)$ : Accelerating In-Licensing and Pipeline Activation

Sanofi defined a dual-core strategy for 2026: stabilizing key vaccine businesses in the short term while using a faster tempo and sharper focus to acquire and activate early-stage pipelines via Business Development (BD), laying the groundwork for post-2028 growth.

2026 Execution Focus:

~Targeted In-Licensing: Plans to add 8–12 high-quality early-stage (Phase I) projects this year to rapidly refill the front end of the R&D funnel.

~Active Deal-Making: Building on over 20 BD transactions in 2025, Sanofi continues to seek opportunities in strategic areas like AI, Vaccines, and Bispecifics.

Sustainability Measures:

~Stabilizing the Base: addressing volatility in the U.S. vaccine market by reinforcing the RSV vaccine business with objective clinical evidence.

~Disciplined Investment: Sanofi emphasizes strict financial discipline in its BD strategy, committed to building the future pipeline at rational costs.

Summary

Facing the "Patent Cliff" concentrated in the coming years, the response from leading pharma companies has evolved beyond reactive, piecemeal fixes. They are demonstrating a deeper, more systemic foresight.

As observed at JPM 2026, a fundamental strategic shift is underway: The core concern of multinational giants has evolved from the hunt for a single "miracle drug" to the construction of sustainable innovation ecosystems and the honing of agile integration capabilities.

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