2026年ファイナンス概観eBook

After a period of volatility, the biopharma industry enters 2026 with cautious optimism. Companies are preparing for a major patent cliff by shifting toward disciplined growth, driven by tighter capital efficiency, more selective investment, and renewed momentum in mergers and acquisitions (M&A).

Between 2025 and 2030, biopharma products generating roughly $300 billion in annual revenues are expected to lose exclusivity. This creates significant pressure on large pharma portfolios, pushing affected companies toward M&A, licensing, and innovation-driven strategies to replace at-risk revenues while also transforming competitive dynamics across the industry.

Investor sentiment has improved, equity valuations are more favorable, and public companies are raising capital more successfully through follow-on offerings, private investments in public equity (PIPEs), and debt. However, clinical-stage companies are attracting the most investor interest, while early-stage start-ups continue to face tighter access to capital.

AI is increasingly viewed as a strategic enabler across the biopharma value chain rather than a set of isolated use cases. While only a limited number of AI-designed drugs have reached mid-stage clinical trials, AI is already delivering value by accelerating R&D, improving decision-making, reducing costs, and enabling “smart pipelines” that combine human oversight with agentic AI systems.

Insmed and Alnylam Pharmaceuticals stand out among big caps. Their projected growth is driven by recent FDA approvals, strong launch momentum, and expanding indications for key products.

Bristol Myers Squibb and Otsuka Holdings are forecast to post sales declines largely linked to patent expirations, pricing pressure, and generic competition affecting major revenue generating products.

Corporate venture capitalists (VCs) prioritize companies with transformational technology, strong teams, strategic relevance, and independent, venture-backable business models. Revenue traction and product-market fit are increasingly critical, and founders must demonstrate clear milestones, capital efficiency, and the ability to succeed with or without a strategic partnership.