Biogen alleviates patent expiration concerns through new drug diversification and commercial success

Biogen (BIIB) recorded second-quarter revenue of $2.7 billion, exceeding market expectations of $2.5 billion. Its rare disease treatment, Skyclarys (omaveloxolone), drove growth with revenue of $168 million, and the C3 complement inhibitor, Empaveli, and Syfovre, acquired from Apellis Pharmaceuticals for $5.6 billion, also achieved stable sales of $30 million and $97 million, respectively. Leqembi (lecanemab), co-developed with Eisai for Alzheimer's disease, also recorded a 15% year-on-year increase, reaching $184 million. Although the earnings per share (EPS) guidance was lowered to $12-$13 due to acquisition costs, the substantial revenue growth from its diversified pipeline, including the introduction of a subcutaneous injection formulation, was sufficient to restore Wall Street's confidence.

AstraZeneca faces increased pipeline uncertainty due to failed cardiomyopathy clinical trial and regulatory delays

AstraZeneca (AZN) announced a roadmap to achieve $80 billion in annual revenue by 2030, but recent R&D risks have caused its stock price to fall by more than 10%, posing challenges. In particular, eplontersen, a treatment for transthyretin amyloid cardiomyopathy (ATTR-CM), which had high expectations, failed to meet the primary endpoint in its Phase 3 trial (CARDIO-TTRansform). Furthermore, the U.S. approval of Etcamah (camizestrant), a new breast cancer drug and selective estrogen receptor degrader (SERD), has also been delayed. Nevertheless, management is emphasizing the blockbuster potential of tozorakimab, a treatment for chronic obstructive pulmonary disease (COPD), and Datroway, a TROP2-targeted antibody-drug conjugate (ADC).

GSK actively enters the precision targeted oncology market through the acquisition of Nuvalent

GSK is moving beyond its vaccine and HIV treatment-centered business and has designated the oncology division as a key growth driver. To this end, it completed the acquisition of Nuvalent for $11 billion in June 2026, aggressively securing a pipeline in the precision oncology field. The first result of this is the FDA approval of Jideytro (zidesamtinib), a treatment for ROS1-positive non-small cell lung cancer (NSCLC), in July. Furthermore, neladalkib, a next-generation ALK inhibitor, is awaiting FDA approval on November 27, and a series of new drug commercial successes are expected.

Maximizing growth in the oncology sector by securing a next-generation ADC pipeline

GSK is focusing not only on Nuvalent's targeted therapies but also on the development of next-generation antibody-drug conjugates (ADCs) acquired through technology transfer from Hansoh Pharmaceutical in China. Riz-rez (risvutatug rezetecan), a B7-H3-targeted ADC, has shown positive results in a Chinese Phase 3 trial for small cell lung cancer (SCLC) and osteosarcoma, accelerating global clinical trials. Mo-rez (mocertatug rezetecan), a B7-H4-targeted ADC, is also expanding global commercial trials in gynecological cancers, including endometrial cancer and ovarian cancer. This pipeline diversification is attracting attention as a successful alternative to offset the long-term revenue gap in the HIV business, which is facing patent expiration.