Day Two at JPM carried a similar message from Day One: focus where you can win, deploy capital with discipline, and back assets with real clinical traction. Our Biomedtracker team has captured every detail in the full report which is available here, but here are some highlights.

Mega caps sharpen their growth engines

AstraZeneca’s session outlined strong near-term performance, with revenue up 11% through Q3 2025 and oncology delivering nearly half of growth. The company reaffirmed its $80bn 2030 ambition and its late stage pipeline remains one of the industry’s most active, with multiple Phase III readouts across oncology, immunology, and respiratory disease expected this year.

Novo Nordisk had a rough 2025 and CEO Mike Doustdar used his presentation to outline three strategic priorities: accelerating commercial execution, strengthening the R&D pipeline, and reinforcing organizational focus. The centerpiece of the discussion was CagriSema, a fixed-dose combination of cagrilintide (a long-acting amylin analogue) and semaglutide.

Large caps recalibrate portfolios and pipelines

Day Two of JPM featured presentations from several large cap companies including Bayer AG, BeOne Medicines (formerly BeiGene), GSK, and Royalty Pharma.

Alcon demonstrated why eye care remains a resilient, high growth category. With its next gen Unity surgical platform and expanding premium lens portfolio, the company reported 2024 sales of $9.8 billion and a strong performance through the third quarter of 2025.

Bayer focused on navigating the Xarelto patent cliff while elevating five high value assets across oncology, cardiometabolic disease, and specialty care.

GSK highlighted stronger pipeline momentum and improved execution. GSK’s Head of R&D noted that a strong 2025 saw GSK achieve all five targeted approvals. This performance supports the company’s goal of delivering 15 scale launches, each with potential peak sales above $2 billion, to drive growth through 2031.

Mid caps and emerging innovators deliver momentum

Acadia, Crinetics, Cogent, and Edgewise each demonstrated clear late stage clinical progress and well defined commercial paths. Meanwhile, Haemonetics reported 2025 revenues of almost $1.4 billion derived from the hospital, plasm and blood center sectors.

Small and micro caps were represented yesterday by EyePoint, ORIC Pharmaceuticals, and Coherus Oncology. The latter highlighted progress with its cornerstone PD-1 inhibitor product, LOQTORZI (toripalimab), which has already secured approvals globally across nasopharyngeal cancer and oesophageal squamous cell carcinoma (ESCC).

For full company summaries, late stage timelines, and dealmaking implications, download the full Day Two report.