The healthcare coverage gap is a valuation gap
There are more than a thousand publicly traded healthcare companies on US exchanges alone. Globally, hundreds more are listed on the LSE, Euronext, and exchanges across Asia-Pacific. Together they represent trillions of dollars in market value, thousands of clinical programs, and some of the most consequential innovation happening anywhere in the economy. A significant number […]
Cardiovascular sales set to grow 11% a year as new leaders emerge
The branded cardiovascular market is forecast to grow at 11% a year between 2025 and 2032, well ahead of the 7% forecast for prescription drugs overall. That growth is fueled through new products across novel mechanisms and modalities, and the 2032 ranking of leading companies will look very different from today’s. Scrip’s Jessica Merrill and […]
Advice to biotech leaders: forecasting for launch
As a biotech approaches commercial launch, the forecast often still carries the shape it was given in the early days: built by finance, before a commercial team existed. In this video, I explain why adding a commercial perspective as launch nears is critical. In the past I’ve seen companies drawing on a client forecast that […]
Evaluate Leaders Forum: Pipeline productivity, over breakfast, in London
Most people in pharma are aware that R&D costs are rising, both in dollar terms and in development timelines. But the reaction is less well-known: risk is being front loaded to Phase I and relative success rates have fallen by around 15%. More promisingly, the average launch fares better today, now sitting at $1.6bn after […]
Inside the $200 Billion Race for the Next Immunology Blockbusters
Immunology is one of pharma’s most valuable and fastest-growing therapy areas, with forecast compound annual growth of over 9% and anticipated combined sales of $200 billion by 2032. Multi-indication immunology blockbusters dominate the landscape across more than 100 autoimmune and inflammatory conditions, many sharing underlying biological mechanisms. That “pipeline-in-a-product” profile appeals strongly to companies managing […]
CNS Dealmaking has Become More Selective
CNS drug development has had a significant revival. Anti-amyloid agents like Leqembi have shown meaningful slowing of Alzheimer’s progression, and Cobenfy’s 2024 approval marked the first non-dopaminergic schizophrenia treatment in over 30 years. A therapeutic area that saw multiple big pharma exits just a decade ago is attracting capital again. We cover the full picture […]
Oncology Dealmaking is Becoming More Surgical
Oncology remains the largest segment in global pharma, accounting for around $241bn in 2025 prescription drug revenues. But portfolio momentum is fragmenting, and the next growth cycle looks materially different from the last one. We address many of the big issues in the oncology space in the new Evaluate Spotlight episode which is available here. […]
How to value a biotech
For many biotech businesses, value sits in the future potential of pipeline assets, clinical milestones, market opportunity, regulatory outcomes, competitive positioning and the probability of commercial success. For pre-revenue and early-stage biotech companies, valuation also depends on how an asset could create value through partnering, licensing, acquisition or future commercialization. Investors and strategy teams need […]
ADCs remain in dealmakers’ sights. Here’s why
Antibody-drug conjugates remain red-hot in 2026’s biopharma M&A splurge. The overall ADC category will be worth $57 billion by 2032, according to Evaluate Pharma. Gilead’s $3 billion acquisition of Tubulis and Lilly’s of CrossBridge Bio are two of the latest deals. More will come as ADCs expand to hit new targets and carry new payloads. […]
How do Forecasting Approaches and Methodologies Change Through the Product Lifecycle?
Pharma forecasting is not a “one and done” activity. The life of a drug – from a glint in the clinician’s eye, to an established therapy heading towards loss of exclusivity – is a long and complex one. And forecasting for each stage of that lifecycle is very different. In this short video, I highlight […]
