But mixed data and a previous failure provide reasons to be cautious.
Drugs prompting the most divergent opinions on outlook include Pfizer and Vir’s Covid-19 offerings and Biogen’s Aduhelm.
Since 2016 drug developers have spent $23.6bn in-licensing cancer projects, almost half of the sector’s up-front bill.
Alector, Cassava and Annovis play up mixed data in dementia, but the markets aren’t buying it.
Axsome and Sanofi face FDA verdicts in depression and Pompe disease respectively, while a Keytruda combo ups the ante in kidney cancer.
Biogen goes on the offensive against “misinformation” and a media assault, but Roche says patients want clinical benefit, “not imaging”.