The biotech industry delivered another year of strong headline performance in 2025, yet beneath the surface, a growing divide between the industry’s haves and have-nots is reshaping every dimension of how companies raise money, build pipelines and navigate an increasingly volatile policy environment. That is the message of the EY Biotech Beyond Borders Report 2026, an annual industry analysis produced by EY Insights that framed the sector’s defining challenge in a single question: “How can biopharma keep its balance?”