Biopharma financings are continuing a faster pace than last year, with $25.82 billion raised in the first five months of 2023, up 20.46% from $21.44 billion in the same time period last year. Value is down compared to 2021’s $59.29 billion and 2020’s $48.03 billion but it is more than 2019’s $23.21 billion from January to May.

U.S. FDA approvals had a modest increase during the first four months of 2023 compared to last year, but still fall short of the peaks seen in 2019 and 2021.