After only three $1 billion-plus biopharma deals in November, December saw 14 blockbuster deals worth a total of $21.92 billion, including four deals worth more than $2 billion.

As China emerges as a critical commercial market and a source of global innovation, the newly released 2026 edition of Clarivate’s Drugs to Watch report highlights six drugs to watch in the China market for the year ahead.

Biopharma financing values have shown quarterly volatility over the past decade, with surges often concentrated in specific quarters rather than evenly distributed throughout the year. The pandemic era marked a clear inflection point, and more recently, financing patterns have normalized with outsized quarters driving annual totals. In 2025, total financings accelerated as the year progressed, rising from $13.12 billion in the first quarter (Q1) to $18.92 billion in Q3 to a peak of $33.16 billion in Q4, the strongest quarter since early 2024.

U.S. President Donald Trump unveiled his “Great Healthcare Plan” Jan. 15, an initiative he said would slash prescription drug prices, maximize price transparency in the health care system and hold big insurance companies accountable.

There was an upbeat message for cell and gene therapy companies in the 2026 industry update presented as the J.P. Morgan Healthcare Conference opened on Monday, with Tim Hunt, CEO of the Alliance for Regenerative Medicine, telling delegates that after lean years of learning, adapting and setbacks, the sector is now self-sustaining.

Perhaps the biggest indicator of U.S. President Donald Trump’s activism in his second term is the 225 executive orders (EOs) he issued in 2025. The pace of those orders seems to have slowed, with “only” 16 released in the last quarter of the year. Four of the recent EOs could impact drug and device companies in a myriad of ways.

The value of biopharma deals involving nonprofit partners declined sharply over the past several years, falling to about $127.43 million in 2025 after exceeding $21.4 billion in 2021. The 2025 total also represents a steep drop from 2024’s $754.56 million.

Annual biopharma financing values have fluctuated significantly over the past seven years, peaking during the pandemic-era surge in 2020 and 2021 before retreating in 2022. After rebounding to more than $102 billion in 2024, total financings declined in 2025 to $81.21 billion. Monthly totals in the year ranged from just under $3 billion (February and April) to more than $13.68 billion in October. December financings totaled $9.08 billion, comparable to November’s $10 billion collective raise.

Stoke Therapeutics Inc.’s speeded-up timeline for zorevunersen, the antisense oligonucleotide in development with Biogen Inc. as a first-in-class potential disease-modifying treatment for Dravet syndrome, put the rare, severe form of lifelong epilepsy in the spotlight. The news involved completion of enrollment and a phase III data readout from the Emperor study, as officials said signups of 150 patients are expected in the second quarter of the year, which puts the study on track for data in mid-2027.