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.
The chaos Health and Human Services Secretary Robert Kennedy has injected into the U.S. vaccine market could have long-term consequences as vaccine makers reevaluate business decisions and pipelines.
It doesn’t take a meteorologist to predict another stormy year for the biopharma sector, not just in the U.S., but also in Europe. Lurking within those storms, though, could be a few silver linings.
After a volatile but ultimately strong year for biopharma stocks, 2025 delivered a mixed picture marked by sharp workforce reductions alongside resilient capital markets and high-value dealmaking.
It’s been a year of two halves in Europe, with early optimism that the biotech sector had recovered from the post-pandemic funding drought being crushed by an investment slowdown from June onward.
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