Biopharma companies focused on infectious disease extended their stock recoveries through the third quarter (Q3), with the BioWorld Infectious Disease Index closing October up 28.98%. The gain marks a strong turnaround from earlier in the year, when the index had fallen 17.83% by the end of April before rebounding to a 4.34% gain by July’s close.

Med-tech financings with reported values reached $23.33 billion through the first three quarters of 2025, putting the sector on pace to surpass last year’s full-year total of $25.37 billion. Activity peaked in the first quarter with $9.33 billion raised, followed by $8.23 billion in Q2 and $5.77 billion in Q3.

Drug developer stocks strengthened further through September and October, with the BioWorld Drug Developers Index (BDDI) rising from a 7.69% gain at the end of August, to 24.91% through the third quarter and 28.96% at October’s close. The BDDI outperformed both the Nasdaq Biotechnology Index and the Dow Jones Industrial Average, which finished October up 24.49% and 11.8%, respectively.

Med-tech financings with disclosed valuations from January through October 2025 totaled $26.58 billion, nearly matching 2022’s $26.83 billion and marking a continued recovery from the sector’s 2023 low of $15.59 billion. The data suggest renewed investor confidence in med-tech, with capital flows shifting back toward public markets after two years of restrained activity.

Biopharma financings from January through October 2025 totaled $61.45 billion, roughly in line with the $61.04 billion raised during the same period in 2023 but down sharply from last year’s $93.83 billion.

Biopharma financings from January through October 2025 totaled $61.45 billion, roughly in line with the $61.04 billion raised during the same period in 2023 but down sharply from last year’s $93.83 billion.

Biopharma partnerships involving nonprofits have declined sharply since peaking during the pandemic. Deal value surged from $5.18 billion in 2019 to $21.44 billion in 2021, driven by COVID-19 collaborations and vaccine-related funding, before falling to $7.99 billion in 2022 and $754.6 million in 2024. So far in 2025, nonprofit deal value totals $126 million through the third quarter.

In 2025, the biopharma industry has undergone a wave of workforce reductions that surpasses previous years’ trends. Multiple major pharma companies have announced sizeable job cuts, driven by a convergence of shifting regulatory terrain, vaccine slowdowns and cost-structure rationalization.

Biopharma partnerships involving nonprofits have declined sharply since peaking during the pandemic. Deal value surged from $5.18 billion in 2019 to $21.44 billion in 2021, driven by COVID-19 collaborations and vaccine-related funding, before falling to $7.99 billion in 2022 and $754.6 million in 2024. So far in 2025, nonprofit deal value totals $126 million through the third quarter.

The BioWorld Biopharmaceutical Index extended its rebound through August and September, closing the third quarter (Q3) slightly in positive territory after losing ground earlier in the year.