The market capitalization of the top 20 biopharmaceutical companies rose by 2.3% to $3.56tn in Q2 2023. Eli Lilly saw a 36.1% increase, making it the leading company in market capitalization, boosted by its diabetes drug Mounjaro and anticipated approval for its use in obesity treatment. Additionally, the successful trial of donanemab – a potential treatment for Alzheimer’s disease – played a crucial role in Eli Lilly’s surge. Other notable changes include Vertex Pharmaceuticals’ 11.9% growth following the submission of a CRISPR-based therapy for FDA approval and Merck & Co’s growth of 8.4% due to the acquisition of Prometheus Biosciences. On the downside, AbbVie reported a 15.5% decline due to a drop in sales of Humira, and Pfizer saw a 10.1% drop due to reduced demand for its COVID-19 vaccine and antiviral treatment. The industry expects to continue facing challenges from decreasing COVID-19 therapy demand and increasing biosimilar competition. Still, companies are trying to offset this with strategies like focus shifting to alternative blockbuster drugs and continued R&D investment.
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[Source: Pharmaceutical Technology, September 15th, 2023]