Pharma Giants Chart New Paths at JPM25 Conference

The 2025 J.P. Morgan Healthcare Conference (JPM25) saw major pharmaceutical companies unveiling their strategies for the year ahead, with a focus on core strengths and emerging opportunities. AbbVie, Gilead, GSK, and Dyne Therapeutics were among the key players outlining their plans for sustainable growth and addressing challenges in their respective markets.

AbbVie Refocuses on Immunology After Setback in Neuroscience

AbbVie reaffirmed its commitment to growth despite recent setbacks in its neuroscience pipeline. Following the mid-stage failure of its antipsychotic drug candidate emraclidine in schizophrenia, the company is doubling down on its inflammation and immunology (I&I) portfolio. CEO Robert Michael announced at JPM25 that AbbVie aims to achieve mid-single-digit topline and earnings-per-share growth in 2025, with projections of high single-digit sales growth through 2030.

The company's strategy heavily relies on the continued success of Skyrizi and Rinvoq, which are expected to maintain robust growth in 2025. AbbVie expressed confidence in these therapies' market performance, particularly with upcoming trials and regulatory decisions for Rinvoq in lupus, alopecia areata, and hidradenitis suppurativa. The company also anticipates that Humira erosion will be lower on an absolute basis compared to 2024 levels.

While AbbVie plans to allocate less capital to psychiatric therapy development, it hasn't entirely abandoned the neuropsychiatry space. The company still sees potential in emraclidine and plans to test higher doses of the drug.

Gilead Defends HIV Drug Access Program Amid Criticism

Gilead Sciences CEO Dan O'Day defended the company's accessibility program for its HIV pre-exposure prophylactic (PrEP) lenacapavir at JPM25. The program, announced in October 2024, aims to provide a low-cost version of lenacapavir in over 100 resource-constrained countries, primarily targeting lower- and lower-to-middle-income nations with high HIV incidence.

Critics have pointed out that upper-middle-income countries also struggle with high HIV case counts and may be left out of the program. O'Day emphasized Gilead's focus on sustainable models that fit the needs and economic situations of different healthcare systems, stating, "We've done tiered pricing before. It is a sustainable way to make sure that countries get medicines for people in the countries that need it."

Gilead's long-acting formulation of lenacapavir has shown promising results in recent clinical trials. Phase III studies demonstrated that a twice-yearly dosing regimen of long-acting lenacapavir can reduce HIV infections by at least 96%, with efficacy estimates reaching up to 100%.

Emerging Players and Strategic Shifts

Dyne Therapeutics presented an encouraging update on its myotonic dystrophy type 1 candidate, DYNE-101, at JPM25. The company plans to initiate a registrational study testing a 6.8-mg/kg dose of the investigational antisense oligonucleotide every 8 weeks. Analysts project a peak opportunity of at least $3 billion for DYNE-101, with approval expected by early 2027.

Meanwhile, GSK's Chief Scientific Officer Tony Wood announced that the company would not be entering the highly competitive obesity market. However, GSK remains interested in exploring GLP-1 therapies for indications beyond weight loss, focusing on related conditions and residual risks after weight reduction. The company kicked off JPM25 with a $1.1 billion acquisition of IDRx and its lead asset IDRX-42, a small molecule drug candidate for gastrointestinal stromal tumors.

These developments at JPM25 highlight the pharmaceutical industry's ongoing efforts to navigate challenges, capitalize on core strengths, and explore new avenues for growth in an ever-evolving healthcare landscape.