In this week’s episode of “The Top Line,” we take a deep dive into the fourth-quarter performance of the biopharma industry and how the sector fared in 2025 overall.

As the world’s 25 largest biopharma companies reported earnings, attention quickly shifted to their outlook for 2026. Only five drugmakers expect faster growth than in 2025, and some are projecting sales declines.

One of the most surprising outlooks came from Novo Nordisk, which expects a significant drop in sales. Several other companies are also facing the loss of patent protection for blockbuster drugs, leading them to forecast either declining revenue or slower growth.

Fierce Pharma’s Kevin Dunleavy and Eric Sagonowsky discuss the trends emerging from fourth-quarter earnings and how the industry’s performance compares with previous quarters. They also examine the intensifying GLP-1 competition between Novo Nordisk and Eli Lilly and how the two companies appear to be heading in opposite directions.

To learn more about the topics in this episode: 

• • Eli Lilly, Novo Nordisk lead revenue boom in the 'always tricky' Q4
  • As Lilly flourishes in Q4, peer projections signal looming sector slowdown in 2026
  • Biopharma industry gathers momentum in Q3
  • In Q3, drugmakers saw a marked decline in US vaccine sales as Eli Lilly kicked into higher gear

See omnystudio.com/listener for privacy information.