Good morning from Pharma and Biotech daily: the podcast that gives you only what's important to hear in Pharma e Biotech world. During the latest Johnson & Johnson's Q4 earnings call, the company disclosed a total of $88.8 billion in sales for the full year. They also mentioned a shift in their acquisition strategy, moving towards smaller deals after the massive $14.6 billion purchase of Intra-Cellular. This change will see J&J focusing on single-digit billion buyouts in the future. Arrivent has joined the trend of Chinese licensing deals by potentially entering into a $1.2+ billion agreement with Lepu to advance an antibody-drug conjugate for gastrointestinal cancers. Meanwhile, Gilead is starting fresh after nearly five years into their $5 billion partnership with Galapagos, as they explore new opportunities with a spinoff company. President Trump's recent executive orders have sparked some concerns within the biopharma industry, despite most executives expressing a neutral stance towards his administration at the J.P. Morgan conference. The newsletter also covers topics such as FDA pausing Atara's programs, Chinese biotech Ascentage aiming for a $134 million IPO, and Johnson & Johnson's Spravato making advancements in the challenging depression space with monotherapy approval.Biopharma executives at J.P. Morgan maintained a neutral outlook towards the incoming Trump administration, but worries arose when Trump issued executive orders impacting the industry. Gilead's partnership with Galapagos is evolving after five years, leading to the creation of a new spinoff company. The rise of China's biopharma innovation may face obstacles due to Trump's trade policies. Other highlights from the newsletter include personal anecdotes from J.P. Morgan, Chinese biotech Ascentage gearing up for an IPO, SAGE taking legal action against Biogen, and investment trends for 2025 focusing on immunology and obesity. Notch Therapeutics announced layoffs, while companies like Akron Biotech, Visterra Inc., and Insmed Incorporated are currently hiring for various positions in the biopharma industry.