With uncertainty roiling Big Pharma, execs are placing lower-risk bets

Scientific breakthroughs. Upcoming patent cliffs. Stagnant M&A. Lingering political unease. And a whole heaping dollop of uncertainty.

The ups and downs of the pharma industry last year have carried through into 2025, and although certain milestones like the outcome of the U.S. election have put some questions to rest, Big Pharma still faces a series of unknowns that have impacted their M&A strategies.

So far, reported earnings for the fourth quarter and full year suggest executives are going back to the basics to overcome the challenges of the year ahead, including a focus on smaller, more consistent deals as well as pumping up new meds to replace the losses of yesterday’s bestsellers. Here’s what some of those CEOs had to say in the last couple weeks.