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The biopharmaceutical industry faces headwinds from the Trump administration’s ongoing tariffs and drug pricing pressures in the US. As a result, the top 20 global biopharmaceutical companies have reported a downturn of 5.7% in their combined market capitalisation, from $3.92 trillion on 31 March 2025 to $3.70 trillion on 30 June 2025, according to leading data analytics and research company, GlobalData.
Alnylam witnessed the largest market capitalisation growth, up 21.8% to $42.5 billion, and secured a spot as a new entrant in the top 20 players. The company’s growth was largely driven by the strong performance of its RNA interference (RNAi) therapeutic Amvuttra for transthyretin amyloidosis cardiomyopathy (ATTR-CM), which saw a 59% year-on-year (YoY) increase in global sales to $310 million in the first quarter (Q1) 2025.
Novartis reported a 7.7% increase in market capitalisation in Q2 2025 due to strong financial performance, with blockbuster drug sales growth, including Entresto, Cosentyx, Kesimpta and Kisqali in 2024. The acquisition of Regulus Therapeutics in June 2025, valued at $1.7 billion, strengthens Novartis’ renal disease portfolio. The acquisition includes farabursen, an miRNA17-targeting antisense oligonucleotide, due to enter pivotal Phase III trials in Q3 2025, with positive results for its Phase Ib MAD study in polycystic kidney disease announced in March 2025.
However, the majority (16) of the top 20 players registered a decrease in market capitalisation in Q2 2025. Bristol Myers Squibb saw the largest market capitalisation decline of 22.9%, following the announcement of a mixed Q1 2025 financial performance and negative trial results. Notably, the company’s Phase III ARISE trial investigating Cobenfy as an adjunctive therapy to atypical antipsychotics for schizophrenia did not meet its primary endpoint of change in the Positive and Negative Syndrome Scale (PANSS).
Regeneron at -18.7% and Sanofi at -13.8% saw declines in market capitalisation due to the failure of itepekimab, their partnered IL-33-targeting monoclonal antibody, to meet its primary endpoint in the Phase III AERIFY-2 trial, which aimed to achieve a reduction in moderate or severe exacerbations of chronic obstructive pulmonary disease. This represents a setback for itepekimab since Sanofi planned to file for US and EU regulatory approval in the second half of 2025. However, analyst consensus forecasts itepekimab to achieve global sales exceeding $1 billion by 2031, according to GlobalData’s Sales and Forecast database.
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