Lazard全球生物制药领导者研究2025

Our Cenitral Findinigs in 2025 Bifurcatad Views on Eguity Markat Valuations with Pessimism on Innovation, Financing,Blotech Bankruptcles and Rlsk Macroeconomic dynamics and U.S. Healthcare policy uncertainties are the primary reason forbiatech capital market underperfarnance, although an excessive number af public companies:insufficient M&A, and not anough positive newsflow are alsa important divers. Responclents:however: disagree ahout biotechnology public market valuatians. Large-cap and mid-capexecutives tend to believe the biotech equity market is apprpriately- ar aver-valued, whereasleatlers at private. small-Gap biotechnologv companies and leadling investors tend t believe it isundervaluec. Given the imarket environiment, there is rising pessimism far biamecdical innovaticnand the ability to finance biotech through the public or private rmarkels, and expectations forbintech bankruptcies have increaserl from a previously high level. The mcst significant risks alheadare macroeconomic: U.S. rlrug pricing uncertainty: and changes at the FDA. U.S.Administration's Drug Pricing Policy Expected to Decrease MedicarefMedicaid andCommercial Drug Prices, have Limited or No Impact on European Drug Prices, and Aesult inFewerBiopharmaceutical companiesLaunchinDrgsutsidetheu.s. Biopharmaceutical leadears; especially those at large cap and mid cap companies, expgct the U.s.administration's crug pricing policy to cause reductions in drug prices across Medicare, Medicaidand commercial insrance over the next five years. A significant majority expect little to no impactexpect fewer crug launches outside cf the U.S. Many large phama leaders predict price reductionsof less than 10%:, but almost a quarter expect reductions of 10 25%:. biophamaceutical exectives as wrell as investors. Bolt-on acquisitions and strategic alliances arealso expected to increase, particularly by mid-cap pharmaceutical leaders. The top challenges toexecuting deals are Linicertainty in the U.S. policy environrment, valuation mismatches amongbulyers and sellers, and pricing and reimbursement uncertainty. Autoimmune, Infammation and Fibrosis and oncology Remain the top Therapeutic AreasAutoirnrnure, infarnmatior and fibrosis, ancd solid turnars rerrain the top therapeutic aren priorities,especially for large phartia leaders. Ihese are followed by rare diseases, especially for small-capand mid-cap biotech leaders. and neurology and cardiornetabolic diseases. Our Central Findings in 2025 (cont'd) Next-Gen Antibodies Remains Top Technological Modality with Rising Focus on DataAnalytlcs, Artiflclal Intellgence [Al) and Machlne Learnlng [ML]Views on the top innovative, disruptive technologic-al priorities remain wridely distributed, reflectingthe breacdth of exciting biormedical innavation. The facus an next-gen antibodies includingbispecific: and multi-specific approaches is even higher, especialy aimong large-cap and midcapleadlers as well as investors. Prioritizatian of Data Analytics: Al and ML continues to rise, whileinterest in precision medicine, RNA appraaches and antibody drug conjugates rermains high. Significantly Greater Transaction Activity for Chinese Biopharmaceutical Assets Driven bySpeed,value,andConfidenceinData Biopharmaceutical lead号rs -especially large-cap executives -expect greater licensing, allianceand asset acquisition activity ot Chinese assets, building on an already heightened level over thelast twelve months. The key drivers are greater spesd and lower cost of innovation, highercontidence in the integrity of scientitic and clinical data, and more reclistic value expectationsrelative to U.s. and European biotechnology companies. Batare delvirg turthar ira cur rmost rgce'it study. we paJse origly to retlect on how thg essgntialthemes and evolving market clynaimics iclentif ec in our 2024 Global Biophamaceuitical Leaderseaders' expectati ons in the 2024 Study, which s a consistent pattem with o Jr prior Stud es. •In last year s Study. biopharmaceuitical constituents disagreed about biorechnologypuhlic market valua: ors. Large oharma execl.tives and investors believed the hiotechbiotcchnology companics belicvod that market valuations shou d bc up to 30%righer. Braadly consistenit with investor and large prarita axpecta: or's, ave* thgtwelve months following the conclusion of last year's Survey. tlhie XBl alicl NBlexper e1ced significant volstility: trading down 11.3% aid 4.2%:1 raspea: vely. 87%of respondantsh 20241Study expactedthe level oflarge-capc5olidatin1 torenain at the •Last yea". o% of biopharma leaders anticipated the same or higher accass tofinanc rg across both ublic and private marke's. While this iritia ly appeared to roldtrug, unforgseen rmacraecora'tlic and reglatary uncartzinty subsequeritly weighedfinanc rgs YTD in 2025, representing a --48S% cecraase relative to finaicings over thesame pariod in 2024. Notaoly, 40 of these financings occurrad w thin tne la.st thremonths, suggesting the sossibility of