The overall R&D productivity of the 30 largest public biopharma companies has increased despite a challenging global environment for investment and growth. Will hype cycles impact this picture in coming years?

Already abandoned for psoriasis and psoriatic arthritis, the failure of Ventyx's TYK2 inhibitor for Crohn’s disease signals the end of the project, leaving Takeda and Alumis as BMS's principal rivals in the field.

Private Company Edition: Attovia will advance two anti-IL-31 programs with its $105m in series B funding, while ImmuNext secured $575m in a Royalty Pharma deal for its Sanofi-partnered drug. Also, Bluejay and Aardvark raised $182m and $85m, respectively, in series C rounds. 

The drug maker has its eye on six Phase III or Phase III-ready programs that it hopes will return the company to growth. It also highlighted investments in AI and digital technology.