Biopharma Leaders Map Growth at JPM 2026

January 13, 2026 at 07:19 UTC

8 min read

Biopharma sector growth chart with new product launches and rising sales for 2026 outlook

Key Points

BridgeBio preannounces $146M Q4 revenue on Attruby’s first full launch year
Adaptive Biotechnologies targets companywide profitability in 2026 on clonoSEQ growth
Amgen dubs 2026 a “springboard year” with MariTide and Repatha as key drivers
argenx posts first structural profit as VYVGART sales nearly double in 2025

Revenue Momentum and Profitability Targets Across the Sector

Presentations at the 44th J.P. Morgan Healthcare Conference showcased a group of biopharma companies emphasizing revenue acceleration and clearer paths to profitability. BridgeBio Pharma said it is preannouncing fourth-quarter 2025 revenue of $146 million, a 35% sequential increase, bringing total revenue from the first four quarters of its ATTR-CM drug Attruby’s launch to $362 million. Adaptive Biotechnologies reported more than $275 million in revenue and a cash position of about $227 million, and said its minimal residual disease (MRD) unit reached positive adjusted EBITDA in 2025, with the entire company expected to achieve positive adjusted EBITDA and free cash flow in 2026. argenx reported approximately $1.3 billion in fourth-quarter 2025 sales, up 14% quarter over quarter, and said its business almost doubled in 2025 versus 2024, marking its first year of what it called structural profitability. Amgen, which reported 10% revenue growth and 14% earnings per share growth through the first nine months of 2025, framed 2026 as a “springboard year” supported by multiple data readouts and established product growth.

BridgeBio Builds on Attruby Launch and Late-Stage Pipeline

BridgeBio used its JPM appearance to underscore commercial traction for Attruby in transthyretin amyloid cardiomyopathy. CEO Neil Kumar said the company has served 6,629 unique U.S. patients in partnership with more than 1,600 physicians and has already surpassed 25% “MBRX share,” a metric it uses as a proxy for eventual prescription share, versus a stated peak-year volume share target of 30%–35%. Together with European partner Bayer, BridgeBio believes the Attruby franchise could generate more than $1 billion in revenue in 2026. Kumar highlighted clinical data he summarized as “3-42-50,” including statistically significant separation from placebo at three months, a 42% relative risk reduction in all-cause mortality and cardiovascular hospitalization at 30 months, and a 50% reduction in hospitalization at 30 months. He previewed a series of publications over the next 12 months exploring potential renal-protective properties. Beyond Attruby, BridgeBio outlined progress in several late-stage programs, including an anticipated mid-year NDA filing for its LGMD2I therapy after phase III data showing increased alpha-dystroglycan glycosylation, reduced creatine kinase, and functional gains, and a planned NDA for encaleret in ADH1 following a 76% responder rate versus 4% on standard of care. The company also cited upcoming phase III achondroplasia data, advancing hypochondroplasia and Canavan disease programs, and early-stage assets such as an ATTR amyloid-depleting antibody and Port-77 for erythropoietic protoporphyria.

Adaptive Biotechnologies Scales clonoSEQ and Refines Immune Medicine Spend

Adaptive Biotechnologies focused its JPM remarks on the growth of its clonoSEQ MRD franchise and a capital-disciplined approach to its immune medicine unit. CEO Chad Robins estimated the total global MRD market in lymphoid malignancies at about $5.5 billion across clinical and biopharma segments, with a roughly $1.8 billion U.S. clinical market that could expand by about $700 million if testing frequency rises to 2.5–3.5 tests per patient per year. He said MRD revenue has grown at a 34% CAGR from 2021 to 2025 to more than $200 million, with clinical revenue growing at a 53% CAGR and clinical volumes at a 44% CAGR, and that more than 100,000 patients have been tested. In 2025, over half of U.S. hematologist-oncologists used clonoSEQ, though penetration remains 35% in acute lymphoblastic leukemia and under 15% in other indications. Robins cited several growth levers, including rising blood-based testing (about 45% of tests in 2025, 47% in Q4), greater community use, expanded guideline support, and deeper EMR integration, with EMR-integrated sites expected to contribute more than half of 2026 volume. For 2026, Adaptive guided to more than 30% clinical volume growth, an average selling price of about $1,400, sequencing gross margins above 70%, and mid–single-digit millions in milestone revenue. In immune medicine, the company has expanded its mapped dataset to more than 5 million paired T-cell receptors and is monetizing via data deals, including two agreements with Pfizer, while targeting 2026 cash burn of $15–$20 million and deferring IND-enabling work on its lead TCR-depleting antibody program.

Amgen Emphasizes Established Growth Engines and MariTide Push

Amgen CEO Bob Bradway told investors the company delivered on 2025 objectives, including five FDA approvals, initiation of six phase 3 programs for obesity and diabetes candidate MariTide, and 42% year-over-year sales growth in its biosimilars franchise through the first nine months of 2025. He highlighted six growth drivers for 2026, led by Repatha, Evenity, and Tezspire. Repatha was annualizing at about $3 billion at the end of the third quarter, up 33% year to date, with Bradway noting that LDL-related cardiovascular risk remains widespread and penetration is still in the single digits. Evenity grew more than 30% and is used in women at high risk of osteoporotic fracture, while Tezspire was described as “first-in-class” and “only-in-class” for severe uncontrolled asthma, with additional phase 3 programs in chronic rhinosinusitis with nasal polyps, COPD, and eosinophilic esophagitis. Amgen’s rare disease portfolio approached $5 billion in 2025, supported by Uplisna’s expansion into IgG4-related disease and generalized myasthenia gravis, and its oncology franchise includes bispecific T-cell engagers such as Imdeltra and Blincyto, plus STEAP1-targeting Xaluridomig in two phase 3 prostate cancer trials. Bradway framed MariTide’s potential around less frequent dosing, citing phase 2 data suggesting monthly or quarterly dosing could maintain weight loss with low nausea and vomiting rates in the second year, and said phase 3 programs in type 2 diabetes are enrolling on track. He also pointed to olpasiran, an Lp(a)-lowering therapy in phase 3, and noted that Amgen paid down more than $6 billion of debt in 2025 while its biosimilars franchise annualized at $3 billion and has generated about $13 billion in revenue since launch.

argenx Leans on VYVGART and Builds a Broader Autoimmune Pipeline

argenx used its JPM slot to link its commercial performance with longer-term pipeline ambitions under what it calls “Vision 2030.” CEO Tim Van Hauwermeiren said the company aims to impact 50,000 patients across 10 labeled indications and have five new molecules in phase 3 by 2030, and cited 19,000 patients currently on VYVGART, 10 registration trials expected to be running in 2026, and four new molecules advanced last year. VYVGART, an FcRn antagonist for IgG-mediated diseases, continues to grow more than 16 quarters after launch, with argenx executives describing consistent double-digit quarter-on-quarter growth across myasthenia gravis and chronic inflammatory demyelinating polyneuropathy. In MG, argenx reports that about 60% of VYVGART patients achieve what it calls minimum symptom expression, and says VYVGART is the most prescribed biologic in MG, driving 60% of biologic growth with 70% of patients coming directly from oral therapies. In CIDP, VYVGART reached blockbuster status in the third quarter of 2025, with more than 4,700 active U.S. prescribers, up 20% year over year. Near-term catalysts include an sBLA for seronegative MG, with potential approval in the second half of the year, and ocular MG data expected in the first quarter. argenx is also expanding its FcRn franchise with IV and subcutaneous options, an autoinjector planned for 2027, and next-generation candidates such as ARGX-213 and ARGX-124. Additional pipeline assets include empasiprubart, in multiple indications with phase 2 MMN data showing functional and grip strength improvements, and ARGX-121, an “IgA sweeper” that in phase 1 completely and selectively eliminated IgA after a single subcutaneous dose. A deal with Tensegrity adds three more molecules, and the company signaled rising R&D investment as it advances these programs.

Large Pharma Business Development and Long-Term Growth Plans

Alongside product and pipeline updates, large-cap companies used JPM to outline longer-term growth strategies anchored in business development. Bristol Myers Squibb CEO Chris Boerner said the company aims to launch more than 10 new medicines by 2030 and has completed about $30 billion in deals over the past two years. He described business development as a top priority and said BMS will continue to “cast a broad net” across neuroscience, cardiovascular, immunology, and oncology, highlighting six assets with multi-billion-dollar potential. Boerner also emphasized leveraging recent acquisitions and partnerships to strengthen the company’s position in oncology, immunology, and cardiovascular disease and to adapt to evolving market dynamics beyond 2030. BMS research chief Robert Plenge pointed to collaborations with insitro in ALS and frontotemporal dementia, Harbour BioMed in multispecific antibodies, and the acquisition of Orbital Therapeutics to bolster in vivo CAR T capabilities as examples of early-stage bets intended to underpin the company’s longer-term portfolio.

Key Takeaways

Across sizes, companies used JPM to pair near-term revenue updates with explicit multi-year growth and profitability timelines.
Late-stage assets like Attruby, MariTide, VYVGART and clonoSEQ are being leveraged as platforms, with adjacent indications and next‑generation versions already in development.
Business development remains central for large pharma, with BMS and Amgen layering external deals on top of internal R&D to support 2030 growth goals.