The annual JPMorgan Healthcare Conference is expected to offer insights into the healthcare industry's outlook for 2026. Industry executives, investors, and analysts will convene, with discussions anticipated to cover business updates, drug pipeline developments, potential mergers and acquisitions, and overall industry sentiment.
Key themes for the conference include recent drug pricing deals and the looming patent cliff. Several major drugmakers concluded 2025 with significant drug pricing agreements with U.S. President Donald Trump, mitigating concerns about planned sector-specific tariffs. This shift suggests that drug pricing policies may feature less prominently in executive discussions with investors than in previous years.
Attention is likely to focus on an estimated $300 billion patent cliff by the end of the decade. Blockbuster drugs such as Eliquis (from Bristol Myers Squibb and Pfizer) and Keytruda (from Merck) are projected to face increased competition from cheaper alternatives, necessitating strategies to offset revenue declines.
Bristol Myers Squibb faces high exposure to this patent expiration cycle. The company has several data readouts scheduled for 2026, which are expected to provide clarity on its growth potential post-2028. Investors may inquire about the upcoming Alzheimer's psychosis trials, known as the ADEPT program, for Cobenfy, a medication approved in late 2024 for schizophrenia.
For Merck, managing Keytruda's loss of exclusivity appears increasingly feasible. A subcutaneous formulation of the drug received U.S. approval in September, which is projected to protect 20% to 30% of Merck's U.S. Keytruda sales. Updates on Merck's 2026 drug pipeline are also anticipated, including initial results from a phase three trial for a flu prevention product acquired from Cidara Therapeutics in November. Reports also indicate Merck is in discussions to acquire Revolution Medicines, a cancer drugmaker.
The obesity treatment market will also be a prominent discussion point. Novo Nordisk is expected to provide further details on the launch of its Wegovy pill, which recently began reaching patients. Eli Lilly will discuss expectations for its oral GLP-1 drug, orforglipron, which is anticipated to receive Food and Drug Administration approval in the first half of 2026. Both companies may address the evolving dynamics of the GLP-1 market, including direct-to-consumer sales channels and the expected Medicare coverage for obesity drugs starting mid-2026. Other companies, including Amgen, AstraZeneca, and Pfizer (following its acquisition of Metsera), are also expected to discuss their strategies and ambitions within the weight loss drug market.