Pipeline Outlook for 17 Global Pharma Leaders: Strategic Layout, R&D Initiatives, and BD Implications

Executive Summary

Which indications and targets are most likely to generate the next wave of blockbuster drugs? The answer lies in the pipelines of multinational pharmaceutical companies (MNCs) with the highest revenues.

We have conducted a comprehensive review of the top 17 global MNCs, analyzing product portfolios, market iterations, R&D pipelines, deal activity, and patent positioning. Leveraging big data analytics and case studies, this report highlights emerging R&D priorities, deal-making needs, and the likely sources of the next blockbuster assets.

Excerpts from the report include the following exhibits:

Growth in Sales Across Therapeutic Areas for Multinational Pharma

2. Expansion of Molecular Modalities in MNC Pipelines

3. Strategic Focus on Key Autoimmune Targets by Global Pharma

4. Portfolio Strategies Across Major Disease Areas

Strategic Implications for Innovators

“China’s biopharma industry has moved far beyond generics, integrating into the global innovation ecosystem. To capture upcoming opportunities, Chinese companies must anticipate global R&D and transaction trends,” notes Song Ruilin, Senior President and Chief Expert at the China Pharmaceutical Innovation Promotion Association.

“The report is intended to help innovators understand how MNCs prioritize targets, allocate resources, and design portfolio strategies, while offering investors a data-backed view of global R&D trends and opportunities,” adds Gong Yuanxiang, Co-founder and CEO of Haomai Technology.

Case Study: AbbVie

Autoimmune Transition Post-Humira
With Humira facing loss of exclusivity, AbbVie is executing a dual-engine strategy via Skyrizi and Rinvoq. Both are rapidly scaling to secure leadership in autoimmunity.
External Innovation to Sustain Growth
AbbVie supplements its pipeline through targeted acquisitions and partnerships, such as the FIC anti-TREM1 antibody CEL383.
Potential Blockbusters on Horizon
Assets like BCMA/CD3 bispecific TNB-383B have been identified as potential next-generation blockbusters.
Diversification Beyond Autoimmunity
AbbVie is also expanding in oncology, neuroscience, and ophthalmology, with active patent and deal activity.
Technology Deployment
AbbVie is allocating resources across ADCs, TCEs, CAR-T, protein degradation, bispecifics, gene therapy, and RNA platforms.
Deal-Making Outlook
Driven by revenue pressures from Humira and Imbruvica, AbbVie is expected to prioritize assets with proof-of-concept in autoimmunity (e.g., TL1A programs, BTK degraders), as well as novel mechanisms such as STAT6 inhibition, IL-2 modulation, and PD-1 expansion in autoimmunity. Oncology deals in PD-1/VEGF bispecifics, gene therapy, and targeted protein degradation are also anticipated.

Case Study: Johnson & Johnson

Multi-Therapy Portfolio Review
J&J maintains significant presence in oncology, autoimmunity, and neuroscience, with broad deal and patent activity.
Patent Cliff Response
Major expiries—Stelara (2023), Simponi (2024), Xarelto/Opsumit (2025), Uptravi (2026), Imbruvica (2027), Darzalex (2029)—require a multi-pronged strategy: lifecycle extension, early preparation of successor products, and value creation through combinations.
Emerging Blockbusters
Anti-PSMA ADCs and CD19/20 bispecific CAR-T assets are among the most promising next-generation therapies.
Neuroscience Expansion
J&J has gaps in its neurology portfolio, leading to acquisitions such as Intra-Cellular.
Future Technology Outlook
J&J is likely to accelerate investments in multispecifics and first-in-class pipelines targeting solid tumors and autoimmunity.

Report Scope

The report covers 17 MNCs: Eli Lilly, Johnson & Johnson, AbbVie, AstraZeneca, Boehringer Ingelheim, Takeda, Bristol-Myers Squibb, Amgen, GlaxoSmithKline, Pfizer, Roche, Novo Nordisk, Novartis, and others. It assesses portfolio composition, forecasts deal needs, identifies emerging blockbusters, and highlights early-stage targets across therapeutic areas such as oncology, autoimmunity, neurology, and metabolism.

Contact us

wxiang@yafocapital.com

About YAFO Capital

Founded in 2013, YAFO Capital is a global boutique investment and BD advisory firm with professional teams across our offices in China, the U.S., Europe, and Southeast Asia. Our expertise spans four core business segments: transaction advisory and consulting, NewCo incubation, investment fund management, and partnering forums. Over the years, YAFO has built a strong track record, closing dozens of business development transactions with leading global pharmaceutical and biotech companies. For more information, please visit http://www.yafocapital.com.

雅法资本成立于2013年，致力于生物医药项目的跨境及国内授权交易、成立NewCo和并购交易。基于雅法在全球广泛的人脉与资源网络，在过去十二年成功推进了大量的海外项目进入中国市场并协助多个中国产品完成海外授权。雅法拥有经验丰富的全球交易团队，覆盖美国、日本、欧洲等全球主要医药创新区域。核心合伙人均为华尔街资深投行人士或具有跨国药企经历，为客户交易提供强力支持。雅法总部位于上海，在美国、欧洲、东南亚等地均设有分部。