Biopharma companies—including AstraZeneca, BioNTech and Agios—peered farther into the future on the second day of JPM, setting both revenue and R&D targets through the end of the decade.
The J.P. Morgan Healthcare Conference is widely known as an annual starting gun for the biopharma industry, giving companies a platform to lay out their strategies for the coming year. On day two, however, companies looked farther afield, giving near-term roadmaps for their businesses and setting sales and clinical targets through the end of the decade.
Some takeaways:
AstraZeneca Doubles Down on 2030 $80B Goal
At JPM, AstraZeneca’s Chief Financial Officer Aradhana Sarin said the company’s goal of hitting $80 billion in total revenue by 2030 is “very much within reach.”
To get there, the pharma expects to launch a clutch of high-value products in the near term, including its hypertension drug baxdrostat, for which a new drug application was accepted last month. AstraZeneca’s breast cancer candidate camizestrant and myasthenia gravis drug gefurulimab are also approaching the market.
Meanwhile, the pharma also draws confidence from its pipeline, particularly in cancer, for which it is testing eight wholly-owned clinical-stage antibody-drug conjugates (ADCs), as well as two cell therapies with potentially $5 billion in peak revenues.
Read more about AstraZeneca at JPM 2026 here.
BioNTech Continues Pivot From COVID to Cancer, With PD-1/VEGF at the Core
BioNTech continues to move away from COVID-19 and return to its cancer roots. At a company event on Tuesday, the pharma laid out its strategic goals for this year: accelerate its late-stage pipeline, focus on combination therapies and move from a platform-centered to a tumor-driven approach.
In a note to investors Tuesday evening, analysts at BMO Capital Markets said that pumitamig, BioNTech’s PD-1/VEGF bispecific antibody, “is at the heart” of the company’s 2026 strategy. Indeed, pumitamig is being studied both as a monotherapy—for breast cancer, hepatocellular carcinoma, colorectal cancer and different types of lung cancers—and as part of a combination regimen with ADCs. BioNTech is expecting a host of early- and late-stage readouts across its pumitamig program this year, as per a Monday release.
Among the potential pumitamig indications, “focus remains on the near-term Ph 3 1L [triple-negative breast cancer] China readout,” BMO said. Data from this trial, the analysts added, will help determine if pumitamig could become “a next-generation IO backbone.” For BioNTech, a lot is riding on pumitamig’s success. The drug is under a June 2025 partnership with Bristol Myers Squibb, which has promised up to $7.6 billion in milestones. The PD-1/VEGF space is quickly filling up with rivals, including AbbVie, which put nearly $5 billion on the line this week for ex-China rights to a candidate from RemeGen.
As for BioNTech, “With 8 pivotal studies across oncology indications, we could see the company shift into a commercial oncology company within the decade,” BMO said.
Agios Eyes $10B Market Potential By 2030
Like AstraZeneca, Agios Pharmaceuticals announced a market target for itself: Unlock a market opportunity of more than $10 billion by 2030.
Unlike the big pharma, however, Agios will build toward that opportunity by “evolving from an ultra-rare focus into a broader rare disease portfolio,” analysts at Truist Securities said in a Tuesday note.
Indeed, during its company presentation, Agios named its early-stage assets AG-181 for phenylketonuria and AG-236 polycythemia vera as key to hitting its 2030 goal, with each contributing upwards of $1 billion in estimated sales. “Future growth will be driven by assets like AG-236, which extend the core concept of iron dysregulation and hepcidin feedback loops into larger disease populations,” Truist said.
The biotech is also working on sickle cell disease, a $3 billion opportunity for which it is developing its pyruvate kinase activators mitapivat and tebapivat. Additionally, Agios is trialing tebapivat for lower-risk myelodyplastic syndromes, which it anticipates will open a $4.5 billion opportunity.
This year, Agios will focus its efforts on setting itself up to hit its 2030 target. Key priorities for 2026 include launching its thalassemia drug Aqvesme, approved last month, as well as advancing its early-stage portfolio.
Acadia Looks Beyond Analyst Expectations, Stands Against MFN
Also looking ahead to the future is Acadia Pharmaceuticals, which announced that by 2028, it expects to report around $1 billion in sales for its antipsychotic Nuplazid and $700 million for the Rett syndrome drug Daybue.
Such guidance far outstrips what analysts have forecast for these drugs, according to BMO Capital Markets, which highlighted the “disconnect between Street and internal expectations” in a note on Tuesday. Analysts were expecting $834 million in Nuplazid revenue and $621 million for Daybue.
Helping the biotech reach its projected goal is the planned launch of the newly approved STIX formulation of Daybue, an oral solution that is free of dyes and preservatives. The company expects to make Daybue STIX available “on a limited basis” in the first quarter, followed by a broader market debut in the second quarter. Acadia is also planning to expand its Daybue franchise globally—a move that BMO said “may take time,” but will also be “one of the greatest drivers of long-term revenue growth.”
Also at JPM, Acadia CEO Catherine Owen Adams said she has formed a group with other small biotechs to lobby for exemptions from the Trump administration’s Most Favored Nation pricing scheme and similar policies that could arise down the line.
“I don’t think the administration is out to target small pharma or small biotech particularly. And what we’re trying to do is make sure that they understand that a peanut butter blanket approach to MFN probably would not be the best for U.S. innovation,” Owen Adams told BioSpace.
