Pharma Deals on the Rise as Industry Shakes Off Trump Anxiety

Next week, drugmakers will arrive at the JPMorgan Healthcare Conference in San Francisco feeling far more confident than in 2025.

A year ago, they didn’t know what to expect from newly re-elected President Donald Trump. Now that uncertainty has eased, with their worst fears about drug pricing and profit-crushing tariffs never coming to pass.

“We’re leaving 2025 with pretty strong tailwinds,” said Chris Garabedian, a venture fund manager at the biotech investment firm Perceptive Advisors. “Most of those concerns and uncertainties have moved behind us.” Mizuho’s Jared Holz added: “I don’t remember a time where the Street was ...