Amidst empty labs, signs of biotech’s resurgence emerge

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In 2023, a year of accelerated regulatory success, a significant number of biotech labs sat empty in major hubs like San Francisco and Boston. The FDA approved 55 groundbreaking therapies in 2023, including Leqembi for early Alzheimer’s and Zurzuvae for postpartum depression. The approval number marked the second highest count in three decades. Amidst this contradiction, the seeds of biotech’s next boom are taking root.

In 2024, 72 late-stage therapies are poised for FDA approval, hinting at the potential for resurgence within the life sciences. While post-pandemic lab construction meets a wave of approvals, a slowdown in venture funding and job growth casts a temporary shadow. Additionally, the biotech lab space real estate picture is not as simple as it seems, with a marked shift in the scale and nature of drug development driving evolving space needs.

Even amidst this p…

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A glimpse at Big Pharma’s upper echelon in the first three quarters of 2023

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In 2023, demand for GLP-1 receptor agonists such as Lilly’s tirzepatitde and Novo Nordisk’s semaglutide surged just as demand for COVID-19 therapies waned. As a result, Novo Nordisk had 33% growth at constant exchange rates over the first nine months of the year. Similarly, Lilly experienced a 37% jump in revenue in the third quarter, with strong sales of Mounjaro (tirzepatitde) helping lead the way.

Below is a roundup of the year-to-date revenue for several Big Pharma companies that have publicly shared third-quarter financial data. For J&J and Roche, the companies’ non-pharma sales were excluded. Merck’s figures also include sales from its veterinary business.

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