Day 2 — Tuesday Jan 13, 2026¶

Day 2 was driven by big-pharma strategy presentations rather than blockbuster M&A, with AstraZeneca, Novo Nordisk, GSK, Bayer, Roche, Pfizer, Sanofi, Gilead and Sandoz on the main stage. Two notable deals broke during the day — AstraZeneca's tuck-in of AI partner Modella and Novartis' $50M radioligand license from China's Zonsen PepLib — alongside multiple mid-cap pipeline updates. The political/regulatory undercurrent was loud: former FDA oncology chief Richard Pazdur made his first public remarks since departing the agency, and CMS chief Mehmet Oz fielded hospital-exec questions at an off-site event.

1. AstraZeneca acquires Modella AI¶

AZ buying Boston-based Modella AI; financial terms undisclosed.
Builds on a multi-year research collaboration signed in July 2025; CFO Aradhana Sarin called the partnership a "test drive."
Modella's multi-modal foundation models and AI agents will be integrated into AZ's oncology R&D for biomarker discovery, clinical-development acceleration, and data-driven decisioning.
Described in trade-press coverage as the first acquisition of an AI firm by a big pharma.

Why it matters: Signals big pharma moving from AI partnerships to outright ownership of multimodal-AI platforms in oncology.

Sources: Modella AI release; Pharmaceutical Technology; Fierce Biotech tracker.

2. Novartis licenses peptide radioligand from Zonsen PepLib (China)¶

$50M cash upfront to Zonsen PepLib Biotech for an undisclosed peptide-based radioligand therapy asset.
Exclusive worldwide license; Novartis takes development and commercialization; PepLib eligible for undisclosed milestones plus tiered royalties.

Why it matters: Extends Novartis' leadership in radioligand therapy and continues the trend of big-pharma in-licensing from Chinese biotechs.

Sources: Endpoints News; BusinessWire.

3. AstraZeneca strategy update — $80B by 2030 reaffirmed¶

Revenue up 11% through Q3 2025; oncology contributing roughly half of growth.
CFO Sarin called the $80B revenue target "very much within reach."
Near-term launch focus: hypertension drug baxdrostat, breast-cancer candidate camizestrant, myasthenia gravis drug gefurulimab.
Multiple Phase 3 readouts expected in 2026 across oncology, immunology, respiratory.

Source: BioSpace.

4. Novo Nordisk — "mastering" DTP cash-pay; Wegovy pill ramping¶

CEO Maziar Mike Doustdar acknowledged a "difficult 2025"; 2026 priorities = commercial execution, R&D pipeline, organizational focus.
Oral Wegovy reached ~3,100 patients since its Jan. 5 launch — first oral GLP-1 for obesity in the U.S.
Plans to advance higher-dose injectable Wegovy and "several" new obesity/diabetes assets into clinic in 2026.
Novo took ~200 meetings during JPM week. Pulling back from non-diabetes/obesity indications.
CSO Martin Holst Lange (recently promoted) said Novo is craving "different flavors" of pipeline innovation.

Source: Fierce Pharma JPM26 Day 2 tracker.

5. Gilead — "unprecedented opportunities"; Kite anito-cel filing¶

CEO Daniel O'Day said Gilead has "the most robust pipeline in the almost 40-year history of the company"; up to 10 launches in new/additional indications by end of 2027.
Kite confirmed FDA submission of anito-cel (BCMA CAR-T for relapsed/refractory multiple myeloma, partnered with Arcellx) before year-end 2025; targeting differentiated one-time treatment in 2026 with 14–17 day turnaround.

Why it matters: Anito-cel positions Kite to compete directly with J&J/Legend's Carvykti.

Source: STAT News.

6. GSK — 15 "scale launches" by 2031¶

Head of R&D noted GSK achieved all five targeted approvals in 2025.
Goal: 15 scale launches each with potential peak sales above $2B, fueling growth through 2031.
Strong execution narrative and pipeline momentum highlighted.

Source: Evaluate JPM2026 Day Two Update.

7. Bayer — Nubeqa and Kerendia anchor post-Xarelto plan¶

9M 2025 sales: Nubeqa (prostate cancer) ~€1.7B (~$2B); Kerendia (kidney/heart failure) ~€600M (~$700M).
Strategy: navigate Xarelto patent cliff while elevating five high-value assets across oncology, cardiometabolic, specialty.
Kerendia framed as "next blockbuster in the making."

Source: Fierce Pharma JPM26 Day 2 tracker.

8. Roche — three-pillar growth strategy¶

CEO Teresa Graham: maximize current portfolio (17 blockbusters generating $44.5B YTD through Sept 2025), deliver 2026–27 launches, expand into Alzheimer's and obesity.
Giredestrant (next-gen SERD) positioned to advance ER+ breast-cancer SOC via combos with PI3K and CDK4/6 inhibitors.

Source: Clinical Trials Arena.

9. Pfizer — Metsera assets and 10 Phase 3 starts¶

Plans 10 Phase 3 starts by end of 2026 for Metsera's MET-097i (long-acting injectable GLP-1) following the Metsera acquisition.
2026 priorities: maximize value of recent transactions, deliver R&D milestones, invest for future growth, embed AI across the business.

Source: PharmExec.

10. Lonza — fifth major Vacaville commercial contract¶

Lonza disclosed a fifth significant commercial contract at the 956,000-sq-ft Vacaville, CA biologics site (acquired from Roche for $1.2B in 2024).
Additional contracts in late-stage negotiation; one of the world's largest mammalian biologics facilities.

Source: Fierce Pharma JPM26 Day 2 tracker.

11. BioNTech — multiproduct oncology by 2030¶

Ugur Sahin presented at 2:15pm PT Tuesday.
2026 = "catalyst-rich": 7 late-stage data readouts, 15 Phase 3 trials ongoing by year end.
Three-modality oncology strategy: immunomodulators, ADCs, mRNA cancer immunotherapies.
Key 2026 readouts: HER2 ADC (TPAM), Gotistobart, BNT113 (HPV+ head/neck), pumitamig (with BMS, June 2025 partnership worth up to $7.6B), personalized vaccine in high-risk colorectal.

Sources: BioNTech IR; Pharmaceutical Technology.

Smaller items / notable mentions¶

Sandoz (CEO Richard Saynor) framed itself as "the only pure-play generic and biosimilar player with global reach"; biosimilar pipeline of 27 assets targeting ~$200B in originator sales; 400+ generics targeting ~$220B.
Acadia — analysts modeling $834M Nuplazid and $621M Daybue revenue.
Agios — touting Dec. 23 FDA approval of Acvezmi (thalassemia); $10B+ market opportunity by 2030; AG-181 (PKU) and AG-236 (polycythemia vera) flagged as ~$1B each.
Sarepta — doubling down on Elevidys in ambulatory DMD; expanding field force; awaiting Endeavor cohort 8 readout late 2026.
Biogen — CEO Viehbacher pitched "the new Biogen": diversified neuroscience, rare disease and revitalized pipeline.
Travere — disclosed FDA extended its sNDA review for Filspari/sparsentan in FSGS; new PDUFA April 13, 2026.
Mid-cap pipeline progress flagged by Evaluate: Crinetics, Cogent, Nuvalent, Edgewise.
Mirador Therapeutics — closed $250M Series B (OrbiMed, Atlas Venture among investors).
Off-site policy events: Richard Pazdur's first public remarks post-FDA departure at STAT@JPM (warning on politicization, voucher transparency); Mehmet Oz and Trump health officials briefed hospital execs on Medicaid and vaccines.

Themes dominant on Day 2¶

AI moves from partnership to ownership in pharma (AZ–Modella as exemplar).
China in-licensing pace remains high (Novartis–PepLib, building on AbbVie–RemeGen on Day 1); China-sourced assets are now mainstream pipeline inputs, not bargain bins.
Big-pharma narrative is execution and late-stage delivery, not transformative M&A — the rumored Merck/Revolution Medicines $32B deal stayed a rumor through Day 2.
Regulatory/political uncertainty is a recurring sidebar: FDA voucher program scrutiny, Pazdur warnings, MFN pricing fallout for Sanofi, RFK Jr. vaccine rhetoric hitting Sanofi's Beyfortus.
Obesity remains the most-watched therapeutic area: Novo's commercial recovery vs. Pfizer/Metsera entry vs. Roche teasing obesity entry.

Sources¶

See Themes & takeaways for cross-day synthesis.