The race between the bull and the bear: U.S. biopharma outlook in 2026

Introduction I just got back from the annual J.P. Morgan (JPM) Healthcare Conference, which got me thinking about the tension between optimism and pessimism in our industry. That reminded me of a surprising insight from Andrew Ross Sorkin’s 1929: Inside the Greatest Crash in Wall Street History: even days before the market collapsed, strong optimists (bulls) and pessimists (bears) were making their case for the U.S. economy. Today, biopharma faces a similar dynamic, raising an important ques...