Prices, pipelines and patent cliffs: Inside pharma’s big reset
This earnings season, Europe’s biggest pharma companies posted results ranging from 7% beats to 3% misses — but no one really cared. Instead, drugmakers looked ahead, with 2026 shaping up to be a defining year following a dramatic 2025, and one where the impact from last year’s developments is set to crystallize. “2025 was about…