Biopharmaceuticals Industry Landscape: Growth Outlook Through 2030

The next five years present a clear challenge for biopharma, with an estimated $139 billion in headwinds from expiring patents – but the headwind does not tell the full story. Our analysis shows that in-line growth from approved drugs, led by obesity treatments, immunology agents, and oncology therapies, more than offsets these losses in aggregate. The US market remains central to profitability, but it also carries elevated environmental, social, and governance (ESG) risk.

The question remains: which firms are positioned to excel, and which will face the steepest headwinds? Firms with greater US sales exposure face higher product governance and pricing-related risk, as American drug prices run roughly double those in most developed markets- and regulatory and litigation environments are more aggressive.

Morningstar's June 2026 Biopharmaceuticals Industry Landscape report examines the top biopharma firms representing the majority of the sector's total market capitalization. Download the full report to learn which factors are shaping the investment case for each firm.