What changed

The settlement allows Biocon to launch Pebrilzo in the US from Q3 2028, and in Europe and the UK from early 2027. Henlius and Organon's Poherdy is already FDA-approved. Biocon

Formycon and Zydus's FYB206 is the first publicly announced Keytruda biosimilar under FDA review; a decision is expected in Q3 2027. Merck's primary US compound patent expires in December 2028. Formycon and Zydus

Omlyclo, interchangeable with Xolair, launched at a list price about 15% lower, with a preferred spot on Optum's commercial formulary. Xolair's US sales were CHF 3.08B in 2025. Celltrion

Degevma makes 10 approved Xgeva biosimilars; Teva expects to launch it, and its Prolia version, in the coming months. Teva

The patent, granted in February 2026 and running to 2038, covers weekly weight-loss dosing; Novo's compound patent still runs to 2032. Pearce IP

AtaiBeckley brings treatments in development for treatment-resistant depression. Lilly has closed at least nine acquisitions in 2026. Lilly

The suit asserts seven patents against Amgen's ABP 206, which is under FDA review with a decision expected by the end of 2026. Goodwin

Hetero's capsules are approved, but AbbVie still expects no US generic before 30 March 2032. FDA Orange Book

The deal adds zumilokibart, a long-acting antibody in development for atopic dermatitis. It is AbbVie's largest acquisition since 2023. AbbVie

Takeda sued Alvotech and Teva on 1 September and Polpharma on 26 August, asserting six patents against the two biosimilars now under FDA review. Pearce IP

Crinetics brings Palsonify, an approved drug for acromegaly. It is Vertex's largest acquisition since 2023. Vertex

MSN won FDA approval in August but cannot launch before 15 January 2030; Teva and Cipla's settlements allow generics from 1 January 2031. Exelixis

Natco joins Apotex, Lupin and Macleods with FDA approval; settlement terms are undisclosed and Gilead puts US exclusivity at 2031. FDA Orange Book

Firefly brings an early cancer platform. It is J&J's fifth acquisition of $1B or more since 2023. J&J

Final approval cannot come before the compound patent expires in September 2027; AstraZeneca settled with Sandoz, another filer, in April. Natco

Lilly received notice that multiple companies had applied to sell generic tirzepatide before its patents expire, and said it intends to sue. Its US compound patent runs to 2036. Lilly 10-Q, Q2 2026

Centessa brings orexin agonists in development for narcolepsy and other sleep disorders. Lilly

Alvotech's AVT16, to be sold in the US by Teva, is under review with a decision expected in the first quarter of 2027. Takeda's patents running to 2032 still stand in the way of launch. Alvotech

Dr. Reddy's launched the first generic in Canada, after generics reached India in the first quarter. US protection runs to 2032. Dr. Reddy's

Terns brings TERN-701, an oral drug in development for chronic myeloid leukemia. Merck

Pfizer settled with Dexcel, Hikma and Cipla, extending the effective US patent expiry to 1 June 2031, subject to a case against Apotex. Pfizer had expected US sales to fall from 2029. Pfizer Q1 2026 results

Gilead takes full ownership of anito-cel, a CAR-T therapy for multiple myeloma it already co-developed with Arcellx. Gilead

Launch still waits on patents: the last listed Xtandi patent expires in August 2027. FDA Orange Book

Several generic dapagliflozin makers were approved at once, ending US exclusivity. FDA

Breckenridge launched generic pomalidomide under the settlement timeline, with Camber following. Breckenridge

Avidity brings late-stage RNA drugs for neuromuscular diseases. It is Novartis's largest acquisition since 2023. Novartis

Negotiated prices take effect in 2028. CMS must publish them by 30 November 2026. CMS

Cidara brings CD388, a long-acting antiviral in development to prevent flu. Merck

CMS found generics or biosimilars on sale, so their negotiated prices apply through 31 December 2026 only. CMS

From 2027: Ozempic 71%, Pomalyst 60%, Ibrance 50% and Xtandi 48% below list price. CMS

Settlements with Lupin, Cipla and Laurus Labs bar generics before 1 April 2036, more than two years after Gilead's previous December 2033 estimate. Fierce Pharma

AbbVie settled with every generic filer. Analysts had modeled US exclusivity ending in 2032. Fierce Pharma

MSN's generic launched through Novadoz, and Torrent followed two days later. Optum Rx

Amgen's Wezlana launched in January 2025, and several more biosimilars followed during the year. Stelara sales fell 41% in 2025. Center for Biosimilars

From 2026: Farxiga 68%, Enbrel 67%, Stelara 66%, Eliquis 56% and Entresto 53% below list price. CMS

Takeda moved its assumption from May 2026 by three to five years, citing formulation, dosing and manufacturing patents. Pharma Japan