Almost 80% of novel agent submissions from the biggest companies were approved in recent years, compared with a 60% approval rate for the rest of the industry, according to a Pink Sheet analysis of FDA approval decisions since 2021.

Although Lilly said the glucagon spray’s relatively low sales were not a factor, the pharma may be prioritizing investment on its newer diabetes and weight-loss drug Mounjaro.

Japanese major’s profit figures for fiscal year just ended will be hit by multiple accounting decisions related to sales, pipeline and partnerships.

When the traditional fundraising window closes and clinical, regulatory or commercial success eludes, other routes to raise cash emerge. But these have also become more scarce recently, leaving all-stock consolidations.