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EVENTS

41st Annual J.P. Morgan

HEALTHCARE

CONFERENCE

January 9—12, 2023 |
San Francisco, CA

Keynotes

Jamie Dimon
Jamie Dimon
Chairman and Chief Executive Officer,
JPMorgan Chase & Co.
Full Bio
Robert M. Califf
Dr. Robert M. Califf
Commissioner of Food and Drugs,
U.S. Food and Drug Administration
Full Bio
Barry Greene
Barry Greene
CEO,
Sage Therapeutics
Full Bio
Cheryl Pegus
Dr. Cheryl Pegus
Partner,
Morgan Health Ventures
Full Bio
Amy Belt Raimundo
Amy Belt Raimundo
Managing Director,
Kaiser Permanente Ventures
Full Bio
Dave Ricks
Dave Ricks
Chair & CEO,
Eli Lilly and Co.
Full Bio
Hemant Taneja
Hemant Taneja
CEO & Managing Director,
General Catalyst
Full Bio

Insights

Play button
Jessica Fye
Senior Analyst, Large-Cap Biotechnology
J.P. Morgan Research
Learn why 2023 is set to be a dynamic year and the key criteria investors are focused on.

On screen:

A woman with dark hair, brown eyes, and wearing a black shirt and jacket, Jessica Fye.

Text on screen:

Jessica Fye, Senior Analyst, Large-Cap Biotechnology, J.P. Morgan Research.

Jessica Fye:

In 2023 in the biotech group, it’s going to be a really dynamic period, depending on whether you’re talking about the large caps, which may be heading into interesting product launches, or the mid caps, which could have make-or-break data releases or they’re filing their first NDA for their very first product. I think you’re going to continue to see a lot of dynamism in this sector, a lot of innovation, and it will be another interesting year for the group. In terms of what investors have high conviction in right now, they’re looking for: growing, durable franchises, a clear path to profitability if not already profitable, ideally operating in low-competitive intensity spaces and/or representing the dominant player in their space. 

On screen:

A montage shows biomedical researchers working in a busy laboratory.

Text on screen:
 What investors are looking for:
  - Growing, durable franchises;
  - clear path to profitability;
  - (and) low competition.

Side note:

Small print text appears.

Text on screen:

Source: J.P. Morgan estimates, December 8th, 2022.

Jessica Fye:

And I think folks are trying to avoid or be careful around companies that have imminent patent expirations without a clear path to profitability or without a highly visible pipeline. M&A is always a topic and a theme. This sector to some extent relies on larger companies kind of rolling up these smaller, sometimes earlier stage assets. 

On screen:

A chart appears, titled "Large Cap biotech and Diversified biopharma capital deployed for M&A activity." It shows:
  - 18 billion dollars of Public M&A deals in 2012;
  - 37 billion in 2013;
  - 131 billion in 2014;
  - 125 billion in 2015;
  - 58 billion in 2016;
  - 56 billion in 2017;

 - 105 billion in 2018;
  - 201 billion in 2019;
  - 96 billion in 2020;
  - 45 billion in 2021;
  - (and) 60 billion dollars of Public M&A deals in 2022.

Side note:

Small print text appears.

Text on screen:

Source: J.P. Morgan estimates, through December 12th, 2022.

Jessica Fye:

I think you’ve seen a theme of a little more focus on more de-risked assets. I wouldn’t be surprised if that continues. I still think this is a sector that’s most important underpinning is innovation, and we still see that continuing at a very high level and don’t expect that to change in ’23.

Logo:
 J.P.Morgan.

Side note:

Legal disclosures appear.

Text on screen:

This communication is provided for information purposes only.  Please read J.P. Morgan research reports related to its contents for more information, including important disclosures.  

JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this video.

Information has been obtained from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and the analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of the video. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument.  J.P. Morgan Research does not provide individually tailored investment advice.  Any opinions and recommendations herein do not take into account individual client circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies to particular clients. The viewer of this material must make its own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein.  J.P. Morgan distributes in the U.S. research published by non-U.S. affiliates and accepts responsibility for its contents. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this video for regulatory or other reasons. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. 

This video may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan.  Any unauthorized use or disclosure is prohibited.  Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this video without first obtaining express permission from an authorized officer of J.P. Morgan.

Copyright 2022 JPMorgan Chase & Co. All rights reserved.

END

Play button
Chris Schott
Senior Analyst, U.S. Major and Specialty Pharmaceuticals
J.P. Morgan Research
Learn why obesity and Alzheimer’s are two areas that will present significant opportunities.

On screen:

A woman with dark hair, brown eyes, and wearing a black shirt and jacket, Jessica Fye.

Text on screen:

Jessica Fye, Senior Analyst, Large-Cap Biotechnology, J.P. Morgan Research.

Jessica Fye:

In 2023 in the biotech group, it’s going to be a really dynamic period, depending on whether you’re talking about the large caps, which may be heading into interesting product launches, or the mid caps, which could have make-or-break data releases or they’re filing their first NDA for their very first product. I think you’re going to continue to see a lot of dynamism in this sector, a lot of innovation, and it will be another interesting year for the group. In terms of what investors have high conviction in right now, they’re looking for: growing, durable franchises, a clear path to profitability if not already profitable, ideally operating in low-competitive intensity spaces and/or representing the dominant player in their space. 

On screen:

A montage shows biomedical researchers working in a busy laboratory.

Text on screen:
 What investors are looking for:
  - Growing, durable franchises;
  - clear path to profitability;
  - (and) low competition.

Side note:

Small print text appears.

Text on screen:

Source: J.P. Morgan estimates, December 8th, 2022.

Jessica Fye:

And I think folks are trying to avoid or be careful around companies that have imminent patent expirations without a clear path to profitability or without a highly visible pipeline. M&A is always a topic and a theme. This sector to some extent relies on larger companies kind of rolling up these smaller, sometimes earlier stage assets. 

On screen:

A chart appears, titled "Large Cap biotech and Diversified biopharma capital deployed for M&A activity." It shows:
  - 18 billion dollars of Public M&A deals in 2012;
  - 37 billion in 2013;
  - 131 billion in 2014;
  - 125 billion in 2015;
  - 58 billion in 2016;
  - 56 billion in 2017;

 - 105 billion in 2018;
  - 201 billion in 2019;
  - 96 billion in 2020;
  - 45 billion in 2021;
  - (and) 60 billion dollars of Public M&A deals in 2022.

Side note:

Small print text appears.

Text on screen:

Source: J.P. Morgan estimates, through December 12th, 2022.

Jessica Fye:

I think you’ve seen a theme of a little more focus on more de-risked assets. I wouldn’t be surprised if that continues. I still think this is a sector that’s most important underpinning is innovation, and we still see that continuing at a very high level and don’t expect that to change in ’23.

Logo:
 J.P.Morgan.

Side note:

Legal disclosures appear.

Text on screen:

This communication is provided for information purposes only.  Please read J.P. Morgan research reports related to its contents for more information, including important disclosures.  

JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this video.

Information has been obtained from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and the analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of the video. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument.  J.P. Morgan Research does not provide individually tailored investment advice.  Any opinions and recommendations herein do not take into account individual client circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies to particular clients. The viewer of this material must make its own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein.  J.P. Morgan distributes in the U.S. research published by non-U.S. affiliates and accepts responsibility for its contents. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this video for regulatory or other reasons. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. 

This video may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan.  Any unauthorized use or disclosure is prohibited.  Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this video without first obtaining express permission from an authorized officer of J.P. Morgan.

Copyright 2022 JPMorgan Chase & Co. All rights reserved.

END

Podcast with Robbie Huffines:
Dealmaking in the Healthcare Sector
Podcast with Alex Gorsky: Making Big Strategic Moves in Healthcare

FAQs

The J.P. Morgan Healthcare Conference is for clients of the firm, by invitation only. Please reach out to your J.P. Morgan representative to inquire about an invitation.

Some company presentations will be available on their individual websites.

The agenda is made available only to confirmed attendees.

Yes. There are a limited number of press passes available for the event.

Unless otherwise specified, conference webinars are on-the-record and open to registered members of the press.

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