Amid ongoing impact from exchange rates, Japan's five largest pharma firms showed mostly positive growth in the fiscal nine-month period. Enhertu will continue to drive Daiichi Sankyo, while Shionogi is forecasting record-breaking revenue on oral COVID-19 drug Xocova and Eisai is rolling out closely-watched Alzheimer's contender Leqembi.

Johnson & Johnson splashed a lot of cash to get hold of the FcRn inhibitor and is exploring nearly a dozen indications. Nipocalimab has advanced in one of those this week, severe hemolytic disease of the fetus and newborn.

Excluding the multinational majors AstraZeneca and GSK, the UK has yet to produce a truly successful scaled pharma company, despite having boasted several innovative start-ups. Whether that represents a negative, however, is a matter for debate. 

Mid-sized M&A, collaborations, creative financing, and biotech consolidation will feature in 2023. IPOs and follow-ons play bit-parts.