Healthy Returns: Biotech and pharma M&A is off to a good start in 2025 — but will it last?

1. M&A activity in pharma is increasing, notably for GSK competitors. 2. Johnson & Johnson's recent $14.6 billion deal boosts industry optimism. 3. Pharmaceuticals face margin pressure but may accelerate dealmaking due to patent expirations. 4. Major drug companies face $300 billion revenue loss from upcoming patent expirations. 5. Biden's Medicare negotiations affect pricing strategies within pharma.