Pharmaceutical R&D Returns Rise Due to Weight-Loss Drugs, But Concentration Risks Bubble
Deloitte's report shows pharmaceutical R&D returns increased to 7% in 2025, driven by GLP-1 drugs used for weight loss and diabetes. Obesity-related assets now lead the late-stage pipeline value, surpassing oncology for the first time in 16 years. However, the report highlights growing concerns about over-reliance on a few high-value assets, raising the risk of a market bubble.
Topics: GLP-1 assets obesity drug pipeline pharmaceutical innovation pipeline valuation R&D returns