Pharmaceuticals
Case studies in pharmaceuticals.
Bristol Myers Squibb: sequencing the growth transition
Bristol Myers Squibb entered 2024 with a portfolio moving in different directions. Total 2023 revenue was $45.0 billion, down 2%. The company’s in-line products grew 3%, and its newer product portfolio grew 77% to $3.6 billion. At the same time, “recent loss-of-exclusivity” products declined 34% to $7.1 billion, including Revlimid, whose revenue fell 39%. Read case
Eli Lilly: How Much Capacity, and When?
On December 5, 2024, Eli Lilly and Company announced a $3 billion expansion of a recently acquired manufacturing facility in Kenosha, Wisconsin. The planned scope included injectable manufacturing, device assembly and packaging across therapeutic areas; construction was expected to begin in 2025. Read case
Evolus, Inc.: How much launch learning is enough?
On November 6, 2024, Evolus reported third-quarter results and described an expanding product portfolio. The company had begun an early-experience program in Europe for its newly approved hyaluronic-acid (HA) gels, while its U.S. applications for two of those products remained under FDA review. Read case
Johnson & Johnson: Governing a Supply-Network Transition
On September 1, 2026, Tom Cavanaugh became Johnson & Johnson’s executive vice president and worldwide chairman of Innovative Medicine, succeeding Jennifer Taubert. His appointment came after J&J disclosed a new supply-chain restructuring in its second-quarter results. Read case
Merck & Co. — Replacing Growth Before the Keytruda Transition
You are an outside strategy adviser preparing a confidence assessment for an investment committee. Merck says its “One Pipeline” strategy combines internally generated research with external science obtained through licenses, collaborations, venture activity and acquisitions. Read case
Pfizer and Seagen — Governing the Oncology Platform
Pfizer completed its acquisition of Seagen on 14 December 2023. By 27 February 2025, Pfizer had reported a year of commercial results from four acquired oncology medicines, described a new company-wide R&D structure, and continued large cost and manufacturing programs. Read case
Viatris — What Should Phase 2 Capital Buy?
On 7 November 2022, Viatris described a transition from “Phase 1,” focused on integration and debt reduction, to a “Phase 2” portfolio intended to support growth. It expected $8–9 billion of gross, pre-tax proceeds from announced and planned divestitures by the end of 2023 or shortly thereafter. Read case
Zoetis — Scaling Librela with Evidence and Discipline
On February 13, 2024, Zoetis reported full-year 2023 results and filed its annual report. The company had launched Librela in the United States in 2023 after FDA approval of bedinvetmab for control of pain associated with osteoarthritis in dogs. Librela was the first monoclonal antibody FDA approved for dogs. Its administration is prescription-only and monthly. Read case