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  "documentTitle": "2026 Capital Markets Day AM",
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  "authorName": "Syncona",
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  "notes": "The chart uses a color gradient for the 2025 bar to emphasize its recent growth.",
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      "kind": "callout",
      "text": "LARGE PHARMA WILL SEE >$350BN LOSS OF REVENUE BY 2030 AS A RESULT OF PATENT EXPIRY, C. 10% OF 2030 INDUSTRY REVENUES",
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      "text": "SECOND HIGHEST LEVEL IN THE LAST DECADE",
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      "text": "M&A VOLUME IN THE BIOPHARMA SECTOR, 2016 - 2025 ($ BILLIONS, WORLDWIDE)",
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      "text": "Source: S&P CapitalIQ and DealForma; Stifel Biopharma Outlook January 2026. 1. Evaluate Pharma / Stifel Healthcare: Biopharmaceutical Outlook for 2025.",
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      "name": "Cost Of Inaction",
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