> Novartis fell to No. 5 after trimming 10 programs, overtaken by Sanofi’s expanding pipeline.

Large drugmakers typically disclose programs only after they enter the clinic, meaning the data offer an incomplete snapshot of how pipelines are changing.

> Across the 25 companies with the largest pipelines, the total number of assets in development increased by 32. However, that figure is inflated by the addition of 30 programs to BioNTech’s pipeline. Among the top 15 companies, the number of active assets fell by 10.

Notably, a lot of smaller biopharmas are going under as their runways dry up.