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Many biopharma companies raised funds in 2022, but not enough to reach their next milestone. Investors have been constricting investments, so companies needing additional funding require a larger toolbox.

BMS said its third-quarter sales fell from last year as generic competition ate into sales of its blockbuster cancer drug Revlimid in the United States, as well as the effect of the weak euro and pound.

Johnson & Johnson on Tuesday posted better than expected third-quarter earnings on strong demand for its cancer drug Darzalex, but said it may still cut some jobs as it contends with inflationary pressure and challenges created by the strong dollar.

AstraZeneca may not stay in the vaccine business in the long run, its CEO told Reuters on Tuesday, showing how quickly fortunes have changed for the drugmaker that produced one of the first COVID-19 shots but has since lost out to rivals.