Earnings week, and a hard one for CNS

$3.39bnAbbVie neuroscience revenue in Q3, up 19.4%

$1.9bnNovartis write-down on Avidity's del-desiran

$285MAstellas's upfront and option payments to Audax

Immunology hit $9.17bn, up 16%, and neuroscience grew 19% to $3.39bn. The CEO wants bolt-on deals, not another Allergan.

The Avidity drug missed in Phase 3 in DM1 and needs another pivotal study. Kesimpta and Cosentyx kept sales growing and guidance went up.

Why it matters: the big I&I and CNS franchises are growing, and their owners have the money to buy what they don't have.

Sabirnetug showed no benefit over placebo at 18 months in the 542-patient ALTITUDE-AD study. It was Acumen's only clinical asset.

$285M in upfront and option payments, up to $1.34bn in total, for a preclinical immuno-oncology asset from Melbourne. Phase 1 is due in 2027.

Gameto's stem cell-based egg maturation product, Fertilo, is in US Phase 3 and already cleared in Australia. The upfront is undisclosed.

Why it matters: both deals are milestone-heavy, so the partnership and development teams carry the risk.

Neuroscience is now a growth engine for AbbVie and Novartis. Expect CNS medical affairs, MSL and brand leads to get harder to hire away from big pharma.
When a single-asset CNS company stops its lead programme, experienced clinical operations and biomarker people come onto the market. Well-funded developers should move quickly.
For 2027 plans: Option and milestone deals put alliance management at the centre. If you're signing one, hire the alliance lead before the ink dries.