- The healthcare industry’s most influential investor conference was held in person this week.
- The J.P. Morgan Healthcare conference helps set the tone for the year for biotech.
- Insider identified five winners and four losers from the week.
SAN FRANCISCO — For the first time in three years, the healthcare industry’s most influential conference returned to its usual spot at the Westin St. Francis in San Francisco.
Amid severe-weather warnings and rain, about 8,000 attendees came to see over 400 healthcare companies present at the 41st annual J.P. Morgan Healthcare conference this week, kicking off a chaotic week of networking, pitching investors, and striking deals. The conference, held in January each year, has historically helped to set the tone for the year.
Insider pinpointed five winners and four losers from this year’s event. Companies working on Alzheimer’s treatments say they’ve gotten a boost of investor interest since the Food and Drug Administration greenlighted Eisai and Biogen’s new Alzheimer’s drug. Developments in artificial intelligence also stirred up excitement.
But others struggled. The gene-sequencing giant Illumina’s stock slumped after it gave a disappointing 2023 sales outlook and rival startups made several product announcements.
The hope for industry-shaping deals was one of the losers this year; deals announced during the conference were rarer and more modest than many had anticipated.