06 Jan 2025 05:00:00 ET │ 49 pages V i e w p o i n t | US Biotechnology and Pharmaceuticals The 2025 US Biopharma Outlook CITI'S TAKE Headwinds and tailwinds — Historically, Biopharma performance has been choppy in periods where HC policy takes a front seat (2010, 2016, 2019); we wouldn't be surprised to see this also play out in early 2025. We remain bullish over the longer- term given high innovation (GLP-1 line extensions, expansion of cell / gene therapy technologies, breakthroughs in neuro including pa ...