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The latest BPSI shows signs of a more durable phase in the biopharma recovery, with improvements across every metric.
After four years of hunkering down, the mood in biopharma turned sharply more optimistic heading into 2026. The Biopharma Sentiment Index (BPSI) climbed to 90 in Q1, up from 78 the prior quarter — a broad-based shift with all 10 core measures improving.
While still below the neutral benchmark of 100, the move marks a decisive change in mindset after a bruising stretch for the industry. The rebound is especially striking as the US consumer confidence plunged to a 12-year low, underscoring biopharma’s countercyclical streak.
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