Top European Biotechnology Performance: Q3 2026
In a recent article, we highlighted the broader malaise affecting France’s biotechnology sector. The recent riots and widespread damage to shops and public buildings across several major French cities are unlikely to encourage foreign investment in the country’s economy, including its innovative biotechnology companies. A prelimary analysis suggests that the mood of the French market has already turned skittish.
This report takes a closer look at how the European biotechnology sector has developed in recent months. In the July–August issue of MedNous, Sean Morgan-Jones of Morgan Prestwich wrote in “European biotech recovery gathers pace” that “although the recovery has not been universal, recent performance suggests investors have returned with a more disciplined approach.”
Does this assessment still hold in October 2026? The picture is mixed: while some companies remain highly optimistic and perform better than expected, others have suffered significant setbacks.
The leaders
Ascendis Pharma (Denmark) has received a positive opinion from the EMA’s Committee for Medicinal Products for Human Use (CHMP), recommending EU approval of once-weekly TransCon CNP (navepegritide) for children with achondroplasia. The condition is estimated to affect more than 250,000 people worldwide.The treatment was already approved by the US FDA in February 2026.
Bavarian Nordic (Denmark) announced on August 21, an upgrade of its financial guidance following higher than expected revenues.
Genmab (Denmark) has upgraded its financial guideline for 2026, following higher royalties revenues from Darzalex (daratumumab) and higher than expected sales for Epkinly (epcoritamab).
Novonesis (Denmark) had organic sales grew 8% in the first semester and management raised its full-year organic growth outlook to 7-8% and adjusted EBITDA margin to 37-38%. On August 10, Novonesis agreed to acquire the remaining 77% of Australia's MicroBioGen and completed the deal on October 1.
Swedish Orphan Biovitrium (Sweden) delivered a double-digit rate of growth in Q2 and announced an upgrade of its forecasts for the year 2026 due to a productive immunology and haematology portfolio.
Cosmo Pharmaceuticals (Ireland) has had a notably active and mostly positive newsflow over the past six months. The most important recent catalyst was positive Phase 2 data for rifamycin gel in ulcerative colitis.
Jazz Pharmaceuticals (Ireland) has expanded its presence in the epilepsy field through the acquisition of Actio Biosciences located in San Diego which has ABS-1230 a clinical stage product for a rare genetic epilepsy.
Oxford Nanopore Technologies (U.K.) experienced a significant valuation rebound between March and September 2026, with its share price doubling from around 113 GBX to 214-217 GBX. This growth was primary triggered by the company's half-year financial results released on August 19, 2026, which demonstrated executed cost discipline and commercial scaling.
Pharvaris (Netherlands) has had an unusually strong and catalyst-rich six months, driven mainly by two positive Phase 3 readouts for its oral hereditary angioedema (HAE) drug deucrictibant . In September 2026, the company reported a pivotal phase 3 trial (CHAPTER-3) with an 83% reduction in monthly attack versus placebo. In October 2026 the results of a second phase 3 study (RAPID-3) were published in the Lancet where deucritibant IR met its primary endpoint and all 11 secondary endpoints.
Evotec (Germany) The company’s nine-month 2026 results were reported as beating expectations, while full-year guidance was reaffirmed—an early sign of stabilization after the weak first half.
The newsflow for Abivax (France) and Nanobiotix (France) were disclosed in a previous note. On October 24, Nanobiotix Announced early signal of positive data from Phase 1 study evaluating JNJ-1900 (NBTXR3) with immune checkpoint inhibitors as a 2L+ therapy in anti-PD-1-resistant primary cutaneous melanoma. On October 24, the share was up 9.93%. Further results were presented at the ESMO Congress in Madrid (October 23-27)
Jean-Claude Muller
The Midfielders
CRISPR Therapeutics (Switzerland) has had a fairly active and mostly constructive six months, driven by Casgevy progress, encouraging CTX310 an investigational in vivo CRISPR therapy, which lowers cholesterol and triglycerides through one year in early trials. Results were presented at ESC Congress 2026 and published in The New England Journal of Medicine on August 28. The fundamental storyline is the transition from a one-product Casvegy story toward a broader gene-editing pipeline in cardiometabolic disease, autoimmune disease, and oncology. Nevertheless the market has not fully rewarded the positive operational news.
BioNTech (Germany) announced it will stop in-house COVID-19 vaccine manufacturing, handing production to Pfizer, while closing sites in Germany and Singapore and cutting roughly 1,860 jobs—about 22% of its workforce. The company is concentrating on cancer therapies, retaining oncology manufacturing in Mainz and China, and has launched new Phase 3 trials for pumitamig with Bristol Myers Squibb. Co-founders Uğur Şahin and Özlem Türeci are stepping down at year-end to start a new mRNA-focused company. Sobi CEO Guido Oelkers was named as Şahin’s successor and is expected to become CEO by February 2027. The interesting story is not simply “good” or “bad” news: BioNTech is executing a high-stakes transformation from a COVID-vaccine cash machine into an oncology company which was the clear intention of the founders prior to the COVID outbreak. On October 26, BioNTech and DualityBio have announced mixed results with trastuzumab pamirtecan, an antibody-drug conjugate (ADC) in certain breast cancer patients after the ADC delivered a “statistically significant, yet modest” success in a Phase 3 trial.
Lakefront Biotherapeutics (Belgium) formely known as Galapagos was created from a restructuring of Galapagaos and asset acquisitions from Ouro Medicine initiated by Gilead Sciences
The laggards
Argenx (Belgium/Netherlands). On October 8, Argenx has seen its stock market value dropping 16.41% after deciding to halt a Phase III study evaluating Efgartigimod in adults with moderate-to-severe Sjögren’s syndrome. Management indicated that this decision was made following the recommendation of an independent data monitoring committee, which concluded, after an interim analysis, that the study would not be able to meet its primary endpoint.
Uniqure (Belgium). Market value of Uniqure dropped by 64% on September 29, following a data readout for its experimental gene therapy Huntington’s disease treatment, ifezuntirgene inilparvovec (AMT-130) which failed to hit statistical significance on a primary clinical measure at 48 months from 12 high-dose patients. Although in the composite Unified Huntington's Disease Rating Scale (cUHDRS)—a standard measure of cognitive, motor, and functional decline—AMT-130 showed a 44% slowing of disease progression compared to an external control group, the result yielded a non-significant p-value of 0.144.
Zealand Pharma (Denmark). The dominant recent theme is petrelintide, its amylin analogue partnered with Roche, which has produced mixed results. Positive phase 2 data in diabetes were reported on October 7 in the ZUPREME -2 study and the product has advanced into phase 3 in a program with overweight or obesity in September. Nevertheless on October 21, the full 42-week data set (10.7% average body-weight reduction versus 1.7% for placebo) disappointed investors and shares fell more than 30% in a single day. Several analysts estimate that the placebo-adjusted discontinuation rate due to adverse events was 18.8%, a level significantly higher than the approximately 4% observed with therapies already on the market.
Market Valuation (in millions) Of Top European Biotech Companies
Highlights from a Q3 Endpoints survey released on October 20.
"For the first time since the four-year downturn that followed the pandemic, industry sentiment has moved into positive territory. The Endpoints News Biopharma Sentiment Index (BPSI) headline score surged to 105 in Q3, up from 96 the prior quarter. Anything above 100 is considered upbeat. The BPSI, which started in dismal territory a year ago, climbed swiftly and steadily, clocking a nearly 29 point increase. In Q3, sentiment rose across each of the 10 measures in our survey. The next reading will show whether we're in a new era of positivity for the industry, or if Q3 was just a transient moment in the sun.
The survey universe is drawn from the Endpoints subscriber base, which comprises a wide cross-section of the global biopharma community.
Similarly to what we described for European companies overal groups that were already bullish became more so, while some of the most pessimistic soured further.
Paris, October 27, 2026
This document has been prepared by Jean-Claude Muller and is provided for information purposes only. The information contained herein has been obtained from sources believed to be reliable but is not warranted to be accurate or complete. The views presented are those of the author at the time of writing and are subject to change. Jean-Claude Muller has no obligation to update these opinions or the information presented.
Comments ()