Recent BPSI trend: biopharma sentiment improving from pessimism to cautious optimism

The Biopharma Sentiment Index (BPSI) is a quarterly survey that measures how biopharma professionals feel about business conditions, finances, fundraising, regulation, and hiring.

Recent results show the sector has been improving:
Q4 2025 scored 78, below the neutral baseline of 100 and reflecting broad pessimism.

By Q1 2026, the BPSI rose to 90, with all 10 core sentiment measures improving and the 12-month outlook returning to neutral territory for the first time in a long while.

The latest commentary suggests optimism is increasingly tied to dealmaking and strategic transactions, while regulatory concerns remain the biggest drag on sentiment.

Survey respondents include biopharma ecosystem participants, with a notable share of C-suite executives in the sample.