Emily Field: Large pharma companies are going to continue looking at biotech

Watch on YouTube ↗  |  August 24, 2026 at 14:45  |  3:15  |  CNBC
Speakers
Emily Field — Barclays Head of Equity Research, US Biopharmaceuticals

Summary

Emily Field, Barclays Head of U.S. Biopharma Equity Research, argues biotech is gaining momentum as capital markets reopen, M&A returns, and innovation catalysts like Moderna and Merck's cancer vaccine data excite investors. She expects large-cap pharma companies to continue seeking biotech acquisitions, providing a tailwind for small and mid-cap biotech.

  • Biotech sentiment has improved after years of policy and pricing uncertainty.
  • Capital markets are open again for many biotech companies.
  • Large pharma buyers such as AbbVie and Merck remain committed to more deals.
  • Small and mid-cap biotech have an M&A tailwind as large pharma replenishes pipelines.
  • Moderna and Merck Phase 3 cancer vaccine data surprised and excited the market.
  • Cancer vaccine data could unlock further tumor-type opportunities.
Ideas
Emily Field Barclays Head of Equity Research, US Biopharmaceuticals 0:28
Biotech has open capital markets, catalysts
She believes biotech is gaining momentum in 2026 because the capital markets are open for many biotech companies, large-pharma M&A is returning after policy uncertainty paused it, and real innovation catalysts are exciting investors.
XBI HIGH
Emily Field Barclays Head of Equity Research, US Biopharmaceuticals 1:12
Cancer vaccine data unlocks next opportunities
The unexpected Phase 3 cancer vaccine data from Moderna and Merck was a major positive that opens the question of where these vaccines can go next, with trials ongoing in other tumor types and the full data set expected at a cancer conference later this fall.
MRNA MRK MED
Emily Field Barclays Head of Equity Research, US Biopharmaceuticals 1:46
Large pharma M&A tailwind supports biotech
Large-cap pharma companies such as AbbVie and Merck remain committed to business development and will keep looking at biotech to supplement portfolios, creating an M&A tailwind for small- and mid-cap biotech companies.
Small and mid-cap biotech HIGH
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This CNBC video, published August 24, 2026, features Emily Field discussing XBI, MRNA, MRK, Small and mid-cap biotech. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Emily Field  · Tickers: XBI, MRNA, MRK, Small and mid-cap biotech