The J.P. Morgan Healthcare Conference will be a virtual event but the industry's biggest business meeting will still lay the groundwork for the year ahead.

Most of Lilly’s 2021 gains will come from its newer products, but sales of COVID-19 treatments added $500m to the company’s 2020 revenue guidance and may total $1bn-$2bn next year.

The company has assembled small molecule discovery capabilities for the development of targeted cancer drugs that it believes rivals big pharma efforts and will fulfill patients’ unmet needs.

Regulators in the US have approved Gavreto for metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, setting the stage for a head-to-head battle for market share with Eli Lilly's Retevmo.