Johnson & Johnson is the first big pharmaceutical company to report first quarter financial results, and investors across the industry are interested in hearing how the COVID-19 pandemic is impacting the sector's fundamental business dynamics.

If the lengthy litigation history is any guide, Amgen regretted licensing its first product to a big pharma partner, probably because the product was so successful. For most first products, however, a big pharmaceutical collaboration can bring many benefits but the converse – self-commercialization of the first product – has far fewer positive historical connotations.

The company will cut 340 positions, primarily affecting Zulresso commercial operations, to save $170m, after announcing it will need to run new trials to support the regulatory plan for zuranolone.

Flagship Pioneering raised $1.1bn to fund life science companies emerging from Flagship Labs. ARCH, another frequent start-up co-founder, raised two funds totaling $1.46bn to back early-stage biotech.