Here is a quick breakdown of biotech stocks to watch in 2026 based on recent pipeline updates: **Axsome (AXSM)** Revenue is up due to Auvelity and Sunosi. They secured FDA approval for Symbravo (migraines) in Jan 2025. Next big catalyst is a narcolepsy drug filing expected in Q1 2026. **BioNTech (BNTX)** Sales down post-pandemic but they have a massive cash stockpile. Strategy has shifted to oncology with over 20 phase 2 and 3 cancer trials currently running. **Exelixis (EXEL)** Cabometyx is still the main earner for kidney/liver cancer. Reported positive results for zanzalintinib in colorectal cancer back in June 2025. **Regeneron (REGN)** Eylea remains the primary moneymaker. Recently got FDA approval for Lynozyfic to treat multiple myeloma in July 2025. Pipeline includes 15 late-stage programs. **Vertex (VRTX)** Continues to dominate cystic fibrosis. Expanded into pain management with FDA approval of non-opioid drug Journavx in Jan 2025. Kidney disorder treatment filing expected first half of 2026.