Waltham, Mass. — Trinity said its latest analysis found U.S. pharmaceutical and biotechnology launches posted their strongest performance since the company began tracking new drug launches in 2020.
The 5th Annual Trinity Next Gen Launch Report analyzed 36 U.S. pharmaceutical and biotech launches from 2025 and found that 51% exceeded Wall Street consensus revenue expectations. That compares with a four-year historical average of 39%.
Another 11% performed in line with expectations, while 38% underperformed.
The report found that oncology launches were particularly strong, with 90% exceeding Wall Street revenue forecasts. Several products generated more than seven times their first-year consensus expectations.
“What’s particularly striking about the 2025 launch class is that companies achieved the strongest commercial performance we’ve seen in five years during a period of extraordinary industry uncertainty,” said Krista Perry, Partner and Head of Launch Excellence and Emerging Accounts at Trinity.
The report said strong launch performance came despite drug-pricing uncertainty, funding pressures at the FDA and NIH, volatile capital markets and increased merger-and-acquisition activity.
Trinity also found that the number of first-in-class launches declined 39% year over year, from 34 in 2024 to 21 in 2025, suggesting that commercialization strategies played a larger role in launch performance.
Among companies launching their first commercial product, 63% met or exceeded revenue expectations.
The report highlighted Insmed’s Brinsupri, Ionis Pharmaceuticals’ Tryngolza and BridgeBio Pharma’s Attruby as examples of strong launches.
Brinsupri generated $172.7 million in U.S. net revenue in 2025, while Tryngolza posted $108 million in U.S. net sales. Attruby generated $365.3 million in revenue.
Trinity said the strongest launches shared several characteristics, including early patient identification, clear clinical differentiation, strong field execution and strategies designed to improve treatment access.
“One of the most important lessons from this year’s report is that launch excellence begins well before regulatory approval,” Perry said.
The report also noted that competition remained a major challenge in crowded therapeutic areas. In hereditary angioedema, three products were approved in 2025, but none exceeded revenue expectations.
Trinity said early market preparation, differentiated positioning, patient identification and streamlined treatment initiation are likely to remain key factors in future pharmaceutical launches.
