GEN’s analysis identified roughly $230 billion in annual sales tied to drugs whose key U.S. patents expire between 2026 and 2029; the top 20 alone generated about $176 billion last year. The impending loss of exclusivity has fueled a wave of M&A and licensing deals as companies scramble to replenish revenue lost to generic competition. Deal activity this year—highlighted by Johnson & Johnson’s $14.6 billion acquisition of Intra‑Cellular Therapies and Merck’s $10 billion purchase of Verona Pharma—reflects strategic buying to refill pipelines ahead of expiries. The patent cliff reshapes portfolio priorities, pricing strategies, and R&D allocations across big pharma and specialty biotech.