The Biopharma Sentiment Index (BPSI) reported a sharp improvement in industry mood in Q3 2026, moving into positive territory for the first time since the downturn after the pandemic. The BPSI headline score rose to 105 from 96 in the prior quarter, with any score above 100 indicating upbeat conditions. The index reflected broad gains across business conditions, company finances, funding climate, regulation, and hiring. Current Conditions jumped to 103 from 87, while Expectations increased to 106 from 102, with the biggest rise tied to business conditions recording a score of 147. The survey of 569 biopharma insiders, fielded Aug. 13 to Sept. 15, included more than a quarter C-suite respondents. Some participants also flagged early signals of dealmaking and AI investment “bubble” behavior, alongside the improved overall outlook.