2026 AI Biopharma review: the dream is still Morphic, not yet mortal

Summary takes: Slightly behind schedule, we publish our 2026 annual review of AI activity and developments in the pharma space, building on our 2024 (EU Pharma: Deep dive on AI in Pharma: industry finally entering the in-silico era?) and 2025 (EU Pharma: 2025 AI pharma review: pholds and boltz in place, in silico era (almost) here) reports. This encompasses a survey of the publicly disclosed initiatives for our coverage universe and updated assessment of how AI is being deployed across both corporates and the therapeutic landscape more broadly. The summary is that whilst we clearly appear to be past the initial bolus of publicly disclosed AI initiatives earlier this decade from a big pharma perspective, the pace of activity remains steady. After the landmark computational advances of 2024 (AlphaFold3) and 2025 (Boltz-2), we also had a quieter year on the innovation front, with perhaps the most notable development from Isomorphic labs. Overall, our view remains that industry deployment