Lazard's Global Biopharmaceutical Leaders Study in September 2022 made predictions about the biopharmaceutical market recovery, transaction activity, and drug pricing legislation. A year later, the study shows a high correlation between industry leader responses and subsequent events, except for predictions about drug pricing. More than 60% of respondents in the September 2022 study did not expect a sustained recovery until the second half of 2023 or beyond, with almost 30% expecting one in 2024. The hope for a second half 2023 recovery faded as it became clear that financing conditions would remain difficult due to a combination of banking system challenges and economic uncertainty. The study also found that 93% of respondents did not anticipate legislation that would significantly impact drug pricing.