(https://www.cnbc.com/2026/05/27/eli-lilly-makes-a-new-push-into-vaccines-heres-what-to-know.html) — but this isn't about vaccines. It's about margin structure. Pharma is rotating away from blockbuster small-molecule cycles (patent cliffs are brutal) and into high-margin, recurring-revenue biologics. LLY's GLP-1 dominance buys them runway to pivot into preventatives where pricing power stays intact.

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