Janus Henderson Group Plc · NYSE:JHG
Janus Henderson — Janus Henderson Investors — Asia Investment Summit 2026
13 slides from Janus Henderson's conference presentation, April 2026
Slide 1: Global Healthcare – How Breakthroughs Are Driving the Next Growth Phase
TRENDS & INSIGHTS GLOBAL HEALTHCARE – HOW BREAKTHROUGHS ARE DRIVING THE NEXT GROWTH PHASE Asia Investment Summit 2026 Dan Lyons Portfolio Manager – Healthcare Janus Henderson Investors This material is issued for Institutional or Professional Investors only (or sophisticated/qualified/wholesale inve
Slide 2: Why healthcare?
Why healthcare? A powerful combination of factors are driving long-term sustainable growth ACCELERATING INNOVATION IN MEDICINE GLOBALISATION 293 1/3 India & China India and China represent a third of the world’s population. As their middle OVER classes develop, demand for health World population car
Slide 3: 2025 was a roller-coaster year for healthcare
2025 was a roller-coaster year for healthcare Policy concerns for the FDA, tariffs and drug pricing weighed heavily on the sector 160 MSCI ACWI 150 MSCI Healthcare +46.8% Headwinds are lifting Biotech (XBI) +46.8% 140 ▪ FDA is delivering innovation 130 US Presidential Election - Biotech fundamentals
Slide 4: Biotech recovery still has a long way to go
Biotech recovery still has a long way to go XBI is more than 20% below post-COVID highs in February 2021 200 180 $168 160 140 120 100 80 $77 60 40 20 0 Feb-21 Feb-26 Jun-21 Feb-22 Jun-22 Feb-23 Jun-23 Feb-24 Jun-24 Feb-25 Jun-25 Apr-23 Apr-21 Oct-21 Apr-22 Oct-22 Oct-23 Oct-24 Apr-25 Oct-25 Aug-21 D
Slide 5: And the sector is leaner and healthier than ever
And the sector is leaner and healthier than ever Nearly 25% of biotech's have “very good” datasets compared to just 8% in Feb 2022 Count of U.S. public Biotechs Count of U.S. public Biotechs with “very good” data (Feb 2022 – Nov 2025) (Feb 2022 – Nov 2025) 494 78 471 456 453 Down 38% Up 105% 71 73 7
Slide 6: M&A market is picking up steam
M&A market is picking up steam 2026 is on pace to be the second most active year for Biopharma M&A on record M&A dollar volume in the Biopharma sector (2014 – 2026 YTD) $350 $328 $302 $300 $250 $227 $223 (Billions, Worldwide) $200 $178 $175 $162 $160 $149 $150 $127 $118 $112 $100 $78 $50 $0 2014 201
Slide 7: Significant discount versus the broader market
Significant discount versus the broader market Healthcare sector P/E ratio / S&P 500 P/E ratio (30 years) 55% Health care higher than average relative value Healthcare sector Price-earnings ratio/ S&P 500 30% +1 Standard Deviation Price-earnings ratio Average 5% -20% -1 Standard Deviation -45% 1996
Slide 8: Innovation opportunities: Therapeutics
Innovation opportunities: Therapeutics Accelerating innovation addressing unmet medical needs CANCER Moving from indiscriminate chemotherapies and radiation to more targeted immuno-oncology treatments that leverage, rather than attack, the body’s immune system. OBESITY More than 40% of the global po
Slide 9: Opportunities for innovation: RAS(ON) Inhibitors
Opportunities for innovation RAS(ON) Inhibitors Excessive RAS(ON) Signaling Drives ~20% of Human Cancers New Treatments Show Doubling of OS in Pancreatic Cancer Annual US ~RAS-addicted 14 13.2 Tumor Type Cases % RAS-addicted patients 12 Pancreatic ~65k ~90% ~55 – 60k 10 Colorectal ~150k ~50-55% ~75
Slide 10: Innovation opportunities: Medical Tech
Innovation opportunities: Medical Tech Accelerating innovation addressing unmet medical needs CARDIOLOGY Pulsed Field Ablation (PFA) therapy is a novel approach that selectively targets heart tissue to treat atrial fibrillation, potentially minimizing damage to surrounding tissues compared to tradit
Slide 11: Contact us / Important Information
Contact us janushenderson.com Important Information This material is issued for Institutional or Professional Investors only (or sophisticated/qualified/wholesale investors as such term may apply in local jurisdictions). The views presented are as of the date published. They are for information purp
Slide 12: Contact us
Contact us janushenderson.com Note to Hong Kong Readers: Applicable to funds not authorised by the SFC only: The fund is not authorised in Hong Kong. Warning: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relatio
Slide 13: Contact us
Contact us janushenderson.com No invitation to offer, or offer for, or sale of, the Fund will be made in the People’s Republic of China (the “PRC”) (which, for the purpose of this definition, does not include Hong Kong Special Administrative Region, Macau Special Administrative Region or Taiwan) whe
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