In a research report, Barclays analyst wrote that as we enter 2025, the outlook for the pharmaceutical industry appears to be more challenging. 'European pharmaceuticals are unlikely to outperform large caps in 2025.' The analyst mentioned key challenges including deteriorating market sentiment towards large pharmaceutical companies, one-off risks, and improving market prospects outside the healthcare sector. As we step into the new year, the analysts expect a focus on clinical catalysts, the return of M&A activities, and the ongoing political uncertainties. However, they remain optimistic about the industry's medium to long-term outlook. Barclays heavily recommended stocks include the joint ventures of AstraZeneca in the UK and Sweden, as well as Novo Nordisk in Denmark.