> in line with recouping R&D and production costs

That's the "recouping R&D" part.

And who invests in companies that merely recoup the R&D ?

It seems like a previous comment pointing out how investors actually fund new drug development seems to track with the loads of pharma startups working on one thing each.

Run some stock screeners on your brokerage account. You have to work to generate a list without a pharma startup on it.

A big part of this businesses model is because only large Pharma companies are equipped to handle the regulatory barriers and large enough to negotiate with the PBMs