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Healthcare
You're walking into a sector where 2023 global M&A hit $126B. London healthcare teams, at the bulge brackets and at the specialist healthcare boutiques that punch above their size here, cover the full stack: Big Pharma, Specialty Pharma, Biotech, MedTech, Healthcare Services, Life Sciences Tools, CROs/CDMOs, Animal Health, Consumer Health, and Genomics. Expect deals across pharma M&A, biotech licensing, MedTech bolt-ons, PE services roll-ups, biotech IPOs, and clinical trial consolidation. The work centres on quantifying patent cliffs - revenue at risk and erosion curves, since small molecules lose 70-90% in two years post-LOE and biosimilars 30-50%. On the pipeline, you'll probability-weight assets by stage (Phase III around 55-60%) and build rNPV using peak sales, time to market, and 10-12% discount rates for pharma, 12-15% for biotech. MedTech and Life Sciences Tools get valued on recurring revenue ratios - razor/blade models where consumables drive premiums of 15-25x and 20-30x EV/EBITDA. Services trades 8-15x, Big Pharma 12-16x, Biotech on rNPV only. Stress-test reimbursement: NICE at £30K per QALY, NHS tariff cuts, IRA price negotiation. Clinical and regulatory binary events move stocks 50%+. PE arbitrages fragmented services at 6-10x entry into 12-18x exit. Know subsector metrics cold.
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