ESG & Long-Term Disclosures: The State of Play in Biopharma

CECP, June 2021

22 Pages Posted: 15 Jun 2021

Date Written: May 28, 2021


How much forward-looking information do public companies disclose, including on ESG themes? Do they provide targets and KPIs on themes key to long-term value creation? In this paper, we analyze the accessibility, quantity, and time frame of forward-looking information disclosed by the 25 constituents in the S&P 500 Pharmaceuticals, Biotechnology & Life Sciences GICS industry classifications.

Using an updated version of CECP’s Long-Term Plan (“LTP”) Framework, we assess four key disclosure channels (annual reports/10-K, stand-alone sustainability reports, proxy statements, and investor day transcripts) and find that forward-looking information is dispersed, and locating it is complex and time-consuming. In addition, the amount of forward-looking disclosure varies across the LTP Framework’s nine themes, with the most found across the themes of Competitive Positioning and Trends. We find that near-term disclosures are most common.

We conclude with a practical set of executive-ready recommendations for corporate managers focused on setting targets, increasing transparency, refreshing materiality, and providing commentary on ESG disclosures.

Keywords: Biopharma, ESG, Long-Term, Disclosures, Forward-Looking

Suggested Citation

Shah, Anuj A. and Tomlinson, Brian and Rosen, Michael and Kehl, Emilie and Rossi, Lukas, ESG & Long-Term Disclosures: The State of Play in Biopharma (May 28, 2021). CECP, June 2021, Available at SSRN: or

Anuj A. Shah

KKS Advisors ( email )

Boston, MA
United States

Michael Rosen

CECP ( email )

5 Hanover Square, Suite 2102
New York, NY 10004
United States

Emilie Kehl

KKS Advisors ( email )

Boston, MA
United States

Lukas Rossi (Contact Author)

KKS Advisors ( email )

Boston, MA
United States

No contact information is available for Brian Tomlinson

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