As pharma companies expand, they are looking more and more to biologics for their next potential blockbusters. However, this class of product—ranging from well-established large molecule drugs to truly novel therapies—poses major challenges because of their scientific complexity and sophisticated development requirements. Furthermore, expanding the drug pipeline isn't the only growth strategy most companies are pursuing: They are also planning to expand geographically and expect to face various risks doing so, including unfamiliar regulatory environments, shifts in pricing and customers' ability to pay. All this means that risk management is rising in pharma executives' agendas. To manage risks, companies are developing strategies that involve both building internal capabilities and reliance on external expertise. This paper, which incorporates the results of a survey of 254 pharmaceutical executives from around the world and a range of interviews with industry experts, explores in detail global pharmaceutical companies' growth strategies and their plans for managing the associated risks.