Recently, strategic alliance has become important for improving outcomes in high technology industries. This study tried to address the influence of alliance uncertainty, portfolio characteristics and absorptive capacity on strategic alliance performance in pharmaceutical industry. Prior researches also investigated strategic alliance but they were restricted to limited cases and subjects, conceptual framework and exploratory design. From thorough literature review, more comprehensive research model and measurements than previous works were established. Based on alliances samples formed by pharmaceutical firms from 2003 to 2010, this study suggested a significant link between alliance uncertainty, portfolio characteristics, absorptive capacity and alliance performance in pharmaceutical business. It was also able to reveal the most powerful explanatory factor toward alliance outcome and propose favorable types of strategic networks to practitioners from the findings. From insights of this study, further study using complementary primary data incorporating managerial features in alliance could be a great step forward. Additional research based on more integrated and balanced measurements for qualitative aspects like alliance maintenance, optimization, integration, trust and coordination to assess managing issue after deal execution can also provide us meaningful contributions. By doing that, it is expected to draw more compelling factors to explain alliance dynamics for both academic and practical views.