At the end of last year it seemed like things might be looking up for biopharma stocks, with big pharma riding high. The first quarter of 2023, however, has fallen back into an all-too-familiar pattern, with large losses for many of companies in the Evaluate Vantage universe.
Big pharma crashed, losing $199bn in value overall. And a boost in the large-cap group was flattered by the rocketing share price of Seagen on the news that the group was being acquired by Pfizer. Hopes that the bottom of the market had been reached now look premature.