Biotech down on weaker 1st-qtr drug sales, but broader market stays on a roll
April was Wall Street's best month in nine years, which analysts believe sends the strongest signal yet that the economy is about to begin a turnaround. The Dow Jones industrial average provided an encore performance, up 7.4% in April, on top of a 7.7% gain in March, and the Nasdaq gained a healthy 12% as investors were not phased by a World Health Organization warning that an influenza pandemic was imminent (Marketletter May 4). The strain of flu that is causing concern appears to be a mix of viruses derived from pigs, birds and humans.
"Apart from those biotech companies that are linked to combating a potential flu pandemic, such as Gilead Sciences, Novavax and BioCryst Pharmaceuticals, biotech didn't fare as well as the general markets," said Steven Burrill, chief executive of Burrill & Co, a San Francisco-based, life sciences venture capital and merchant banking group.
1st-qtr results "did not inspire confidence"
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
| Headless Content Management with Blaze