If the theme of the first quarter of 2021 was worry about a stock market correction, the second quarter was all about a resurgence on the back of Alzheimer’s optimism. It seems the FDA, with the controversial approval of Biogen’s Aduhelm, has come to the rescue of biopharma investors.
It was big pharma groups that led the charge, an analysis by Evaluate Vantage shows. Lilly was the biggest gainer, adding nearly $59bn to its market cap in the first half of the year, helped by hopes that its amyloid-beta antibody donanemab might now get a quick US nod.
In the big cap cohort the company that started the Alzheimer’s renaissance, Biogen, was outdone by Moderna. A strong showing by other Covid-19 vaccine developers suggests that, for investors at least, the pandemic is far from over.
This analysis tracks the stock market performance of just over 700 global biopharma groups covered by Evaluate Pharma; it includes only pure-play drug developers with a market capitalisation of more than $250m at the start of the year.