While the stock prices of a few biotech companies have advanced significantly as a result of their pandemic efforts, a broad biotech stock index has underperformed the pharmaceutical index. Why?

Public Company Edition: Xilio, Ventyx, MiNK and Context went public in the US and later traded at or above their initial public offering prices. Also, Sarepta raised $500m and Relay grossed $350m in new offerings, while Oncopeptides, Esperion, Zymergen and Ardelyx reorganized and cut jobs.

From clinical trials to in-person sales calls, the pharmaceutical value chain has been tested by the COVID-19 pandemic, but has held up. Nevertheless, recent friction within this chain may be more than a passing irritation.

The pandemic created a tough environment for sales of both newly launched products and growing products, especially for small-to-medium enterprises. Scrip reviewed the second quarter earnings calls for several SMEs: some are continuing to feel pressure, and some are starting to recover. [See Part 1 for companies reporting a turnaround.]