Stock Watch: Different Regulators Bare Their Teeth At Biotech
Illumina May Not Be the Only Buyer To Face Barriers
When the sector worries about regulation it is usually about drug development and registration. But governments also regulate on monopolistic positions in life sciences. Adding to that, national security enforcement is now rising.
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When AstraZeneca closed out big pharma earnings season, its usually dominant therapeutic franchise missed analysts’ expectations. Merck’s, on the other hand, did not disappoint.
The sales performances of the GLP-1 agonists dominated the earnings of Novo Nordisk and Lilly, with both stocks hitting 52-week highs after their results. But one moved ahead of the other in an important strategic bottleneck.
Claiming quarterly wins by expressing sales at constant exchange rates or including one-off tax breaks does not endear companies to investors because they are unpredictable and not reproducible.