Medicare price renegotiation and the FTC’s scrutiny of biopharma acquisitions have suppressed sector stock prices. But the sector may not be the actual target.

Pfizer and Amgen both have large M&A deals under regulatory review, and investors will be eager to hear updates on how those transactions are progressing during Q2 reporting.

Chief development officer William Pao oversees Pfizer’s clinical pipeline. He joined the company from Roche following a career in academia, and after his first year at Pfizer talked to Scrip about the transition to late-stage drug development.