STOCKWATCH: And they will come in the emperor’s new clothes
This article was originally published in Scrip
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As generalist investors continue to push higher the stock prices of biotech companies that announce the most tenuous of coronavirus developments, the track record of biotech companies developing even vaccines for which the antigen is proven to be safe and efficacious remains poor.
Following Mylan’s first-quarter 2020 earnings announcement, all the biggest generic pharmaceutical companies have now reported. Concerns about supply chain disruptions in March have proven to have been overblown and guidance has largely been reaffirmed. So, are generics immune from coronavirus?
As the first-quarter 2020 earnings season transitions from big pharma to the long tail of smaller biotech companies, the coronavirus pandemic-related dynamics of channel stocking and greatly diminished numbers of clinic visits have magnified effects at companies with single underperforming drugs.