POINT: Yes, Biotech Is In A Bubble
This article was originally published in Scrip
It may be too early to determine whether biopharma is nearing the end of a summer slowdown or preparing to see an investment and dealmaking bubble burst, but there are a few pins poised to pop the proverbial bubble, leaving "When?" as the biggest unanswered question.
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Amgen had a good third quarter despite some COVID-19 impacts but did not shed any light on filing plans for two key late-stage programs nor provide any insight into Phase III asthma results for tezepelumab.
Merck’s third quarter beat analyst consensus and the company raised its guidance. The COVID-19-battered vaccines business began to improve but Gardasil’s recovery was slower than expected.
Amgen’s R&D programs are vitally important as sales of multiple blockbusters continue to drop, but one major late-stage asset had disappointing results and another key drug has an aggressive competitor.