Biopharma Wrap-Up: Sideways to Neutral in Active Trading for Quarter

Biopharma stocks ended the quarter in a snooze as investors took a wait and see attitude as earnings roll-out for large caps. The IBB was off 0.83% today to $106.42 and up 9% QTD. The XBI is still up 19.65% QTD but in a downtrend since 4/5/19 since it peaked for 2019. So all major biotech ETFs are a fade since early April.

Merck Beats: We still have a few large cap earnings reports ahead for Q1 but the best performer Merck (MRK) beat again and raised 2019 forecast as Keytruda sales surged 55% to $2.27B ahead of Opdivo, and Gardasil sales were $828M up 27% First quarter WW sales were $10.8B with GAAP EPS of $11.2.

Amgen (AMGN) was down 1% but had a Q1 earnings beat on Enbrel sales but Repatha (cholesterol) drug sales were a bit disappointing at $141M.EPS beat at $3.56/sh.with flat revenues of $5.6B.

Other large caps were mixed today: ALXN up 0.62%, VRTX down 2.05%, RHHBY up 1.26%, BMY up 0.24%, ABBV down 1.18%.

GILD reports May 2 and REGN next week.

The IBB made a double high around $122 last August and September way below current levels of $106 so biopharma large caps are lagging small caps.


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