Clinical progress – or the lack of it – underpins smaller biotechs' Q2 stock performance.
Trade war and pricing worries weigh heavily on the sector's giants.
Deals were a major driver of mid-cap share movement in the first quarter, but pipeline progress and misfires played their parts too.
The downs are more pronounced than the ups as the macroeconomic climate turns against big pharma and biotech.
Many small groups are up thanks to takeover speculation, and this may end up being self-defeating.
Toothy grins all round at Align, but it is unclear how much longer it can keep up its scorching rate of sales growth.
A cooling of the M&A climate allows Asia-based groups to come to the fore.
Oncology-focused smaller biotechs reap rich rewards, but generics groups face hard times.
Teva's annus horribilis continues but overall the picture is bright.