A handful of huge success stories mask disappointing performances elsewhere, with small caps and Asian pharma firms feeling the pain.
Big-cap device makers on European exchanges did nicely in 2021, whereas their US-listed brethren had a harder time.
Moderna is the standout gainer, but the stragglers are becoming more apparent as the pandemic tide retreats.
A strong performance from a handful of large drug developers could not rescue the sector from a weak three months on the stock market.
Big risers include Eli Lilly, Biogen, Moderna and Biontech.
Emergence from lockdown is the driving force behind many – but not all – of the small and mid-cap share price moves.
And Lilly was well ahead of the pack, fuelled by Alzheimer’s hopes.
Shareholders are rewarding the kinds of companies they punished a year ago.
Covid-19 vaccine developers stand out as global drug stocks tread water in the first quarter.