A look at stock performances over the first quarter of 2022 shows the extent to which investors have backed away from high-risk drug development.
This month has seen two blank-cheque company deals fall apart, and more terminations should be expected.
Lilly pips Pfizer to the big pharma top spot on share price performance, while Covid-19 drives the largest risers elsewhere.
Insulin pumps and glucose sensors flew off the shelves, whereas liquid biopsy developers both soared and sank.
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.