The Case for Optimism

Stifel

Tim Opler

Research

99 Pages

Tim Opler reviews the fundamentals of the biotech sector and why he believes that the upside in the sector is just getting started.

Key Takeaways

Big Drugs for Big Markets: This theme is remaking the pharmaceutical industry, and the trend is just getting started. The obesity market has taught us that you can charge a “medium price” in a giant market, which implies that other markets with breakthrough drugs (think COPD or depression) could get much larger than they have ever been before.
Scaling Biopharma Innovation: Creating more good new drugs at lower cost has improved materially since the Pandemic.
M&A: Large pharma thirst for M&A is going in one direction, and it’s not down. Meanwhile, despite a rapid run up in the last four months, biotech still offers good relative value.
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