Regressing to normality

The biotech industry has reached the point in its maturation where there will be major milestones every year, but that doesn't mean that all years will be created equal. Last year was special: a year that combined both beaten down stock prices and an unusual number of foolproof milestones, mostly for products that were turned down at the FDA in 2002, but which everyone expected to be approved sooner rather than later.

This year will be more normal. The approval backlog is gone, while the BioCentury 100 index was up 45.2% in 2003, meaning that bargains will be harder to find...