2Q25 Wrap: Signs of life

Biopharma stocks across all market cap tiers were up in 2Q25, gaining a median of at least 4%. But most remain down year-to-date due to losses in the first quarter.

The largest companies — those with market caps of $10 billion or more at the start of the quarter — performed best, with a median gain of 12%. Seventeen gained value, while 13 declined. However, looking over the first half of the year, 14 of the companies in this tier at the start of 2025 were up and 18 were down at the mid-year mark, putting the group in negative territory year-to-date...