The fourth quarter will see buysiders focused on news in cancer and HCV from big clinical meetings and expected PDUFA decisions, as well as several large cap commercial launches. But investors warned some milestones are priced for perfection, raising potential downside risk.

In cancer, major conferences like the American Society of Hematology (ASH) meeting and the San Antonio Breast Cancer Symposium - both in December - will provide milestones of interest (see "4Q13 Milestones," A11).