PMVP - BofA's biopharma picks into 2021 set to build with new launches 'beatable' expectations

A substantive review of its U.S. biopharmaceutical coverage finds BofA looking to a "return to normal" for the sector in a year expected to be dominated by news about a number of COVID-19 vaccines. Biopharma had a strong year overall - with the Biotech side outperforming the broader market (NBI Index +26%, vs. S&P 500 gains of 16%) even though Pharma lagged (DRG index +5%). The pandemic is likely to have some of the headwinds it presented last year linger into 2021 - fewer office visits and postponed procedures due to lockdowns - but overall, BofA is positive on the sector, citing "many new product launches, beatable expectations and continued M&A activity." Its list of favorites starts with those Pharma-side laggards, notably Bristol Myers Squibb (BMY), which underperformed the DRG index overall despite "many wins" from a pipeline and commercial perspective. The pipeline has set up the "Big 8" new

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BofA's biopharma picks into 2021 set to build with new launches, 'beatable' expectations