BBH - Moving Beyond COVID In Biopharma

• Just over one year after COVID-19 disrupted our lives, we are now getting to the point where multiple vaccine options are nearly ubiquitous for those in the United States.
• Per the CDC, as of April 12, 36% of the entire US population has received at least one vaccine, and 79% of those aged 65 years and older.
• The biopharma industry has been materially underperforming this year as ramping regulatory concerns and disappointing results from a variety of pipeline candidates weigh on sentiment.
• We think the market overreacted to a few disappointing test results, and we see several innovative businesses whose R&D pipelines are being substantially undervalued.

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