Bristol-Myers Squibb Leads Biopharma Recovery With Almost 25% Growth In Market Cap, But Novo Nordisk And Lilly Suffer Market Setbacks

The biopharmaceutical sector showed signs of recovery in the third quarter of 2024, fueled by increased investor optimism following the U.S. Federal Reserve’s interest rate cuts in September.

According to GlobalData, the top 20 global biopharmaceutical companies saw a 2% rise in their combined market capitalization, reaching $4.3 trillion by the end of September, up from $4.2 trillion in June.

This rebound highlights the industry’s potential for growth despite challenges earlier in the year.

Bristol-Myers Squibb & Co (NYSE:BMY) led the market with the largest increase in capitalization, which surged by 24.6% to $105 billion. This was largely driven by advancements in its pipeline, notably the FDA’s approval of its antipsychotic drug, Cobenfy, for treating schizophrenia in September 2024.

Gilead Sciences Inc (NASDAQ:GILD) also posted impressive growth, rising 22.1% in market value, thanks to the accelerated FDA approval of ...