Sustained sales of high-profile products continued to boost investor sentiment. Examples include Biogen’s Tecfidera and Gilead Science’s hepatitis C medicines, Sovaldi and Harvoni, which quickly became two of the most successful product launches in the industry’s history.
It was also a landmark year for new product approvals, as a more supportive U.S. Food and Drug Administration (FDA) clarified the use of new expedited approval channels for breakthrough medicines. Against a backdrop of booming stock markets and expansionary monetary policies, these product successes helped propel the biotech industry’s market capitalization above the US$1 trillion threshold, a new high.
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