Biotech outperforming pharmaceuticals in 2003

The biotechnology sector has rallied over the course of 2003 following several successful drugs trials but large cap pharmaceuticals remain depressed. The S&P 500 Biotechnology Index posted growth of 30.9% between 31 December 2002 and 3 June 2003, in dollar terms, compared to a 10.13% return from the S&P 500 and a 2.7% return from the S&P 500 Pharmaceuticals Index. While biotech has strongly outperformed pharmaceuticals over the calendar year to date, opinions diverge as to where the value lies looking forward. Marjan Daeipour, manager of the M&G Global Healthcare fund, says the biot...