Day: June 30, 2021

We have been long-term owners of Amgen (AMGN), Merck (MRK) and Pfizer (PFE) among the major pharma/biotech companies. We believe they trade at a ridiculous discount to similar companies in other industries. However, we think we understand why they were underperforming similar stocks and it was a self-inflicted wound. The industry allowed the media to define them as drug companies.