In February, the biopharma industry sustained the positive momentum observed in January, with total financings increasing 105.94%, reaching $22.3 billion compared to $10.83 billion the first month of the year. The amount positions February as the second-highest month in BioWorld’s records, trailing only May 2020, which saw $23.98 billion in total financings.

Though down nearly 6% in January, the BioWorld Drug Developers Index (BDDI) rebounded in February, finishing the month with a 4.41% increase and outperforming both the Nasdaq Biotechnology Index (NBI; up 1.33%) and the Dow Jones Industrial Average (DJIA; up 3.47%). In 2023, BDDI concluded the year down 11.35%, trailing behind the NBI and DJIA.