As broader markets struggled throughout 2022, the biopharma industry’s largest and most lucrative companies ended the year in a strong position, according to BioWorld’s Biopharmaceutical Index (BBI), which showed the 22 component stocks climbed by 17.3% throughout the year. Neither the Nasdaq Biotechnology Index (NBI) nor the Dow Jones Industrial Average (DJIA) demonstrated such gains. They were down by 10.9% and 8.8%, respectively. All three indices, however, are following the same path in 2023, shooting up throughout the month of January and back down in recent weeks.

Baxter International Inc.’s fourth quarter earnings per share came in well below consensus and the company lowered expectations for 2023’s first quarter and full-year performance citing “ongoing macroeconomic challenges and supply chain headwinds.” Topline results that beat expectations provided cold comfort to investors who saw the stock price drop 12% following the release of the quarterly report. Baxter also provided additional details on the restructuring including limited layoffs along with the quarterly update.