Security quote of the week

> The problem here is that your sources are flawed.

Care to point errors in them? SEC data is public.

Your own link contains tons of information about scum like T*ring Pharmaceuticals that doesn't relate to actual R&D at all.

The reality is that pharma development is EXPENSIVE. For a typical approved drug there are 10 drugs that failed in clinical trials. For each Moderna there are hundreds of startups that failed (just ask antisense DNA/RNA guys).

This is quite clear from the stock performance: ^DRG (Pharma Index on Nasdaq) went up from 320 in 2006 to 800 now. Meanwhile, NASDAQ overall went up from 2300 to 14500 now. BTW, this is one of the reasons pharma companies pay dividends.