Despite a rough past week for the healthcare sector, pharmaceuticals and biotech stocks have outperformed the S&P 500 this year. Investors have gotten excited over cancer treatment breakthroughs for Moderna, Merck and Revolution Medicines—plus regulatory shakeups at the FDA. But is market hype running ahead of reality? Can the rally last?

On this week’s episode, co-hosts Telis Demos and Miriam Gottfried are joined by WSJ’s Heard on the Street columnist David Wainer to discuss how AI and competition from China are shifting the market, where pharma M&A is headed next, and how everyday investors should navigate the sector.

This is WSJ’s Take On the Week where co-hosts Telis Demos, writer for WSJ’s Heard on the Street, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.

Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com.

To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com

Further Reading

Exclusive | Cheap Biologic Drug Alternatives Stall, Threatening U.S. Healthcare Savings

Hype for Moderna’s Cancer Vaccine Is Running Ahead of the Math

China is a Threat to Biotech’s Massive Bull Run

For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog.

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Follow Miriam Gottfried here and Telis Demos here.

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A Breakthrough Cancer Vaccine Fueled a Biotech Rally. Can It Last?

WSJ's Take On the Week

A Breakthrough Cancer Vaccine Fueled a Biotech Rally. Can It Last?