The gap in performance between defensive big pharma and high-growth biotech was quite noticeable today: Merck rose 1.5%, with Keytruda sales supporting its valuation, and its defensive nature strengthened alongside the high-dividend trend; CSPC Pharmaceutical Group edged up 0.5%, with fundamentals for Hong Kong-listed pharmaceutical companies still okay, moving quietly; WuXi Biologics fell slightly by 1.2%, weighed down by CRO geopolitical pressure. Moderna fell nearly 5%, as its mRNA platform has struggled to find new blockbuster pipelines in the post-COVID era, and market patience is wearing a bit thin 😔