Bearing down in a turbulent market

Biotech’s bear market is back, and with it companies may need to dust off their 2022–23 survival playbooks to stay afloat in a volatile environment. The big unknown is how long it will last.

Macroeconomic and political headwinds — ranging from U.S. trade policy on tariffs to staffing cuts at key agencies such as FDA — are poisoning the seedbed that just a quarter ago investors had hoped would support sector growth...