Biopharma indexes rally to end white-knuckle week

Biotech indexes capped a volatile week with gains during Friday’s session, although their performance remains worse than the broader markets since President Trump announced widespread tariffs on April 2.

The markets had gone into a precipitous decline in the early days of April after the White House’s announcement, and biopharmas slumped further Wednesday morning after the president said pharmaceuticals would be subject to tariffs specific to the industry. But Trump revealed Wednesday afternoon that most tariffs would be paused for 90 days, and biopharmas — as well as broader indexes — have oscillated wildly ever since...