45 tickers across pharma giants, biotech, and managed care.
Every company in the gauges, grouped by role in the bifurcation thesis. ETFs at the bottom anchor the ratio math. Prices updating.
Pharma Giants
15 mega-cap pharmaceutical names, market caps $50B and up. These drive the pharma side of the bifurcation — defensive cash flow, dividend payers, patent-cliff exposed.
| Ticker | Company | Role in basket | Latest |
|---|---|---|---|
| LLY | Eli Lilly | GLP-1 leader (Mounjaro, Zepbound) — drives pharma momentum component | — |
| NVO | Novo Nordisk | GLP-1 co-leader (Ozempic, Wegovy) | — |
| JNJ | Johnson & Johnson | Diversified pharma + medtech, dividend stability anchor | — |
| PFE | Pfizer | Patent cliff bellwether — post-COVID re-rating in progress | — |
| MRK | Merck | Keytruda concentration risk; oncology pipeline | — |
| ABBV | AbbVie | Humira cliff post-2023; Skyrizi/Rinvoq replacement story | — |
| BMY | Bristol Myers Squibb | Heavy patent-cliff exposure (Eliquis, Revlimid, Opdivo) | — |
| AZN | AstraZeneca | Oncology + rare disease growth; UK-listed ADR | — |
| GSK | GSK | Vaccines + HIV; recent post-spin restructuring | — |
| NVS | Novartis | Innovative medicines focus post-Sandoz spin-off | — |
| ABT | Abbott Laboratories | Diagnostics + medical devices anchor; consistent acquirer | — |
| AMGN | Amgen | Biologics; large biotech-pharma hybrid | — |
| RHHBY | Roche Holding | Diagnostics + oncology giant; Swiss-listed ADR | — |
| SNY | Sanofi | Specialty care, vaccines, consumer health | — |
| TAK | Takeda | Japanese mega-pharma; rare disease focus post-Shire | — |
Large Biotech
10 names with mature pipelines and revenue. These bridge pharma giants and small-cap biotech — large enough for institutional flows, still pipeline-driven.
| Ticker | Company | Role in basket | Latest |
|---|---|---|---|
| GILD | Gilead Sciences | HIV + oncology; consistent FCF biotech | — |
| REGN | Regeneron | Eylea franchise + oncology pipeline | — |
| VRTX | Vertex Pharmaceuticals | CF franchise + Casgevy (gene editing); pain pipeline | — |
| MRNA | Moderna | mRNA platform; post-COVID re-rating | — |
| BIIB | Biogen | Neuroscience; Leqembi rollout | — |
| BNTX | BioNTech | mRNA platform; oncology pivot | — |
| ALNY | Alnylam Pharmaceuticals | RNAi platform; cardiac amyloidosis franchise | — |
| BMRN | BioMarin | Rare disease franchise; Voxzogo | — |
| INCY | Incyte | Jakafi franchise + dermatology pipeline | — |
| ARGX | argenx | Vyvgart in autoimmune; high-growth biotech | — |
Small & Mid Biotech
14 names selected for clinical-stage exposure and retail visibility. These drive the breadth, distance-from-high, and capital-pressure components of the biotech gauge.
| Ticker | Company | Role in basket | Latest |
|---|---|---|---|
| SRPT | Sarepta Therapeutics | Duchenne muscular dystrophy; Elevidys franchise | — |
| CRSP | CRISPR Therapeutics | CRISPR/Cas9 platform; Casgevy partner | — |
| BEAM | Beam Therapeutics | Base editing platform | — |
| EDIT | Editas Medicine | Gene editing; ophthalmology | — |
| NTLA | Intellia Therapeutics | In vivo CRISPR platform | — |
| IONS | Ionis Pharmaceuticals | Antisense platform; spinraza partnership | — |
| PTCT | PTC Therapeutics | Rare disease; Translarna | — |
| RARE | Ultragenyx | Rare metabolic disease pipeline | — |
| FOLD | Amicus Therapeutics | Rare disease; Galafold + Pombiliti | — |
| INSM | Insmed | NTM lung disease; Brensocatib pipeline | — |
| NBIX | Neurocrine Biosciences | CNS specialty; Ingrezza franchise | — |
| EXEL | Exelixis | Oncology; Cabometyx franchise | — |
| JAZZ | Jazz Pharmaceuticals | Sleep + oncology specialty | — |
| HALO | Halozyme Therapeutics | Drug delivery platform; royalty model | — |
Managed Care
6 health insurers driving the Managed Care Watch strip. Tracked separately because their drivers are independent of pharma and biotech.
| Ticker | Company | Role in basket | Latest |
|---|---|---|---|
| UNH | UnitedHealth Group | Largest US insurer; Optum services arm | — |
| ELV | Elevance Health | Anthem-legacy; Blue Cross licensee in 14 states | — |
| CI | Cigna Group | Commercial + Express Scripts PBM | — |
| HUM | Humana | Medicare Advantage pure-play | — |
| CNC | Centene | Medicaid + Marketplace concentration | — |
| CVS | CVS Health | Aetna insurer + Caremark PBM + retail pharmacy | — |
Reference ETFs
Used for ratio math, not part of the gauge baskets directly.
| Ticker | ETF | Role | Latest |
|---|---|---|---|
| XBI | SPDR S&P Biotech | Equal-weighted biotech; small-cap proxy | — |
| IBB | iShares Biotechnology | Cap-weighted biotech; mega-cap dominated | — |
| IHE | iShares US Pharmaceuticals | Pharma momentum reference | — |
| XLV | Health Care Select SPDR | Sector benchmark for managed care basket | — |
Total: 45 individual tickers + 4 ETF references. The full methodology, including how the universe is selected and revised, is documented on the methodology page.