Biotechnology stocks have risen alongside drug milestones, with the iShares Biotechnology ETF up 23.1% through Oct. 23 as trial data, a planned filing and an FDA approval mark different development stages.
IBB closed at $207.74 on Oct. 23, compared with $168.77 on Dec. 31, 2025. That is a 23.1% price gain, excluding distributions. IBB tracks an index that weights companies by float-adjusted market value and caps holdings, giving larger firms more influence in general. Its July 2026 summary prospectus lists a 0.44% annual expense ratio. State Street’s SPDR S&P Biotech ETF (XBI) spreads weight more evenly across large-, mid- and small-cap companies; State Street lists a 0.35% gross expense ratio.
Merck and Moderna said their Phase 3 INTerpath-001 study enrolled 1,137 people after surgery for stage IIB-IV melanoma. It compared intismeran autogene alongside KEYTRUDA with KEYTRUDA alone. At a median follow-up of 24.6 months, relative risk was lower by 42% for recurrence or death and 38% for distant metastasis or death; the corresponding hazard ratios were 0.58 and 0.62. Overall-survival data are not mature, and the study continues.
The U.S. Food and Drug Administration (FDA) approved Roche’s Enspryng for adults with thyroid eye disease on Oct. 15, and Roche announced the decision the next day. Roche said patients or caregivers can administer the medicine at home after training. Of the two pivotal studies, SatraGO-1 missed its prespecified primary endpoint at week 24, while SatraGO-2 met it.
The FDA’s Center for Drug Evaluation and Research said it approved 46 novel drugs in 2025; that count covers the center’s novel-drug list, not every product regulated by the agency. The examples here represent different checkpoints: an ongoing trial, a drug still under investigation and an approved indication.
In the 12-mg cohort of its Phase 3 TRIUMPH-1 study, Eli Lilly reported mean weight loss of 28.3% by the 80-week point. The company plans to submit a Biologics License Application to the FDA in the first quarter of 2027.
