“When you look at the large-cap biotech companies that are driven by earnings, their earnings multiples are in the middle of the historic range even though biotech has been red hot,” McDonald says. “What’s driving this is that these companies are bringing products to market and are selling them, and they’re revenue and earnings stories. I hate to use the word 'mature,' but certainly the biotech industry has matured. So despite Janet Yellen’s comments about the industry being at the top, I don’t think that’s supported by the numbers.”
 

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