Phase 2 · Health Care
Health Care ecosystem
Every sector has a Leader, Pioneer, Challenger, Median and Failure. The Median shows what normal looks like; the Failure teaches as much as the Leader.
LeaderLLY
GLP-1 tailwind + capital discipline. Currently the largest pharma by market cap.
PioneerJNJ
Founded 1886. AAA-rated, longest dividend-streak in the S&P 500.
ChallengerVRTX
Cystic-fibrosis franchise + emerging pipeline. Pure science-driven compounder.
MedianBDX
Medical devices. Steady, defensive, slow-growing — what typical health-care compounder looks like.
FailureSGEN
Acquired at premium by Pfizer after pipeline disappointments. The price of binary R&D bets.
Sector stats
- Avg 20y CAGR11.2%
- Avg survival26 years
- Median multiple19.0× P/E
- Avg drawdown-34%