That analysis is horrible. Like failing statistics 101 horrible. It completely ignores survivorship bias. You can't just look at the profit margin of the big

That analysis is horrible. Like failing statistics 101 horrible. It completely ignores survivorship bias. You can't just look at the profit margin of the biggest public companies. You're basically just selecting for the winners. And the entire business model of biotech is 90% are losers and of the 10% that win, they win big to make up for all the losers. You'd need to do an analysis that looks at profitability of the entire industry. Look at all the VC backed biotechs that get $500M in funding then go belly up. Look up the multiple acquisitions in the past decade that were just written off.