We think the tone in the group has turned back to a bullish outlook, though the ASCO meeting can create shorter-term volatility. With the innovation wave in SMid cap picking up momentum and with an event-rich summer for large caps, we remain positive on the biotech group overall While we see scenarios for upside value across multiple companies we highlight Biogen and Alexion as having particularly favorable risk / reward profiles based on very defensible core businesses and very good pipeline / launch upside, while we do not view the potential upside for Celgene , Vertex or Amgen as compelling at this time.