If you step back and look at the state of biotech three-quarters into the year, here is what you see: an industry that is humming along, outpacing the S&P by a healthy margin, setting IPO records, and showering startups with cash. As for everyone’s worst fears — President’s Trump’s drug-pricing rants blowing up everything, for instance — they haven’t come to pass.

That’s all great. But what’s the view from the perspective of individual biotech companies?

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