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Biotech earnings season kicks off Thursday with fourth-quarter reports from Alexion Pharma (ALXN), Amgen (AMGN), Biogen (BIIB), and Vertex Pharma (VRTX). That’s a full day — and meaningful because all four companies will be providing investors with their financial outlooks for 2020.

“Unsettled” might be the best way to describe sentiment at the start of the year. The gathering of the biotech tribe for the annual J.P. Morgan Healthcare confab came and went without any significant deal-making or buyouts. Global markets are being roiled by the coronavirus outbreak in China. The biotech sector’s most closely followed stock index is down 4%.

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