Historical outbreaks include SARS, Avian Flu, MERS, EBOLA, and Zika. Returns are measured on an earnings weighted aggregate basis.
Sources: Evaluate Pharma, CapitalIQ, FactSet and Citi Report (Dimensioning the Impact of Covid-19)
Note: CDMO index include Lonza, Catalent, Thermo Fisher, Recipharm and Siegfried