The biotech industry hasn't performed well this year, even by the standards of the struggling stock market. The SPDR S&P Biotech ETF -- an industry benchmark -- is down by 36% year to date. The good news is that there are still plenty of great biotech stocks that could be solid long-term picks.
Global biopharmaceutical company Sanofi (NASDAQ: SNY) encountered setbacks while developing its COVID-19 vaccine, and only this year reported results from late-stage clinical trials. Sanofi opted for the more traditional protein-based technology for its COVID-19 vaccine, Vidprevtyn, rather than the mRNA technology of Pfizer-BioNTech's Comirnaty and Moderna's Spikevax. The mRNA technology delivers genetic code instructing the body's cells to make the protein, while the more traditional approach produces the protein in a lab before injecting it into the body.
Moderna (NASDAQ: MRNA) was one of the best stocks to own last year as it brought its COVID-19 vaccine to market and generated billions in revenue. The company, which was a bit of an unknown before the pandemic began, has quickly risen in popularity.