Why silence is not a strategy – It’s a risk
By Fern Lazar, Managing Partner, Global Health Practice Leader at FINN Partners
When the biotech market is booming, even companies that whisper are heard.
Capital flows freely, IPOs are plentiful, and early-stage promises often ride the wave of sector momentum.
But in a slump — like today’s — staying silent isn’t an option.
Companies need to be more intentional about what they say and how they say it. It’s not just about raising capital and it’s about more than boosting confidence.
Storytelling is the survival skill that confers a competitive advantage, allowing your company to brightly stand out when other companies fade to gray.
This should be very much top-of-mind as Boston becomes the epicenter of global biotech ambition this June.
That’s when the world’s top biopharma dealmakers, economic development leaders, investors, and media will converge at the annual BIO International Convention to shape the next wave of innovation, investment, and growth – in the middle of a bear market.
It’s here and now that investor relations (IR) comes into its own.
Often viewed narrowly as liaisons for Wall Street, IR professionals must evolve as their audience expands.
IR must speak up during economic slumps, and it must do so as fluently and vocally to payers, providers, policymakers and patient advocates as it does to analysts and investors.
That’s because in today’s flagging health environment, in which you cannot count on a good return on investment in the traditional, financial sense, you must cultivate a return on impact through strong communications.
A McKinsey & Company study found that companies with consistent, transparent stakeholder engagement recovered market capitalization twice as fast as those who went silent during economic downturns.
Engagement doesn’t just build goodwill — it accelerates trust and market resilience.
The companies that understand this truth — and act on it — will emerge stronger.
Fern Lazar
The Past Speaks: Who Thrived During a Difficult Economy?
This isn’t biotech’s first bear market and will not be its last.
History has given us clear examples of who kept talking and who kept building through a downturn, and companies that continued to engage stakeholders with a vision and a value narrative reaped rewards.
The following cases give us lessons to take to heart, not simply to ensure survival, but success.
Genentech – Dot-Com Crash (2000–2002) – During the dot-com crash when tech giants fell, Genentech stayed focused. It communicated a compelling, long-term vision, spotlit clinical milestones, and never stopped investing in science. The result? Herceptin and Avastin transformed cancer treatment and reinforced the company’s industry leadership.
Gilead Sciences – Post-9/11 & SARS (2001–2003) – While global anxiety soared post-9/11, Gilead zeroed in on HIV and antiviral research. The clarity of its message and mission built a foundation for launches like Viread and Truvada, setting the stage for the organization’s dominance in infectious disease.
Regeneron – Global Financial Crisis (2008) – Markets crumbled in 2008, but Regeneron’s commitment to transparency and scientific integrity didn’t. It kept communicating, regularly and clearly; by 2011, Eylea had changed the company’s fate. Its leaders continued to map out how their clinical approach would favorably impact care and cost.
Moderna – Pre-Pandemic to COVID Pivot (2010–2020) – Mocked early for its mRNA moonshot, Moderna stuck to a story grounded in data, engagement, and humility. By 2020, the world needed a hero, and Moderna, based on the credible, solid narrative it had built, was able to answer the call. While the threat of COVID may have receded into the background, Moderna is still working, preparing for another wave of mRNA innovation.
Today’s Innovators: Building Trust in a Tough Market
While these cases demonstrate the value of shaping a consistent narrative in order to reach stakeholders effectively, not every company stays the course.
Ahead of BIO, both established and growing companies should think twice about changing their IR narrative.
Shifting storylines do not inspire confidence; they sow distrust and create risk.
The companies listed below are demonstrating that a straightforward, compelling, consistent narrative – centered around meeting urgent patient needs, filling gaps in care, and adhering to solid process and regulatory rigor builds confidence and trust.
Alnylam – A pioneer of RNAi therapies, Alnylam keeps patients front and center. It communicates the human impact of its work, not just its financials, making it a favorite among advocacy groups and payers alike. Alnylam represents an expensive investment opportunity, but its stakeholders are paying attention.
Immunocore – By anchoring its story in real clinical progress and relevance to patients, Immunocore is making complex science accessible — and showing stakeholders why its T-cell receptor (TCR) platform deserves attention. As of May first, Immunocore has a consensus rating of “Strong Buy,” based on nine buy ratings, two hold ratings, and zero sell ratings.
Roivant Sciences – Roivant’s platform model may seem unconventional, but it uses investor relations to effectively demystify its seeming complexity. Its bold transparency and execution have allowed it to continue securing major deals — even in a tight market.
10x Genomics – Leading the charge in single-cell innovation, 10x has remained in conversation with researchers, partners, and investors alike — reminding stakeholders why its technology matters for the future of precision medicine. As of April 13, 2025, 10x Genomics (TXG) has a market cap of $979.64 million and its enterprise value is $668.85 million.
What Skeptics Miss: Visibility Isn’t Vanity, It Builds Velocity
Some leaders resist the idea that visibility matters in a slump.
They see storytelling as “fluff,” a distraction from science. The data tells a different story.
Nasdaq IR Intelligence reports that companies with strong investor relations programmes experience lower stock volatility and faster access to capital, post-downturn.
The companies that stay visible are the first in the room when funding doors reopen.
In biotech, where every quarter matters and trust compounds over time, the lesson is clear: silence slows you down.
Visibility — innovative, strategic, stakeholder-centered visibility — is a growth engine.
It builds reputational equity long before the next capital raise. Based on this knowledge, I’ve developed some key points below to guide industry execs.
A Playbook for Biopharma Leaders in Challenging Markets
- Message Discipline is a Must – Don’t just share data — shape it into meaning. What does your science solve? Why now? Why you?
- IR Is a Team Sport – Arm your leadership — from CMO to advocacy lead — with unified messages. Everyone is a spokesperson.
- Partner with Patient Advocates – Patient groups amplify trust. Bring them into your IR strategy, early and often.
- Speak Payer Language – Demonstrate value in understandable terms: outcomes, economics, and unmet needs. Payers are gatekeepers; treat them as core stakeholders.
- Communicate with Character – Markets forgive setbacks, but they don’t forgive spin. Be honest. Be human. Integrity builds reputational equity.
What Comes Next: Visibility Is Viability
Investor relations is more than moving stocks; it’s about conveying belief.
In a market that is holding its breath, the companies that keep speaking with conviction, clarity, and purpose will be the ones who breathe life back into the sector and support their valuation.
Silence may feel safe, but it presents a significant risk. Visibility is viability, especially now.
