The operating environment for biotech should gradually normalize in 2021, assuming vaccine deployment, setting up low-single to double-digit revenue growth. Margin may shrink as company spending winds back up. We expect continued M&A, though biotech valuations and pandemic uncertainties may present challenges. Alexion and Blueprint Medicines emerged as favorite acquisition targets in our investor survey. An FDA decision on Biogen's aducanumab may have implications for sector sentiment, while EU catalysts include possible approvals for UCB and Argenx.