The Spring racing season had the Biotech Daily Top 40 Index (BDI-40) off and running, improving $1,536 million or 7.6 percent to a collective market capitalization of $21,756 million, with the benchmark ASX200 up 0.3 percent to 8,882 points.

The anti-vaccination campaign by US President Donald J Trump and his Secretary for Health and Human services Robert F Kennedy Junior, along with some board and management issues, sent CSL down $9,043 million or 9.4 percent to $87,114 million, dragging the collective value of the four Big Caps of Cochlear, CSL, Pro Medicus and Resmed (which are not included in the BDI-40) down 7.5 percent to $190,991 million – the first time the collective value has been below $200 billion since December 1, 2023.

Cochlear was the only Big Cap to improve, up 2.2 percent to $18,665 million. Pro Medicus lost 14.6 percent to $27,522 million, with Resmed down 3.6 percent to $57,690 million.

Curiously, the US Nasdaq Biotechnology Index (NBI) was up 9.96 percent to 5,366 points – and up 15.4 percent for the same time last year.

October was a (singer) Paul Kelly month of leaps and bounds, with many big rises and some equally big falls. Twenty-three of the BDI-40 were up, with 14 up by more than 10 percent; while 17 fell, with just six down by more than 10 percent.

Telix added $546 million to the index, with sister radio-pharmaceutical company Clarity adding $469 million. From a lower base, Optiscan was October’s best, up $36 million or 40.4 percent to $125 million, followed by Clarity (35.4%), Micro-X (35.2%), Starpharma (34.6%), Paradigm 30.4%), Resonance (27.8%), Genetic Signatures (27.1%), Compumedics (24.5%), Cynata (24.0%), Prescient (20.5%), Imugene (20.0%), Aroa (19.2%), Neuren (11.3%) and Telix (11.1%).

Medadvisor led the falls, down $9 million or 33.3 percent to $18 million, followed by Avita (29.15%), Cyclopharm (19.3%), Nova Eye (19.15%), Botanix (15.3%) and the company that lost the numerical most, 4D Medical, was down $105 million or 10.5 percent to $891 million.

Cannabis Corner slipped $1 million or 0.4 percent in October to $282 million. Inhalerx was up $1 million or 16.7 percent to $7 million, Bioxyne improved $5 million or 6.0 percent to $88 million, with five companies unchanged and four down.

On the Nasdaq, Neuphoria (formerly Bionomics) lost $17 million or 48.6 percent to $16 million following another trial showing the BNC210 was not significantly better than placebo for social anxiety disorder (SAD) (BD: Oct 22, 2025).

Kazia climbed 33.3 percent to $20 million for no discernible reason, Queensland’s Protagonist was up 15.6 percent to $7,476 million and Eyepoint (Psivida) improved 8.9 percent to $1,616 million.

Outside the BDI-40, and knocking on the door for promotion, were Artrya, Austco, Blinklab Cogstate, Island, Lumos, Pacific Edge, Painchek and Race.