The financial year (FY) to June 30, 2025 has not been kind to the Biotech Daily Top 40 Index (BDI-40).

The only obvious factor has been the clear downturn since the election of US President Donald Trump, his appointment of Robert Kennedy Junior as the Secretary for Health and the subsequent swingeing cuts to US health programs – as well as cuts and a mass of bureaucratic red tape for universities and research institutes.

The BDI-40 fell 3.7 percent in June and 0.2 percent for the year to June 30, 2025 to a collective market capitalization of $19,822 million; while the benchmark ASX200 was up 9.96 percent for the year and 1.3 percent for the month to 8,542 points.

The four Big Caps of Cochlear, CSL, Pro Medicus and Resmed (which are not included in the BDI-40) rose 0.3 percent to $222,981 million in June and 0.7 percent for the year.

Cochlear was the best of the Big Caps, up 11.3 percent to $19,647 million, Resmed rose 3.6 percent to $57,595 million and Pro Medicus was up 2.5 percent to $29,780 million – all offsetting CSL’s $4,126 million or 3.4 percent fall in June to $115,959 million.

For the year to June 30, four of the BDI-40 were up more than 100 percent, Mesoblast climbed 89.0 percent and Telix added $2,113 million to the index, but was only up 34.4 percent. Amplia was by far the best, up 358.8 percent from $17 million a year ago to $78 million last night; followed by Orthocell (286.5%), Syntara (196.6%) and Alcidion (112.7%).

Medadvisor tumbled 81.5 percent from $275 million to $51 million, followed by Universal Biosensors (77.8%), Imugene (75.4%), Actinogen (56.0%), Proteomics (53.9%), Optiscan (53.1%), Clarity (52.4%), Impedimed (51.4%) and Polynovo (50.96%).

In June, the BDI-40 had 11 companies up, with six up by more than 10 percent; while 29 fell, with 17 down by more than 10 percent and seven down more than 20 percent.

Amplia was easily the best, up 310.5 percent to $78 million, followed by Alcidion (16.5%), Impedimed (16.4%), Clarity (15.85%), Aroa (13.6%) and EBR Systems (12.8%).

Again, Telix lost the most - $349 million, but just 4.1 percent of its market cap. But Medadvisor led the June percentage falls, down $36 million or 41.4 percent to $51 million, followed by 4D Medical (29.1%), Cyclopharm (24.1%), Genetic Signatures (23.85%), Universal Biosensors (23.1%), Optiscan (21.4%), Syntara (21.1%), Cynata (17.1%), Nova Eye (16.2%), Immutep (15.9%), Medical Developments (15.1%), Botanix (14.7%), Compumedics (14.0%), Imugene (13.4%), Proteomics (11.7%) and Micro-X (10.8%).

On the Nasdaq, Neuphoria (Bionomics) fell 44.4 percent in June to $20 million with Incannex down 29.2 percent. Queensland’s Protagonist climbed $631 million or 13.8 percent to $5,205 million, with Eyepoint (formerly Psivida) was up $209 million or 27.0 percent to $984 million with Kazia up $5 million or 62.5 percent to $13 million.

The 11 companies in Cannabis Corner climbed a collective 4.9 percent in June to $237 million, up 3.9 percent for the 12 months to June 30, 2025.