The July Biotech Daily Top 40 Index (BDI-40) recovered 6.0 percent to a collective market capitalization of $21,020 million, while the benchmark ASX200 improved 2.35 percent to 8,743 points.

It appears that investors have understood that - apart from Cochlear being exempt from US President Donald Trump’s tariffs - CSL and Resmed have major manufacturing facilities in the US, so are not affected, with Pro Medicus selling software, which at this stage is also unaffected.

The bulk of the BDI-40 companies are developing or manufacturing devices and diagnostics, with only a few commercializing drugs. Mesoblast says it is also immune from President Trump’s proposed tariffs and penalties. Neuren’s trofinetide is now the San Diego-based Acadia’s Daybue.

The four Big Caps of Cochlear, CSL, Pro Medicus and Resmed (which are not included in the BDI-40) rose 11.1 percent to a record $247,770 million in July.

CSL was the best, up $15,214 million or 13.1 percent to $131,173 million, followed by Pro Medicus up 12.9 percent to $33,626 million, Resmed rose 7.9 percent to $62,141 million with Cochlear climbing 6.0 percent to $20,830 million.

In July, 26 of the BDI-40 were up, with 19 up by more than 10 percent, while 11 fell with six down by more than 10 percent. Three were unchanged.

Mesoblast improved $931 million to $3,046 million, but Clarity was the percentage best, up $821 million or 102.1 percent to $1,625 million; followed by Micro-X (66.7%), Amplia (50%), Mesoblast (44%), Atomo (40%), Impedimed (33.8%), Nova Eye (32.3%), Immutep (31.1%), Clinuvel (25%), Compumedics (24.5%), Neuren (24.5%), Paradigm (18.5%), EBR (18.1%), Alcidion (14.9%), Cyclopharm (14.85%), Syntara (13.9%), Starpharma (13.5%), Medical Developments (11.3%) and Proteomics (11.3%).

Telix lost $1,140 million in July, but Botanix had the deepest percentage fall, down $333 million or 53.1 percent to $294 million; followed by Universal Biosensors (30.0%), Imugene (19.6%), Dimerix (17.3%), Telix (13.8%) and Curvebeam A.I. (10.7%).

The 11 companies in Cannabis Corner climbed a collective 22.8 percent in July to $291 million. Nine were up and two were unchanged. Emyria was the best, up 76.5 percent to $30 million, followed by Cann (66.7%), Avecho (46.5%), Neurotech (31.25%), Bioxyne (18.85%) and Little Green Pharma (16.7%).

The US Nasdaq Biotechnology Index (NBI) rose 5.5 percent in July, but was down 7.9 percent for the year to July 31, 2025.

On the Nasdaq, Incannex climbed 174.2 percent from a low base to $85 million, followed by Kazia up 38.5 percent to $18 million, Neuphoria (Bionomics) rose 20.0 percent to $24 million and Eyepoint (formerly Psivida) edged up 6.9 percent to $1,052 million. Redhill (with Australian assets) lost 28.6 percent to $5 million, while Queensland’s Protagonist slipped 0.2 percent to $5,197 million.