Innovation and productivity in the pharmaceutical industry has been in steady decline for decades. However, we believe the industry is poised for a comeback.

The views expressed are those of Diamond Hill as of September 2020 and are subject to change. These opinions are not intended to be a forecast of future events, a guarantee of results, or investment advice.

As of July 31, 2020, Diamond Hill owned equity shares of Gilead Sciences, Inc., GlaxoSmithKline PLC, Pfizer, Inc., Alphabet, Inc. (Classes A&C), Novartis AG, Astellas Pharma, Inc. and Roche Holdings AG.

This material is for informational purposes and is prepared by Diamond Hill Capital Management. The opinions expressed are as of the date of publication and are subject to change. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Reliance upon this information is at the sole discretion of the listener. Investing involves risk including the possible loss of principal.