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<p>The COVID-19 pandemic caused significant changes in global financial markets, with the pharmaceutical sector being strongly affected due to its key role in developing vaccines, treatments, and other medicines related to this disease. This study employs portfolio optimization models and multi-criteria decision-making techniques to assess and compare the performance of leading pharmaceutical stocks across different pandemic phases, considering both return and various risk measures. The evaluation relies on performance measures such as expected return, standard deviation, Value-at-Risk (VaR), and Conditional Value-at-Risk (CVaR), while the TOPSIS multi-criteria decision-making method is applied to compare and rank the stocks. Furthermore, optimal investment portfolios were constructed for each pandemic phase to identify prevailing trends and effective investment strategies. The results show that companies involved in vaccine development, such as Moderna and Pfizer, experienced significant growth during the pandemic but also high volatility. In contrast, large pharmaceutical companies with a diversified portfolio of medicines and products, such as Johnson &amp; Johnson, Roche, Eli Lilly, and AbbVie, remained relatively stable in most phases of the pandemic, despite the changes related to the COVID-19 pandemic. These findings provide valuable insights for investors and other financial market participants in understanding the dynamics of the pharmaceutical sector in crisis conditions, emphasizing the importance of diversification and flexible investment strategies.</p>

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Investment strategies and risk analysis in the pharmaceutical sector during the COVID-19 pandemic

  • 期刊论文

  • 发表日期：

    2025年9月16日

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  • Ljoka Josip,
  • Marasović Branka,
  • Lucić Paula

摘要

The COVID-19 pandemic caused significant changes in global financial markets, with the pharmaceutical sector being strongly affected due to its key role in developing vaccines, treatments, and other medicines related to this disease. This study employs portfolio optimization models and multi-criteria decision-making techniques to assess and compare the performance of leading pharmaceutical stocks across different pandemic phases, considering both return and various risk measures. The evaluation relies on performance measures such as expected return, standard deviation, Value-at-Risk (VaR), and Conditional Value-at-Risk (CVaR), while the TOPSIS multi-criteria decision-making method is applied to compare and rank the stocks. Furthermore, optimal investment portfolios were constructed for each pandemic phase to identify prevailing trends and effective investment strategies. The results show that companies involved in vaccine development, such as Moderna and Pfizer, experienced significant growth during the pandemic but also high volatility. In contrast, large pharmaceutical companies with a diversified portfolio of medicines and products, such as Johnson & Johnson, Roche, Eli Lilly, and AbbVie, remained relatively stable in most phases of the pandemic, despite the changes related to the COVID-19 pandemic. These findings provide valuable insights for investors and other financial market participants in understanding the dynamics of the pharmaceutical sector in crisis conditions, emphasizing the importance of diversification and flexible investment strategies.