US IPO Market In 2022 Even Underperformed Normal Years

Outlier Kept Average Return In The Black

INFOGRAPHIC: The number of biopharma offerings in 2022 was far below records set in 2020 and 2021, but also below more normal years of 2018 and 2019. The IPO class of 2022 eked out a positive average return, however.

Words IPO (Initial public offering) with the trading data on the background — 22 drug developers went public in the US in 2022 raising $2.5bn • Source: Shutterstock

Last year saw just 22 biopharma initial public offerings in the US, down markedly from the record-breaking 107 first-time offerings in 2021, but also well below the prior record set in 2020 and the more normal years of 2018 and 2019.

Another way in which last year stood out is that, despite the rocky performance of the US stock market in...