How Russia's invasion of Ukraine may impact pharma-biotech R&D
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As the Russian invasion of Ukraine continues, several pharma and biotech companies have exposure to both countries through clinical trials being conducted there.
One biotech, Karuna Therapeutics (NASDAQ:KRTX), has already said the disturbance has impacted a late-stage trial. On Thursday, the company indicated that a top-line data readout of the EMERGENT-3 trial of KarXT for schizophrenia expected in the second half of this year may not happen. The study is ongoing in the U.S. and Ukraine.
Jefferies analyst Chris Howerton noted that any delays in Ukraine may not have as big an impact as feared if data from the EMERGENT-2 trial, which has U.S. sites only, has a positive readout around mid-year.
Howerton added that several other small biotechs he follows have at least some exposure to Ukraine: Applied Molecular Transport (NASDAQ:AMTI), Intra-Cellular Therapies (NASDAQ:ITCI), TG Therapeutics (NASDAQ:TGTX), and Veru (NASDAQ:VERU).
For example, Veru (VERU) has a phase 3 trial evaluating enobosarm in breast cancer. About one-third of the trial sites outside of the U.S. are in Ukraine. However, Howerton wrote that since the trial only recently began, the company can make adjustments and meet timelines.
Intra-Cellular Therapies (ITCI) has a phase 3 study of its antipsychotic Caplyta (lumateperone) as a monotherapy for bipolar depression and major depressive disorder ongoing. Seven of 42 trial sites are in Ukraine, and another eight are in Russia. 
There are a few larger pharmas and biotechs with R&D efforts in Russia and Ukraine, namely Biogen (NASDAQ:BIIB), Incyte (NASDAQ:INCY), and Eli Lilly (NYSE:LLY)
Biogen (BIIB) has some sites in Russia for several phase 3 trials, including one for the the Alzheimer's drug lecanemab. 
Incyte (INCY) has sites in both countries for two PD-L1 programs. A phase II study for an oral PD-1 inhibitor is particularly vulnerable as 70% of locations for the trial are in Ukraine.
Lilly's (LLY
+3.2%) research involvement in the two countries are related to trials of Olumiant (baricitinib) in several additional indications. However, Lilly's exposure may be buffered by the fact it is partnered with Incyte (INCY) on the drug.
Read what Seeking Alpha Director of Quantitative Strategies Steven Cress has to say about managing market volatility in the face of the conflict.