Fund manager Dan Mahony believes pharmaceutical companies will be the ultimate beneficiaries of a new wave of drug development, through a mixture of in-licencing and acquisitions from the biotech sector. Earnings are geared into top line growth; companies should benefit from the operating leverage built into their business models following five years of cost cutting and rationalisation (patent cliff). The manager continues to believe the fund can deliver a total return to shareholders of 10-1 ....