Back in March, just before the last parabolic phase of the biotech bubble, we showed something which at the time we thought was quite amazing: of the 150 companies that made up the Nasdaq Biotech Index, only 41 had any earnings. Of these 41 companies, just five companies (Gilead, Amgen, Shire, Biogen and Celgene) had earnings of at least $1 billion each, and the five combined accounted for 83% of all earnings in the entire sector.