At T. Rowe Price, we identify and actively invest in opportunities to help people thrive in an evolving world. As a premier global asset management organization with more than 85 years of experience, we provide investment solutions and a broad range of equity, fixed income, and multi-asset capabilities to individuals, advisors, institutions, and retirement plan sponsors. We take an active, independent approach to investing, offering our dynamic perspective and meaningful partnership so our clients can feel more confident.

We believe doing the right thing for our clients and our associates is good business. With a career at the firm, you can expect opportunities to create real impact at work and in your community. You’ll enjoy resources to support your career path, as well as compensation, benefits, and flexibility to enrich your life. Here, you’ll find a collaborative culture that respects and values differences and colleagues who share a spirit of generosity.

Join us for the opportunity to grow and make a difference in ways that matter to you.

Role Summary

Perform fundamental analysis of the sector to identify the key trends and the best-positioned companies in the Healthcare sector, specifically Large Cap Pharmaceutical & Biotechnology industries. In addition to developing and communicating investment recommendations within the firm, the ideal candidate will provide thought-leadership about healthcare trends and mentorship to more junior members of the healthcare investment team.

Responsibilities

• Conducts comprehensive primary research on companies including detailed financial statement analysis, evaluation of market data, direct engagement and interviewing of management teams and company visits, to gain a deep understanding of companies within the sector, build high‑conviction investment theses and support equity buy and sell recommendations.
• Applies disciplined investment judgment and rigorous analysis to generate and deliver equity buy and sell recommendations to Portfolio Managers in support of portfolio performance objectives.
• Effectively positions investment ideas and persuades Portfolio Managers to act on buy/sell recommendations by clearly articulating the associated risk‑reward payoff of the recommendation.
• Maintains ongoing coverage following execution of recommendations, providing Portfolio Managers with timely continuous updates on material developments affecting the investment thesis to support informed future decision‑making.

Qualifications

Required:

• MD, PhD or other advanced life-science degree
• Minimum 3-4+ years investment experience in Pharmaceuticals & Biotechnology sectors
• Demonstrated academic excellence and a passion for investing
• Consistently shows maturity and sound judgment, with the ability to inspire confidence in high‑pressure or stressful situations
• Competitive nature with an investment mindset, supported by a deep interest in equity markets
• Strong quantitative analysis capabilities
• Exceptional communication skills, enabling the delivery of high‑quality, technically rigorous written research
• Baltimore (re)location

Preferred:

• Previous experience covering large cap Pharmaceutical & Biotechnology stocks
• Understanding of drug development, clinical trial phases, regulatory approval pathways (FDA/EMA), pricing and reimbursement
• Global coverage experience including both U.S. and European Biopharmaceutical companies with previous experience interacting with international management teams
• Ability to incorporate regulatory risk, policy changes, and ESG considerations into investment theses
• Previous experience leveraging AI‑enabled research tools to enhance equity analysis and investment decision‑making, while applying rigorous judgment to validate insights.

FINRA Requirements

FINRA licenses are not required and will not be supported for this role.

Work Flexibility

This role is eligible for hybrid work, with up to one day per week from home.

Base Salary Ranges

Please review the job posting for the location of this specific opportunity.

$175,000.00-$275,000.00 for the location of: Maryland, Colorado, Washington and remote workers**$175,000.00-$275,000.00** for the location of: Washington, D.C.
$175,000.00-$275,000.00 for the location of: New York, California

Placement within the range provided above is based on the individual’s relevant experience and skills for the role. Base salary is only one component of our total compensation package. Employees may be eligible for a discretionary bonus, which is determined upon company and individual performance.

Commitment to Diversity, Equity, and Inclusion

At T. Rowe Price, our associates are our greatest asset. We thrive because our company culture is built on inclusion and because we sustain a work environment where associates can bring their best selves to work every day. The backgrounds, talents, and experiences of our global associates allow us to embrace new ideas and perspectives that move our business priorities forward and enable us to deliver strong client outcomes. Here, you can expect equal opportunity and fair and consistent treatment for all.

Benefits

We value your goals and needs, at work and in life. As an associate, you’ll be supported with resources, benefits, and work-life balance so you can thrive in ways that matter to you.

Featured employee benefits to enrich your life:

• Competitive compensation

• Annual bonus eligibility

• A generous retirement plan

• Hybrid work schedule

• Health and wellness benefits, including online therapy

• Paid time off for vacation, illness, medical appointments, and volunteering days

• Family care resources, including fertility and adoption benefits

Learn more about our benefits.

T. Rowe Price is an equal opportunity employer and values diversity of thought, gender, and race. We believe our continued success depends upon the equal treatment of all associates and applicants for employment without discrimination on the basis of race, religion, creed, color, national origin, sex, gender, age, mental or physical disability, marital status, sexual orientation, gender identity or expression, citizenship status, military or veteran status, pregnancy, or any other classification protected by country, federal, state, or local law.