I think a lot of the downward SP movement (and recent upward...

I think a lot of the downward SP movement (and recent upward movement) is to do with the US Fed rates and the 10 yr bond yields. I'm sure that the news from these drugs played a role in the decline in the SP of CSL but I think the primary drivers for the drop from $300 to $230 were the higher interest rates and lower gross margins than the market was expecting.
Recent employment figures are encouraging as they show a reduction in new jobs and an increase in unemployment. Yes, bad for the economy is good for stocks as a bad economy will lead to lower interest rates. For some stocks the lower interest rates will be countered by lower sales. However, this environment is prime for the SP of quality healthcare stocks as their sales are necessities and won't see too much of a fall even in a bad economy.

Hard to say if the bottom is in, but this is the first time I'm seeing lower payroll jobs than forecast and an increase in unemployment. This is all for the US. Other countries generally follow a similar path.