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1、BiotechnologyDeutscheBankMarketsResearchAsiaIndustryDateNorthAmerica19October2017BiotechnologyHealthCareForecastChangeBiotechnology3Q17Preview:RidingtheWaveForNow,ButHowLongWillItLast?AndrewPetersWhat'snew?3Q17resultswillbekeytoyear-endoutlookandwhetherbiotechmomentumcontinuesResearchAnalystFollow
2、ingastrongbullishruninbiotech(bothlarge-andsmid-caphave+1-415-262-2002rallied)thatwaslargelytriggeredbytheKiteacquisitionbyGilead,thekeyMaryanaBreitman,PhDquestionsremainsastowhethertherecentmomentumwillcontinue.Welookaheadtoupcoming3Q17resultstohelpinfluencethisoutlook,withmuchofResearchAnalystthe
3、recentmovelargelydrivenbysentimentchanges(multipleexpansion),vs.+1-212-250-7726greatlyimprovednear-termrevenueorearningsgrowth.Assuch,webelieveCarlosSolorzano-Say,PhDmanagementcommentaryaroundpotentialstrategicdirectionsandlonger-termResearchAssociateexpectationswillbeespeciallyimportant.Whilewear
4、enotquitereadytocallnew+1-415-2622098(sustained)bullrunforthesector(whichuntilrecentlyhadlargelylaggedtherestofthemarket),webelieve3Q17resultswillhelpframethelikelihoodofcontinuedKeyChangesoutperformance.Withclinicaldataandregulatory/commercialcatalyststheCompanyTargetPriceRatinglifebloodofthesect
5、or,therestoftheyearisexpectedtobequitebusy,aswefocusAMGN.OQ174.00to-onseveralkeyread-outsinourcoverageuniverseincludingABBV/NBIXreadout177.00inuterinefibroids,PEPITEStoplinedataforDBVT,amongothers.Overall,weBIIB.OQ319.00to-350.00continuetoviewafavorablerisk/rewardskewforthemajorityofourcoveredGILD.
6、OQ81.00to90.00-companies,andseeALXNandGILDasourfavoritelarge-capnamesheadingSource:DeutscheBankintoyear-end,whileNBIX,BMRN,ESPR,andPRTAarefavoredonthemid-capToppickssideoverthenext12mos.Alexion(ALXN.OQ),USD140.24BuyAmgen(AMGN.OQ),USD186.28HoldAmgen(AMGN-HOLD-$177)-WhileRxandsalesdatasuggestpotenti
7、alBiogen(BIIB.OQ),USD344.58Buyupsidetothequarter,andrecentpositivenewsflowregardingpotentialNeulastaBioverativ(BIVV.OQ),USD59.96Holdbiosimilarsshouldalsomovenear-termnumbershigher,AMGNshareshaveBioMarin(BMRN.OQ),U
