j.p. 摩根-美股-生物科技行业-美国生物科技行业2018展望：强化生物技术是并购的新希望

《j.p. 摩根-美股-生物科技行业-美国生物科技行业2018展望：强化生物技术是并购的新希望》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、Completed13Dec201711:50PMESTDisseminated14Dec201712:36AMESTNorthAmericaEquityResearch14December20172018USBiotechOutlookTheForceIsStrongwithBiotech:ANewHopeforM&A;ConferenceCall@11amETTODAYWe’regenerallyoptimisticabouttheBiotechsectorfor2018.Lookingback,despiteUSB

2、iotechnologysomemeaningfulpocketsofoutperformance,thegrouplookspoisedtofinish2017ACCoryKasimovroughlyin-linewiththebroadermarket(NBI+20%YTDvs.S&P+18%).Fortheyear(1-212)622-5266ahead,webelievekeyfundamentaldriversaresolidlyinplace,highlightedbycory.w.kasimov@jpmor

3、gan.comimpressiveinnovation,aconstructiveFDA,andhealthycapitalmarkets.Thatsaid,J.P.MorganSecuritiesLLCM&Amaybeanincreasinglyimportantleverforarestorationofpositivefundflowsandbroadupside;thepossibilityofrepatriationcouldbeyetanothertriggeronthatCarmenAugustine,CF

4、Afront.Whatevertheultimateimpetus,webelieveitwillbeimportantforgeneraliststo(1-212)622-8527returntothespaceforthegroupasawholetowork.Otherwise,theDarkSidemaycarmen.augustine@jpmorgan.comreign.PleasejoinusforaCCtodayat11amETtodiscussoursectoroutlookandJ.P.MorganSe

5、curitiesLLCfavoritenames(USdialin:800-369-2174;OUS:517-308-9407;Passcode:ShawnFu,M.D.BIOTECH).Pleasesee~90-pageslidedeckwithin.(1-212)622-2529shawn.fu@jpmorgan.comLargecapslookwellpositionedoverallwithrelativelydepressedmultiplesfortheJ.P.MorganSecuritiesLLCbig4

6、followingaturbulent3Q17earningsseason(13x2018econsEPSvs.15xforpharmaand18xfortheS&P).Withsomeproduct-specificexceptions,webelieveArunKiranPasumarthyconsensusestimatesarebroadlyachievablethankstoupcomingnewproductcycles.(91-22)6157-5013arunkiran.pasumarthy@jpmorga

7、n.comTherearealsoplentyofclinicalcatalystsonthenear-to-intermediate-termhorizon.J.P.MorganIndiaPrivateLimitedM&Acouldprovetobeanimportantleverforthelargecapsaswell,astheyattempttobackfillpipelinesandfindnewsourcesofgrowth.CompanieshavestatedUSSMidBiotechnologyACt

8、hattaxreformisnotnecessarilyagatingfactorfordeals…however,wesuspecttheJessicaFyeproposedrepatriationcouldneverthelessprovideenhancedBDflexibility(forthe(1-212)