资源描述：
《巴克莱-美股-生命科学工具与诊断行业-二季度生物制药市场追踪：下半年稳定健康的发展趋势-2017.9.18-barclays-u.s. life science tools & diagnostics 2q17 biopharma end market tracker stable and healthy trends into 2h》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、EquityResearch18September2017U.S.LifeScienceTools&DiagnosticsINDUSTRYUPDATE2Q17BiopharmaEndMarketTracker:U.S.LifeScienceTools&DiagnosticsStableandHealthyTrendsinto2HNEUTRALUnchangedOverall,wethoughtdatapointsfrom2Q17showedthatunderlyingdriversoftheU.S.LifeScienceTools
2、&Diagnosticsbiopharmaendmarketremainstableandhealthythrough2Q17.OurLifeScienceJackMeehan,CFAToolscoveragedeliveredanothersolidquarterofgrowth.Therapeuticutilizationand+12125263909emergingmarketscontinuetopushstrengthinLCacrossAgilent,ThermoFisher&jack.meehan@barclays.
3、comWaters,drivenbypopulationgrowth,demographics,andregulation.WhileBCI,USbioproductiontrendswere(relatively)softerthanrecentrobustgrowth,weviewthisastransitorygivenstronglong-termfundamentals.WefavorThermoFisher’supstreamMitchellPetersen+12125263367bioproductionofferi
4、ngandnewCDMOcapabilitieswithPatheon.OurCROscoveragemitchell.petersen@barclays.comdeliveredstrongbook-to-billsacrosstheboard,helpingtoimprovevisibilityintoanBCI,USaccelerationinrevenuegrowthin2H17.Wecontinuetobelievegoodscience,thepushtowardpersonalizedmedicine,andanac
5、commodativeFDAaredrivingattractiveAndrewWaldinvestmentreturnsforbiopharmasponsors.While2016cancellationactivityis+12125269436weighingonnear-termgrowth,moremoderatecancellationtrendsyear-to-datehelpandrew.wald@barclays.comBCI,USimprovevisibilityinto2H17.Wecontinuetobec
6、autiousonpotentialriskspertainingtobiopharmaconsolidationanddrugpricingreform,whichhavetakenaback-seatintheinvestordebate.Intermsofupdates:LifeScienceTools&CROMetrics:LifeScienceToolsrevenuegrowthfrombiopharmadeceleratedto6.1%y/y(from8.4%).CROgrowthimproved30bpsq/qto
7、2.0%,withmixedperformanceacrossthegroup.Netbook-to-billratiosweresolidwithICON,LabCorp,andQuintilesIMSallpostingatleast1.3xin2Q17.BarclaysBiopharmaR&DTracker:OurR&Dtrackershowsthatrecentorganicgrowthof4-7%fortheindustrythepastthreeyearsisexpectedtopersistwith5%growth
8、in2017,beforedeceleratingto2.5%in2018.TrendsareexpectedtoremainpositivewithlargecappharmaaswellaslargeandSMIDbiotechcompanie
