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《瑞信-美股-生物制药业-美国生物制药业：政治、渠道与新产品聚焦-201711-credit suisse-us pharmaceuticals industry overview》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、USPharmaceuticalsPolitics,PipelineandNewProductsinFocus;PreferJNJ,MRKandAGNforLarge-Caps;ALKS,AIMTandMYOKinSMIDBottomLine:Inthefinalmonthsof2017,weanticipateinvestorswillcontinuetowatchmacroissuesNovember2017suchasdrugpricingandcorporatetaxreform,althoughmucho
2、fthefocusisnowontheindividualcompanystoriesandwhichnamesarebestpositionedfor2018.The3Q2017earningscyclewasatoughonebut,overall,webelievesentimentonthegroupremainsrelativelyrobustwithnoiseondrugRESEARCHANALYSTSpricingsidefarbelowwhereithasbeenandinvestorscautio
3、uslyoptimisticonthepossibilityofcorporateVamilDivan,MDtaxreform.Dependingonhowtheseissuesplayout,itcouldalsoleadtoincreasedexcitementaround(212)538-5394potentialbusinessdevelopmentinthesector,aswebelievemostofourlargecapcompaniesarestillvamil.divan@credit-suis
4、se.comwaitingforfurtherclarityontheseissuesbeforeannouncingtransformativedeals.Ontheproductsidewehaveimportantdatareleasesupcominginlargemarketssuchasoncology/immuno-oncology,rheumatoidarthritisandpsoriasis,aswellasinmorespecializedmarketssuchaspeanutallergy.M
5、ichaelV.Morabito,Ph.D.(212)325-7298JNJthecleanestnameinamessylargecapspace.JNJ’sstockhasperformedwellbutweseeroommichael.morabito@credit-forfurtherupside,drivenbythePharmaceuticalsSegmentandspecificallyproductssuchasXarelto,suisse.comDarzalex,Imbruvica,andthes
6、chizophreniafranchise.WealsolikeMRKgivenourbullishviewontheimmuno-oncologyspaceandMRK’spositioninthatspace.Weacknowledge,however,following3Q2017earningsandthedecisiontopushoutthetimelinesforKEYNOTE-189thatthereisalackofBarbaraKoteiexcitementandcatalystsaroundt
7、hename,whichcouldlimitnear-termupside.WealsolikeAGNand,(212)538-8119whilesentimentonthenameremainssplit,weassumeclarityontheheadwindstothebasebusinessbarbara.kotei@credit-suisse.com(alongwithreducedexpectationsonthesame)shouldallowforattentiontoshifttooptional
8、ityinthepipelinein2018,especiallyoncewehavemoreformal2018financialguidancefromthecompany.DuaaMohamedSeeopportunitiesinSMIDcap,ledbyALKS,AIMTandMYOK.Vivitrolremainsanunderappreciate
