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1、USPharmaceuticalsPolitics,PipelineandNewProductsinFocus;PreferMRK,AGNandJNJforLarge-Caps;ALKS,AIMTandMYOKinSMIDBottomLine:Inthefinalquarterof2017,weanticipateinvestorswillcontinuetokeepaneyeonmacroOctober2017issuessuchasU.S.drugpricingandpotentialU.S.corporatetaxref
2、orm,althoughasignificantamountofproductnewsshouldalsoimpacthowinvestorsviewthevariousnames.Overall,webelievesentimentonthegroupremainsrelativelyrobustwithnoiseonthedrugpricingsidefarbelowwhatithasbeenandRESEARCHANALYSTSinvestorsstillcautiouslyoptimisticonthepossibil
3、ityofcorporatetaxreformcomingthroughin2018.VamilDivan,MDDependingonhowtheseissuesplayout,itcouldalsoleadtoincreasedexcitementaroundpotential(212)538-5394businessdevelopmentandM&Ainthesector,aswebelievemostofourlargecapcompaniesarestillvamil.divan@credit-suisse.comwa
4、itingforfurtherclarityontheseissuesbeforeannouncingtransformativedeals.Inadditiontoprovidingnewgrowthdriverstoourlargecapcompanies,businessdevelopmenteffortswillalsolikelyboostinterestinourSMIDcapnamesthatcouldbepotentialtargets.OntheproductsidewehaveimportantdataMi
5、chaelV.Morabito,Ph.D.releasesexpectedbyyearendinlargemarketssuchasoncology/immuno-oncology,rheumatoidarthritis(212)325-7298andpsoriasis,aswellasinmorespecializedmarketssuchaspeanutallergy.michael.morabito@credit-suisse.comPreferMRK,AGNandJNJinlargecap.WeviewMRKasour
6、TopPickinouruniverseasweexpectKeytrudatobeatexpectationsanddriveupsidethroughthecourseoftheyear,althoughtheirrecoveryfromtherecentcyber-attackbearswatching.SentimentaroundAGNremainssplitbutweassumefurtherBarbaraKoteistabilityinthebasebusinessandimprovingcashflowsand
7、earningsqualityshouldallowforfocustoshift(212)538-8119totheoptionalityinthepipelinelaterintheyear,especiallyoncewehavesomeclarityontheRestasisbarbara.kotei@credit-suisse.compatentsituation.WeseeJNJ’sPharmaceuticalsSegmentdrivingupsideforthecompany,specificallyproduc
8、tssuchasXarelto,Darzalex,Imbruvica,andtheschizophreniafranchise.DuaaMohamedSeeopportunitiesinSMIDcap,ledbyALKS,AIMTandMYOK.Vivitrolremains
