瑞信-美股-制药业-美国制药业2018展望：宏观背景利好

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1、USPharmaceuticals2018Outlook:MacroBackdropFavorable,ContinuedInnovationKeytoUpsideLayingOutOurWishListforUSPharma:InconjunctionwithournotelayingoutourwishlistforDecember18,2017USPharmaforthenext12months,wepresenthereourthoughtsonwhatweseeassomeofthekeydriversoft

2、hegroupfor2018.Withconcernsarounddrugpricingmoderatedatleastforthetimebeing,themacrobackdropremainsfavorable.ThelikelypassageofU.S.corporatetaxreformshouldRESEARCHANALYSTShelptodriverepatriationoffundsfromoverseasandleadtoanincreaseinM&Aactivityinthespace,VamilDi

3、van,MDboostingthegrowthoutlookforlargecapcompaniesandincreasinginvestorinterestincompaniesof(212)538-5394allcapsizesthatcouldbepotentialtargets.Additionalfundsfordividendgrowthandsharevamil.divan@credit-suisse.comrepurchasesshouldalsoboosttheoveralloutlookforthes

4、ectorfromaninvestorperspective.WeseeMichaelV.Morabito,Ph.D.theregulatoryenvironmentremaininggenerallyfavorableandprovidingmorerapidpathstomarket(212)325-7298forproductsthatbringrealinnovation,butdeliveringthatinnovationremainsparamountformichael.morabito@credit-s

5、uisse.comcompaniestocompeteinanincreasinglychallengingpayerenvironmentanddeliverupsidein2018.BarbaraKotei(212)538-8119JNJRemainsOurTopPick,WhileWeExpectMRKandAGNtoRebound:Onanindividualbarbara.kotei@credit-suisse.comcompanybasiswecontinuetoseeJNJasourTopPickinla

6、rgecap,drivenbyarobustpharmabusiness,includingassetssuchasDarzalex,ImbruvicaandXarelto,thatwethinkwillexceedcurrentDuaaMohamedexpectations.MRKandAGNarealsoOutperform-ratedafterdisappointingperformanceduringthe(212)538-8127duaa.mohamed.2@credit-suisse.comlatterpar

7、tof2017providingattractiveentrypointsfornewinvestorsfor2018.ForMRK,weexpectpositivedataforKEYNOTE-189fromoneoftheinterimanalysespendingin2018,whileKEYNOTE-042andKEYNOTE-407shouldalsoprovidepositivedatareadoutsin1Lnon-smallcelllungcancer.ForAGN,webelieveitiscritic

8、alforthepipelinetodeliverpositivedata,mostnotablyfromtheoralCGRPsthatwillreadoutin1Q2018,tooffsetthepressurefromgenericcompetitionformultipleproducts.Multiple