瑞信-美股-制药业-美国制药业2018展望：宏观背景利好-20171218-125页

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1、USPharmaceuticals2018Outlook:MacroBackdropFavorable,ContinuedInnovationKeytoUpsideLayingOutOurWishListforUSPharma:InconjunctionwithournotelayingoutourwishlistforDecember18,2017USPharmaforthenext12months,wepresenthereourthoughtsonwhatweseeassomeofthekeydriversofthegroupfor2018.Withconcer

2、nsarounddrugpricingmoderatedatleastforthetimebeing,themacrobackdropremainsfavorable.ThelikelypassageofU.S.corporatetaxreformshouldRESEARCHANALYSTShelptodriverepatriationoffundsfromoverseasandleadtoanincreaseinM&Aactivityinthespace,VamilDivan,MDboostingthegrowthoutlookforlargecapcompanies

3、andincreasinginvestorinterestincompaniesof(212)538-5394allcapsizesthatcouldbepotentialtargets.Additionalfundsfordividendgrowthandsharevamil.divan@credit-suisse.comrepurchasesshouldalsoboosttheoveralloutlookforthesectorfromaninvestorperspective.WeseeMichaelV.Morabito,Ph.D.theregulatoryenv

4、ironmentremaininggenerallyfavorableandprovidingmorerapidpathstomarket(212)325-7298forproductsthatbringrealinnovation,butdeliveringthatinnovationremainsparamountformichael.morabito@credit-suisse.comcompaniestocompeteinanincreasinglychallengingpayerenvironmentanddeliverupsidein2018.Barbara

5、Kotei(212)538-8119JNJRemainsOurTopPick,WhileWeExpectMRKandAGNtoRebound:Onanindividualbarbara.kotei@credit-suisse.comcompanybasiswecontinuetoseeJNJasourTopPickinlargecap,drivenbyarobustpharmabusiness,includingassetssuchasDarzalex,ImbruvicaandXarelto,thatwethinkwillexceedcurrentDuaaMohame

6、dexpectations.MRKandAGNarealsoOutperform-ratedafterdisappointingperformanceduringthe(212)538-8127duaa.mohamed.2@credit-suisse.comlatterpartof2017providingattractiveentrypointsfornewinvestorsfor2018.ForMRK,weexpectpositivedataforKEYNOTE-189fromoneoftheinterimanalysespendingin2018,whileKEY

7、NOTE-042andKEYNOTE-407shouldalsoprovidepositivedatareadoutsin1Lnon-smallcelllungcancer.ForAGN,webelieveitiscriticalforthepipelinetodeliverpositivedata,mostnotablyfromtheoralCGRPsthatwillreadoutin1Q2018,tooffsetthepressurefromgenericcompetitionformultipleproducts.Multiple