美股-制药业-美国制药业：瑞信2018年医疗会议要点

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1、18November2018Americas/UnitedStatesEquityResearchPharmaceuticals&BiotechnologyResearchAnalystsVamilDivan,MD2125385394vamil.divan@credit-suisse.comUyEar2123251729uy.ear@credit-suisse.comMichaelV.MorabitoPh.D.2123257298michael.morabito@credit-suisse.comInancCaner2123255051inanc.cane

2、r@credit-suisse.comUSPharmaceuticalsCOMMENTDetailsFromtheDesert–TakeawaysFromtheCreditSuisse2018HealthcareConference■WehostedtheCreditSuisseAnnualHealthcareConferencelastweekinScottsdale,AZ.Wepresentbelowourmaintakeawaysfromtheweekbasedonourconversationswithcompanymanagementteams

3、andinvestors.Moredetailednotesfromourmeetingsareincluded.■DrugPricingStillinFocus,ButDifferingViewsonPotentialImpact:Conversationswithourcompanies,aswellaswithJohnO'Brien(HHS)andEthanSiegal(WashingtonExchange),makeitclearthateffortsaroundreformingUSdrugpricingwillremainapriorityfo

4、rtheTrumpAdministration.MostexpecttheAdministrationtocontinuetoworkonimplementingvariousmeasuresthatwerelaidoutintheBlueprint,butsignificantdebateremainsaroundwhatlegislationwillbeabletogetthroughadividedCongress.Inthenear-termweunderstandPharmaisworkinghardtotryandhavetheirobliga

5、tiontofundthedonutholecoveragegapreduced.Startingin2019,Pharmawillberesponsibleforcovering70%ofthegap(from50%currently)butcompaniesarehopingtotrimtheirliabilitydowntothe~63%rangethroughprovisionsthatmaygetaddedontoappropriationbillsthatneedtogetpassedbyyearend.■SentimentonUSPharma

6、LargeCapsSoftensSlightly:WithseverallargecapUSpharmastocksexperiencingstrongmovesinrecentmonths,wesensedinvestorsentimentonthegroupsofteningsomewhatattheconference.Astheylookfornewideasfor2019,investorsappeartobelookingmoretowardsEUPharmaandlargecapbiotechinsearchofnamesthathaveno

7、tparticipatedinsomeoftherecentmoves.Thatsaid,thebullishoutlooktheLLYteamexpressedfortheirdiabetesbusinesswasnoteworthyfollowingseveralpositivedevelopmentsfortheminthatspace.BMYandAGNaretwolargecapstocksthathavenotperformedwellandwhereinvestorsweresearchingforcatalyststhatcanhelptu

8、rnaroundthestories.Ironically,BMY