J.P._摩根-美股-制药行业-美国制药业展望_继续看好大型股-2019.9-106页_2mb.pdf

用户上传 更多免费报告请查看研报客 North America Equity Research September 2019 US Pharma Outlook Staying Bullish on the Large Caps Pharmaceuticals Chris Schott, CFA AC Christopher Neyor Ekaterina Knyazkova Xiling Chen (1-212) 622-5676 (1-212) 622-0334 (1-212) 622-9576 (1-212) 622-0364 christopher.t.schott@ christopher.z.neyor@ Ekaterina.v.knyazkova@ Xiling.chen@ J.P. Morgan Securities LLC J.P. Morgan Securities LLC J.P. Morgan Securities LLC J.P. Morgan Securities LLC See the end pages of this presentation for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. 1 用户上传 更多免费报告请查看研报客 Overall Positioning Major Pharma  We see an ongoing new product cycle, including both recent and upcoming approvals, translating into an upward bias to our near- and long-term estimates  Pricing concerns remain a key focus point of discussion on the group but we see commercial pricing dynamics already well reflected in our/Street estimates and government reform remaining manageable  Admittedly, the 2020 Presidential Election season rhetoric remains a