US Tariffs - Broad Tariffs are Highly Unlikely (7pgs)

Following a number of recent events, we discuss in this note what we think is the most likely outcome for the Pharma industry. We show that broad based tariffs on drugs are highly unlikely, that even if it were to happen, the impact of a 20% tariff is

US Tariffs - Transfer Pricing Could Negate Impact (6pgs)

We show that Big Pharma would not have to shift a single element of supply chain to the US and can mitigate most, if not all, of a 20% tariff on drugs, just by changing their transfer pricing strategy. In a scenario where the US corporation tax rate falls to 15% but tariffs are 20%, we show that Big Pharma profits would be unchanged, while the US government tax take would more than double. The losers would be low tax jurisdictions like Ireland, but they would get to keep their manufacturing base, at least in the medium-term. We also show that the impact of 20% tariffs with no tax mitigation wo...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 04/03/2025

On the shelves now: Consumer Weekly #67

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the largest beauty groups in the world. Happy reading!

Kempower: Updating our model following Q1 results

Last Friday, Kempower published Q1 2025 results, reporting revenues of EUR43.5m (+2% YoY vs. EUR42.6m in Q1 2024), though revenues declined sequentially due to continued soft demand due to elevated inventory levels across the DC charging industry. Gross margin remained stable at 49.5% (-0.3ppt YoY)

Valneva: France suspends Ixchiq for >65yo pending investigation

Valneva's Ixchiq has been suspended by France's HAS (national public health agency) for the use in persons aged >65 y.o pending further investigation, after three cases of SAEs (all in patients >80, with one death) have been reported in the French pharmacovigilence database — these cases have