Prudence est mère de sureté
En amont des résultats annuels 2017, nous adoptons une posture prudente sur la Pharma européenne. Le retour à la croissance, tant attendu, d'un secteur sous pression ces derniers mois, devrait être timide. Les multiples de PEG plus attractifs sur la période 2017-21e que sur 2016-20e s'expliquent principalement par le point bas de croissance des BNA atteints en 2017. A CT, la réforme fiscale aux Etats-Unis permet de compenser les retards accumulés pour renouveler les portefeuilles de médicaments. Le manque de visibilité sur le risque « biosimilaire » pourrait également pénaliser l'ensemble du secteur. Nous privilégions UCB en ce début d'année.UCB is a global biopharmaceutical company focused on severe diseases in two therapeutic areas, namely central nervous system disorders and immunology. In the area of central nervous system disorders, Co. is focused on advanced Parkinson's disease, epilepsy, restless legs syndrome and epilepsy. In the area of immunology disorders, Co. is focused on rheumatoid arthritis, axial spondyloarthritis, psoriatic arthritis, systemic lupus erythematosus, juvenile idiopathic arthritis, post-menopausal osteoporosis, systemic lupus erythematosus and immunological diseases.
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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