J&J’s Actelion Buy Brings Strong Midterm Growth in Rare Diseases; High Price Lowers Fair Value
Actelion has agreed to be purchased by J&J in an all-cash deal for $30 billion ($280/CHF 280 per share), far exceeding our stand-alone Actelion fair value estimate of CHF 112 per share. J&J expects this deal to improve long-term revenue growth rates by at least one percentage point and long-term earnings by 1.5-2 percentage points, which fits with our stand-alone Actelion estimates. With the deal expected to close in the second quarter, we are lowering our J&J fair value estimate fr...Johnson & Johnson is a holding company engaged in the research and development, manufacture and sale of a range of products in the health care field. The company has three business segments: Consumer, which includes a range of products focused on personal healthcare used in the beauty, over-the-counter pharmaceutical, baby care, oral care, women's health and wound care markets; Pharmaceutical, which is focused on six therapeutic areas: immunology, infectious diseases, neuroscience, oncology, cardiovascular and metabolism and pulmonary hypertension; and Medical Devices, which includes products used in the orthopaedic, surgery, interventional solutions, and eye health fields.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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