Lowering Our Pharmaceutical Distributor Moats, Trends, and FVEs Across the Board
We are reassessing the pharmaceutical distribution segment in light of the evolving competitive and regulatory environment. Based on continued decline of pharmaceutical spend growth and external shock threats, we are lowering our moat ratings for AmerisourceBergen, Cardinal Health, and McKesson from wide to narrow with a negative moat trend. We are also reducing our fair value estimates.Despite the stable foothold in the oligopoly market, where the three companies handle 90% of the market, the ...
McKesson provides pharmaceuticals and medical supplies and services to its customers. The company's segments include: U.S. Pharmaceutical and Specialty Solutions, which provides distribution and logistics services for branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs and other healthcare-related products to customers; European Pharmaceutical Solutions, which provides distribution and services to wholesale, institutional and retail customers in European countries where it owns, partners or franchises with retail pharmacies; and Medical-Surgical Solutions, which delivers medical-supply distribution, logistics, biomedical and other services to healthcare providers.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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