Myriad Genetics Reports Solid 1Q 2018, Countered by Tepid Results From GeneSight Study
Narrow-moat Myriad reported fiscal first-quarter 2018 earnings in line with our expectations, and we are maintaining our $30 fair value estimate. Myriad’s hereditary cancer business continues to see pricing pressure from new entrants, and sales in this business fell in the quarter as a result. Given the uncertainty surrounding payer reaction to recent results of a large study of GeneSight, the mental health disorder medication selection test, we’re lowering our GeneSight forecast, offset by mino...Myriad Genetics is a precision medicine company acting as a trusted advisor to transform patient lives through molecular diagnostics. The company's molecular diagnostic tests include: myRisk? Hereditary Cancer for assessing the risks for hereditary cancers; BRACAnalysis? for assessing the risk of developing breast and ovarian cancer; riskScore? that improves the company's myRisk Hereditary Cancer test; GeneSight? to support psychotropic drug selection for depressed patients; Vectra?DA for assessing the disease activity of rheumatoid arthritis; and Prolaris? for assessing the aggressiveness of prostate cancer. The company also provides pharmaceutical and clinical services.
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