Maintaining Our Fair Value for Roche; Cancer and Immunology Pipeline Outweighs Biosimilar Threat
Roche’s 3% top-line growth in the third quarter was weighed down by weaker 2% pharmaceutical sales growth (reserves for the U.S. 340B program impacting Avastin, Rituxan, and Herceptin), but strong 8% growth in diagnostics helped offset the impact, and we’re maintaining our fair value estimate as our long-term thesis remains intact. Shares look significantly undervalued at recent prices, and we still forecast core EPS growth ahead of sales growth for the full year (in line with management’s forec...
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.
We have operations in 27 countries.
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