US Tariffs - Broad Tariffs are Highly Unlikely (7pgs)

Following a number of recent events, we discuss in this note what we think is the most likely outcome for the Pharma industry. We show that broad based tariffs on drugs are highly unlikely, that even if it were to happen, the impact of a 20% tariff is

US Tariffs - Transfer Pricing Could Negate Impact (6pgs)

We show that Big Pharma would not have to shift a single element of supply chain to the US and can mitigate most, if not all, of a 20% tariff on drugs, just by changing their transfer pricing strategy. In a scenario where the US corporation tax rate falls to 15% but tariffs are 20%, we show that Big Pharma profits would be unchanged, while the US government tax take would more than double. The losers would be low tax jurisdictions like Ireland, but they would get to keep their manufacturing base, at least in the medium-term. We also show that the impact of 20% tariffs with no tax mitigation wo...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 04/03/2025

CHTR: quick thoughts following the 1Q25 call

We just wrapped the earnings call (which was brief; efficient). This will be a similarly brief and efficient note that touches on the drivers of the difference in broadband trends between Comcast and Charter, where we think EBITDA growth expectations will go following results, and what it means for repurchases and valuation. We also touch on tariff and macro impact briefly.

Mobileye 1Q25: legacy business healing, SuperVision adoption slow, important win with Uber. Buy, $20 TP.

Google 1Q25: Compute is king and calls for a re-platforming

Google reported 1Q25 yesterday. See our updated perspective on cloud spending, capex and technology infrastructure.