reports
- Karen Andersen
Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out o...
Contract manufacturer Lonza reported solid half-year results, with over CHF 2.9 billion in total sales year to date, up about 6.4% from last year and boosted by foreign exchange tailwinds. Core EBITDA margin expanded 30 basis points from last year to about 27.8%, helped slightly by new accounting standards. Management indicated that it continues to expect mid- to high-single-digit sales growth in 2019. We are maintaining our fair value estimate of CHF 210 per share and our no-moat rating. The ph...
- Karen Andersen
Progress With Senate Drug Pricing Reform Fits Our Prior Analysis; No F...
Senate Finance Committee Chairman Chuck Grassley and Democratic ranking member Ron Wyden posted the Prescription Drug Pricing Reduction Act on Tuesday, and although this is not a final bill (it needs to proceed through markup on Thursday and get a majority vote of the full committee, so it could see changes before it proceeds to a Senate floor vote), it likely means that a bipartisan agreement was reached prior to posting. Share prices of drug firms were largely unmoved by this news; while we th...
- Karen Andersen
Progress With Senate Drug Pricing Reform Fits Our Prior Analysis; No F...
Senate Finance Committee Chairman Chuck Grassley and Democratic ranking member Ron Wyden posted the Prescription Drug Pricing Reduction Act on Tuesday, and although this is not a final bill (it needs to proceed through markup on Thursday and get a majority vote of the full committee, so it could see changes before it proceeds to a Senate floor vote), it likely means that a bipartisan agreement was reached prior to posting. Share prices of drug firms were largely unmoved by this news; while we th...
- Karen Andersen
Progress With Senate Drug Pricing Reform Fits Our Prior Analysis; No F...
Senate Finance Committee Chairman Chuck Grassley and Democratic ranking member Ron Wyden posted the Prescription Drug Pricing Reduction Act on Tuesday, and although this is not a final bill (it needs to proceed through markup on Thursday and get a majority vote of the full committee, so it could see changes before it proceeds to a Senate floor vote), it likely means that a bipartisan agreement was reached prior to posting. Share prices of drug firms were largely unmoved by this news; while we th...
- Karen Andersen
Progress With Senate Drug Pricing Reform Fits Our Prior Analysis; No F...
Senate Finance Committee Chairman Chuck Grassley and Democratic ranking member Ron Wyden posted the Prescription Drug Pricing Reduction Act on Tuesday, and although this is not a final bill (it needs to proceed through markup on Thursday and get a majority vote of the full committee, so it could see changes before it proceeds to a Senate floor vote), it likely means that a bipartisan agreement was reached prior to posting. Share prices of drug firms were largely unmoved by this news; while we th...
- Karen Andersen
Progress With Senate Drug Pricing Reform Fits Our Prior Analysis; No F...
Senate Finance Committee Chairman Chuck Grassley and Democratic ranking member Ron Wyden posted the Prescription Drug Pricing Reduction Act on Tuesday, and although this is not a final bill (it needs to proceed through markup on Thursday and get a majority vote of the full committee, so it could see changes before it proceeds to a Senate floor vote), it likely means that a bipartisan agreement was reached prior to posting. Share prices of drug firms were largely unmoved by this news; while we th...
- Karen Andersen
Morningstar | Biogen's Strong 2Q Highlights MS Stability and Pipeline ...
Biogen reported strong results for the second quarter and raised guidance for the full year, and we've slightly increased our fair value estimate to $353 per share from $327 to account for recent share repurchases (at prices significantly below our fair value estimate), lower tax rate guidance, and stronger performance than we had modeled for Biogen's MS franchise, driven by U.S. Tecfidera and royalty revenue from Roche's Ocrevus. With an advancing pipeline and several potential drivers excluded...
- Karen Andersen
Morningstar | Biogen's Strong 2Q Highlights MS Stability and Pipeline ...
Biogen reported strong results for the second quarter and raised guidance for the full year, and we've slightly increased our fair value estimate to $353 per share from $327 to account for recent share repurchases (at prices significantly below our fair value estimate), lower tax rate guidance, and stronger performance than we had modeled for Biogen's MS franchise, driven by U.S. Tecfidera and royalty revenue from Roche's Ocrevus. With an advancing pipeline and several potential drivers excluded...
- Karen Andersen
Biogen's Strong 2Q Highlights MS Stability and Pipeline Growth; Raisin...
Biogen reported strong results for the second quarter and raised guidance for the full year, and we've slightly increased our fair value estimate to $353 per share from $327 to account for recent share repurchases (at prices significantly below our fair value estimate), lower tax rate guidance, and stronger performance than we had modeled for Biogen's MS franchise, driven by U.S. Tecfidera and royalty revenue from Roche's Ocrevus. With an advancing pipeline and several potential drivers excluded...
- Karen Andersen
- Karen Andersen
Morningstar | Momenta Is Transitioning to Innovative Rare Diseases, bu...
Momenta's strategy is transitioning as the firm moves from complex generics and biosimilars into novel, branded autoimmune drugs, but its strong experience in characterizing complex proteins makes it a viable industry player and possible takeover target.Complex generics have faced higher development, manufacturing, and regulatory hurdles, which can reduce competition and pricing pressure relative to typical generic markets. However, Momenta and Sandoz's generic version of Sanofi's anticoagulant ...
- Karen Andersen
Morningstar | SOBI Updated Star Rating from 18 Jul 2019
We're not expecting to make any significant changes to our SEK 240 per share fair value estimate for Sobi following a strong second quarter, as the firm's hemophilia franchise continues to hold up in Europe, and Gamifant's launch in the U.S. appears to be on track. Our valuation factors in a 50% probability that the firm is acquired at a 7 times multiple to 2019 sales, or roughly SEK 300 per share. While near-term sales and margins are benefiting from hemophilia product demand and the addition o...
- Karen Andersen
Morningstar | Sobi Reports Strong 2Q Gamifant Sales as Hemophilia Comp...
We're not expecting to make any significant changes to our SEK 240 per share fair value estimate for Sobi following a strong second quarter, as the firm's hemophilia franchise continues to hold up in Europe, and Gamifant's launch in the U.S. appears to be on track. Our valuation factors in a 50% probability that the firm is acquired at a 7 times multiple to 2019 sales, or roughly SEK 300 per share. While near-term sales and margins are benefiting from hemophilia product demand and the addition o...
- Karen Andersen
Morningstar | Seattle Genetics Submits Enfortumab Vedotin for FDA Appr...
Seattle Genetics reported revenue of $218 million, up 28% from last year. Adcetris sales of $159 million in the U.S. and Canada were up 30% from last year and 17% sequentially, which represents solid growth that helps offset the company's weaker first quarter. Adcetris, which is used to treat classical Hodgkin's lymphoma and anaplastic large cell lymphoma, remains the company's key driver, and we anticipate steady double-digit growth for the next several years due to Adcetris' solid efficacy and...
- Karen Andersen
Sobi Reports Strong 2Q Gamifant Sales as Hemophilia Competition Enters...
We're not expecting to make any significant changes to our SEK 240 per share fair value estimate for Sobi following a strong second quarter, as the firm's hemophilia franchise continues to hold up in Europe, and Gamifant's launch in the U.S. appears to be on track. Our valuation factors in a 50% probability that the firm is acquired at a 7 times multiple to 2019 sales, or roughly SEK 300 per share. While near-term sales and margins are benefiting from hemophilia product demand and the addition o...
- Karen Andersen
Seattle Genetics Submits Enfortumab Vedotin for FDA Approval; Solid Ad...
Seattle Genetics reported revenue of $218 million, up 28% from last year. Adcetris sales of $159 million in the U.S. and Canada were up 30% from last year and 17% sequentially, which represents solid growth that helps offset the company's weaker first quarter. Adcetris, which is used to treat classical Hodgkin's lymphoma and anaplastic large cell lymphoma, remains the company's key driver, and we anticipate steady double-digit growth for the next several years due to Adcetris' solid efficacy and...
- Karen Andersen
Morningstar | Rebate Rule Is Dead: Supply Chain Benefits, Drug Firms P...
First reported July 10 by Axios, the Trump administration is not planning to finalize the proposed rule altering the flow of drug rebates purchased through Medicare Part D plans. The rule would have changed the business model of pharmacy benefit managers, requiring any negotiated discounts to be passed directly to the beneficiary at the point of sale rather than used as a mechanism to lower the costs to the insurance plan overall. While this led to a rally for PBMs/insurers and distributors, dru...
- Karen Andersen
Morningstar | Rebate Rule Is Dead: Supply Chain Benefits, Drug Firms P...
First reported July 10 by Axios, the Trump administration is not planning to finalize the proposed rule altering the flow of drug rebates purchased through Medicare Part D plans. The rule would have changed the business model of pharmacy benefit managers, requiring any negotiated discounts to be passed directly to the beneficiary at the point of sale rather than used as a mechanism to lower the costs to the insurance plan overall. While this led to a rally for PBMs/insurers and distributors, dru...
- Karen Andersen
Morningstar | Rebate Rule Is Dead: Supply Chain Benefits, Drug Firms P...
First reported July 10 by Axios, the Trump administration is not planning to finalize the proposed rule altering the flow of drug rebates purchased through Medicare Part D plans. The rule would have changed the business model of pharmacy benefit managers, requiring any negotiated discounts to be passed directly to the beneficiary at the point of sale rather than used as a mechanism to lower the costs to the insurance plan overall. While this led to a rally for PBMs/insurers and distributors, dru...
- Karen Andersen
Morningstar | Rebate Rule Is Dead: Supply Chain Benefits, Drug Firms P...
First reported July 10 by Axios, the Trump administration is not planning to finalize the proposed rule altering the flow of drug rebates purchased through Medicare Part D plans. The rule would have changed the business model of pharmacy benefit managers, requiring any negotiated discounts to be passed directly to the beneficiary at the point of sale rather than used as a mechanism to lower the costs to the insurance plan overall. While this led to a rally for PBMs/insurers and distributors, dru...
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