reports
- Eric Le Berrigaud
- Hugo Solvet
- Jean-Jacques Le Fur
- Victor Floc’h
- Eric Le Berrigaud
- Hugo Solvet
- Jean-Jacques Le Fur
- Victor Floc’h
- Hugo Solvet
- Bruno de La Rochebrochard
- Eric Le Berrigaud
- Hugo Solvet
- Jean-Jacques Le Fur
- Victor Floc’h
- Hugo Solvet
MERCK KGAA: Strong Q3 … yet higher financial expenses leaves FY19 EP...
MERCK KGAA - BUY | EUR109(-1%) Strong Q3 … yet higher financial expenses leaves FY19 EPS guidance unchanged Strong execution in Q3 Double-digit growth in Life Sciences Performance Materials’ decline in-line with expectations Mavenclad on the right track Updated FY19 targets reflecting Versum and higher Fi expenses.
- Hugo Solvet
- Hugo Solvet
- Hugo Solvet
QIAGEN: Detailed Q3 : higher restructuring charge and expected FY19 gu...
QIAGEN - BUY | EUR32(+22%) Detailed Q3 : higher restructuring charge and expected FY19 guidance downgrade Pre-announced Q3 results in more details Restructuring charge USD12-17m larger than anticipated Expected FY19 guidance revision suggests further downside
- Hugo Solvet
GALAPAGOS: MOR106 stopped on lack of efficacy, marginal impact to our ...
GALAPAGOS - BUY - TOP PICKS | EUR175 vs. EUR180 (+10%) MOR106 stopped on lack of efficacy, marginal impact to our FV Discontinuation of MOR106 in atopic dermatitis The end of a collaboration with MorphoSys and Novartis Marginal contribution of MOR106 to the equity story and our FV Model adjustments following Q3 results
- Hugo Solvet
FRESENIUS SE: Q3 in-line, continuous weaknesses at KABI North America ...
FRESENIUS SE - NEUTRAL | EUR71(+63%) Q3 in-line, continuous weaknesses at KABI North America In-line Q3 results KABI: the picture does not get better in North America Recovering topline but weak profitability at HELIOS All guidance’s but that for KABI US are reiterated
- Hugo Solvet
FRESENIUS MED. CARE: Q3 EPS beat driven by lower interest expenses. Gu...
FRESENIUS MED. CARE - BUY | EUR78(+31%) Q3 EPS beat driven by lower interest expenses. Guidance unchanged Q3 results in-line, EPS beat driven by lower interest expenses Care Coordination still impacted by the ESCO program NA dialysis business growing nicely, RoW in the right direction FY19 guidance unchanged
- Hugo Solvet
BIOMÉRIEUX: Strong Q3 but FY19 sales growth guidance lowered | NEUTRA...
BIOMÉRIEUX - NEUTRAL | EUR70 Strong Q3 but FY19 sales growth guidance lowered Q3 growth ahead of CSS … but FY19 sales guidance lowered Strong growth across the board Immunoassays growth was a positive surprise FY19 topline growth guidance lowered
- Eric Le Berrigaud
- Hugo Solvet
- Jean-Jacques Le Fur
- Victor Floc’h
- Hugo Solvet
QIAGEN: Period of uncertainty with M&A as sole source of upside? | BUY...
QIAGEN - BUY | EUR32 vs. EUR39 (+34%) Period of uncertainty with M&A as sole source of upside? Another weak quarter should lead to another guidance downgrade FV adjusted to EUR32 vs EUR39 (-18%) It will take time to restore confidence NGS strategy shift and restructuring makes QIA a target?
- Hugo Solvet
QIAGEN: Illumina partnership overshadowed by weak prelim. Q3 and CEO s...
QIAGEN - BUY | EUR39 (+32%) Illumina partnership overshadowed by weak prelim. Q3 and CEO stepping down Q3 growth well below consensus and guidance Partnering with Illumina … shift in strategy in NGS Massive impairment and restructuring plan CEO, Peer Schatz steps down
- Hugo Solvet
DBV TECHNOLOGIES: Viaskin Peanut accepted for review. AdCom to be held...
DBV TECHNOLOGIES - BUY vs.BUY - TOP PICKS | EUR46 (+196%) Viaskin Peanut accepted for review. AdCom to be held in late Q1/early Q2 2020 FDA accepts Viaskin Peanut for review Action date on August 5th, 2020 Late Q1/early Q2 2020 AdCom likely to focus on efficacy Strong execution will remain key
- Eric Le Berrigaud
- Hugo Solvet
- Jean-Jacques Le Fur
- Victor Floc’h
Healthcare: Top Picks for Q4 2019: Galapagos and Roche
Roche stays in, Galapagos enters the list As we look to the quarter ahead, we believe it is reasonable to pick defensive stocks and to avoid as much as possible biotech and the most volatile names since the start of the campaign for the US Presidential elections is a risk to the sector in the period. In general terms, this is why we are going to start with only two names in the list, leaving the door open to additions in the course of the period to add one or two more, maybe at more attractive p...
- Hugo Solvet
- Hugo Solvet
- Hugo Solvet
BIOM'UP: Not out of the rut yet; suspending rating on risk to business...
BIOM'UP - SUSPENDED | Under Review Not out of the rut yet; suspending rating on risk to business continuity Low-end of FY19 guidance implies 40% of annual sales in Q4 Where do we stand on management changes EUR2m cash threshold to be crossed downwards this month Suspending rating on risk to business continuity
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