After a stress episode in the first few days of the month, the equity markets finished August on a gain. US markets ended slightly ahead of Europe, thanks notably to the latest good US GDP numbers, but this performance is erased by the strong rise of the euro. The main driver was short rates falling in anticipation of rate cuts by central banks, with 2-year rates coming close to 10-year rates in the US and Europe. Tech stocks took a hit but less so than in July, and the two worst per...
Après leur stress tout début août, les marchés actions finissent le mois dans le vert. Les marchés américains terminent légèrement devant l’Europe, notamment grâce aux derniers bons chiffres du PIB USA, mais cette performance est effacée par la forte remontée de l’euro. Ce sont surtout les taux courts qui ont reculé, anticipant des baisses de taux par les banques centrales, le 2 ans revenant proche du 10 ans aux USA comme en Europe. Les valeurs technologiques ont souffert mais moins q...
>Discount de la première liste Medicare enfin dévoilé (-66% en médiane) - Le 15 août dernier, l’administration Biden-Harris a officiellement communiqué le rabais qui sera appliqué aux 10 médicaments (voir tableau en deuxième page) de la première liste établie par Medicare dans le cadre de l’IRA. Il ressort donc de ces négociations un discount appliqué sur le list price allant de -38% (Imbruvica ; oncologie) à -79% (Januvia ; diabète) avec une médiane à -66%, ce qui d...
>Discount for the first Medicare list finally announced (median of -66%) - On 15 August, the Biden-Harris administration officially announced the discount that will be applied to the 10 drugs (see the list on page 2) of the first list set out by Medicare within the IRA framework. The result of the negotiations is an applied discount to the list price ranging from -38% (Imbruvica, oncology) to -79% (Januvia, diabetes) with a median of -66%, which should generate savin...
A director at Novartis AG sold 6,566 shares at 111.720USD and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
>AstraZeneca: Q2 broadly in line with forecasts, guidance upgraded as expected - AZN just published its Q2 results which are broadly in line with expectations. Group revenues came to $ 12.9bn (+4% vs cs). However, we see a mixed product performance: Imfinzi, Enhertu and Lynparza are a bit disappointing but this was offset by good resilience from Symbicort (emerging market). China continues its rebound. The core operating profit margin is 31.7%, a bit lower than expec...
>AstraZeneca: Q2 broadly in line with forecasts, guidance upgraded as expected - AZN just published its Q2 results which are broadly in line with expectations. Group revenues came to $ 12.9bn (+4% vs cs). However, we see a mixed product performance: Imfinzi, Enhertu and Lynparza are a bit disappointing but this was offset by good resilience from Symbicort (emerging market). China continues its rebound. The core operating profit margin is 31.7%, a bit lower than expec...
A l’occasion du flash sectoriel sur les compagnies aériennes publié ce matin par nos analystes sectoriels, nous sortons Ryanair de notre liste de valeurs recommandées Large Caps. L’opinion passe de Surperformance à Neutre et l’objectif de cours est abaissé de 26 € à 20 €. - ...
The French equity market will only be able to erase the discount (50bp increase in risk premium) triggered by the dissolution of the National Assembly once the budget has been approved next autumn. In the meantime, a technocratic government or an Ensemble + LR government could provide some slight respite, but other options (partial alliance of the NFP with Ensemble) are also possible, and less favourable for French equities. The parliamentary session that opens today could clarify the...
>Robust Q2, 6% above forecasts for the bottom line - Q2 came in ahead of expectations for sales (+2% vs the consensus) and core EPS (+6% vs consensus). Sales grew 11% cc (9% reported), driven by all the flagship products: Entresto (25%, 0% vs cons.), Cosentyx (20%, 5% vs cons.), Kisqali (45%, 2% vs cons.), Kesimpta (63%, 9% vs cons.) and Leqvio (133%, 10% vs cons.). Note that Pluvicto (44%, -5% vs cons.) once again slightly undershot expectations and our estimates, th...
>Robuste T2 qui ressort 6% au-dessus des attentes au niveau de la bottom line - Le T2 ressort au-dessus des attentes au niveau des ventes (+2% vs css) et du core BPA (+6% vs css). Les ventes progressent de 11% tcc (9% en publié) tirées par tous les produits phares : Entresto (25%, 0% vs css), Cosentyx (20%, 5% vs css), Kisqali (45%, 2% vs css), Kesimpta (63%, 9% vs css) et Leqvio (133%, 10% vs css). Notons que Pluvicto (44%, -5% vs css) ressort une nouvelle fois légèr...
Global oncology spending is projected to reach US$409bn by 2028E, up from US$223bn in 2023A at a 5yr CAGR of 11.5-14.5% from 2024-2028 (IQVIA, 2024). This growth is in part driven by US spending, which has increased to $99bn in 2023A up from $65bn in 2019A - the US makes up ~45% of global oncology spending.
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