reports
GSK: 1 director
A director at GSK sold 29,763 shares at 1,544p and the significance rating of the trade was 91/100. 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 showing Close ...
- Dominic Rose
- Naresh Chouhan
MFN Drug Pricing - Impact and Implementation (Thematic, 5pgs)
Ahead of today’s signing of an Executive Order to introduce a Most Favoured Nation approach to drug pricing in the US, we show that net pricing in the EU is c.50% lower than in the US & which companies have most to lose from MFN. We also show that, in reality,
- Dominic Rose
- Naresh Chouhan
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
- Dominic Rose
- Naresh Chouhan
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...
- Dominic Rose
- Naresh Chouhan
EU Pharma - 5 Reasons for Further Re-rating (Thematic, 42pgs)
Given the macro backdrop & our evidence in this note that Pharma can sustain faster than expected growth for the next decade, we believe investors should add to their Pharma positions. 2025 is the biggest year for pipeline readouts in recent history and we expect this to catalyse a re-rating. We show that 1) Pipelines are very robust, 2) The market underestimates the size of the “monster” blockbusters that account for 14% of all drugs, 3) 15% of 2030 sales are “generic resistant” due to the moda...
- Dominic Rose
- Naresh Chouhan
EU Pharma 2025 Outlook - The Correction Was Due, Tread Carefully
In the aftermath of the H224 Healthcare correction, we look forward to 2025 with a more focused stock specific approach We show sector fundamentals have remained robust despite the correction. We see 4 key themes for the Pharma sector in 2025; 1) 2025 is a very strong year for important pipeline readouts, 2) The volume impact of Medicare Part D reform will dominate the narrative in H125 & continue to be a tailwind into 2026, 3) Margin expansion should be robust at a sector level, 4) Biotech M&A...
- Thomas J. Schiessle
BRAIN goes MorphoSys - Royalty Pharma kauft BioIncubator Projekt Deucr...
Erstmals gelingt die „Monetarisierung des BioIncubators“ (€ 129 Mio.- backend loaded - für globale Lizenzrechte am Phase II/III-HAE-Therapeutikum Deucricitibant (Pharvaris (NASDAQ: PHVS) + kurzfristiger € 9,0 Mio.-MS) kurz vor Ende FY 23-24. Die Finanzierung des Wachstums ist damit nicht mehr limitierender Faktor. Es folgt die BNN-Pipeline Fokussierung auf Lebensmittel, Getränke, Life Science.
EQS-News: Squeeze-Out der Minderheitsaktionäre von MorphoSys auf Haupt...
EQS-News: MorphoSys AG / Schlagwort(e): Hauptversammlung Squeeze-Out der Minderheitsaktionäre von MorphoSys auf Hauptversammlung 2024 beschlossen 27.08.2024 / 16:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Pressemitteilung Planegg/München, Deutschland, 27. August 2024 Squeeze-Out der Minderheitsaktionäre von MorphoSys auf Hauptversammlung 2024 beschlossen Die MorphoSys AG gab heute bekannt, dass die Aktionärinnen und Aktionäre des Unternehmens auf der ordentlichen Hauptversammlung 2024 allen Beschlussvorschlägen des Vorsta...
EQS-News: Merger Squeeze-Out of MorphoSys Minority Shareholders Approv...
EQS-News: MorphoSys AG / Key word(s): AGM/EGM Merger Squeeze-Out of MorphoSys Minority Shareholders Approved at 2024 Annual General Meeting 27.08.2024 / 16:00 CET/CEST The issuer is solely responsible for the content of this announcement. Media Release Planegg/Munich, Germany, August 27, 2024 Merger Squeeze-Out of MorphoSys Minority Shareholders Approved at 2024 Annual General Meeting MorphoSys AG today announced that its shareholders approved all resolutions proposed by the company’s Management Board and Supervisory Board at its 2024 Annual General Meeting. This inc...
EQS-News: MorphoSys schließt freiwilliges Delisting von der Frankfurte...
EQS-News: MorphoSys AG / Schlagwort(e): Delisting MorphoSys schließt freiwilliges Delisting von der Frankfurter Wertpapierbörse und dem Nasdaq Global Market ab 05.08.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Pressemitteilung Planegg/München, Deutschland, 5. August 2024 MorphoSys schließt freiwilliges Delisting von der Frankfurter Wertpapierbörse und dem Nasdaq Global Market ab Die MorphoSys AG hat heute bekannt gegeben, dass sie die freiwillige Beendigung der Börsennotierung ihrer Aktien an der Frankfurter We...
EQS-News: MorphoSys Completes Voluntary Delisting from the Frankfurt S...
EQS-News: MorphoSys AG / Key word(s): Delisting MorphoSys Completes Voluntary Delisting from the Frankfurt Stock Exchange and Nasdaq Global Market 05.08.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Media Release Planegg/Munich, Germany, August 5, 2024 MorphoSys Completes Voluntary Delisting from the Frankfurt Stock Exchange and Nasdaq Global Market MorphoSys AG today announced that it has completed the voluntary delisting of its shares from the Frankfurt Stock Exchange and its American Depositary Shares (“ADSs”) from ...
EQS-News: MorphoSys kündigt freiwilliges Delisting vom Nasdaq Global M...
EQS-News: MorphoSys AG / Schlagwort(e): Delisting MorphoSys kündigt freiwilliges Delisting vom Nasdaq Global Market an 12.07.2024 / 22:02 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Pressemitteilung Planegg/München, Deutschland, 12. Juli 2024 MorphoSys kündigt freiwilliges Delisting vom Nasdaq Global Market an Die MorphoSys AG (FSE: MOR; NASDAQ: MOR) gab heute bekannt, dass sie die Nasdaq Stock Market formell über ihre Absicht informiert hat, ihre American Depositary Shares („ADSs“) freiwillig vom Nasdaq Global Market z...
EQS-News: MorphoSys Announces Voluntary Delisting from the Nasdaq Glob...
EQS-News: MorphoSys AG / Key word(s): Delisting MorphoSys Announces Voluntary Delisting from the Nasdaq Global Market 12.07.2024 / 22:02 CET/CEST The issuer is solely responsible for the content of this announcement. Media Release Planegg/Munich, Germany, July 12, 2024 MorphoSys Announces Voluntary Delisting from the Nasdaq Global Market MorphoSys AG (FSE: MOR; NASDAQ: MOR) today announced that it has formally notified the Nasdaq Stock Market of its intention to voluntarily delist its American Depositary Shares (“ADSs”) from the Nasdaq Global Market and to dereg...
- Martin Hall
Hardman & Co Insight: Survival of the UK life sciences sector
For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipation of equity raises. However, the small- and mid-cap life sciences sector has alway...
ETX E-THERAPEUTICS
AGY ALLERGY THERAPEUTICS PLC
AVO ADVANCED ONCOTHERAPY
YGEN YOURGENE HEALTH
ALNOV NOVACYT SAS
C4XD C4X DISCOVERY HOLDINGS
REDX REDX PHARMA
GDR GENEDRIVE
GSK GLAXOSMITHKLINE PLC
AZN ASTRAZENECA PLC
CTEC CONVATEC GROUP PLC
RENE RENEURON GROUP
0008964D INDIVIOR INC
IMCR IMMUNOCORE HOLDINGS ADS
ONT OXFORD NANOPORE TECHNOLOGIES PLC
SLN SILENCE THERAPEUTICS PLC
TRX TISSUE REGENIX GROUP PLC
EQS-News: MorphoSys und Novartis unterzeichnen Vereinbarung zur Beendi...
EQS-News: MorphoSys AG / Schlagwort(e): Squeeze-Out MorphoSys und Novartis unterzeichnen Vereinbarung zur Beendigung der Börsennotierung und beabsichtigen Durchführung eines verschmelzungsrechtlichen Squeeze-Outs der Minderheitsaktionäre der MorphoSys 20.06.2024 / 08:25 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Pressemitteilung Planegg/München, Deutschland, 20. Juni 2024 MorphoSys und Novartis unterzeichnen Vereinbarung zur Beendigung der Börsennotierung und beabsichtigen Durchführung eines verschmelzungsrechtlichen Squeeze...
EQS-News: MorphoSys and Novartis Sign Delisting Agreement and Intend t...
EQS-News: MorphoSys AG / Key word(s): Squeeze Out MorphoSys and Novartis Sign Delisting Agreement and Intend to Implement a Merger Squeeze-out of MorphoSys’ Minority Shareholders 20.06.2024 / 08:25 CET/CEST The issuer is solely responsible for the content of this announcement. Media Release Planegg/Munich, Germany, June 20, 2024 MorphoSys and Novartis Sign Delisting Agreement and Intend to Implement a Merger Squeeze-out of MorphoSys’ Minority Shareholders MorphoSys AG (FSE: MOR; NASDAQ: MOR) today announced that the company has entered into a delisting agreement...
- Dominic Rose
- Naresh Chouhan
Thematic Research - Quantifying The Impact From Part D Reform
In 2025, Big Pharma will be exposed to further US drug pricing reform as a result of the IRA act. This is the final big change to play out and we calculate there is the potential for a mid-single digit EBIT impact for some companies, but there is material heterogeneity in terms of the magnitude of the impact. There is also the potential for upside for Novo & LLY. However, given the significant complexity in the reimburse-ment changes & in computing the current sales in Medicare Part D, we are re...
- Dominic Rose
- Naresh Chouhan
GSK - Downgrade to HOLD (TP £17.50 [£19], 7pgs)
We downgrade GSK to HOLD given the higher risk following the outcome of yesterday’s Delaware trial & the higher payout that GSK could now face. We now assume GSK pays £4bn ($100k/case) and we add a 5% uncertainty discount. Given it will be c.12mths before an appeal decision & a lack of near-term catalysts, we now see limited reasons to own the stock. The Blenrep uptake & Arexvy sales will not become visible until early Q4 and the Depe’ full P3 data is unlikely to drive ST upgrades. Our forecasts...
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 30/04/2024 Date Performance dep...
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
CRI CHARGEURS SA
VCT VICAT-CIMENTS VICAT SA
FLY SOCIETE FONCIERE LYONNAISE SA
TYRES NOKIAN RENKAAT OYJ
VETO VETOQUINOL SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
GMM GRAMMER AG
FIE FIELMANN AG
DEZ DEUTZ AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
MOR MORPHOSYS AG
NFN NFON AG
WAVE WAVESTONE SA
NACON NACON SASU
ALHRS HYDROGEN REFUELING SOLUTIONS
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
EXN EXCLUSIVE NETWORKS SA
WAGA WAGA ENERGY SA
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 04/30/2024
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
CRI CHARGEURS SA
VCT VICAT-CIMENTS VICAT SA
FLY SOCIETE FONCIERE LYONNAISE SA
TYRES NOKIAN RENKAAT OYJ
VETO VETOQUINOL SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
GMM GRAMMER AG
FIE FIELMANN AG
DEZ DEUTZ AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
MOR MORPHOSYS AG
NFN NFON AG
WAVE WAVESTONE SA
NACON NACON SASU
ALHRS HYDROGEN REFUELING SOLUTIONS
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
EXN EXCLUSIVE NETWORKS SA
WAGA WAGA ENERGY SA
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