reports
- ABGSC Healthcare Research
- Alexander Krämer
- Morten Larsen
- 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
- Pelham Smithers
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Johnson & Johnson and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 2 April 2025 in which we reassessed the appropriateness of the ratings in the context of ...
- 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...
- Stefano Toffano
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
FP TOTAL SE
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
APAML APERAM SA
ROG ROCHE HOLDING LTD
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
SSAB A SSAB AB CLASS A
NOVN NOVARTIS AG
DAI DAIMLER AG
GIVN GIVAUDAN SA
POM PLASTIC OMNIUM SE
SZG SALZGITTER AG
TYRES NOKIAN RENKAAT OYJ
OR L'OREAL SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
FR VALEO SE
RWE RWE AG
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
REP REPSOL SA
NDA AURUBIS AG
LPP LPP S.A.
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RACE FERRARI NV
RIO RIO TINTO PLC
SAP SAP SE
AZN ASTRAZENECA PLC
BHP BHP GROUP LTD
BP. BP P.L.C.
PIRC PIRELLI & C. S.P.A.
AMAG AMAG AUSTRIA METALL AG
GEST GESTAMP AUTOMOCION S.A.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B NOVO NORDISK A/S
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Team Pharma
- Stefano Toffano
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
FP TOTAL SE
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
APAML APERAM SA
ROG ROCHE HOLDING LTD
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
SSAB A SSAB AB CLASS A
NOVN NOVARTIS AG
DAI DAIMLER AG
GIVN GIVAUDAN SA
POM PLASTIC OMNIUM SE
SZG SALZGITTER AG
TYRES NOKIAN RENKAAT OYJ
OR L'OREAL SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
FR VALEO SE
RWE RWE AG
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
REP REPSOL SA
NDA AURUBIS AG
LPP LPP S.A.
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RACE FERRARI NV
RIO RIO TINTO PLC
SAP SAP SE
AZN ASTRAZENECA PLC
BHP BHP GROUP LTD
BP. BP P.L.C.
PIRC PIRELLI & C. S.P.A.
AMAG AMAG AUSTRIA METALL AG
GEST GESTAMP AUTOMOCION S.A.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B NOVO NORDISK A/S
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Team Pharma
Moody's Ratings says J&J's talc overhang remains after court ruling, b...
Moody's Ratings (Moody's) said that Johnson & Johnson's ("J&J") talc overhang remains after its latest talc subsidiary bankruptcy attempt was denied in courts, but its strong business profile and financial flexibility mitigate ongoing litigation pressures. There is no change at this time to J&J's ra...
Pfizer Invites Public to View and Listen to Webcast of April 29 Confer...
NEW YORK--(BUSINESS WIRE)-- Pfizer Inc. (NYSE: PFE) invites investors and the general public to view and listen to a webcast of a conference call with investment analysts at 10:00 a.m. EDT on Tuesday, April 29, 2025. The purpose of the call is to provide an update on Pfizer’s results, as reflected in the company’s First Quarter 2025 Performance Report, to be issued that morning. To view and listen to the webcast and view the Performance Report, visit our web site at . Information on accessing and registering for the webcast will be available at beginning today. Participants are advised to re...
- Team Pharma
ODDO : Les fondamentaux face à l’incertitude
Les déboires récents de quelques sociétés du secteur (déceptions de CagriSema de Novo, de l’anti-TIGIT de Roche ou investigations en Chine pour AZN) accompagnés de questionnements sur la politique US ont engendré un derating conduisant à une valorisation faciale attractive : PE 26e de 13.2x. Les publications annuelles des 6 large cap Pharma européennes ont été extrêmement rassurantes confirmant les attentes CT et LT du marché. Avec un BPA en croissance moyenne entre 2024 et 2028 de c10%, le PEG ...
- Team Pharma
ODDO : Fundamentals vs uncertainty
The recent setbacks for some sector companies (disappointments over Novo Nordisk’s Cagrisema and Roche’s anti-TIGIT or the investigations in China for AZN) along with question marks over US policy have generated a derating leading to a nominally attractive valuations: P/E 2026e of 13.2x. The full-year earnings reports of the six European large cap pharma companies were extremely reassuring, confirming short- and long-term market expectations. With average expected EPS growth between 2024 and 202...
- Ahmed Ben Salem
FP TOTAL SE
IPN IPSEN SA
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
ROG ROCHE HOLDING LTD
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
NOVN NOVARTIS AG
SZG SALZGITTER AG
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
G ASSICURAZIONI GENERALI S.P.A.
ENI ENI S.P.A.
SAN SANOFI
ERA ERAMET SA
ENEL ENEL SPA
REP REPSOL SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
BC BRUNELLO CUCINELLI S.P.A.
RIO RIO TINTO PLC
AZN ASTRAZENECA PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
BP. BP P.L.C.
REY REPLY S.P.A.
AMAG AMAG AUSTRIA METALL AG
SHL SIEMENS HEALTHINEERS AG
DTG DAIMLER TRUCK
SHEL SHELL PLC
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Ahmed Ben Salem
FP TOTAL SE
IPN IPSEN SA
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
ROG ROCHE HOLDING LTD
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
NOVN NOVARTIS AG
SZG SALZGITTER AG
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
G ASSICURAZIONI GENERALI S.P.A.
ENI ENI S.P.A.
SAN SANOFI
ERA ERAMET SA
ENEL ENEL SPA
REP REPSOL SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
BC BRUNELLO CUCINELLI S.P.A.
RIO RIO TINTO PLC
AZN ASTRAZENECA PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
BP. BP P.L.C.
REY REPLY S.P.A.
AMAG AMAG AUSTRIA METALL AG
SHL SIEMENS HEALTHINEERS AG
DTG DAIMLER TRUCK
SHEL SHELL PLC
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- 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...
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Near-Term Downside Likely Following False Breakouts Our long-term outlook remains bullish as long as the S&P 500 remains above 5770-5850 and 5600-5670 (worst case), and we are buyers at these levels. With that said, we see potential for near-term downside as the S&P 500, Nasdaq 100 (QQQ), and FANG+ (FNGS) (1) could not decisively break out to new highs, (2) display bearish false breakouts, (3) have fallen back into their 2+ month trading ranges, (4) are violating their 1+ month uptrends, and (5...
LLY ELI LILLY AND COMPANY
CFSL COCA-COLA FEMSA SAB DE CV (ADR)
JNJ JOHNSON & JOHNSON
BMY BRISTOL-MYERS SQUIBB COMPANY
AKOB EMBOTELLADORA ANDINA S.A. SERIES B ADS
FMX FOMENTO ECONOMICO MEXICANO S.A.B. DE C.V. ADS
BMTA BRITISH AMERICAN TOBACCO PLC ADS
PM PHILIP MORRIS INTERNATIONAL INC.
ABBV ABBVIE INC.
CCHGY COCA-COLA HBC AG
ABT ABBOTT LABORATORIES
AZN ASTRAZENECA PLC ADS
GSK. GLAXOSMITHKLINE PLC CEDEAR
IMBBY IMPERIAL BRANDS PLC
Pfizer Invites Public to Listen to Webcast of Pfizer Discussion at Hea...
NEW YORK--(BUSINESS WIRE)-- Pfizer Inc. (NYSE: PFE) invites investors and the general public to listen to a webcast of a discussion with Albert Bourla, Chairman and Chief Executive Officer, at the TD Cowen 45th Annual Health Care Conference on Monday, March 3, 2025 at 10:30 a.m. Eastern Standard Time. To listen to the webcast, visit our web site at . Information on accessing and registering for the webcast will be available at beginning today. The transcript and webcast replay of the discussion will be made available on our web site at within 24 hours after the end of the live discussion a...
- Jonathan Moreland
WYNN WYNN RESORTS LIMITED
TTSH TILE SHOP HOLDINGS INC.
OXBR OXBRIDGE RE HOLDINGS
NGL NGL ENERGY PARTNERS LP
HMC HARMONIC
HII HUNTINGTON INGALLS INDUSTRIES INC.
EL ESTEE LAUDER COMPANIES INC. CLASS A
CVS CVS HEALTH CORPORATION
CPSI COMPUTER PROGRAMS & SYSTEMS INC.
BZH BEAZER HOMES USA INC.
BMY BRISTOL-MYERS SQUIBB COMPANY
ASYS AMTECH SYSTEMS INC.
ARCC ARES CAPITAL CORPORATION
AIG AMERICAN INTERNATIONAL GROUP INC.
MDU MDU RESOURCES GROUP INC
CMCO COLUMBUS MCKINNON CORPORATION
USFD US FOODS HOLDING CORP.
FRD FRIEDMAN INDUSTRIES INC.
PLBC PLUMAS BANCORP
FBK FB FINANCIAL CORPORATION
MRUS MERUS B V
PFE PFIZER INC.
XFLT XAI OCTAGON FLOATING RATE ALTERNATIVE INCOME TERM TRUST
RCUS ARCUS BIOSCIENCES
NWPP NEW PEOPLES BANKSHARES INC.
EAF GRAFTECH INTERNATIONAL
AMCR AMCOR PLC
BFC BANK FIRST NATIONAL CORP
CBKM CONSUMERS BANCORP INC.
IDYA IDEAYA BIOSCIENCES
RZLT REZOLUTE
REYN INC.
MTCH REYNOLDS CONSUMER PRODUCTS INC.
ESOA MATCH GROUP INC.
ATAI ENERGY SERVICES OF AMERICA CORP.
FLNC ATAI LIFE SCIENCES BV
BST FLUENCE ENERGY INC
PCT BLACKROCK SCIENCE AND TECHNOLOGY TRUST
CMPO PURECYCLE TECHNOLOGIES INC
EFSI COMPOSECURE INC
LSMG EAGLE FINANCIAL SERVICES INC
SLDB LODE STAR MINING INC
RCEL SOLID BIOSCIENCES INC
MNR AVITA MEDICAL INC
OCX MACH NATURAL RESOURCES LP
FDBC ONCOCYTE CORPORATION
FIDELITY D & D BANCORP INC
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