reports
- Damien Conover
Trump’s Blueprint to Lower Drug Prices Offers Minor Changes; No Big ...
The Trump administration’s policy paper titled “The Trump Administration Blueprint to Lower Drug Prices and Reduce Out-of-Pocket Costs†offers proposals that don’t impact our moat ratings in the Big Pharma and Biotech industries, and the pricing power of branded drugs in the U.S. still looks strong. The blueprint’s near-term focus largely supports increasing generic drug competition, slightly strengthening Medicare drug price negotiations, improving drug price transparency, and providi...
- Damien Conover
Trump’s Drug Plan Looks to Modestly Lower Drug Prices, Keeping Big P...
Trump’s policy speech on lowering drug prices didn’t offer many specifics and focused mostly on reducing middleman profits and raising drug prices overseas. Based on the 2019 U.S. government budget proposal and the Council of Economic Advisors white paper on drug policy, we expect only modest negative headwinds to branded drug prices. We continue to view moats within Big Pharma/Biotech industries as intact, supported by strong pricing power for patent protected drugs. We view the branded dru...
- Damien Conover
Continued Lantus Weakness Weighs on Sanofi's 1Q, but Specialty Drugs H...
Sanofi reported first-quarter results largely in line with our expectations and those of consensus, with a minor outperformance on the bottom line, but we don’t expect any changes to our fair value estimate based on the results. We continue to view the stock as undervalued, with the investment community overly focused on the declining diabetes franchise and underappreciating the company's strong position in specialty care and emerging markets. Sanofi's broad portfolio of consumer healthcare b...
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