reports
- Brian Moretta
- Mark Thomas
- Martin Hall
- Riccardo Bindi
Hardman & Co Monthly: April 2023
Feature article: 2022 Pharma Statistics - 8.7% growth – but worrying signs An efficient reporting system has seen all the listed multinational pharmaceutical companies announcing results for 2022, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of the global and US rankings of the top 20 drug companies for 2022. 2022 was characterised by 8.7% underlying growth, offset by a large forex impact (-12%), due to USD stren...
INCY INCYTE CORP
IPN IPSEN SA
NOVN NOVARTIS AG
VRTX VERTEX PHARMACEUTICALS INCORPORATED
TEVA.N TEVA PHARMACEUTICAL INDUSTRIES LIMITED SPONSORED ADR
REGN REGENERON PHARMACEUTICALS INC.
LLY MERCK & CO. INC.
JNJ ELI LILLY AND COMPANY
J7Z JOHNSON & JOHNSON
HZNP JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY
GILD HORIZON THERAPEUTICS PUBLIC LIMITED COMPANY
BMY GILEAD SCIENCES INC.
BIIB BRISTOL-MYERS SQUIBB COMPANY
FEV BIOGEN INC.
IBT FIDELITY EUROPEAN VALUES PLC
FCSS INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FSV FIDELITY CHINA SPECIAL SITUATIONS PLC
FJV FIDELITY SPECIAL VALUES PLC
FAS FIDELITY JAPAN TRUST
AVO FIDELITY ASIAN VALUES PLC
CLIG ADVANCED ONCOTHERAPY
MRK CITY OF LONDON INVESTMENT GROUP
NOVO B MERCK KGAA
novob NOVO NORDISK A/S CLASS B
RECI NOVO NORDISK
SAN REAL ESTATE CREDIT INVESTMENTS
UCB SANOFI
HIK UCB S.A.
PIN HIKMA PHARMACEUTICALS PLC
PFIZER PANTHEON INTERNATIONAL
4506 PFIZER
4523 SUMITOMO DAINIPPON PHARMA CO. LTD.
4507 EISAI CO. LTD.
4568 SHIONOGI & CO. LTD.
VTAS DAIICHI SANKYO COMPANY LIMITED
STX VOLTA FINANCE (GBP)
4502 SHIELD THERAPEUTICS
HAT TAKEDA PHARMACEUTICAL CO. LTD.
OCI H&T GROUP
4578 OAKLEY CAPITAL INVESTMENTS
APAX OTSUKA HOLDINGS CO. LTD.
4503 APAX GLOBAL ALPHA
ICGT ASTELLAS PHARMA INC.
UTHR ICG ENTERPRISE TRUST
PFE UNITED THERAPEUTICS CORPORATION
AZN PFIZER INC.
GLAXO ASTRAZENECA PLC
ABBV GLAXOSMITHKLINE PHARMACEUTICALS
VRX CN ASTELLAS PHARMA INC
MRNA ABBVIE INC.
TXG BAUSCH HEALTH COMPANIES INC.
NOVO MODERNA INC.
VTRS 10X GENOMICS INC CLASS A
4568.T NOVO NORDISK A/S-B
ME VIATRIS INC.
OCL DAIICHI SANKYO COMPANY
LUND A LIMITED
23ANDME HLDG CO
OAKLEY CAPITAL
H. LUNDBECK A/S
Despite a better risk assessment and improving to Neutral, BAUSCH HEAL...
BAUSCH HEALTH (US), a company active in the Pharmaceuticals industry, improves its market behaviour and slightly increases its general evaluation. The independent financial analyst theScreener just upgraded the stock market behaviour as moderately risky. At a fundamental level, theScreener confirms 1 out of 4 possible stars; the general evaluation is slightly increased to Neutral but the title remains under pressure. As of the analysis date April 5, 2022, the closing price was USD 23.23 and its ...
Despite a better risk assessment and improving to Neutral, BAUSCH HEAL...
BAUSCH HEALTH (CA), a company active in the Pharmaceuticals industry, improves its market behaviour and slightly increases its general evaluation. The independent financial analyst theScreener just upgraded the stock market behaviour as moderately risky. At a fundamental level, theScreener confirms 1 out of 4 possible stars; the general evaluation is slightly increased to Neutral but the title remains under pressure. As of the analysis date March 22, 2022, the closing price was CAD 30.24 and its...
- Valens Research
Valens Equity Insights and Inflections - 2021 09 14
Current market expectations for IIVI don't comprehend the company's macro tailwinds. The company supplies the technology that allows big macro trends around 5G, the Internet of Things, and autonomous vehicles to bloom. Its tailwinds from these markets continue to take off, and in the case of autonomous vehicles, it is essential to any success at all. As booming demand accelerates in these end markets, the company is likely to see strong fundamental momentum the market isn't pricing in, both...
GPN GLOBAL PAYMENTS INC.
PENN PENN NATIONAL GAMING INC.
NVDA NVIDIA CORPORATION
DLY LYONDELLBASELL INDUSTRIES NV
KHC KRAFT HEINZ COMPANY
KEYS KEYSIGHT TECHNOLOGIES INC
IT GARTNER INC.
IIVI II-VI INCORPORATED
HOLX HOLOGIC INC.
HES HESS CORPORATION
EPAM EPAM SYSTEMS INC.
EBAY EBAY INC.
DIS WALT DISNEY COMPANY
BIIB BIOGEN INC.
ATVI ACTIVISION BLIZZARD INC.
AAL AMERICAN AIRLINES GROUP INC.
ASGN ASGN INC
VRX CN BAUSCH HEALTH COMPANIES INC.
UBER UBER TECHNOLOGIES INC.
FOXA FOX CORPORATION CLASS A
- Valens Research
BHC - Embedded Expectations Analysis - 2021 09 08
Bausch Health Companies Inc. (BHC:USA) currently trades well below corporate averages relative to UAFRS-based (Uniform) earnings, with an 11.5x Uniform P/E, implying bearish expectations for the firm. However, although management appears concerned about their debt issues, Solta and B&L spinoffs, and their revenue guidance, market expectations are overly bearish, and longer-term equity outperformance is warranted. Specifically, management may lack confidence in their ability to continue to pay d...
- Valens Research
Valens Equity Insights and Inflections - 2021 06 08
Even after the company's impressive rally, current market expectations for PENN are still too pessimistic. While markets expect UAFRS-based ROA (Uniform ROA or ROA') to improve to levels not seen since 2010-2012, the company has significant further upside in returns, and therefore valuations. The market is not fully recognizing how the company's sports betting strategy, centered around its Barstool investment, can help significantly turbocharge returns and also give a material lift to the exis...
WDC WESTERN DIGITAL CORPORATION
SSNC SS&C TECHNOLOGIES HOLDINGS INC.
PINC PREMIER INC. CLASS A
PENN PENN NATIONAL GAMING INC.
LVS LAS VEGAS SANDS CORP.
KHC KRAFT HEINZ COMPANY
HON HONEYWELL INTERNATIONAL INC.
HES HESS CORPORATION
DIS WALT DISNEY COMPANY
CHD CHURCH & DWIGHT CO. INC.
APH AMPHENOL CORPORATION CLASS A
UNP UNION PACIFIC CORPORATION
NFLX NETFLIX INC.
SWKS SKYWORKS SOLUTIONS INC.
CMG CHIPOTLE MEXICAN GRILL INC.
AYX ALTERYX
CLF CLEVELAND-CLIFFS INC
MSFT MICROSOFT CORPORATION
VRX CN BAUSCH HEALTH COMPANIES INC.
DOW DOW INC.
- Valens Research
BHC - Embedded Expectations Analysis - 2021 06 04
Bausch Health Companies Inc. (BHC:USA) currently trades well below corporate averages relative to UAFRS-based (Uniform) earnings, with a 13.0x Uniform P/E, implying bearish expectations for the firm. However, although management appears concerned about the Bausch + Lomb spinoff, revenue and margin growth, and the potential of their treatment trials, market expectations are overly bearish, and longer-term equity outperformance is warranted Specifically, management may lack confidence in their a...
- Valens Research
Valens Equity Insights and Inflections - 2021 03 23
LPLA has significantly transformed their business returns, but the market is expecting the company to give operational improvements back. The market is expecting UAFRS-based (Uniform) ROA (ROA') to fade from 30% in 2019 to 18% in 2024, with Uniform asset growth of around 7.5% a year going forward. The market does not think the company's improvement in Uniform ROA from 15%-20% levels historically to towards 30%+ is sustainable, and is expecting the company to see its operating leverage rever...
ROP ROPER TECHNOLOGIES INC.
NXPIN NXP SEMICONDUCTORS NV
TXN TEXAS INSTRUMENTS INCORPORATED
TMO THERMO FISHER SCIENTIFIC INC.
SBUX STARBUCKS CORPORATION
PLD PROLOGIS INC.
MDLZ MONDELEZ INTERNATIONAL INC. CLASS A
LIVN LIVANOVA PLC
KMB KIMBERLY-CLARK CORPORATION
KFY KORN FERRY
HUBB HUBBELL INCORPORATED CLASS B
HCA HCA HEALTHCARE INC
EXLS EXLSERVICE HOLDINGS INC.
APH AMPHENOL CORPORATION CLASS A
ALGN ALIGN TECHNOLOGY INC.
NOC NORTHROP GRUMMAN CORPORATION
SHW SHERWIN-WILLIAMS COMPANY
LPLA LPL FINANCIAL HOLDINGS INC.
VFC V.F. CORPORATION
VRX CN BAUSCH HEALTH COMPANIES INC.
- Valens Research
BHC - Embedded Expectations Analysis - 2021 03 19
Bausch Health Companies Inc. (BHC:USA) currently trades well below corporate averages relative to UAFRS-based (Uniform) earnings, with an 11.3x Uniform P/E, implying bearish expectations for the firm. However, although management appears concerned about the Bausch + Lomb spinoff, their R&D pipeline, and new product launches, market expectations are overly bearish, and longer-term equity outperformance is warranted Specifically, management may have concerns about the impact of potential divestit...
- Valens Research
UIS UNISYS CORPORATION
UHS UNIVERSAL HEALTH SERVICES INC. CLASS B
TDG TRANSDIGM GROUP INCORPORATED
R RYDER SYSTEM INC.
LB L BRANDS INC.
JWN NORDSTROM INC.
HCA HCA HEALTHCARE INC
GTT GTT COMMUNICATIONS INC.
GPS GAP INC.
GIS GENERAL MILLS INC.
EXPE EXPEDIA GROUP INC.
DISH DISH NETWORK CORPORATION CLASS A
DBD DIEBOLD NIXDORF INCORPORATED
CAR AVIS BUDGET GROUP INC.
BZH BEAZER HOMES USA INC.
AN AUTONATION INC.
NFLX NETFLIX INC.
CYH COMMUNITY HEALTH SYSTEMS INC.
MAT MATTEL INC.
MGM MGM RESORTS INTERNATIONAL
THS TREEHOUSE FOODS INC.
X UNITED STATES STEEL CORPORATION
HCC WARRIOR MET COAL INC.
GM GENERAL MOTORS COMPANY
ADNT ADIENT PLC
VRX CN BAUSCH HEALTH COMPANIES INC.
CSTM CONSTELLIUM SE CLASS A
- Valens Research
TMUS T-MOBILE US INC.
VGR VECTOR GROUP LTD.
UIS UNISYS CORPORATION
UHS UNIVERSAL HEALTH SERVICES INC. CLASS B
TDG TRANSDIGM GROUP INCORPORATED
R RYDER SYSTEM INC.
LB L BRANDS INC.
HCA HCA HEALTHCARE INC
GTT GTT COMMUNICATIONS INC.
GPS GAP INC.
GIS GENERAL MILLS INC.
EXPE EXPEDIA GROUP INC.
DISH DISH NETWORK CORPORATION CLASS A
DBD DIEBOLD NIXDORF INCORPORATED
CAR AVIS BUDGET GROUP INC.
BZH BEAZER HOMES USA INC.
AN AUTONATION INC.
NFLX NETFLIX INC.
CYH COMMUNITY HEALTH SYSTEMS INC.
CLW CLEARWATER PAPER CORPORATION
MGM MGM RESORTS INTERNATIONAL
X UNITED STATES STEEL CORPORATION
GM GENERAL MOTORS COMPANY
ADNT ADIENT PLC
VRX CN BAUSCH HEALTH COMPANIES INC.
UBER UBER TECHNOLOGIES INC.
CSTM CONSTELLIUM SE CLASS A
- Valens Research
WD5 TRAVEL + LEISURE CO.
UIS UNISYS CORPORATION
TDG TRANSDIGM GROUP INCORPORATED
R RYDER SYSTEM INC.
MTOR MERITOR INC.
LB L BRANDS INC.
HCA HCA HEALTHCARE INC
GTT GTT COMMUNICATIONS INC.
GPS GAP INC.
GIS GENERAL MILLS INC.
FCX FREEPORT-MCMORAN INC.
EXPE EXPEDIA GROUP INC.
DISH DISH NETWORK CORPORATION CLASS A
CVS CVS HEALTH CORPORATION
CVI CVR ENERGY INC.
CAR AVIS BUDGET GROUP INC.
BZH BEAZER HOMES USA INC.
AN AUTONATION INC.
NFLX NETFLIX INC.
CYH COMMUNITY HEALTH SYSTEMS INC.
MCK MCKESSON CORPORATION
MGM MGM RESORTS INTERNATIONAL
RIGN TRANSOCEAN LTD.
X UNITED STATES STEEL CORPORATION
GM GENERAL MOTORS COMPANY
VRX CN BAUSCH HEALTH COMPANIES INC.
CSTM CONSTELLIUM SE CLASS A
- Valens Research
UIS UNISYS CORPORATION
TDG TRANSDIGM GROUP INCORPORATED
R RYDER SYSTEM INC.
MTOR MERITOR INC.
LB L BRANDS INC.
HCA HCA HEALTHCARE INC
GTT GTT COMMUNICATIONS INC.
GT GOODYEAR TIRE & RUBBER COMPANY
GPS GAP INC.
GIS GENERAL MILLS INC.
FCX FREEPORT-MCMORAN INC.
EXPE EXPEDIA GROUP INC.
DISH DISH NETWORK CORPORATION CLASS A
CVI CVR ENERGY INC.
CAR AVIS BUDGET GROUP INC.
BZH BEAZER HOMES USA INC.
AN AUTONATION INC.
NFLX NETFLIX INC.
CYH COMMUNITY HEALTH SYSTEMS INC.
MGM MGM RESORTS INTERNATIONAL
RIGN TRANSOCEAN LTD.
GHC GRAHAM HOLDINGS CO.
X UNITED STATES STEEL CORPORATION
GM GENERAL MOTORS COMPANY
VRX CN BAUSCH HEALTH COMPANIES INC.
WH WYNDHAM HOTELS & RESORTS INC.
CSTM CONSTELLIUM SE CLASS A
- Valens Research
UIS UNISYS CORPORATION
UHS UNIVERSAL HEALTH SERVICES INC. CLASS B
TDG TRANSDIGM GROUP INCORPORATED
R RYDER SYSTEM INC.
MTOR MERITOR INC.
LB L BRANDS INC.
HCA HCA HEALTHCARE INC
GTT GTT COMMUNICATIONS INC.
GPS GAP INC.
GIS GENERAL MILLS INC.
FCX FREEPORT-MCMORAN INC.
EXPE EXPEDIA GROUP INC.
DISH DISH NETWORK CORPORATION CLASS A
CVI CVR ENERGY INC.
CSTM CONSTELLIUM SE CLASS A
CAR AVIS BUDGET GROUP INC.
BZH BEAZER HOMES USA INC.
AN AUTONATION INC.
R1D AERCAP HOLDINGS NV
NFLX NETFLIX INC.
CYH COMMUNITY HEALTH SYSTEMS INC.
MGM MGM RESORTS INTERNATIONAL
RIGN TRANSOCEAN LTD.
USM UNITED STATES CELLULAR CORP
X UNITED STATES STEEL CORPORATION
GM GENERAL MOTORS COMPANY
VRX CN BAUSCH HEALTH COMPANIES INC.
- Valens Research
UIS UNISYS CORPORATION
TDG TRANSDIGM GROUP INCORPORATED
R RYDER SYSTEM INC.
MTOR MERITOR INC.
LB L BRANDS INC.
HCA HCA HEALTHCARE INC
GTT GTT COMMUNICATIONS INC.
GPS GAP INC.
GIS GENERAL MILLS INC.
FCX FREEPORT-MCMORAN INC.
EXPE EXPEDIA GROUP INC.
DISH DISH NETWORK CORPORATION CLASS A
CVI CVR ENERGY INC.
CSTM CONSTELLIUM SE CLASS A
CAR AVIS BUDGET GROUP INC.
BZH BEAZER HOMES USA INC.
AN AUTONATION INC.
R1D AERCAP HOLDINGS NV
NFLX NETFLIX INC.
CYH COMMUNITY HEALTH SYSTEMS INC.
MGM MGM RESORTS INTERNATIONAL
RIGN TRANSOCEAN LTD.
TWTR TWITTER INC.
X UNITED STATES STEEL CORPORATION
ENR ENERGIZER HOLDINGS INC.
GM GENERAL MOTORS COMPANY
VRX CN BAUSCH HEALTH COMPANIES INC.
- Valens Research
Valens Equity Insights and Inflections - 2020 12 29
Current market expectations for CVS are excessively pessimistic. Markets expect UAFRS-based (Uniform) ROA (ROA') to roll over to prior lows from 2010-2011. However, the company's fundamental strategy is likely to lead to continued ROA' expansion. CVS has been evolving into a full-service healthcare firm since their acquisition of Caremark in 2007, which led to initial ROA' expansion to 15%-17% levels. This was followed by continued investment in healthcare solutions and monetizing their data o...
AMN AMN HEALTHCARE SERVICES INC.
WD5 TRAVEL + LEISURE CO.
UIS UNISYS CORPORATION
SEDG SOLAREDGE TECHNOLOGIES INC.
PLD PROLOGIS INC.
PINC PREMIER INC. CLASS A
SWKS SKYWORKS SOLUTIONS INC.
LMT LOCKHEED MARTIN CORPORATION
MSFT MICROSOFT CORPORATION
VRX CN BAUSCH HEALTH COMPANIES INC.
FTDR FRONTDOOR INC.
WTRH WAITR HOLDINGS INC
FOXA FOX CORPORATION CLASS A
MTCH MATCH GROUP INC.
- Valens Research
WD5 TRAVEL + LEISURE CO.
VSAT VIASAT INC.
UIS UNISYS CORPORATION
TDG TRANSDIGM GROUP INCORPORATED
SKT TANGER FACTORY OUTLET CENTERS INC.
R RYDER SYSTEM INC.
MTOR MERITOR INC.
MAR MARRIOTT INTERNATIONAL INC. CLASS A
LB L BRANDS INC.
HCA HCA HEALTHCARE INC
GTT GTT COMMUNICATIONS INC.
GPS GAP INC.
GIS GENERAL MILLS INC.
FCX FREEPORT-MCMORAN INC.
EXPE EXPEDIA GROUP INC.
DISH DISH NETWORK CORPORATION CLASS A
CVI CVR ENERGY INC.
CSTM CONSTELLIUM SE CLASS A
CAR AVIS BUDGET GROUP INC.
BZH BEAZER HOMES USA INC.
AN AUTONATION INC.
R1D AERCAP HOLDINGS NV
NFLX NETFLIX INC.
CYH COMMUNITY HEALTH SYSTEMS INC.
MGM MGM RESORTS INTERNATIONAL
RIGN TRANSOCEAN LTD.
X UNITED STATES STEEL CORPORATION
GM GENERAL MOTORS COMPANY
VRX CN BAUSCH HEALTH COMPANIES INC.
- Valens Research
BHC - Embedded Expectations Analysis - 2020 12 22
Bausch Health Companies Inc. (BHC:USA) currently trades well below corporate averages relative to UAFRS-based (Uniform) earnings, with a 9.2x Uniform P/E, implying bearish expectations for the firm. However, although management appears concerned about the Bausch + Lomb spinoff, operational cash flow guidance, and inventory management, market expectations are overly bearish, and longer-term equity outperformance is warranted Specifically, management may lack confidence in their ability to meet t...
- Valens Research
TDG TRANSDIGM GROUP INCORPORATED
MTOR MERITOR INC.
LEN LENNAR CORPORATION CLASS A
LB L BRANDS INC.
IRM IRON MOUNTAIN INC.
HCA HCA HEALTHCARE INC
GPS GAP INC.
GME GAMESTOP CORP. CLASS A
GIS GENERAL MILLS INC.
EXPE EXPEDIA GROUP INC.
DISH DISH NETWORK CORPORATION CLASS A
CSTM CONSTELLIUM SE CLASS A
BZH BEAZER HOMES USA INC.
AN AUTONATION INC.
R1D AERCAP HOLDINGS NV
CYH COMMUNITY HEALTH SYSTEMS INC.
MGM MGM RESORTS INTERNATIONAL
TWTR TWITTER INC.
X UNITED STATES STEEL CORPORATION
GM GENERAL MOTORS COMPANY
ADNT ADIENT PLC
VRX CN BAUSCH HEALTH COMPANIES INC.
- Valens Research
WD5 TRAVEL + LEISURE CO.
UIS UNISYS CORPORATION
UHS UNIVERSAL HEALTH SERVICES INC. CLASS B
TDG TRANSDIGM GROUP INCORPORATED
R RYDER SYSTEM INC.
MTOR MERITOR INC.
LEN LENNAR CORPORATION CLASS A
LB L BRANDS INC.
IRM IRON MOUNTAIN INC.
HCA HCA HEALTHCARE INC
GTT GTT COMMUNICATIONS INC.
GT GOODYEAR TIRE & RUBBER COMPANY
GPS GAP INC.
GME GAMESTOP CORP. CLASS A
GIS GENERAL MILLS INC.
EXPE EXPEDIA GROUP INC.
DISH DISH NETWORK CORPORATION CLASS A
DBD DIEBOLD NIXDORF INCORPORATED
CSTM CONSTELLIUM SE CLASS A
BZH BEAZER HOMES USA INC.
AN AUTONATION INC.
R1D AERCAP HOLDINGS NV
NFLX NETFLIX INC.
CYH COMMUNITY HEALTH SYSTEMS INC.
MGM MGM RESORTS INTERNATIONAL
TWTR TWITTER INC.
X UNITED STATES STEEL CORPORATION
AMD ADVANCED MICRO DEVICES INC.
GM GENERAL MOTORS COMPANY
ADNT ADIENT PLC
VRX CN BAUSCH HEALTH COMPANIES INC.
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