reports
- David Nierengarten
- Dennis Pak
- Dylan Shindler
- Laura Chico
- Martin Fan
- Ritika Das
- Robert Driscoll
- Yun Zhong
KURA KURA ONCOLOGY INC.
BPMC BLUEPRINT MEDICINES CORP.
BMRN BIOMARIN PHARMACEUTICAL INC.
BIIB BIOGEN INC.
ASND ASCENDIS PHARMA A/S SPONSORED ADR
ARDX ARDELYX INC
KNSA KINIKSA PHARMACEUTICALS
IDYA IDEAYA BIOSCIENCES
BDTX BLACK DIAMOND THERAPEUTICS
ZNTL ZENTALIS PHARMACEUTICALS
PRAX PRAXIS PRECISION MEDICINES
TVTX TRAVERE THERAPEUTICS INC
MLTX MOONLAKE IMMUNOTHERAPEUTICS
BCAX BICARA THERAPEUTICS INC.
- Dylan Shindler
- Laura Chico
- Wedbush Research
XENE XENON PHARMACEUTICALS INC
SAGE SAGE THERAPEUTICS INC.
NVCR NOVOCURE LTD.
NBIX NEUROCRINE BIOSCIENCES INC.
GERN GERON CORP.
BPMC BLUEPRINT MEDICINES CORP.
BIIB BIOGEN INC.
ARDX ARDELYX INC
NFLX NETFLIX INC.
STOK STOKE THERAPEUTICS
DAWN DAY ONE BIOPHARMACEUTICALS INC
EWTX EDGEWISE THERAPEUTICS INC
- Dylan Shindler
- Laura Chico
- 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
- Wedbush Research
XNCR XENCOR INC.
WDC WESTERN DIGITAL CORPORATION
TSLA TESLA INC
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
SAGE SAGE THERAPEUTICS INC.
RARE ULTRAGENYX PHARMACEUTICAL INC.
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NVCR NOVOCURE LTD.
NTAP NETAPP INC.
NBIX NEUROCRINE BIOSCIENCES INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
BPMC BLUEPRINT MEDICINES CORP.
BIIB BIOGEN INC.
BCRX BIOCRYST PHARMACEUTICALS INC.
AXTI AXT INC.
ARDX ARDELYX INC
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
ANAB ANAPTYSBIO INC.
ARGX ARGENX ADS
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
APLS APELLIS PHARMACEUTICALS
TSEM TOWER SEMICONDUCTOR LTD
KNSA KINIKSA PHARMACEUTICALS
TVTX TRAVERE THERAPEUTICS INC
CGEM CULLINAN ONCOLOGY INC
STX SEAGATE TECHNOLOGY HLDGS PLC
GFS GLOBALFOUNDRIES INC
ARTV ARTIVA BIOTHERAPEUTICS INC
SYRE SPYRE THERAPEUTICS INC.
- Dylan Shindler
- Laura Chico
Leqembi®∇ (lecanemab) is the First Medicine that Slows Progression of ...
Leqembi®∇ (lecanemab) is the First Medicine that Slows Progression of Early Alzheimer’s Disease to be Authorized in the European Union In the European Union (EU), lecanemab is indicated for the treatment of adult patients with a clinical diagnosis of mild cognitive impairment and mild dementia due to Alzheimer’s disease (early AD) who are apolipoprotein E ε4 (ApoE ε4*) non-carriers or heterozygotes with confirmed amyloid pathology Lecanemab is the first therapy that targets an underlying cause of the disease to be authorized in the EU for eligible people with early AD TOKYO and CAMB...
- Pelham Smithers
- Dylan Shindler
- Laura Chico
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
S&P 500 and Nasdaq 100 Testing Prior 2022 Highs Since late-February (2/25/25 Compass) we expected an 8-10% pullback to provide a buying opportunity. But that all changed in last week's Compass (4/1/25), when we downgraded our outlook to bearish/cautious, citing several concerning developments (SPX and QQQ failure at 200-day MAs, bear flag breakdowns across major indexes targeting 5100-5200 on SPX, high yield spreads widening above 355bps, major tops on market leaders NVDA and META, semiconducto...
- Dylan Shindler
- Laura Chico
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...
Biogen’s Investigational Tau-Targeting Therapy BIIB080 Receives FDA Fa...
Biogen’s Investigational Tau-Targeting Therapy BIIB080 Receives FDA Fast Track Designation for the Treatment of Alzheimer’s Disease CAMBRIDGE, Mass., April 02, 2025 (GLOBE NEWSWIRE) -- Inc. (Nasdaq: BIIB) today announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation to BIIB080, an investigational antisense oligonucleotide (ASO) therapy targeting tau, for the treatment of Alzheimer’s disease. Fast Track designation is intended to facilitate the development and expedite the review of investigational drugs that treat serious conditions and address unmet...
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