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1、USPharmaceuticalsPolitics,PipelineandNewProductsinFocus;PreferMRK,AGNandJNJforLarge-Caps;ALKS,AIMTandMYOKinSMIDBottomLine:Inthefinalquarterof2017,weanticipateinvestorswillcontinuetokeepaneyeonmacroOctober2017issuessuchasU.S.drugpricingandpotentialU.S.corporatetaxreform,althou
2、ghasignificantamountofproductnewsshouldalsoimpacthowinvestorsviewthevariousnames.Overall,webelievesentimentonthegroupremainsrelativelyrobustwithnoiseonthedrugpricingsidefarbelowwhatithasbeenandRESEARCHANALYSTSinvestorsstillcautiouslyoptimisticonthepossibilityofcorporatetaxref
3、ormcomingthroughin2018.VamilDivan,MDDependingonhowtheseissuesplayout,itcouldalsoleadtoincreasedexcitementaroundpotential(212)538-5394businessdevelopmentandM&Ainthesector,aswebelievemostofourlargecapcompaniesarestillvamil.divan@credit-suisse.comwaitingforfurtherclarityonthesei
4、ssuesbeforeannouncingtransformativedeals.Inadditiontoprovidingnewgrowthdriverstoourlargecapcompanies,businessdevelopmenteffortswillalsolikelyboostinterestinourSMIDcapnamesthatcouldbepotentialtargets.OntheproductsidewehaveimportantdataMichaelV.Morabito,Ph.D.releasesexpectedbyy
5、earendinlargemarketssuchasoncology/immuno-oncology,rheumatoidarthritis(212)325-7298andpsoriasis,aswellasinmorespecializedmarketssuchaspeanutallergy.michael.morabito@credit-suisse.comPreferMRK,AGNandJNJinlargecap.WeviewMRKasourTopPickinouruniverseasweexpectKeytrudatobeatexpect
6、ationsanddriveupsidethroughthecourseoftheyear,althoughtheirrecoveryfromtherecentcyber-attackbearswatching.SentimentaroundAGNremainssplitbutweassumefurtherBarbaraKoteistabilityinthebasebusinessandimprovingcashflowsandearningsqualityshouldallowforfocustoshift(212)538-8119totheo
7、ptionalityinthepipelinelaterintheyear,especiallyoncewehavesomeclarityontheRestasisbarbara.kotei@credit-suisse.compatentsituation.WeseeJNJ’sPharmaceuticalsSegmentdrivingupsideforthecompany,specificallyproductssuchasXarelto,Darzalex,Imbruvica,andtheschizophreniafranchise.DuaaMo
8、hamedSeeopportunitiesinSMIDcap,ledbyALKS,AIMTandMYOK.Vivitrolremains
