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1、COREU.S.Biopharmaceuticals2Q18EarningsPreview-SMidCapsPositiveoutlookextendsinto2Q18:WithcontinuedgrowingpositivesentimentinBiotech(NBIYTD:+11%)vs.theoverallmarket(SPX:+5%),welookforsolidupsideforINDUSTRYUPDATEU.S.BiopharmaceuticalsPOSITIVEUnchangedEquityResearch20July2018ourSMidcapname
2、sheadinginto2Qearnings,withsignsofstrengthacrosstheentiresector(seeU.S.Biopharmaceuticals:2Q18EarningsPreview,07/19/18).Althoughwedon’tgetthesensethatgeneralistinteresthasincreasedsignificantly,conversationsForafulllistofourratings,pricetargetandearningschangesinthisreport,pleaseseetable
3、onpage2.withspecialistshaverevealedagreateroverallappetiteforrisk,withfocusturningawayfromsector-wideconcernandreturningtoupcomingclinical/regulatory/commercialcatalystsonanindividualstockbasis.Thuswhileexpectationsforrevenue-generatingSMidscontinuetolookreasonable,withtypicalseasonalstre
4、ngthlikelytobolstertop-lines,welookforupcomingcatalyststoextendmomentumbeyond2Qearningsandinto2H18.Intermsofspecificnames,weremainpositiveonSeattleGenetics,withacceleratinguptakeofAdcetrisin1LHLaheadoftheECHLEON-2readoutexpectedlaterthisyear.IncyteandUnitedTherapeutics,incontrast,couldfac
5、epotentialdevelopmentheadwindswithinvestorslikelytoremainskepticaloflate-phaseprogramsgivensetbacksand,thusfar,uninspiringreadouts.PositiveonSeattleGeneticsgoinginto2Q18:WereiterateourpositiveoutlookforSeattlefollowingtherecentapprovalofAdcetrisin1LHL(March‘18)androbustefficacyresultsinth
6、eNorthAmericancohortofECHELON-1presentedatASCO.Weexpecttoseestronguptakethisquarter,promptingustoraiseforecastsabovethe2Qguidancerangeprovidedonlastquarter’scall–andaheadofconsensus.InvestorfocusremainslargelyontheupcomingECHELON-2readout(anticipatedlaterthisyear),andwereiteratethatourrec
7、entchannelcheckssuggestadditionaldatawillbeimportanttodrivefurtherpenetration(seeSeattleGenetics:HLsurveyconfirmspositiveoutlook,05/31/18).Inourviewthestockispoisedtobreak-outdrivenbyrobustAdcetrisadoptionacrossagrowingnumberofindications(i.e.,E-1andE-2),followedbyt
