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1、Completed13Dec201711:50PMESTDisseminated14Dec201712:36AMESTNorthAmericaEquityResearch14December20172018USBiotechOutlookTheForceIsStrongwithBiotech:ANewHopeforM&A;ConferenceCall@11amETTODAYWe’regenerallyoptimisticabouttheBiotechsectorfor2018.Lookingback,despiteUSB
2、iotechnologysomemeaningfulpocketsofoutperformance,thegrouplookspoisedtofinish2017ACCoryKasimovroughlyin-linewiththebroadermarket(NBI+20%YTDvs.S&P+18%).Fortheyear(1-212)622-5266ahead,webelievekeyfundamentaldriversaresolidlyinplace,highlightedbycory.w.kasimov@jpmor
3、gan.comimpressiveinnovation,aconstructiveFDA,andhealthycapitalmarkets.Thatsaid,J.P.MorganSecuritiesLLCM&Amaybeanincreasinglyimportantleverforarestorationofpositivefundflowsandbroadupside;thepossibilityofrepatriationcouldbeyetanothertriggeronthatCarmenAugustine,CF
4、Afront.Whatevertheultimateimpetus,webelieveitwillbeimportantforgeneraliststo(1-212)622-8527returntothespaceforthegroupasawholetowork.Otherwise,theDarkSidemaycarmen.augustine@jpmorgan.comreign.PleasejoinusforaCCtodayat11amETtodiscussoursectoroutlookandJ.P.MorganSe
5、curitiesLLCfavoritenames(USdialin:800-369-2174;OUS:517-308-9407;Passcode:ShawnFu,M.D.BIOTECH).Pleasesee~90-pageslidedeckwithin.(1-212)622-2529shawn.fu@jpmorgan.com?LargecapslookwellpositionedoverallwithrelativelydepressedmultiplesfortheJ.P.MorganSecuritiesLLCbig4
6、followingaturbulent3Q17earningsseason(13x2018econsEPSvs.15xforpharmaand18xfortheS&P).Withsomeproduct-specificexceptions,webelieveArunKiranPasumarthyconsensusestimatesarebroadlyachievablethankstoupcomingnewproductcycles.(91-22)6157-5013arunkiran.pasumarthy@jpmorga
7、n.comTherearealsoplentyofclinicalcatalystsonthenear-to-intermediate-termhorizon.J.P.MorganIndiaPrivateLimitedM&Acouldprovetobeanimportantleverforthelargecapsaswell,astheyattempttobackfillpipelinesandfindnewsourcesofgrowth.CompanieshavestatedUSSMidBiotechnologyACt
8、hattaxreformisnotnecessarilyagatingfactorfordeals…h(huán)owever,wesuspecttheJessicaFyeproposedrepatriationcouldneverthelessprovideenhancedBDflexibility(forthe(1-212)
