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1、EquityResearch13October2017U.S.BiopharmaceuticalsEARNINGSPREVIEW3Q17EarningsPreviewU.S.BiopharmaceuticalsOverallsentimentcontinuestoimprove,mainlyattributedtotheGilead/KitedealandPOSITIVEmoretalkaboutpositivecorporatetaxreform;wesuspectthistrendcouldcontinuetoUnchangedYE.Wearegenerallyposi
2、tiveon3QwithbeatableconsensusexpectationswithespeciallygoodsetupsforAmgenandAlexion.Ofnote,continuedweakeningoftheForafulllistofourratings,pricetargetandUSDcouldalsohaveamodestlypositiveimpactonearnings.Wehighlightthatover3Q,earningschangesinthisreport,pleaseseetableonpage2.theXBIhasbeenth
3、estandoutat+11%vs.otherbiotechindices(IBB+7%andNBI+7%),pharma(DRG+1%)andthebroadermarket(S&P500+4%).GeneralistinterestinU.S.Biopharmaceuticalsthegrouphasclearlyincreased,butmostlyamonglargercapswithstrong3QGeoffMeacham,Ph.D.performancesbyAbbVie(+23%),Vertex(+19%),Alexion(+16%),andGilead(+1
4、5%);+12125262795wedon’tgetthesensethatabasketofSMidsisyettherightapproachtothegroup.geoffrey.meacham@barclays.comAdditionalM&Aactivitydrivenbygreaterclarityontax-reformandpositiveclinicalBCI,UScatalystsovertheremainderoftheyearandinto2018(e.g.,CM-227andRova-T)couldEvanSeigermancontinuetodr
5、iveoutperformanceandapotentialre-rating.Ontheriskside,biopharma+12125261544hasbeenlargelyinsulatedfromuncertaintyonHCreform,however,state-levelactionevan.seigerman@barclays.comregardingdrugpricing(e.g.,California)isarisktosentiment.Joinusforacallat11amBCI,USETTODAYwithslidestodiscuss3Qandt
6、hesector,dial-in:800.706.8249(US);PaulChoi706.634.5881(OUS);passcode:96637833.+12125262521Hurricanesimpactlikelyminimal.RecentstormsinTX,FL,andPRcouldimpactpaul.choi@barclays.comproductdemandacrossourcoverage;however,inspeakingwithcompaniesandBCI,USlookingatscripttrends,weseeminimalimpactt
7、o3Q.Ifanything,wecouldseeanJasonZemansky,PhDimpacttocompanieswithproductsadministeredintheofficesetting(e.g.,Eyleaor+12125266608infusedproducts).WenotethatAmgen,AbbVie,Lilly,Merck,Bristol,Pfizer,andJ&Jjason.zemansky@barclays.comhavemanufacturingfacilitiesinPue
