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1、USPharmaceuticalsPolitics,PipelineandNewProductsinFocus;PreferJNJ,MRKandAGNforLarge-Caps;ALKS,AIMTandMYOKinSMIDBottomLine:Inthefinalmonthsof2017,weanticipateinvestorswillcontinuetowatchmacroissuesNovember2017suchasdrugpricingandcorporatetaxreform,althoughmuchofthefocusisnowonthei
2、ndividualcompanystoriesandwhichnamesarebestpositionedfor2018.The3Q2017earningscyclewasatoughonebut,overall,webelievesentimentonthegroupremainsrelativelyrobustwithnoiseondrugRESEARCHANALYSTSpricingsidefarbelowwhereithasbeenandinvestorscautiouslyoptimisticonthepossibilityofcorporat
3、eVamilDivan,MDtaxreform.Dependingonhowtheseissuesplayout,itcouldalsoleadtoincreasedexcitementaround(212)538-5394potentialbusinessdevelopmentinthesector,aswebelievemostofourlargecapcompaniesarestillvamil.divan@credit-suisse.comwaitingforfurtherclarityontheseissuesbeforeannouncingt
4、ransformativedeals.Ontheproductsidewehaveimportantdatareleasesupcominginlargemarketssuchasoncology/immuno-oncology,rheumatoidarthritisandpsoriasis,aswellasinmorespecializedmarketssuchaspeanutallergy.MichaelV.Morabito,Ph.D.(212)325-7298JNJthecleanestnameinamessylargecapspace.JNJ’s
5、stockhasperformedwellbutweseeroommichael.morabito@credit-forfurtherupside,drivenbythePharmaceuticalsSegmentandspecificallyproductssuchasXarelto,suisse.comDarzalex,Imbruvica,andtheschizophreniafranchise.WealsolikeMRKgivenourbullishviewontheimmuno-oncologyspaceandMRK’spositionintha
6、tspace.Weacknowledge,however,following3Q2017earningsandthedecisiontopushoutthetimelinesforKEYNOTE-189thatthereisalackofBarbaraKoteiexcitementandcatalystsaroundthename,whichcouldlimitnear-termupside.WealsolikeAGNand,(212)538-8119whilesentimentonthenameremainssplit,weassumeclarityo
7、ntheheadwindstothebasebusinessbarbara.kotei@credit-suisse.com(alongwithreducedexpectationsonthesame)shouldallowforattentiontoshifttooptionalityinthepipelinein2018,especiallyoncewehavemoreformal2018financialguidancefromthecompany.DuaaMohamedSeeopportunitiesinSMIDcap,ledbyALKS,AIMT
8、andMYOK.Vivitrolremainsanunderappreciate
