Tuesday, January 5, 2010

US Major Pharma 2010 Outlook

What's The Right Multiple For Pharma? Pfizer Represents Top Pick

We see the major pharma sector entering 2010 well-positioned based on the
combination of initial synergies from consolidation, an uptick in clinical
catalysts, and inexpensive valuation. Further, we see the healthcare reform
overhang that has impacted the group for much of 2009 lifting in 2010 as
current proposals appear very manageable for the group. As for specific
names, we remain focused on the recent merged entities (Pfizer and Merck),
with both having effectively addressed their patent cliffs.


JP MORGAN US Major Pharma 2010 Outlook -

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