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www.jpmorganmarkets.com

North America Equity Research

04 January 2019

Equity Ratings and Price Targets

Mkt Cap

Rating

Price Target

Company

Ticker

($ mn)

Price ($)

Cur

End

Date

End

Date

AmerisourceBergen

ABC US

15,957.39

73.37

n/c

89.00

Dec

n/c

Cardinal Health

CAH US

13,512.96

44.16

n/c

59.00

Dec

n/c

McKesson Corporation

MCK US

22,429.88

112.94

n/c

160.00

Dec

n/c

Owens & Minor, Inc.

OMI

387.31

6.47

n/c

10.00

Dec

n/c

CVS Health

CVS US

66,665.06

65.23

n/c

106.00

Dec

n/c

Walgreens Boots Alliance Inc

WBA US

64,057.76

67.33

n/c

91.00

Dec

n/c

Rite Aid

RAD US

792.05

0.75

n/c

— —

n/c

Diplomat

Pharmacy, Inc.

DPLO US

998.55

13.36

n/c

21.00

Dec

n/c

LabCorp

LH US

12,827.69

123.70

n/c

185.00

Dec

n/c

Quest Diagnostics

DGX US

11,295.20

80.68

n/c

100.00

Dec

n/c

Henry Schein Inc

HSIC US

11,332.10

73.77

n/c

85.00

Dec

n/c

Patterson Companies

PDCO US

1,857.38

19.91

n/c

22.00

Dec

n/c

Cerner

CERN US

17,176.15

50.70

n/c

60.00

Dec

n/c

Premier, Inc.

PINC US

5,154.93

36.65

n/c

45.00

Dec

n/c

Teladoc Health Inc

TDOC US

3,155.09

46.23

n/c

80.00

Dec

n/c

Allscripts

MDRX US

1,760.80

9.58

n/c

12.00

Dec

n/c

Evolent Health

EVH US

1,315.39

19.30

n/c

25.00

Dec

n/c

HealthEquity

HQY US

3,390.90

54.90

n/c

102.00

Dec

n/c

NextGen Healthcare,

Inc.

NXGN US

944.57

15.15

n/c

17.00

Dec

n/c

Source: Company data, Bloomberg, J.P. Morgan estimates. n/c = no change. All prices as of 03 Jan 19.

Healthcare Technology &

Distribution

Gill's Guide to the 2019 J.P. Morgan Healthcare

Conference

Healthcare Technology &

Distribution

Lisa C. Gill

(1-212) 622-6466

lisa.c.gill@jpmorgan.com

Bloomberg JPMA GILL <GO>

Anne E. Samuel

(1-212) 622-4163

anne.e.samuel@jpmorgan.com

Michael Minchak, CFA

(1-212) 622-6506

michael.minchak@jpmorgan.com

J.P. Morgan Securities LLC

See

page 60 for analyst certification and important disclosures.

J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aw

are that

the firm may have a conflict of interest that could affect th

e objectivity of this report. Investors should consider this report as only a single

factor in making their investment decision.

Happy New Year! Ahead of the 2019 J.P. Morgan Healthcare Conference next week, we

thought it might be helpful to highlight key themes across the various sub-sectors as well as

key company-specific topics we expect to be discussed at the conference. This report is

broken down by sector: Pharmaceutical and Medical/Surgical Distribution, Retail

Pharmacy, PBM/Specialty Pharmacy, Clinical Labs, Dental Distribution and HCIT. We

also include a financial snapshot for each company.

 All of our covered companies are attending the conference. And we once again have

100% CEO participation among the presenting companies.

 2017 and 2018 were both somewhat quieter years after a very busy 2016 conference

with respect to news flow in our space, and at this point, we are not anticipating

major announcements from companies in our space. Within our coverage universe,

all of the Rx channel names have provided FY19 guidance with the exception of CVS

(which plans to provide initial 2019 guidance with 4Q earnings on February 20), and

DPLO (which has made announcements regarding guidance around the conference in

each of the past two years and has previously indicated plans to provide guidance in

early in 2019). For the clinical labs, we expect LH and DGX to wait to issue formal 2019

guidance on their Q4 earnings calls, noting 2018 guidance for both companies was

recently reduced. While TDOC has previously discussed providing initial 2019 guidance

with 4Q18 earnings, as in previous years, we believe the company could provide

preliminary 2018 results and preliminary 2019 metrics at the conference.

 We expect consumerism to be a key theme at the conference, as we believe the

consumer will be the biggest disruptor in healthcare. With healthcare rising as a

percentage of household expenditures, patients are becoming more involved in making

decisions on how to allocate their healthcare dollars, and are becoming increasingly

selective in the services they use with cost, quality, and convenience being key deciding

factors. Engaging the patient at their preferred point of service in a low cost way will

likely differentiate those with a strong reputation and a trusted brand.

North America

Equity Research

04 January

2019

Lisa C. Gill

(1-212) 622-6466

lisa.c.gill@jpmorgan.com

Table of Contents

Introduction ..............................................................................4

Potential Newsflow at the JPM Healthcare Conference ............................................4

Historical JPM Healthcare Conference Stock Performance.......................................5

Conference Schedule...............................................................................................6

Valuation and Price Targets.....................................................................................7

Pharmaceutical and Med/Surg Distribution ...........................9

AmerisourceBergen ...............................................................11

Cardinal Health .......................................................................13

McKesson Corporation ..........................................................15

Owens & Minor, Inc. ...............................................................17

Retail Pharmacy......................................................................19

CVS Health ..............................................................................21

Walgreens Boots Alliance Inc ...............................................23

Rite Aid....................................................................................25

Pharmacy Benefit Management and Specialty Pharmacy ..27

Diplomat Pharmacy, Inc.........................................................29

Clinical Labs ...........................................................................31

LabCorp...................................................................................33

Quest Diagnostics..................................................................35

Dental Distributors .................................................................37

Henry Schein Inc ....................................................................39

Patterson Companies.............................................................41

HCIT .........................................................................................43

Cerner......................................................................................45

Premier, Inc. ............................................................................47

Teladoc Health Inc..................................................................49

Allscripts .................................................................................51

Evolent Health.........................................................................53

HealthEquity ...........................................................................55

NextGen Healthcare, Inc. .......................................................57

North America

Equity Research

04 January 2019

Lisa C. Gill

(1-212) 622-6466

lisa.c.gill@jpmorgan.com

Introduction

In the note below we highlight key topics for each subsector and company within our

coverage universe as we head into the 2019 J.P. Morgan Healthcare Conference. The

topics highlighted represent the top issues for each company as we think about both

the year ahead and longer-term growth prospects.

Potential News flow at the JPM Healthcare Conference

While we appreciate the access to management and the color we get on broader

market conditions and company specific initiatives, we typically don't get a

significant amount of material incremental news flow (i.e., guidance updates, M&A,

etc.) within our space at the J.P. Morgan Healthcare Conference. We note that within

our coverage universe, 11 companies have not yet provided initial FY19 guidance:

CVS, LH, DGX, CERN, TDOC, DPLO, OMI, HSIC, HQY, EVH, and MDRX.

Among those 11 companies, we believe TDOC and DPLO could potentially provide

guidance or preliminary metrics for 2019 at the conference this year.

 Teladoc (TDOC/OW). In prior years, Teladoc has provided preliminary results

for 4Q and the current fiscal year, as well as forward guidance at the conference.

While the company had indicated at its Analyst Day that it plans to provide full

initial FY19 guidance on the 4Q earnings call in February, we believe the

company could provide preliminary 2018 results and some preliminary metrics

for 2019, such as lives and/or visits, at the conference this year.

 Diplomat Pharmacy (DPLO/OW). In prior years, Diplomat has made

announcements at or around the J.P. Morgan Healthcare Conference. In 2017,

the company lowered the outlook for the current and upcoming year at the

conference, and in 2018, the company provided preliminary guidance for the year

ahead on the Friday prior to the week of the conference. We note that on the

3Q18 earnings call in November, DPLO had indicated that it expects to provide

2019 guidance “early next year.”

CVS and LH have both indicated they plan to provide FY19 guidance with 4Q18

earnings. DGX and CERN both also historically provide guidance for the upcoming

year with the 4Q earnings release. OMI noted in the 3Q18 earnings release that it

anticipates issuing guidance for 2019 “in the first quarter of next year.” Finally,

HSIC noted on its 3Q18 earnings call that “due to the complexities and timing of the

planned Animal Health spin-off,” the company plans to provide 2019 guidance “at a

later date as some of those uncertainties become clearer.”

In terms of other material news flow, while we note that McKesson (MCK/OW) had

lowered guidance and provided a preliminary outlook for the year ahead at the J.P.

Morgan Healthcare Conference in January 2016, we view that as a one-off, and are

not anticipating a guidance update this year. Similarly, AmerisourceBergen

(ABC/N) had announced the acquisition of MWI Veterinary Supply at the

conference in January 2015, although the company has historically has not

announced other large M&A transactions at the conference. In Healthcare IT, last

year we saw initial guideposts from HQY, which provided preliminary guidance on

year end assets and HSA accounts, and from EVH, which provided preliminary 2018

top line growth, with MDRX and NXGN affirming existing guidance.

North America

Equity Research

04 January

2019

Lisa C. Gill

(1-212) 622-6466

lisa.c.gill@jpmorgan.com

Historical JPM Healthcare Conference Stock Performance

We looked at the performance during the conference for our covered companies that

presented at the conference in each of the past five years. Overall, as shown in Table

1 and Figure 1 below, the companies within our coverage universe that presented at

the conference, on average, outperformed the S&P 500 in three of the past five years,

including solid outperformance in each of the past two years after underperforming

in 2016.

Table 1: Average Stock Price Performance for Healthcare Technology & Distribution Covered

Companies during the Conference vs. the S&P 500 and the S&P 500 Health Care Index

Healthcare Technology &

Distribution

Coverage Universe

S&P 500

Relative

Performance

(bps)

S&P 500

Health Care

Index

Relative

Performance

(bps)

2014

0.2%

0.6%

2015

2.6%

2.5%

1.7%

2016

3.9%

0.0%

387

0.3%

353

2017

3.7%

0.3%

403

0.2%

394

2018

3.4%

0.9%

250

1.0%

241

Source: Bloomberg, J.P. Morgan.

Figure 1: Average Stock Price Performance of Healthcare Technology & Distribution Covered

Companies during the Conference vs. the S&P 500 and the S&P 500 Health Care Index

Source: Bloomberg, J.P. Morgan.

In Figure 2 below, we show the 5 best and worst performers among the companies in

our coverage universe that presented at the conference in each of the past five

conferences.

Figure 2: Performance of Healthcare Technology & Distribution Covered Companies vs. S&P 500 and S&P 500 Health Care Index

Source: Bloomberg, J.P. Morgan.

-5.0%

-2.5%

0.0%

2.5%

5.0%

2014 2015 2016 2017 2018

Healthcare Technology & Distribution

Coverage Universe

S&P 500 S&P 500 Health Care Index

2014 2015 2016 2017 2018

Best Worst Best Worst Best Worst Best Worst Best Worst

MDRX 7.9% NXGN -7.3% IMPR 6.0% DPLO -13.2% MDRX 4.6% CNXR -26.4% HQY 18.5% PDCO -5.0% RAD 15.3% TDOC -11.5%

MDAS 7.6% MCK -3.9% HQY 3.9% VCRA -8.8% CVS 2.1% MCK -9.7% ABCO 15.5% MCK -1.5% EVH 12.7% PDCO -2.7%

VCRA 4.7% CAH -2.0% ESRX -0.7% CNXR -6.7% ABCO 1.0% ESRX -9.6% EVH 10.7% CAH -1.5% CAH 9.3% ATHN -1.0%

ATHN 2.1% CVS -2.0% CVS -0.8% RAD -6.3% WBA 1.0% TDOC -7.5% MDRX 9.1% ABC -1.1% DPLO 8.9% HSIC 0.0%

DGX 1.4% ABC -1.2% LH -0.9% MDAS -5.7% HQY 1.0% EVH -6.0% TDOC 8.2% OMI -0.6% ESRX 5.4% CVS 0.7%

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