巴克莱-美股-医疗保健行业-美国生命科学与诊断：巴克莱医疗会议上关于工具与诊断的十大争论-35-45页.pdf
需积分: 0 119 浏览量
2023-07-26
11:49:07
上传
评论
收藏 940KB PDF 举报
Equity Research
5 March 2019
CORE
Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with
companies covered in its research reports. As a result, investors should be aware that the
firm may have a conflict of interest that could affect the objectivity of this report. Investors
should consider this report as only a single factor in making their investment decision.
PLEASE SEE ANALYST CERTIFICATION(S) AND IMPORTANT DISCLOSURES BEGINNING ON PAGE 37.
Restricted
- Internal
U.S. Life Science Tools & Diagnostics
Top 10 Tools & Dx Debates for the
Barclays Healthcare Conference
Next week, we are hosting the
Barclays Global Healthcare Conference
in Miami
Beach, FL. We’re expecting healthy investor debates amongst our participating
companies, including Life Science Tools: BRKR, ILMN, MTD, PKI, RGEN, TECH, & TMO;
Diagnostics: EXAS, HOLX, LMNX, OXFD, QDEL, & QGEN; and Labs/CROs/CDMOs:
CTLT, CRL, DGX, ICLR, IQV, & LH. The Top 10 Tools & Dx debates we see include:
1) How durable is the biopharmaceutical end market for Life Science Tools and the
CROs? We believe biopharma is a sustainable growth engine for the Life Science Tools
& CROs, driven by higher levels of new drug approvals and ample access to funding.
Additionally, we believe Thermo Fisher’s unique biopharma assets are well positioned
to benefit from the shift toward development of personalized therapies. Jack’s Job
Board: After two years of healthy new awards, we continue to see an acceleration in the
number of CRO employees being hired - with IQVIA standing out vs peers.
2) Are data strategies driving share shifts among CROs? As several CROs develop
“Next Generation” platforms for clinical development, the debate is around if and when
data offerings will transition from being a “nice to have” to a “need to have”. IQVIA’s
strong new business wins raise questions around whether the transition is approaching.
3) How durable is growth in the China end market? Strong regional growth supports
the argument that support for life science research is durable, though concerns persist.
4) What is driving contrasting diagnostic strength relative to the clinical lab
pressure? We’ve been perplexed at contrasting results between the labs and diagnostic
manufacturers. For Dx, the risk is reimbursement reductions bleed through over time.
5) Can the national labs cut enough costs to offset pricing pressure in 2019?
Significant rate headwinds increase focus on operational improvements to hit guidance.
6) When will clinical lab consolidation accelerate? We believe the confluence of lab
industry pressures should have an outsized impact on regional and hospital-based labs.
The key question is timing, following a slower year of deal-making in 2018.
7) Is the industry primed for increased M&A? 2018 was a slow year for acquisitions
by any measure. Looking to 2019, we believe there is a case to be made for increased
activity, given the fragmented landscape and clear opportunities for consolidation.
8) What is the next hot life science tool or diagnostic? We view an accelerated pace
of innovation as an investment positive for the entire group.
9) Which company is best positioned for a downturn? We believe our coverage is
more recession-proof than the broader market. The national labs screen as the most
defensive area, followed by the CROs, then Diagnostics and Life Science Tools.
10) Are Life Science Tools approaching peak positive sentiment? The group is now
trading at close to all-time highs. We believe the biggest fundamental risk is around the
Industrial end market – where macro datapoints have moderated.
Actions: We raise our TMO PT ($295, up from $280) and IQV ($160, up from $155).
INDUSTRY UPDATE
U.S. Life Science Tools & Diagnostics
NEUTRAL
Unchanged
For a full list of our ratings, price target and
earnings changes in this report, please see
table on page 2.
U.S. Life Science Tools & Diagnostics
Jack Meehan, CFA
+1 212 526 3909
jack.meehan@barclays.com
BCI, US
Mitchell Petersen
+1 212 526 3367
mitchell.petersen@barclays.com
BCI, US
Andrew Wald
+1 212 526 9436
andrew.wald@barclays.com
BCI, US
剩余44页未读，继续阅读
资源评论
