US Drug Pricing Stalls. Uh-Oh …
Growth in US brand pharmaceuticals’ list prices has accelerated – but discounts are growing even faster. As a result, on average US brands’ net price growth is very nearly zero Net price growth is...
View ArticleACA at the Supreme Court: Subsidies Are Here to Stay, Even if SCOTUS Finds...
Congress cannot repeal the ACA; the President would almost certainly veto a repeal bill, and Republicans lack the two-thirds votes required in both chambers to overturn. (Republicans have 56 percent of...
View ArticleA Strategic Look at CVS/TGT; Why We’re Still Bullish on RAD
CVS’ acquisition of TGT’s pharmacies raises from 17.6% to 22.7% the percent of the US population living in areas where CVS cannot be excluded from a retail pharmacy network (at least one that complies...
View ArticleSNY/REGN: When to Expect Outcomes Data for Praluent
Last week’s Advisory Committee vote implies the Praluent and Repatha labels might be somewhat restricted until their outcomes trials are completed. Presumably positive outcomes data would lead to...
View ArticleCVS/TGT: What Does the Store-In-Store Strategy Mean for RAD?
If we assume CVS cannot repeat the TGT store-in-store deal with other major mass merchants, but can do such a deal with a single supermarket (who would likely impose limits on further deals with other...
View ArticleSNY: The (multi-faceted) Bull Case
We believe SNY is undervalued, for 3 independent reasons, any one of which is sufficient to show the shares are undervalued With partner REGN, SNY is one of two entrants (the other being AMGN) in the...
View ArticleABBV/PCYC: Imbruvica and ABT-199 are Synergistic
ABBV’s acquisition of PCYC raised eyebrows, both because of the valuation placed on PCYC, and because ABBV has a promising lead compound (ABT-199) being developed for the same B-cell malignancies...
View ArticleABC/CAH/MCK: US Generic Inflation Continues in 1Q15
On a sales-weighted basis, prices (paid by retailers) for US generics rose 4.7% in 1Q15, substantially faster than in 4Q14 (0.5%), and on par with the average pace of inflation (5.1%) seen since early...
View ArticleSSR Health New Product Approval Portfolios & Supporting Data Update
Drug, biotech, and research-based spec pharma stocks tend to outperform their peers in the year or so before and after regulatory actions (‘PDUFA’ dates) on major new products, with a large portion of...
View ArticleA WBA/RAD or CVS/RAD NEWCO as a Counterweight to Narrowing Retail Pharmacy...
This note updates our argument that US retail pharmacy networks are likely to narrow, compressing pharmacy dispensing margins – and in particular focuses on our belief that a WBA/RAD or CVS/RAD NEWCO...
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