資源描述：
《瑞信-全球-制藥業(yè)-全球制藥業(yè)：2020年制藥業(yè)價值策略結(jié)論-2019.12.17-.pdf》由會員上傳分享，免費在線閱讀，更多相關(guān)內(nèi)容在行業(yè)資料-天天文庫。
1、17December2019EquityResearchGlobalGlobalPharmaceuticalsPharmaValues2020strategicconclusionsPharmaceuticals&Biotechnology
2、SectorReviewConnectionsSeriesErratum:ThisreportreplacesanearlierversionpublishedtodayinwhichweerroneouslystatedinthesecondbulletonthefrontpagethattheUSstocks
3、weretradingonahigherP/EthanEUpeers.ThiswasanTheCreditSuisseConnectionsSeriesleveragesourerrorinthewordingratherthanintheunderlyinganalysis.Wecorrectthewordingbelow.exceptionalbreadthofmacroandmicroresearchtodeliverincisivecross-sectorandcross-border■InthisPharmaValues2020report
4、,weusevaluationandsixstrategicmetricsthematicinsightsforourclients.to‘forcerank’48globalpharma/biotechcompanies(withmarketscaps/netResearchAnalystspresentvalues(NPV)of>$5bn).Combined,thesecompanieshaveamarketcapof$3,270bn,2019Etotalpharmasalesof$630bnandannualR&Dspendof$139bn.E
5、uropeanPharmaTeamPharmaValuesisourproprietaryvaluationtoolforthePharmaandBiotechindustry.It442078880304offersaproduct-by-productvaluationbasedonNPVoverthelifecycleofeachdrug.creditsuisse.pharmateam@credit-suisse.comThelong-termrecordofpickingMajorPharmaandJapanesestocksbasedona
6、nTrungHuynhEV/NPVstrategyhasbeenstrong,witha10-yearmarket-neutralreturnof231%.442078882102BasedonourOctober2018stockscreen,thismethodologyhasproducedamarket-trung.huynh@credit-suisse.comneutralreturnof14%toDecember2019,withtheMajorPharmacomponentGretelJanugeneratingareturnof5%a
7、ndJapanPharma24%.61282054028■Keyindustrytakeawaysfor2020:1)ValuationonEV/NPVisinlinewithhistoricalgretel.janu@credit-suisse.comaveragesdespitecurrenthighshort-termsalesgrowth.2)USandEUMajorNPVvaluationscontinuetodiverge,withUSMajorsscreeningasmoreexpensiveonDominicLunn442078830
8、471EV/NPVbasedonlowerpipelinevalue,lowerR&Dsuccessrates,lowerexposuretodominic.lunn@credit-suisse.comhigh-growthemergingmarketsandhigherexposuretopatentexpiries.Incontrast,onaPEbasiswhichreflectsonlyshort-termEPS,EUstockslookmoreexpensivethanMattMiksicUSpeers.3)Weexpectsimilarl
9、evelsofpipelinetobede-riskedin2020asinrecent2123254381
