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辉瑞吧
发表于 2018-07-12 14:56:51 股吧网页版
Not major, but logical changes 查看PDF原文

研报日期:2018-07-12

  辉瑞(PFE)

  Making Innovative more innovative, Established more independent

  PFE announced changes to its segment structure, which will include three businesses starting in 2019 – Innovative Medicines (IM), Established Medicines (EM), and Consumer Healthcare (PCH) vs. the current two – Innovative Health (IH) and Essential Health (EH). While not major, we view moving biosimilars and injectables into the innovative business and allowing EM to operate with more autonomy as logical changes. PFE also continues to assess strategic alternatives for PCH and expects to make a decision this year. It is important to note that the segment changes were not done with a future split of the company in mind. We are not changing our $42 PT or Buy rating, which is based on attractive valuation and dividend yield, strong cash flow generation, and a management team focused on shareholder return. Our thesis has not been dependent on a major M&A deal or split-up of the company.

  Brief overview of the planned segment changes

  PFE will form a new Hospital Medicines business unit within IM that includes sterile injectable and anti-infective medicines currently in the EH segment. The company will also move its biosimilar products from EH into the IM segment, where they will be marketed by their respective sales teams (immunology and oncology). The new EM segment will have dedicated manufacturing, marketing, and regulatory functions, and will operate with greater autonomy. The company will also report PCH separately from the Innovative business.[德意志银行]
[点击查看PDF原文] 今日最新研究报告

提示:本文属于研究报告栏目,仅为机构或分析人士对一只股票的个人观点和看法,并非正式的新闻报道,本网不保证其真实性和客观性,一切有关该股的有效信息,以沪深交易所的公告为准,敬请投资者注意风险。
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研报日期:2018-07-12

  辉瑞(PFE)

  Making Innovative more innovative, Established more independent

  PFE announced changes to its segment structure, which will include three businesses starting in 2019 – Innovative Medicines (IM), Established Medicines (EM), and Consumer Healthcare (PCH) vs. the current two – Innovative Health (IH) and Essential Health (EH). While not major, we view moving biosimilars and injectables into the innovative business and allowing EM to operate with more autonomy as logical changes. PFE also continues to assess strategic alternatives for PCH and expects to make a decision this year. It is important to note that the segment changes were not done with a future split of the company in mind. We are not changing our $42 PT or Buy rating, which is based on attractive valuation and dividend yield, strong cash flow generation, and a management team focused on shareholder return. Our thesis has not been dependent on a major M&A deal or split-up of the company.

  Brief overview of the planned segment changes

  PFE will form a new Hospital Medicines business unit within IM that includes sterile injectable and anti-infective medicines currently in the EH segment. The company will also move its biosimilar products from EH into the IM segment, where they will be marketed by their respective sales teams (immunology and oncology). The new EM segment will have dedicated manufacturing, marketing, and regulatory functions, and will operate with greater autonomy. The company will also report PCH separately from the Innovative business.[德意志银行]
[点击查看PDF原文] 今日最新研究报告

提示:本文属于研究报告栏目,仅为机构或分析人士对一只股票的个人观点和看法,并非正式的新闻报道,本网不保证其真实性和客观性,一切有关该股的有效信息,以沪深交易所的公告为准,敬请投资者注意风险。
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