- Top Picks: NOVOB & SAN in the Large Caps; HIK, IPN & MRK in the Mid Caps; and DPH & VEC in the Small Caps. NOVOB: Superior growth & visibility; SAN: positive pipeline risk reward. HIK: strong Generics growth from new launches; IPN: positive pipeline risk reward; MRK: upside in every division. DPH: COVID-19 pet adoption upside, insulated from US HCR. VEC: Compelling valuation and a cash returns story.
- Ratings Changes: ROG d/g to N (and remove from AFL): risks to earnings mounting, less near-term pipeline; MRK u/g to OW: upside inm every division; UCB d/g to N: risk to earnings and pipeline data more in 2022 vs. 2021; VIFN: d/g to UW: Generic and Branded competitive threats, Healthcare reform risk.
JPM_EU_Pharma___Biotech_.pdf