Fwd: US Healthcare Year Ahead...Buy ACAD, AGN, ANTM, CELG, CVS, DHR, EW, EVHC, RARE, REGN, WBA
[{"sender": "Richard Kahn", "recipients": ["jeffrey E. [jeevacation@gmail.com]"], "timestamp": "12/15/2016 5:46:20 PM", "subject": "Fwd: US Healthcare Year Ahead...Buy ACAD, AGN, ANTM, CELG, CVS, DHR, EW, EVHC, RARE, REGN, WBA", "body": "attached are equity healthcare ideas"}, {"sender": "Ens, Ananda", "recipients": ["Rich Kahn"], "timestamp": "December 15, 2016 at 10:59:39 AM EST", "subject": "US Healthcare Year Ahead...Buy ACAD, AGN, ANTM, CELG, CVS, DHR, EW, EVHC, RARE, REGN, WBA", "body": "The US team is out with their 2017 Year Ahead this morning (top pick into the new year.\n\nink) running through ALL sub-sectors with each analysts\n\nTop Picks — ACAD, AGN, ANTM, CELG, CVS, DHR, EW, EVHC, RARE, REGN, WBA\n\nWashington DC Backdrop\n\nGiven the clean sweep by the GOP & uncertainty around the ACA, key attention is paid by Andy Bressler to a review of\nthe various scenarios that could play out early next year. With a repeal likely to happen well before a replace\n(essentially via the Budget Reconciliation process in Jan/Feb), Andy notes this is likely to include a repeal of both\nhealth insurance exchange subsidies & a phase-down of Medicaid expansion funding (albeit with a two or three year\ntransition period).\n\nHe also expects a repeal of many of the larger HC related taxes in the ACA, including the HIX ($14.3bn in 2018),\nMedtech Tax (2.3%), pharma industry tax ($4.1bn in 2018) & Cadillac tax (effective 2020).\n\nAs for the views by analysts...\nBiotech (+) — believe sector will outperform largely as pricing risk has diminished (although will remain in pockets) but\npipelines/growth remains. Ying’s top picks are CELG & REGN; Tazeen’s top picks are ACAD & RARE.\n\nSpec Pharma (-) — headwinds remain w/ Sumant’s top pick AGN given lower risk to reimbursement pressures & an\nunderappreciated pipeline. Leverage & CF remain the key focus for investors.\n\nTools/Animal Health (=) — Derik notes more “headline” than “real” risks from policy which will create opportunities for a\ngroup growing MSD, although valuations remain above peers. DHR (US 1 name) top pick, also A, ZTS in Animal\nHealth, BDX in Diagnostics & CTLT in Services.\n\nMedtech (=) — Hopkins’ expects a mixed bag in 2017 w/ stocks trading close to 5yr valuation lows; EW top pick given\nbest growth / purest innovation story."}]