** Barclays sees a challenging outlook in 2025 for EU pharma, citing a macro rotation out of defensive names
** The recent downturn of sentiment in large-cap pharma companies and improving market outlook outside of the healthcare sector suggest that EU pharma won't outperform the market in 2025, it adds
** In 2025, the sector will focus on clinical catalysts, mergers and acquisitions and ongoing political uncertainty, like the possible appointment of Robert F. Kennedy Jr. as the U.S.' secretary of health, it says
** But it does remain positive on the medium- to long-term outlook, given also a rise in clinical catalysts, inelastic product demand and greater revenue concentration in the U.S.
** The broker prefers Novo Nordisk and AstraZeneca , keeping its "overweight" on both
** It says on AstraZeneca that its growth in the U.S. is expected to exceed that in China and it sees its valuation as attractive, despite the investigations in China still hanging over it
** It expects positive results from Novo Nordisk's drug CagriSema in December, while it sees a greater chance of the Catalent deal clearing post the U.S. election
(Reporting by Isabel Demetz)
((Isabel.demetz@thomsonreuters.com))
免責聲明:投資有風險,本文並非投資建議,以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請,作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考,不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證,投資者應自行研究並在投資前尋求專業建議。