巴克莱-美股-医疗保健行业-美国生命科学与诊断2020年医疗会议的5大工具与诊断争论-2020.3.2-48页.pdf
《巴克莱-美股-医疗保健行业-美国生命科学与诊断2020年医疗会议的5大工具与诊断争论-2020.3.2-48页.pdf》由会员分享,可在线阅读,更多相关《巴克莱-美股-医疗保健行业-美国生命科学与诊断2020年医疗会议的5大工具与诊断争论-2020.3.2-48页.pdf(50页珍藏版)》请在启牛文库网上搜索。
1、Equity Research 2 March 2020 CORE Barclays Capital Inc.and/or one of its affiliates does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Invest
2、ors should consider this report as only a single factor in making their investment decision.PLEASE SEE ANALYST CERTIFICATION(S)AND IMPORTANT DISCLOSURES BEGINNING ON PAGE 41.Restricted-Internal U.S.Life Science Tools&Diagnostics Top 5 Tools&Dx Debates for the 2020 Barclays HC Conference Next week,we
3、 are hosting the Barclays Global Healthcare Conference in Miami Beach,FL.Were expecting healthy investor debates amongst our participating companies,including Life Science Tools:BIO,BRKR,FLDM,MTD,PKI,RGEN,TECH&TMO;Diagnostics:EXAS,HOLX,INMD,LMNX,NTRA,QDEL&QGEN;and Labs/CROs/CDMOs:CTLT,CRL,DGX,ICLR,I
4、QV,LH,PPD.The Top 5 Tools&Dx debates we see include:1)The Latest on Covid-19:Near-term,we are mindful of potential Covid-19 risks.That said,once the dust settles and new cases of Covid-19 begin to stabilize,we believe there are going to be some good investment opportunities in the Life Science Tools
5、 group-and there is reason to believe stock pressure will be short-lived.Stock performance for the Life Science Tools&Dx industry has been weak to start 2020(-7%YTD),though is still modestly outperforming the market(down-9%).Our Life Science Tools coverage has the most China exposure,and has underpe
6、rformed the most YTD(down-10%YTD).In Diagnostics,there is some geographic exposure to China,but rapid-testing Dx(QGEN,QDEL)have held up well.The US-based labs have no international risk,though we are mindful of healthcare services plusses and minuses on volumes.The CROs have modest exposure on a rel
7、ative basis,but there could be a near-term pressure.The spread of a novel coronavirus highlights the importance of funding in life science research and new diagnostic tools.We are looking forward to assessing the growing threat with our coverage at the conference,and look for datapoints on how close
8、 the bottom might be.2)Debating the Strength of Biopharma Funding:Given the importance of the biopharma end market for our coverage,the sustainability of its growth remains a critical debate.While we believe investors often view this end market as cyclical in nature,our view is that growth is more s
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- 巴克 医疗保健 行业 美国 生命科学 诊断 2020 医疗 会议 大工 争论 2020.3 48
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