巴克莱-美股-医疗保健行业-美国生命科学与诊断：巴克莱医疗会议上关于工具与诊断的十大争论-2019.3.5-45页.pdfVIP免费

EquityResearch5March2019COREBarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE37.Restricted-InternalU.S.LifeScienceTools&DiagnosticsTop10Tools&DxDebatesfortheBarclaysHealthcareConferenceNextweek,wearehostingtheBarclaysGlobalHealthcareConferenceinMiamiBeach,FL.We’reexpectinghealthyinvestordebatesamongstourparticipatingcompanies,includingLifeScienceTools:BRKR,ILMN,MTD,PKI,RGEN,TECH,&TMO;Diagnostics:EXAS,HOLX,LMNX,OXFD,QDEL,&QGEN;andLabs/CROs/CDMOs:CTLT,CRL,DGX,ICLR,IQV,&LH.TheTop10Tools&Dxdebatesweseeinclude:1)HowdurableisthebiopharmaceuticalendmarketforLifeScienceToolsandtheCROs?WebelievebiopharmaisasustainablegrowthenginefortheLifeScienceTools&CROs,drivenbyhigherlevelsofnewdrugapprovalsandampleaccesstofunding.Additionally,webelieveThermoFisher’suniquebiopharmaassetsarewellpositionedtobenefitfromtheshifttowarddevelopmentofpersonalizedtherapies.Jack’sJobBoard:Aftertwoyearsofhealthynewawards,wecontinuetoseeanaccelerationinthenumberofCROemployeesbeinghired-withIQVIAstandingoutvspeers.2)AredatastrategiesdrivingshareshiftsamongCROs?AsseveralCROsdevelop“NextGeneration”platformsforclinicaldevelopment,thedebateisaroundifandwhendataofferingswilltransitionfrombeinga“nicetohave”toa“needtohave”.IQVIA’sstrongnewbusinesswinsraisequestionsaroundwhetherthetransitionisapproaching.3)HowdurableisgrowthintheChinaendmarket?Strongregionalgrowthsupportstheargumentthatsupportforlifescienceresearchisdurable,thoughconcernspersist.4)Whatisdrivingcontrastingdiagnosticstrengthrelativetotheclinicallabpressure?We’vebeenperplexedatcontrastingresultsbetweenthelabsanddiagnosticmanufacturers.ForDx,theriskisreimbursementreductionsbleedthroughovertime.5)Canthenationallabsc...