下面是小编为大家整理的美国医疗分配：有足够多未知因素阻碍我们前进【优秀范文】,供大家参考。
Equit y
R es ea r ch A mer ic a s
|
U nit ed
S ta tes
A ssu mi n g
C o v e r ag e
o f
H e alt h c ar e
D i str i b u t o r s
w i th
a M arket
W e i g h t
S e c to r
Vi e w . Wi th
r es pect
to
the
indi vidua l
compa nies,
w e
h a ve
a n
O utper f or m
r a ti ng
on A merisour ceB e r g en
( A B C ) ,
a nd
N eutr a l
r a ti ng on
C a r dina l
Hea lt h
( C A H ) ,
M cKess on
( MC K), a nd
O w ens &
Minor
( O MI) .
D r u g
D i str i b u t o r s
R emai n
C r iti c al
i n
th e
D r u gs
S u pp l y
Ch ain
In d u str y .
Drug distr ibutor s
ope r a te
in
the
m iddl e of
a s ophistic a ted
s upply
cha in,
w it h
m or e than
90 %
o f
a ll pr es cr ipt ion
dr u g s
s ales now
f lo w ing
thr ou g h
distr ibut o r s .
T he
in dus tr y
ha s
been
dominated by
the
thr ee companies
( A B C ,
C A H ,
a nd
MC K)
w it h
the
combined
m a r k et
s ha r es
a t
~ 95 % cur r entl y .
A B C
a nd
MC K
a r e the
two
la r g es t
dr u g
distr ibut o r s
in
t he
U .S .,
w it h
a n
es ti m a ted m id - 30 %
ma r k et
s ha r e with
C A H
being
t he
t hi r d
l a r g es t
w it h
a 25 - 26 %
ma r k et
s ha r e .
W h at
W e
L i ke :
a )
A s
the
U .S .
popula ti on
cont inues
to
a g e a nd
th e uti li za ti on
of
pr es cr ipt ion dr ug s
g r ow s ,
dr ug
distr ibut o r s
a r e
w ell
pos it ioned
to
deli ve r
s tr on g
top - li ne
g r ow th ;
b )
L es s ( r ela ti ve
to
histo r y )
e x pos ur e
to
br a nd
d r ug
pr icing ;
c )
Pa r tner s hips
w it h
pha r m a c y counter pa r ts
to
c ons oli da te
g ene r ic
d r ug pur cha s ing
power ,
etc .
d )
A ll
t h r ee dr u g
di s t r ibutor s ha ve
ex pos ur e
to
the
s peci a lt y
distr ibut ion
business ,
w hic h
is
ex panding
s ig nif ic a ntl y
f a s ter than
tr a dit iona l
dr ug
ca teg or ie s;
a nd
e )
S tr ong
f ina nci a l
f lex ibi lit y
a nd
s tr ong
d iver s if ied ca pit a l
deployment
s tr a teg y
( M& A ,
s ha r e r epu r cha s es ,
a nd
di vidends) .
O u r
C o n c e r n s :
a)
W h il e dr ug d is t r i bu t or s
co n t in u e to
d ef e nd
t h e ir
po s it io n i ng ,
op i oi d
lit iga t io n r e m a i n s
a m a j or
o v erh ang f or
dr ug d i s tr ib u t or s
w i th
M CK
b e i ng t he
mo s t
e x po s e d
a mo ng t h e d i s t r i b ut o r s .
H ow e ve r ,
w e
bel i ev e
ea c h
c omp a ny
i s
i n
a
po s iti on
t o
h a n dl e
a
poten ti a l s e ttl e m en t ,
a s
ea c h
g e ne r a te s
s i g n if ic a n t
FCF ;
b)
T h e
i mp a c t
o f
C O V I D - 19
–
wh il e
t h e m e d i c a l - s u r g ic a l
s upp ly
c h a i n
i s
s ee i ng
i n cr ea s e d
d e m a nd
f o r
PP E,
u nc er t a i nt y
r e m a i n s
o v er how
mu c h
t h e a ss o ci a t e d
d e m a nd
o ff s e t s
t h e i mp a c t
f r om
a d ecr ea s e i n
p a t ien t
vo l s
( i nc l u di ng e l e c ti v e
s ur g e r i e s ) .
T ho ug h
t h e
R x
s id e
r e m a i n s
r e l a t iv e ly
s t a b l e,
a
c h a nn e l
s h if t
f r om
r e t a il ph a r m acy
( hi g he r
m a r g i n )
t o
m a il
ph a r m acy
h a s
e m e r g e d ;
c)
T he
i mp a c t
of
t h e
ec onom i c s l owdown
on
t he
m e di c a l - s u r g ic a l
bu s i n e ss e s .
Ra ti o n ale
fo r
O u r
O u tp e r f o r m Ra ti n g
o n
AB C.
We
s ee A B C
as
bes t
po s it ioned
f o r
the ex pected
g r ow th
in
the
U . S .
pha r m a ceut ic a l
distr ibut ion
business .
T he
compa ny
is
a lso
the leading
distr ibutor
of
s peci a lt y
pha r m a ceut ic als
w it h
a n
extens ive
f ootpr int
in
phy s ic ian - a dm ini s ter ed
pr oduct s ,
a nd
is
th e
leading
distr ibutor
of
a nima l
hea lt h
pr oduct s .
While
each of
the
thr ee distr ibutor s
ha ve
cl o s e ti es
to
thei r
la r g e pha r m acy c ounter pa r ts, w e s ee A B C ’s r ela ti ons hip
w it h
WBA
a s
the
m os t
int ertwined
a nd
valua ble.
F ur the r ,
the
compa ny ’s a tt r a ct ive
ba la nce
s heet
a nd
ca s h
f low
pr of il e
of f er s
A B C
g r ea ter
f ina nci a l
f lex ib ilit y
in
the event
of
a
hi g her - than - ex pect e d
opioi d
s ett lement.
F ina ll y ,
w e
s ee
A B C
a s
the
lea s t ex pos ed
t o
the
disr upti ons r es ult i ng f r om
C O VID - 19
a nd
a n
ec onom ic
downtur n.
R a ti n gs
an d
TP s .
A B C :
O u tp er f o r m
r a ti ng
w i th
a
$105
T P
( ~ 23 %
po t e n ti a l
up s id e ) ;
C A H : N e u t r a l
r a t in g
w it h
a
$53
T P
( ~ 10 %
po t e nt i a l
up s i d e) ,
M CK :
N eut r a l
r a ti ng w it h
a
$146
T P ( ~ 10 %
po t en ti a l
up s id e ) ,
a nd
O MI :
N e u tr a l
r a t in g
w it h
a n
$8
T P
( ~ 14 %
p ot e n ti a l
up s i d e) .
Rese ar c h
An aly sts
Ja i l en d r a S i n g h
212
325
8121
ja ile ndra . s ingh@ c redi t - s uis s e. c om
Je r ma i ne
B r o wn
212
325
8125
jerm a ine. brow n @ c redi t - s uis s e. c om
Ad am He u ssn e r
212
325
4727
a dam . heus s ner@ c redit - s uis s e. c om
D IS CLOSU RE
AP P END IX
AT
TH E
B ACK
O F
TH IS
REP O RT
CONTAIN S
IMP O RTANT
D IS CLOSU RE S ,
ANALYST CE RT IFICATIONS, LE G AL
E NTITY
D IS CLOSU RE
AND
TH E
S TA TU S
O F
NON - U S
ANALYSTS.
U S
Discl os ur e :
C r edit
S uisse does a nd
s eek s
to
do
business w it h
companies
covered
in
it s
r e s ea r ch
r epor ts.
A s
a
r es ult ,
inve s tor s
s hould
be
a w a r e
tha t
the
F ir m
m a y
ha ve
a
conf li ct
of
i nte r es t
tha t
coul d
Hea lthcare Dis tribution
En ough
Unk nown s
to Hold U s
Bac k,
Ass uming Co verage
of Di s tribu tors With
a M arke t Weight Se c to r
View
Hea lt hca r e Technolog y
&
Di s t r ibuti on
|
A ss um ing
C over a g e
T able
of
Co nte nts
E x e c u ti v e
S u mm ar y
3
Key
In d u str y
Th e me s
7
A g ing
U S
Popula ti on
Dr ivin g
Hig her
HC
Ex pendi tur es
a nd
R x
Gr ow th
.................................. 7
Ex pos ur e t o
D r ug P r ic e Infla ti on/ Def la ti on
........................................................................... 12
Ex pos ur e t o
B r a nded
Drug Pr ic e s
13
C om pa ny
C ommenta r ies on
B r a nded
Drug P r ic in g
Tr ends
14
Ex pos ur e t o
Gene r ic
D r ug P r ic es
14
C om pa ny
C ommenta r ies on
Generic
Dr u g
Pr icing
T r ends
17
Drug Di s t r ibutor s
– Domina nt
Ma r k et
S ha r e i n
t he
U . S
........................................................ 17
A tt r a ct ive
Pa r tne r s hips
19
Up - s tr ea m
a nd
down - s tr ea m
visi bil it y
20
Disa gg r eg a ti on
o f
C us tomer
C on tr a ct s
20
S peci a lt y
D r ug s
a Gr ow th
O ppor t unit y
.................................................................................. 20
C om pa ny
C ommenta r ies on
S pe ci a lt y
B us iness es
22
B iosimila r s
23
Ma r g ins
Dif f erentia l
Dr iven
by
B u s iness M ix
......................................................................... 23
A tt r a ct ive
C a s h
F low
Pr o f il e P r ov ides
F ina nci a l
F lex ibi li ty
..................................................... 27
A n
O verview
of
t he
M ed - S ur g
In dus tr y
................................................................................. 30
Im pli ca ti ons f r om
t he
C O VID - 19
Pa ndem ic
.......................................................................... 32
Ec onom ic
R ecess ion
Im pact
on
Distr ibutor s
......................................................................... 34
N on - tr a dit iona l
C om peti tor s
.................................................................................................. 35
P r i c e
P e r fo r manc e
and
Val u at i o n s
36
Ame r i so u r c e B e r g e n
40
Car d i nal
H e alth
43
M c K e sso n
46
O w e n s
&
M i n o r
49
Fin anc i a l
M o d e l s
53
Exe cu tive
Summ ary
W e
ar e
assu mi n g
co v e r ag e
o f
H e alth c ar e
D i str i b u to r s
w i th
a
M arket
W e i g h t
se c to r v i e w .
W i th
r e sp e c t
to
th e
i n d i v i d u al
comp ani es,
w e
r at e
Ame r i so u r c e B e r g e n
( ABC)
as O u tp e r fo r m,
and
Car d i nal
H e alth
( CAH ) ,
M c K e sso n
( MCK ) ,
and
O w e n s
&
M i n o r
( OM I) as
Ne u tr al.
Ro l e
o f
D r u g
D i str i b u to r s.
Drug
d istr ibut o r s
r em a in
c r iti ca l
in
f a ci li ta ti n g
p a ti ent
a cc es s
to p r es cr ipt ion
d r u g s .
D r ug distr ibutor s
oper a te
in
the
m iddl e
of
a s ophistic a ted
s upply
cha in,
w it h m or e
than
90 %
of
a ll
pr es cr ipt i on
dr ug s
s ales
now
f lowing
thr oug h
distr ibut o r s .
We
ex pect p ha r m a ceut ic a l
g r ow th
s pending
to
inc r ea s e a t
5.5 %
C A GR
ov e r
the
nex t
s ever a l
y ea r s .
A s
th e U .S .
popula ti on
cont inues
to
a g e a nd
the
uti li za ti on
of
pr es cr ipt ion
dr ug s
g r ow s ,
pha r m a ceut ic a l distr ibutor s
a r e well
positioned
to
del iver
stron g
t op - li ne
g r owth.
M arket
P ar ti c i p ants .
T he
U .S .
pha r m a ceut ic a l
distr ibut ion
industry
ha s
been
dominated
by
the thr ee
companies
( A merisour ceB er g en,
C a r dina l
Hea lt h,
a nd
M cKess on)
f or
the
la s t
s ever a l y ea r s ,
w it h
the
combined
m a r k et
s ha r es
of
these
companies
( a n
es ti m a ted
95 %
cur r entl y )
only inc r ea s ing .
A B C
a nd
MC K
a r e
t he
two
la r g es t
dr u g
dist r ibutor s
i n
the
U .S .,
w it h
a n
es ti m a ted m id - 30 %
m a r k et
s ha r e
w it h
C A H
being
the
thi r d
la r g es t
U .S .
dr ug distr ibu tor
w it h
a r ound
25 - 26 %
m a r k et
s ...
推荐访问:美国医疗分配：有足够多未知因素阻碍我们前进 美国 阻碍 未知