.Still significant value in Pharma - we see material upside to ROIC [return on invested capital], earnings and multiples as Pharma withdraws from most internal small-molecule research and reallocates capital to in-licensing and other non-pharma assets. Worsening generic pressure and R&D management changes lead us to expect material cuts to internal small research spend (~40% total R&D) in 2010/11, after a decade of dismal internal R&D returns. We expect AstraZeneca (AZN) and Sanofi-Aventis (SNY) to be among the leaders in externalizing research, and this is a key driver of our upgrade of AstraZeneca today to Overweight.
How Big Pharmarceutical Companies Got in This Fix
Posted by xiulian 213 days ago (http://seekingalpha.com)
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