The Diagnosis
2009 Outlook: Currency and Catalysts
European pharmaceuticals
Alexandra HauberAC
(44-20) 7742-6655 / (1-312) 325-3694
alexandra.m.hauber@jpmorgan.com
Alistair Campbell
(44-20) 7742-6653
alistair.d.campbell@jpmchase.com
Richard Vosser
(44-20) 7742-6652
richard.vosser@jpmorgan.com
David P Evans
(44-20) 7742-6659
david.p.evans@jpmorgan.com
James D Gordon
(44-20) 7742-6654
james.d.gordon@jpmorgan.com
J.P. Morgan Securities Ltd.
For Specialist Sales advice, please
contact:
Marjan Daeipour
(44 20) 7325-3281
marjan.daeipour@jpmorgan.com
See page 125 for analyst certification and important disclosures, including non-US analyst disclosures.
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European Pharmaceuticals – Embedded
Value Ranking
87% 89% 90% 96% 112% 116% 120% 120% 123% 131% 140% 216%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
220%
240%
AZN ATLN GSK SAN UCB SHP NVONOVNBAY MRK
KGaA
ROG IPN
JPMorgan Embedded Value as % of Current Share Price
Net Cash Cashflows excluding pipeline Pipeline cashflows
Net
Debt
CHF
2,335p 52.73