Table of Contents
Investment Thesis ............................................................................. 4
Deal Closings And EPS Synergies Take The Headlines.............................................................4
High yields and modest valuations should limit downside .......................................................4
Key risks: anticipation of an economic recovery and HC reform...............................................4
3QO9 Pharma EPS Review................................................................ 6
3Q09 EPS Should Meet/Beat Expectations Fundamentally –Currency Headwinds May Be
Abating, But Have Exerted Downward Pressure On 2009 Performance ..................................6
BMY 3Q09 earnings review ............................................................ 17
Company update.....................................................................................................................17
Company guidance .................................................................................................................18
Product updates......................................................................................................................19
Upcoming Key Events.............................................................................................................22
LLY 3Q09 earnings review .............................................................. 35
Company update.....................................................................................................................35
Company guidance .................................................................................................................37
Valuation and risks ..................................................................................................................37
In-line product updates ...........................................................................................................38
Upcoming Key Events.............................................................................................................40
MRK 3Q09 earnings review ............................................................ 53
Company update.....................................................................................................................53
2009 Company Guidance........................................................................................................55
Valuation and risks ..................................................................................................................55
Product updates......................................................................................................................56
Upcoming Key Events.............................................................................................................58
PFE 3Q09 earnings review .............................................................. 71
The “New” Pfizer....................................................................................................................71
3Q09 Company Update ..........................................................................................................72
Valuation and Risks .................................................................................................................72
In-line product updates ...........................................................................................................73
Upcoming Potential Key Events/Catalysts ..............................................................................75
SGP 3Q09 earnings review ............................................................. 93
Company update.....................................................................................................................93
Valuation and risks ..................................................................................................................94
Product updates......................................................................................................................95
Upcoming Key Events.............................................................................................................96