【出版时间及名称】：2009年11月欧洲制药行业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：166
        【目录或简介】：
Table of Contents
Summary............................................................................................ 4
Sector view: NEUTRAL .............................................................................................................4
Stocks: Novartis, Sanofi-aventis and Bayer are our top picks ...................................................4
European pharma overview.............................................................. 5
Neutral sector weighting...........................................................................................................5
Attractive Free Cash Flow generation.......................................................................................6
Fundamental pressures..................................................................... 8
$50bn of patent exposure to overcome....................................................................................8
To negate the patent hit, each new drug must be a blockbuster..............................................9
US healthcare reform to trim 2-3% from pharma earnings.....................................................10
Emerging Markets to double sales contribution by 2015E .....................................................11
Valuation .......................................................................................... 15
Cash return to shareholders....................................................................................................16
Company summaries....................................................................... 18
Industry risks ................................................................................... 22
AstraZeneca ..................................................................................... 23
Bayer AG .......................................................................................... 47
GlaxoSmithKline.............................................................................. 71
Novartis ............................................................................................ 95
Roche.............................................................................................. 119
Sanofi-Aventis................................................................................ 143