【出版时间及名称】：2010年1月美国制药行业研究报告
        【作者】：瑞士信贷
        【文件格式】：PDF
        【页数】：52
        【目录或简介】：
Table of contents
Portfolio Manager’s Summary 3
The Pharmaceutical Sector Should Outperform in 2010 3
Merck and Pfizer Are the Stocks to Own in 2010 5
Fundamentals Improving and Challenges Better Understood 8
Positive Product News Flow Could Improve Sentiment on Sector’s R&D Productivity 8
Focus Moving Away from the Patent Cliff as Companies Become More Diversified 10
Diversification Softens Impact of Pharma Patent Losses 12
Emerging Markets Impact Will Start to Grow 14
Trough Earnings More Visible and Upside Potential Exists 15
Historically, Positive Earnings Revisions Are Met with Outperformance 15
Healthcare Reform, at a Minimum Better Understood 17
Reduced Pricing Power May Be Managed Through Cost Cuts 18
Relative Company Earnings and Sales Compares 19
Low Valuation as the Backdrop 21
Pharma Valuation Still at Historic Lows Since 1988 21
4Q Has Traditionally Been Kind to Healthcare Sector 23
Early 2010 Performance Seems to Indicate Some Rotation from Tech and Consumer
Discretionary 24
New Target Prices Still Imply Multiples Beneath S&P Levels 24
Appendix 28
Company Catalyst Tables 28
Company Revenue Projections and Income Statements 34