瑞银-美股-医疗保健行业-美国理疗2018年展望-2018.1.14-28页

www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesLLC.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE22.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.GlobalResearch14January2018USTherapeutics2018OutlookforUSTherapeuticsLargecappharmashouldhaveanothersolidyearThisglobalgroupnowtradesclosetoa20%discounttothemarketvsa5%premiumtwoyearsago.Weexpectanotheryearofrespectableperformancebythesector.Inourlargecapcomposite(5namesundercoverage)weseesalesgrowthof~3.5%in2018,(drivenonceagainbyAbbVie’sdoubledigitgrowth)andoperatingincomegrowthof~6.5%in2018,bothverysimilar