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摩根大通:制药行业-数据手册-估值、产品销售趋势
摩根· 2025-06-23 13:16
Investment Rating - The report provides an investment rating for various pharmaceutical companies, with several companies rated as "Overweight" (OW), "Neutral" (N), and "Underweight" (U W) [5][10][11]. Core Insights - The pharmaceutical sector is projected to experience varying growth rates, with specific companies showing strong potential for earnings growth and valuation improvements over the next few years [5][10]. - The report highlights the importance of evaluating companies based on key financial metrics such as P/E ratio, EV/EBITDA, and growth rates in EBITDA and EPS [5][11]. Company Summaries - **AbbVie (ABBV)**: Rated OW with a target price of 200, showing a P/E of 15.2x for FY25E and an EBITDA CAGR of 8.9% from FY26-29 [5]. - **AstraZeneca (AZN)**: Rated OW with a target price of 14,000, P/E of 15.5x for FY25E, and an EBITDA CAGR of 6.7% from FY26-29 [5]. - **Eli Lilly (LLY)**: Rated OW with a target price of 1,100, P/E of 36.1x for FY25E, and an impressive EBITDA CAGR of 16.1% from FY26-29 [5]. - **Gilead Sciences (GILD)**: Rated OW with a target price of 130, P/E of 13.5x for FY25E, and an EBITDA CAGR of 5.7% from FY26-29 [5]. - **Johnson & Johnson (JNJ)**: Rated N with a target price of 185, P/E of 14.2x for FY25E, and an EBITDA CAGR of 5.9% from FY26-29 [5]. - **Regeneron Pharmaceuticals (REGN)**: Rated OW with a target price of 800, P/E of 14.6x for FY25E, and an EBITDA CAGR of 14.3% from FY26-29 [5]. - **Pfizer Inc (PFE)**: Rated N with a target price of 30, P/E of 8.0x for FY25E, and an EBITDA CAGR of -2.7% from FY26-29 [5]. Valuation Metrics - The report includes detailed valuation metrics for each company, such as market capitalization, P/E ratios, P/B ratios, and EV/EBITDA ratios, providing a comprehensive overview of the financial health and market positioning of the companies [5][10][11]. - The average P/E ratio across the companies analyzed is approximately 14.0x for FY25E, with a weighted average of 18.3x [5][10]. Growth Projections - The report projects significant growth in the pharmaceutical sector, with various companies expected to achieve substantial increases in earnings per share (EPS) and EBITDA over the next several years [5][10]. - Specific CAGR estimates for EBITDA and EPS growth are provided, indicating the expected performance trajectory for key players in the industry [5][10].