Transcript Northern Trust

2009
FALL FOCUS
INVESTMENT CONFERENCE
Healthcare Sector
Biopharmaceuticals
Martin B. Bukoll
Senior Equity Analyst
© 2009 Northern Trust Corporation
northerntrust.com
Biopharmaceuticals
Healthcare Topics
2
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Personalized Medicine
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Healthcare Reform
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Stocks of Interest
2009 Fall FOCUS Investment Conference
Biopharmaceuticals
Personalized Medicine
3
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Greater Efficacy
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Fewer Side Effects
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Reduce Unnecessary Costs
2009 Fall FOCUS Investment Conference
Biopharmaceuticals
Examples of Biomarkers
4
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Hercept – Her2+
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Erbitux – Kras, Wild or Mutant
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Gleevrc – BCR/ABL
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Camptosar – UGT1A1
2009 Fall FOCUS Investment Conference
Biopharmaceuticals
Healthcare Reform
5
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Universal Coverage
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Restricted Reimbursement
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More Bark than Bite
2009 Fall FOCUS Investment Conference
Biopharmaceuticals
Healthcare Reform
6
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But Don’t Declare Victory
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Industry Economics are Changing even
without Healthcare Reform.
2009 Fall FOCUS Investment Conference
Biopharmaceuticals
Stocks of Interest
7
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Large Capitalization
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Specialty
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Generic
2009 Fall FOCUS Investment Conference
Biopharmaceuticals
Large Capitalization Stocks
8
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Abbott Laboratories (1/A)
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Merck (1/B)
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Novartis (1/A)
2009 Fall FOCUS Investment Conference
Biopharmaceuticals
Abbott Laboratories
9
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Biopharmaceutical (Humira) and
Device (Xience V) Drivers
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Diversified Earnings Base
2009 Fall FOCUS Investment Conference
Biopharmaceuticals
Merck
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10
Transformed by Schering-Plough Merger
2009 Fall FOCUS Investment Conference
Biopharmaceuticals
Novartis
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11
Underappreciated Pipeline
2009 Fall FOCUS Investment Conference
Biopharmaceuticals
Specialty
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12
Gilead Sciences (1/B)
2009 Fall FOCUS Investment Conference
Biopharmaceuticals
Gilead Sciences
13
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Leading Position in HIV / AIDs
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Attractive Beachhead in other Therapeutic Areas
2009 Fall FOCUS Investment Conference
Biopharmaceuticals
Generics
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14
Teva Pharmaceuticals (1/B)
2009 Fall FOCUS Investment Conference
Biopharmaceuticals
Teva Pharmaceuticals
15
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Worldwide Leader in Generics
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Well Positioned for Biogenerics
2009 Fall FOCUS Investment Conference
2009
FALL FOCUS
INVESTMENT CONFERENCE
Thank you.
Martin B. Bukoll
Senior Equity Analyst
© 2009 Northern Trust Corporation
northerntrust.com