THE MONTHLY RESEARCH CONFERENCE CALL HEALTHCARE: SECTOR FUNDAMENTALS STILL HEALTHY ARGUS MODERATORS. Jim Kelleher, CFA Director of Research
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1 TH MONTHLY RSARCH CONFRNC CALL HALTHCAR: SCTOR FUNDAMNTALS STILL HALTHY ARGUS MODRATORS Jim Kelleher, CFA Director of Research John M. ade President, Director of Portfolio Strategies David Toung Senior Healthcare Analyst Wednesday, February 7, :00 a.m. T 61 Broadway NYC, N.Y Telephone: (212)
2 WHAT'S NW AT ARGUS FBRUARY 2018 New Product: Argus TF Ratings Argus has launched Buy/Hold/Sell ratings on nearly 400 TFs Argus TF methodology uses a holdings-based approach to rank TF securities using value, risk and trade considerations Several inputs are proprietary: Argus qual ranks, A6 quant ranks, Vickers insider, etc. Our TF ratings are now available on the Argus Master List Next up: a screening tool for TF ratings on the website Top Investment Themes for 2018 Investment strategy reflects broad inputs Individual stock performance can be impacted by investment themes Themes include dividend growth, tax cuts Transformations in sectors: healthcare, technology Demographic changes: the millennials The 10 themes available as podcasts on our site - 2 -
3 MACRO FORCASTS RAL GDP W/FORCASTS (%) TRASURY YILD CURV (%) Source: Bureau of conomic Analysis, Argus Research Corp. 4 3 Year-Ago Current 6-Month Forecast '00 '01 '02 '03 '04 ' Mo bill 2-Yr Note 5-Yr Note 10-Yr Bond 30-Yr Bond S&P 500 QUARTRLY ARNINGS GROWTH MARKT SCTOR DISTRIBUTION - PRCNT OF S&P % 80% 60% 40% 20% 0% -20% -40% '00 '01 '02 '03 '04 '05 06 '07 '08 '09 '10 '11 '12 '13 '14 '15 ' Sectors in Green are Recommended Overweight; Blue are Marketweight; Red are Underweight Telecom Basic Materials Utilities Consumer Discretionary Industrial Consumer Staples nergy Healthcare Real state Financial Services 19 Technology 0% 5% 10% 15% 20% 25% - 3 -
4 MARKT PRFORMANC DATA AS JANUARY 31, 2018 MAJOR INDX SCTOR Growth Stocks (Wilshire Large Growth) Nasdaq Composite S&P 500 DJIA Value Stocks (Wilshire Large Value) Russell 2000 Lehman US Aggregate Bond Index -2% 0% 2% 4% 6% Real state NM Consumer Discretionary Health Care Financials Technology Industrials nergy Telecom Materials Consumer Staples Utilities -6% -4% -2% 0% 2% 4% 6% 8% GLOBAL QUITY MARKTS Russia China Brazil DJ World Index US India Japan Mexico uro Zone UK Canada -5% 0% 5% 10% 15% - 4 -
5 HALTH CAR STOCKS S&P 500 Health Care Index is up 18.2% over past 52 weeks, slightly outpacing the S&P 500. Strong sector performance is driven by solid operating results, benefits from lower tax rates, and by M&A. Two big M&A deals in biotech past six months Gilead acquires Kite Pharma. Celgene acquires Juno Therapeutics. Both Gilead and Celgene are acquiring new cellular therapy technology for treating blood cancers. This therapy is called chimeric antigen receptor T-cell therapy (CAR-T). This therapy involves removing the patient s own T-cells, which are part of the immune system, re-engineering and expanding their numbers, and then infusing the fortified T-cells back into the body to fight the cancer. The question is how will large-cap pharma and biotech companies redeploy repatriated cash to increase R&D or for shareholder-friendly moves such as buying back stock or increasing the dividend. Amgen, AbbVie and Johnson & Johnson have all announced plans to increase investments in R&D. Large-cap pharma need to refill their product pipeline with M&A
6 HALTH CAR STOCKS Health care investing is more than just pharma or biotech. This sector include companies that make implantable medical devices, and that provide insurance or distribute medical products. Medical devices can extend quality of life for older Americans. Orthopedic joint replacements for hips and knee can extend quality of life. Cardiovascular devices can relieve heart and circulation issues. We recommend diversification within the sector. Diversification reduced exposure to risks such as failure of a clinical trial or expiring patents covering important pharma products. Health care spending represents about 17% of GDP. There are niches within this sector that present good growth opportunities
7 HALTH CAR STOCKS RCOMMNDATIONS Zimmer Biomet (ZBH) ZBH makes replacement hips and knees. Stock +4.0% over past 52 weeks, underperforming broader market. ZBH s underperformance presents investment opportunity. Company is recovering from supply chain and manufacturing issues at a Biomet facility that was acquired in the Zimmer-Biomet merger. New CO Bryan Hanson, appointed in December, brings leadership in both strategy and operations. Hanson was formerly at Covidien and Medtronic. While we don t see rapid turnaround, we think sales growth will improve in second half of
8 HALTH CAR STOCKS RCOMMNDATIONS Thermo Fisher Scientific (TMO) TMO makes scientific instruments, consumables and chemicals for life science companies. Thermo supplies analytical and lab equipment, reagents, software and services for companies that are developing new drugs. TMO is a good play on increased R&D spending for drug discovery without the risk of individual drug trial failures. Company has been making judicious acquisitions to address needs of customers. Recent deals include FI, a maker of electron microscopes and Patheon, a provider of drug development and manufacturing services to pharma/biotech companies. We see the Patheon acquisition as a platform for consolidating smaller CDMOs
9 DISCLAIMR The Argus trademark, service mark and logo are the intellectual property of The Argus Research Group, Inc. Investing in any security or investment strategy discussed in this presentation may not be suitable for you and it is recommended that you consult an independent investment advisor. Investments involve risk and an investor may incur either profits or losses. Past performance should not be taken as an indication or guarantee of future performance. Argus officers, employees, agents and/or affiliates may have positions in funds or stocks discussed in this presentation. The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Argus makes no representation as to their timeliness, accuracy or completeness or for their fitness for any particular purpose. Argus shall accept no liability for any loss arising from the use of this presentation or the materials contained in this presentation
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