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Nicole Sario

Disclosure: I am in full compliance with all ethics and other policies for Market Realist research analysts. I am not invested in securities that I cover on Market Realist.

More From Nicole Sario

  • uploads///Leading Drugs
    Earnings Report

    Pharmaceutical Segment Is Johnson & Johnson’s Savior in 1Q15

    Johnson & Johnson’s (JNJ) pharmaceutical segment reported revenue growth of 3.0% in 1Q15 due to strong growth in cardiovascular-metabolism, oncology, and immunology.

    By Nicole Sario
  • uploads///PE ratio
    Earnings Report

    Key Factors That Impact Johnson & Johnson’s Forward Valuation

    Two factors expected to impact Johnson & Johnson’s forward valuation are increasing competition for Olysio and further decline in international revenues.

    By Nicole Sario
  • uploads///Three share prices
    Earnings Report

    The Many Reasons Mylan Is So Keen to Acquire Perrigo

    On April 21, 2015, Teva (TEVA) launched a proposal to acquire Mylan for $82 a share in a 50% cash, 50% stock deal worth $43 billion. Mylan rejected the offer.

    By Nicole Sario
  • uploads///Geographic exposure
    Company & Industry Overviews

    Central Nervous System Is Key to Teva’s Specialty Medicines

    Revenues for Teva’s (TEVA) Specialty Medicines segment grew by 2.1% to $8,560 million in 2014, from $8,388 million in 2013.

    By Nicole Sario
  • uploads///ETFs
    Company & Industry Overviews

    ETFs Capitalize on the Generic Industry’s Growth

    ETFs are the investment funds—like index funds and mutual funds—that track an index, a commodity, or a basket of assets. ETFs are publicly traded on an exchange.

    By Nicole Sario
  • uploads///EPS
    Earnings Report

    Johnson & Johnson Posts Earnings, Lowers EPS Guidance on April 14

    Johnson & Johnson (JNJ) posted its 1Q15 earnings on April 14. It beat Wall Street EPS estimates of $1.53 marginally, posting $1.56 EPS.

    By Nicole Sario
  • uploads///Operating Margins
    Earnings Report

    Why Novartis’s Operating Margins Expanded in 1Q15

    Novartis (NVS) reported adjusted operating margins of 30.6% in 1Q15, up by 0.8% from 1Q14. The currency had a negative impact of 0.9%.

    By Nicole Sario
  • uploads///Margins
    Earnings Report

    Why Teva’s Generic Medicines Profitability Improved in 1Q15

    Teva’s increased profitability for its generic medicines was partially offset by decreased profitability of its specialty medicines, which were down by 13% in 1Q15 from 1Q14.

    By Nicole Sario
  • uploads///Specialty
    Earnings Report

    Why Teva’s Specialty Medicines Performance Declined in 1Q15

    Teva’s new drug application for ProAir RespiClick was approved, with an expected launch of 2Q15. ProAir is the first breath-actuated dry-powder inhaler used to treat acute asthma symptoms.

    By Nicole Sario
  • uploads///EPS
    Earnings Report

    Mylan Reports 1Q15 Earnings Per Share Growth of 6%

    With the acquisition of Abbott Laboratories’ (ABT) non-US developed markets specialty and branded generics business, Mylan relocated its headquarters to the Netherlands.

    By Nicole Sario
  • uploads///Revenues
    Earnings Report

    Why Teva’s 1Q15 Revenues Declined Marginally

    In 1Q15, Teva beat Wall Street analysts’ revenue estimates of $4.81 billion, posting revenues of $4.98 million, an increase of ~3.5%.

    By Nicole Sario
  • uploads///EPS
    Earnings Report

    Teva’s Adjusted Earnings Per Share Improved 11% in 1Q15

    Teva beat Wall Street adjusted EPS estimates of $1.25 by a wide margin, posting $1.36 EPS. This represents a growth of ~9%.

    By Nicole Sario
  • uploads///Revenues
    Earnings Report

    Strength of the US Dollar Takes a Toll on Novartis Revenues

    Novartis (NVS) missed analysts’ revenue estimates in 1Q15 by 4.5%. Lower international revenue due to a strong US dollar led to a 10% decline in revenue.

    By Nicole Sario
  • uploads///Generics Profitability
    Earnings Report

    Teva 1Q15 Earnings Preview: Profitability Drivers

    Teva plans to reduce the cost per tablet unit from $15 to $10. It’s shifting manufacturing operations to low-cost areas to improve product profitability.

    By Nicole Sario
  • uploads///ASPX acquisition
    Earnings Report

    Teva Earnings Preview: Auspex Acquisition to Support Growth

    Acquisition rationale On March 30, 2015, Teva Pharmaceutical Industries (TEVA) announced its agreement to acquire Auspex Pharmaceuticals (ASPX) for $3.2 billion in enterprise value, a 42.4% premium to the company’s closing share price of $70.91 on March 27, 2015. This step will support the company’s near- and mid-term growth. Teva share price moved up a marginal […]

    By Nicole Sario
  • uploads///Cash Reserve
    Earnings Report

    Does Johnson & Johnson Have a Plan for Huge Cash Reserve?

    Johnson & Johnson (JNJ) has a huge cash reserve amounting to ~$15 billion in 4Q14. The company might use the cash for merger and acquisition (or M&A).

    By Nicole Sario
  • uploads///PRGO_Rx to OTC
    Miscellaneous

    Mylan–Perrigo Merger: Expanding into Over-the-Counter Drugs

    Pharmaceutical company Mylan’s (MYL) intention to acquire Perrigo became public on April 6, 2015. The acquisition would permit Mylan to expand into the over-the-counter drugs segment.

    By Nicole Sario
  • uploads///Share Price
    Company & Industry Overviews

    Teva: Top Generics Pharmaceutical Company Worldwide

    Teva Pharmaceutical Industries Ltd. (TEVA) is a leader in the global generics pharmaceutical industry on the basis of revenues of ~$20 billion in 2014.

    By Nicole Sario
  • uploads///Specialty drug outlook
    Company & Industry Overviews

    What Are Teva’s Long-Term Prospects?

    Teva’s long-term prospects seem bright due to a focused product pipeline in its specialty and generics segments.

    By Nicole Sario
  • uploads///Leverage ratios
    Company & Industry Overviews

    Teva’s Debt Levels – Best among Competitors

    In terms of debt-to-EBITDA, Teva is well placed at 2.0x–2.5x to maintain a low credit risk. This will allow Teva to use debt for acquisitions and growth.

    By Nicole Sario
  • uploads///Growth Strategies
    Company & Industry Overviews

    Why a Change in Strategy Will Improve Teva’s Profitability

    Teva’s strategy includes driving organic growth, focusing on key growth markets, and maintaining the Copaxone franchise and other specialty products.

    By Nicole Sario
  • uploads///Risk Exposure
    Company & Industry Overviews

    Teva’s Risk Exposure in a Dynamic Environment

    Teva operates in a dynamic environment with a number of risks that could have a material adverse effect on the company.

    By Nicole Sario
  • uploads///Business Model
    Company & Industry Overviews

    Why Teva’s Business Model Is Progressively Evolving

    Teva intends to target a minimum annual profit of $4.3 billion, or $5 EPS, through 2016. To achieve this, Teva is reorienting its business model.

    By Nicole Sario
  • uploads///Copaxone contribution
    Company & Industry Overviews

    Copaxone, a Significant Growth Driver for Teva

    Copaxone 20mg/mL is the major growth driver for Teva Pharmaceutical Industries Ltd. (TEVA). In 2014, Copaxone accounted for 21% of Teva’s revenues.

    By Nicole Sario
  • uploads///Geographic exposure
    Company & Industry Overviews

    Teva’s Generics Medicines Segment Is Geographically Diversified

    Teva (TEVA) has diversified its generics business. In 2014, it generated 45% in the United States, 32% in Europe, and 23% in the rest of the world.

    By Nicole Sario
  • uploads///Leverage ratios
    Company & Industry Overviews

    Actavis’s Investment Grade Ratings

    Moody’s and Fitch maintained their investment grade ratings for Actavis, with respective ratings of Baa3 and BBB-.

    By Nicole Sario
  • uploads///Margins
    Company & Industry Overviews

    Actavis’s Expanding Gross and Operating Margins

    Actavis’s gross margins improved from 44% in 2011 to 52% in 2014, due to improved gross margins for the North American Generics and International segments.

    By Nicole Sario
  • uploads///commercial models
    Company & Industry Overviews

    Actavis Expanding Footprint in International Generics Market

    Actavis plans to acquire Auden Mckenzie, focusing on the development, licensing, and marketing of niche generic medicines and proprietary brands in the UK.

    By Nicole Sario
  • uploads///First to files
    Company & Industry Overviews

    Actavis Focuses on Complex Generics and Para IV Filings

    In January 2015, Actavis launched a generic specialty injectable portfolio, containing ~20 products across its therapeutic segments in the US.

    By Nicole Sario
  • uploads///Generics Revenue Break up
    Company & Industry Overviews

    How Actavis Generics Drive Revenues

    As of fiscal 2014, Actavis marketed approximately 550 generic products globally, including around 250 generic products in the US portfolio.

    By Nicole Sario
  • uploads///Combined product portfolio
    Company & Industry Overviews

    How Actavis and Allergan Merger May Boost Branded Business

    Actavis intends to invest ~$1.7 billion in R&D annually. It expects to add ~15 projects in near- and mid-term development to the company’s product pipeline.

    By Nicole Sario
  • uploads///Product Portfolio
    Company & Industry Overviews

    North American Brands’s Position of Strength

    The top 10 products across Actavis’s therapeutic segments accounted for approximately 70% of net revenues of segmental revenues in fiscal 2014.

    By Nicole Sario
  • uploads///Branded Portfolio
    Company & Industry Overviews

    3 Key Therapeutic Segments Drive Branded Revenues

    Actavis’s North American Brands segment revenue increased significantly by 336% year-over-year to $4,631.4 million in 2014 from $1,062.5 million in 2013.

    By Nicole Sario
  • uploads///Segmental revenues
    Company & Industry Overviews

    How Actavis Organizes Its Business

    Anda, Inc. is the fourth-largest generics distributor in the US, accounting for about 13% of total net revenues in fiscal 2014 and 14% in fiscal 2013.

    By Nicole Sario
  • uploads///MA Chart
    Company & Industry Overviews

    How Actavis Has Emerged through Mergers and Acquisitions

    In October 2012, Actavis completed the acquisition of Actavis Group. In 2013, the company’s revenues outside the US increased to 29% from 16% in 2012.

    By Nicole Sario
  • uploads///Share price
    Company & Industry Overviews

    Actavis: A Diversified, Fully Integrated Specialty Company

    In 2014, Actavis generated revenue of $13,062.3 million, employed 21,600 workers, and had more than 30 manufacturing and distribution facilities worldwide.

    By Nicole Sario
  • uploads///Valuation
    Company & Industry Overviews

    What Drives Generic Pharmaceuticals’ Valuation?

    Valuation reflects the market’s perceptions of the industry’s growth prospects. The major value drivers for valuation are ROIC and the growth rate.

    By Nicole Sario
  • uploads///Cost management
    Company & Industry Overviews

    What Helps a Generic Company Boost Its Profitability?

    Leading companies are taking various steps—like cost optimization, business rationalization, outsourcing, and acquisitions—to manage costs and boost profitability.

    By Nicole Sario
  • uploads///Competition
    Company & Industry Overviews

    Generic Companies Are Fighting for Market Share

    The generic pharmaceutical industry is characterized by low concentration. The top ten global generic companies hold less than 50% of the market share.

    By Nicole Sario
  • uploads///Penetration
    Company & Industry Overviews

    What’s Supporting Continued Growth in the Generics Market?

    The global generics market was valued at $168 billion in 2013. From 2013 to 2018, it’s expected to grow at a CAGR of 11% to reach $283 billion.

    By Nicole Sario
  • uploads///Complex generics
    Company & Industry Overviews

    Complex Generics Are Attractive Due to High Margins

    Complex generics are large and complex formulations or active ingredients used to treat chronic and life threatening diseases like cancer, Hepatitis C, and HIV.

    By Nicole Sario
  • uploads///NTE
    Company & Industry Overviews

    Specialty Generics: Why Are They Getting More Attention?

    There are two categories of specialty generics – NTE (New Therapeutic Entities) and Complex Generics. In this part of the series, we’ll discuss NTE.

    By Nicole Sario
  • uploads///How Generics differ from branded
    Company & Industry Overviews

    Affordable Pricing Is Driving the Generic Drug Market

    Generic drugs are cheaper. They have a less expensive and time consuming development and approval process. This encourages other players to enter the market.

    By Nicole Sario
  • uploads///First to files
    Company & Industry Overviews

    Is a Para IV Filing Rewarding for a Generic Company?

    A generic company is rewarded for a Para IV filing. The first applicant to submit a substantially completed ANDA is given marketing exclusivity for 180 days.

    By Nicole Sario
  • uploads///Drug application
    Company & Industry Overviews

    Regulations Are Instrumental in the Marketing Authorization Process

    To overcome the issues of the costly and time consuming marketing authorization process, the Hatch-Waxman Act introduced the ANDA process to make approvals efficient.

    By Nicole Sario
  • uploads///Regulation
    Company & Industry Overviews

    Why Is the Generics Industry Controlled by Regulations?

    The generics pharmaceutical industry is highly regulated. The drug approval process and the regulatory bodies governing them differ from market to market.

    By Nicole Sario
  • uploads///Value Chain
    Company & Industry Overviews

    Generics Are Climbing up the Value Chain

    Severe cost pressure can lead to the commoditization of generics. it’s important to adjust the value chain to achieve higher efficiencies, flexibility, and reliability.

    By Nicole Sario
  • uploads///Generics Penetration
    Company & Industry Overviews

    What Two Factors Are Driving the US Generics Market?

    The US generics industry is fragmented. The top five companies accounted for 44.4% of the market share of unbranded generics in 2013, according to IMS Health.

    By Nicole Sario
  • uploads///Classification of Generics
    Company & Industry Overviews

    Why the Generic Industry’s Classification Is Still Evolving

    The generics industry primarily caters to several large diseases in primary care. Healthcare is organized into three categories—primary, secondary, and tertiary.

    By Nicole Sario
  • uploads///Drug Market
    Company & Industry Overviews

    Are Generics the Only Affordable Drugs?

    Drugs are used to treat, cure, or prevent diseases. The drug market is broadly categorized into prescription drugs and OTC (over-the-counter) drugs.

    By Nicole Sario
  • uploads///Prescription Market
    Company & Industry Overviews

    What Investors Need to Know about Branded and Generic Drugs

    The prescription drug market is divided into two categories—branded or generic drugs. Branded drugs are patented drugs. Generics are off-patented drugs.

    By Nicole Sario
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