December 11, 2018 / 4:23 PM / a year ago

BUZZ-JP Morgan bullish on U.S. pharma large-caps, animal health firms

** Brokerage JP Morgan bullish on major U.S. Pharma companies; cites “solid core product and new launch trends supporting healthy volume-driven topline growth”

** Sees a number of new launches and a robust pipeline for the sector

** Says drug pricing concerns continue to move to the background, with near-term government reforms remaining manageable

** Eli Lilly and Co, Allergan Plc, Bristol-Myers Squibb Co and Merck & Co Inc among favorite picks; downgrades Pfizer Inc to neutral from overweight

** Names Zoetis Inc and Elanco Animal Health Inc as top picks from the animal health sector

** Expects strong macro trends such as expanding meat production and increasing pet expenditures to support “highly sustainable” growth in the sector

** Remains relatively bearish on U.S. specialty pharma sector; cites “anemic near-term growth, a lack of tangible catalysts”

** Mylan NV top pick from the sector; sees limited growth over the next several years for Teva and Bausch Health

** Highlights Coherus Biosciences and TherapeuticsMD as favorites among small-caps in the specialty pharma sector

Reporting by Manogna Maddipatla

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