December 14, 2017 / 11:26 AM / a year ago

BUZZ-JP Morgan favors major pharma over specialty pharma in 2018

** JP Morgan says the major pharma names are in the early innings of a solid new product cycle, which coupled with inexpensive valuation, should position the group well for 2018

** Eli Lilly and Co is JPM’s top pick given its better pricing pressure management followed by Allergan and Bristol-Myers Squibb co

** JPM, however, remains cautious on specialty pharma comapanies, says elevated levels of industry competition suggest generic pricing challenges will likely persist for extended time

** Says expectations are clearly very low, and sees sales and EPS estimates bottoming for some co’s in specialty pharma segment

** Under generic, Mylan to be JPM’s top pick and remains cautious on Teva Pharmaceutical Industries Ltd and Valeant

** S&P 500 Health Index gains in 2017 just ahead of the S&P 500’s: ~22 pct vs ~18 pct (Reporting by Brijesh Patel in Bengaluru)

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