【出版时间及名称】：JPM-SOCIETY OF TOXICOLOGY 2010-TOP TOX TAKEAWAYS-100309
【作者】：jpmorgan
【文件格式】：pdf
【页数】：24
【目录或简介】：
We recently attended the 49th annual Society of Toxicology (SOT)
meeting, which remains a key venue (~6,100 attendees this year) for
public and private preclinical CROs, including CRL, CVD, Harlan Labs,
WIL, BioReliance, Huntingdon Life Sciences, and MPI, as well as
academic, government, biopharma, and industrial researchers, and a select
number of life science tool companies (MIL, SIAL, TMO). In contrast to a
year ago, we found the tone to be more upbeat, with vendors largely
reiterating 4Q commentary around RFPs and pricing (stable, with selective
opportunities to push through increases, while a few targeted cases of
aggressive discounting remain). While the biotech financing environment
has picked up some in recent months, visibility into pharma remains more
limited given recent M&A and an ongoing bias toward shorter term and
smaller projects. As we have noted previously, however, we remain
favorable on the longer term outsourcing trends, in particular for
diversified and more strategic vendors (e.g., Covance).