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雷达卡
The Diagnosis
2009 Outlook: Currency and Catalysts
European pharmaceuticals
Alexandra HauberAC
(44-20) 7742-6655 / (1-312) 325-3694
alexandra.m.hauber@jpmorgan.com
Alistair Campbell
(44-20) 7742-6653
alistair.d.campbell@jpmchase.com
Richard Vosser
(44-20) 7742-6652
richard.vosser@jpmorgan.com
David P Evans
(44-20) 7742-6659
david.p.evans@jpmorgan.com
James D Gordon
(44-20) 7742-6654
james.d.gordon@jpmorgan.com
J.P. Morgan Securities Ltd.
For Specialist Sales advice, please
contact:
Marjan Daeipour
(44 20) 7325-3281
marjan.daeipour@jpmorgan.com
See page 125 for analyst certification and important disclosures, including non-US analyst disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may
have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their
investment decision. Customers of J.P. Morgan in the United States can receive independent, third-party research on the company or companies
covered in this report, at no cost to them, where such research is available. Customers can access this independent research at
www.morganmarkets.com or can call 1-800-477-0406 toll free to request a copy of this research.
European Pharmaceuticals – Embedded
Value Ranking
87% 89% 90% 96% 112% 116% 120% 120% 123% 131% 140% 216%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
220%
240%
AZN ATLN GSK SAN UCB SHP NVONOVNBAY MRK
KGaA
ROG IPN
JPMorgan Embedded Value as % of Current Share Price
Net Cash Cashflows excluding pipeline Pipeline cashflows
Net
Debt
CHF
2,335p 52.73
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