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Medical & Life Science
Technology
Introducing U.S. Price Targets
Medical & Life Science
Technology
Tycho W. PetersonAC
(1-212) 622-6568
tycho.peterson@jpmorgan.com
Sung Ji Nam
(1-212) 622-4958
sung.j.nam@jpmchase.com
Abigail Darby
(1-212) 622-6628
abigail.w.darby@jpmorgan.com
J.P. Morgan Securities Inc.
See page 30 for analyst certification and important disclosures.
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We are introducing price targets for our universe of life science tools and
diagnostic companies and maintaining our current ratings distribution and
favorable outlook on consumable suppliers (LIFE, TMO) and companies
targeting higher growth markets, such as genetic analysis (i.e., ILMN).
This follows the introduction of price targets for our universe of small and
mid-cap medical device companies last week.
• End market demand remains soft; waiting for clarity on NIH. While
data points continue to emerge, it is clear that end market demand from
pharmaceutical, biotech, CRO, and industrial customers has remained
soft and likely worsened for most companies in late Nov/Dec. Visibility
around academic demand also remains low, although we remain
encouraged by the prospect of an increasing NIH budget, which remains
the largest academic funding body in the U.S. Specifically, we expect
that the Federal stimulus package could include a modest NIH
component ($1.0-1.5 billion), although this may not begin to impact
demand until 2H09, and accordingly, expectations for the tools group
remain low for 1H.
• We temper expectations for several life science tool suppliers,
including CRL, MIL, MTD, and TMO. Given end market
uncertainties and changing FX, we are adjusting estimates for several
companies in our life science tools universe, as discussed within.
• We continue to favor consumable suppliers (LIFE, TMO) and
companies targeting high-growth markets, such as genetic analysis
(i.e., ILMN). Within our universe, we remain cautious on companies
exposed to capital equipment and industrial segments and are more
favorable toward consumable and diagnostic suppliers.
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