JP 摩根-美股-医疗保健行业-医疗科技与渠道：消费者继续重塑医疗保健

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2025-09-08 发布于陕西
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Healthcare Technology & DistributionThe Consumer Continues to Reshape Healthcare – Thoughts into Year End 2019 from Legacy Companies to Recent IPOsHealthcare Technology & DistributionLisa C. Gill AC(212) 622-6466lisa.c.gill@jpmorgan.comBloomberg JPMA GILLJ.P. Morgan Securities LLCSee the end pages of this presentation 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. Conference Call DetailsThursday, September 12 @ 11:00am ETDial-in Info:Please contact us or your J.P. Morgan sales contact for detailsReplay through 9/19North America Equity ResearchSeptember 2019Michael R. Minchak, CFA AC(212) 622-6506michael.minchak@jpmorgan.comJ.P. Morgan Securities LLCAnne E. Samuel AC(212) 622-4163anne.e.samuel@jpmorgan.comJ.P. Morgan Securities LLC2Comparables: Healthcare Technology & DistributionSource: Bloomberg. Pricing as of 9/11/2019.J.P. M organ Healthcare Technology & Distribution Coverage UniverseCompanyTickerJPMPrice% ChangeDilutedMarket CapLT GrowthDividendTargetRating HighLowYTDSharecount(billions)2019E2020EForecast2019E2020EYieldPriceDistributorsAmerisourceBergenABCN$87.79$94.85$69.3618.0%$18.512.211.314%8.38.01.9%$95.00Cardinal HealthCAHN$48.88$58.31$41.039.6%$14.79.99.52%7.57.44.0%$51.00McKessonMCKOW$148.53$150.82$106.1134.5%$28.110.69.82%8.38.31.1%$169.00Ow ens & MinorOMIUW$8.22$18.40$2.4329.9%$0.512.611.4(9%)8.66.80.1%NAPharma Distributors average20.7%10.910.26%8.17.9Dental Distributors (covered by M . M inchak)Henry ScheinHSICN$65.84$72.81$56.587.0%$9.819.117.52%13.012.5N/A$66.00Patterson CosPDCOUW$18.39$26.60$15.73-6.5%$1.713.512.94%9.49.35.8%$18.00Dental Distributor average0.3%16.315.23%11.210.9All Distributors average15.4%13.012.13%9.28.7Retail PharmacyCVS HealthCVSOW$63.99$82.15$51.72-2.3%$83.39.29.06%8.58.23.1%$88.00Rite AidRADN$9.68$27.20$5.04-31.7%$0.5N/AN/AN/A7.37.1N/A$8.00Walgreens Boots AllianceWBAOW$58.06$86.31$49.03-15.0%$52.99.89.55%8.28.03.2%$73.00Retail Pharmacy average-16.3%9.59.36%8.07.8CVS and WBA average-8.7%9.59.36%8.38.1Clinical LaboratoriesLabCorpLHOW$174.16$178.44$119.3837.8%$17.215.514.57%12.511.9N/A$204.00Quest DiagnosticsDGXN$103.93$109.29$78.9524.8%$14.416.015.38%11.411.32.0%$111.00Clinical Laboratory average31.3%15.814.98%12.011.6OtherCernerCERNN$68.33$76.47$48.7830.3%$21.825.321.414%12.411.11.1%$76.00Change HealthcareCHNGOW$12.34$15.50$11.24NA$1.57.68.73%6.35.9N/A$18.00Diplomat PharmacyDPLON$6.55$21.48$4.17-51.3%$0.591.025.025%11.910.7N/A$6.00PremierPINCN$35.56$47.22$31.31-4.8%$4.513.212.39%8.17.6N/A$45.00TeladocTDOCOW$68.08$89.05$42.0837.3%$5.5N/AN/A45%N/AN/AN/A$82.00Healthcare IT (covered by A. Samuel)AllscriptsMDRXN$10.40$14.82$8.547.9%$1.715.313.59%7.16.6N/A$12.00Evolent HealthEVHN$7.89$29.05$5.50-60.5%$0.7N/AN/A15%N/AN/AN/A$12.00Health CatalystHCATOW$34.43$49.85$32.15NA$1....

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