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CREDIT UPDATE: Healthcare: Week in review

CREDIT UPDATE
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  • A strong move tighter following the Fed’s 50bp rate cut but we are still wide to July lows as macro volatility is a background threat.
  • Thermo Fisher hosted an investor day on Thursday. In it they reiterated guidance for 60-75% of capital deployment to be dedicated to M&A over the next 5yrs. This could equate to c.50bn in transactions. The company will has not done a jumbo acquisition since 2021’s PPD so watch this space. The company did guide for 7%-9% organic revenue growth over the long-term and with Moody’s A3 on Positive any likely issuance would be well met.
  • Viatris was affirmed by Moody’s who noted its debt repayment efforts are paying off as leverage drops to 3.4x. Worth highlighting that S&P have been on Neg Outlook since Aug’23 and this could be resolved back to Stable before long. S&P would like to see leverage at 3.0x-3.2x
  • Johnson & Johnson had a $260m talc-trial overturned in Oregon. They are also said to be closer to agreeing a c.$9bn class action settlement. This is accounted for but the removal of negative headlines will help.
  • Novo Nordisk: more rhetoric about including Wegovy/Ozempic in the next round of drug price restrictions for Medicare. This could be a mid-single digit hit to earnings but the overall market is continuing to grow.
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  • A strong move tighter following the Fed’s 50bp rate cut but we are still wide to July lows as macro volatility is a background threat.
  • Thermo Fisher hosted an investor day on Thursday. In it they reiterated guidance for 60-75% of capital deployment to be dedicated to M&A over the next 5yrs. This could equate to c.50bn in transactions. The company will has not done a jumbo acquisition since 2021’s PPD so watch this space. The company did guide for 7%-9% organic revenue growth over the long-term and with Moody’s A3 on Positive any likely issuance would be well met.
  • Viatris was affirmed by Moody’s who noted its debt repayment efforts are paying off as leverage drops to 3.4x. Worth highlighting that S&P have been on Neg Outlook since Aug’23 and this could be resolved back to Stable before long. S&P would like to see leverage at 3.0x-3.2x
  • Johnson & Johnson had a $260m talc-trial overturned in Oregon. They are also said to be closer to agreeing a c.$9bn class action settlement. This is accounted for but the removal of negative headlines will help.
  • Novo Nordisk: more rhetoric about including Wegovy/Ozempic in the next round of drug price restrictions for Medicare. This could be a mid-single digit hit to earnings but the overall market is continuing to grow.