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Healthcare: Week In Review

HEALTHCARE
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Healthcare Sector: Week in Review

  • Viatris VTRS suffered a -5% fall in the equity market this week as guidance was subdued following results. It is worth noting that the CEO reiterated its commitment to reduce debt which should at least be welcome news to the credit market. Given that S&P’s BBB- rating has a negative outlook this matters. Spreads were unchanged on the week.
  • Eli Lilly LLY and Novo Nordisk NOVOB continued to power ahead with rises of c5% each but note that last Friday Amgen AMGN also rose 5% as it announced developments in the anti-obesity market. LLY and NOVOB will not be without competition forever.
  • Takeda TACHEM bonds were +2 wider on the week as results came in as expected. Takeda (Baa1/BBB+) does trade wide to the single-A pharma issuers but there is little room for it to tighten from here in the near-term.
  • Fresenius SE FREGR raised outlook for the full-year and were upbeat about the progress of its restructuring efforts. FREGR’s strategic exit from Vamed has been initiated and it will focus entirely on Kabi and Helios now.


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Healthcare Sector: Week in Review

  • Viatris VTRS suffered a -5% fall in the equity market this week as guidance was subdued following results. It is worth noting that the CEO reiterated its commitment to reduce debt which should at least be welcome news to the credit market. Given that S&P’s BBB- rating has a negative outlook this matters. Spreads were unchanged on the week.
  • Eli Lilly LLY and Novo Nordisk NOVOB continued to power ahead with rises of c5% each but note that last Friday Amgen AMGN also rose 5% as it announced developments in the anti-obesity market. LLY and NOVOB will not be without competition forever.
  • Takeda TACHEM bonds were +2 wider on the week as results came in as expected. Takeda (Baa1/BBB+) does trade wide to the single-A pharma issuers but there is little room for it to tighten from here in the near-term.
  • Fresenius SE FREGR raised outlook for the full-year and were upbeat about the progress of its restructuring efforts. FREGR’s strategic exit from Vamed has been initiated and it will focus entirely on Kabi and Helios now.