Diversified big pharma — vaccines (Shingrix, Arexvy) + specialty medicines (HIV, respiratory). Trades at 10.5x forward P/E, cheapest in peer group. ADR structure creates data artifacts in 13F ownership but the underlying business is a steady toll-road customer.
Conviction●●●○○3 of 5
Research target—Snapshot target
Thesis statusACTIVE_RESEARCHLast reviewed Not reviewed
Market cap$107.47BSnapshot value
Arexvy RSV re-vaccination data, Shingrix China expansion, long-acting HIV injectable pipeline, Zantac litigation resolution
1. Arexvy RSV durability disappoints — one-dose market. 2. HIV franchise share loss to Gilead long-acting regimens. 3. Zantac settlement materially above reserves. 4. Shingrix peak/decline faster than modeled. 5. Pipeline readout failures (hepatitis B, COPD).
Low sentiment — boring big pharma. Neglected by retail despite 61% 1Y return. ADR structure reduces US retail accessibility.
Snapshot · Not reviewedNo positioning snapshot available.
Snapshot · Not reviewed