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Analyse aandeel Baxter - Aanbevolen Aandeel

Meer dan twee derde van de omzet van Baxter komt van producten die marktleider zijn en draagt bij aan de wereldwijde concurrentievoordelen van de farmaceut. (rapport Engelstalig)

Karen Andersen, CFA 06 november, 2014 | 11:44
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INVESTMENT THESIS

Baxter's biopharmaceutical and medical products business lines will part ways in 2015, but we think this diversified firm's competitive advantages remain strong.

Baxter's BioScience division represents slightly less than half of the firm's sales, but a higher portion of profits. Recombinant factor VIII therapy Advate dominates the U.S. market (Bayer's Kogenate leads in Europe), and the drug's prophylaxis label and conversion of patients previously on plasma-derived products is allowing it to achieve strong growth, particularly among the underpenetrated adult segment. Competition is growing, as Biogen Idec launched long-acting product Eloctate in the U.S. in July 2014, which can support a three- to five-day dosing schedule (Advate can be given every three days), Novo Nordisk could launch a me-too Advate in 2015, and Bayer and Novo could both launch long-acting products in the next few years. However, Advate's strong safety profile and Baxter's pipeline investments will help shield it from these challenges. Baxter has accelerated development of long-acting factor VIII protein BAX855, which had positive data in Phase III and is poised to launch in 2015. In addition, HyQvia, a long-acting version of Baxter's immunoglobulin product Gammagard, is launching in the U.S. and Europe. HyQvia's improved convenience should translate into market share gains and better pricing power.

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Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Baxter International Inc77,35 USD-0,04Rating

Over de auteur

Karen Andersen, CFA  Karen Andersen, CFA, is a senior stock analyst with Morningstar.

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