DECEMBER 01, 2011
Global Healthcare
What Your Peers Are Reading
Which Morgan Stanley Healthcare research is drawing the most interest? Our Global
Top 10 list below is followed by what investors are reading in different regions.
GLOBAL TOP TEN
Week of November 24–30, 2011
1
2
3
4
29-Nov | Ricky Goldwasser 
Healthcare: Generic Lipitor Part 3: Economics during a Drug's Life Cycle from
Manufacturers to Retailers
In the third part of our Lipitor series, we examine channel economics for the generic life
cycle, from exclusivity to multi-source period. Our analysis encompasses the
healthcare value chain from Generic Manufacturers thru Drug Wholesalers, PBMs and
Chain Drug Stores. read more
29-Nov | David Risinger 
Major Pharmaceuticals: Early days for biosimilars, but getting crowded
Biosimilars competition heating up; brief report frames players to watch. We were
struck by recent news that Japan's Kyowa Hakko Kirin (top biotech in Japan) formed a
JV with Fujifilm to start clinical trials for its biosimilars in 2013. This follows initiatives
by several other Asian companies to develop biosimilars, such as Korea’s Celltrion and
Hanwha, and China’s 3SBio. read more
28-Nov | David Friedman 
Incyte Corporation (INCY.O): JAK Approved; Docs More Bullish on MF Use vs.
PV Use
Ruxolitinib was approved and priced at $7000/mo. Our recent doc call series suggests
~60% of MF pts are likely drug eligible, with peak share in these pts of ~50+%. There
is less perceived need with PV pts, and we are lowering our WW PV peak sales by
48%. read more
30-Nov | David Risinger 
Watson (WPI.N): Downgrade to EW on more balanced risk-reward
Downgrading WPI from OW to EW and lowering our price target from $78 to $70 due
to lower conviction on bull case for Prochieve. Valuation reflects high near-term
growth and mgmt's superior execution. read more
5
30-Nov | David Risinger 
6
Teva Pharmaceutical (TEVA.O): U.S. Generics bottomed, but no significant
October IMS acceleration read more
7
Major Pharmaceuticals: A picture is worth a thousand words-week ended
11/18/11 read more
8
UnitedHealth Group Inc. (UNH.N): Optum-ism is Justified read more
9
Healthcare Facilities/Related Services: So...what happens now? read more
10
Specialty Pharmaceuticals: Spec trends in pictures read more
Mylan Inc. (MYL.O): Upgrade to Overweight on Compelling Risk-Reward
We are upgrading MYL from Equal-Weight to Overweight, but leaving our $25 PT
unchanged. We see multiple drivers of EPS upside, and our '12-'15E EPS are 5-8%
above consensus. We think MYL's multiple could trend higher on strong 2012
performance and new LT growth drivers. read more
Healthcare Team
Biotechnology
Karl Bradshaw (EU) 
David Friedman (NA) 
Marshall Urist (NA) 
Healthcare Facilities, Services
& Distribution
Ricky Goldwasser (NA) 
Donald Hooker (NA) 
Doug Simpson (NA) 
Hosp. Supplies & Medical Tech
Steve Beuchaw (NA) 
Michael Jungling (EU) 
David Lewis (NA) 
Andrew Olanow (EU) 
Pharmaceuticals
Sameer Baisiwala (India) 
Yukihiro Koike (JP) 
Sean Laaman (Australia) 
Bin Li (China) 
Christopher Lui (China) 
Mayo Mita (JP) 
Shinichiro Muraoka (JP) 
David Risinger (NA) 
James Rutledge (Australia) 
Peter Verdult (EU) 
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Most Read by Investors Based in…
Americas
Europe
Japan
Asia Pacific
1. Healthcare: Generic Lipitor Part
3: Economics during a Drug's Life
Cycle from Manufacturers to
Retailers
1. Healthcare: Generic Lipitor Part
3: Economics during a Drug's Life
Cycle from Manufacturers to
Retailers
1. Healthcare: Generic Lipitor Part
3: Economics during a Drug's Life
Cycle from Manufacturers to
Retailers
1. Healthcare: Generic Lipitor Part
3: Economics during a Drug's Life
Cycle from Manufacturers to
Retailers
2. Major Pharmaceuticals: Early
days for biosimilars, but getting
crowded
2. MedTech & Services: Global
MedTech Weekly
2. Major Pharmaceuticals: A picture
is worth a thousand words-week
ended 11/18/11
2. Australia Healthcare Services &
Hospitals: Fee Cuts in F13
Increasingly Likely
3. Watson (WPI.N): Downgrade to
EW on more balanced risk-reward
3. Major Pharmaceuticals: Early
days for biosimilars, but getting
crowded
3. Healthcare: Earnings Models
3. Lee's Pharmaceutical (0950.HK):
3Q11: Lee's Pharm Delivers Again
4. Mylan Inc. (MYL.O): Upgrade to
Overweight on Compelling RiskReward
4. Teva Pharmaceutical (TEVA.O):
U.S. Generics bottomed, but no
significant October IMS
acceleration
4. Healthcare Services &
Distribution: Weekly Briefs: Week
Ending 11/25
4. Beijing Health Check100:
Postcard from Fujian
5. Incyte Corporation (INCY.O):
JAK Approved; Docs More Bullish
on MF Use vs. PV Use
5. Incyte Corporation (INCY.O):
JAK Approved; Docs More Bullish
on MF Use vs. PV Use
5. Teva Pharmaceutical (TEVA.O):
U.S. Generics bottomed, but no
significant October IMS
acceleration
5. Real Nutri (2010.HK): New outlet
growth continues
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