美股-生物科技与制药行业-美国制药业：美国制药公司管理层的问题

DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. 12 May 2019Americas/United StatesEquity ResearchPharmaceuticals & Biotechnology US Pharmaceuticals COMMENTResearch AnalystsVamil Divan, MD212 538 5394vamil.divan@credit-suisse.comUy Ear212 325 1729uy.ear@credit-suisse.comInanc Caner212 325 5051inanc.caner@credit-suisse.comMichael V. Morabito Ph.D.212 325 7298michael.morabito@credit-suisse.comQuestions for US Pharma ManagementAhead of some upcoming investor conferences, we present a list of potential questions for management for the companies under our coverage. We list our large cap coverage universe first, including ABBV, AGN, BMY, JNJ, LLY, MRK, PFE and TEVA, followed by our SMID cap companies: ACRX, AIMT, ALDR, ALKS, ALNA, FOMX, GLPG, IRWD and PTLA.Please let us know if you would like our Excel-based models for any of these companies.12 May 2019US Pharmaceuticals2AbbVie Inc. (ABBV)■How do you interpret the President’s Blueprint around lowering drug prices and out of pocket spend? How might these proposals impact AbbVie and what proposals do you think are most likely to be implemented? ■How would the removal of rebates from Part D impact AbbVie? What if the same happens in commercial plans, given ~85% of Humira sales come from Commercial plans?■Have you received any further pushback on Humira’s patents following the Senate hearing?■What are your assumptions around Humira net pricing in the US over the next 1-2 years and through to 2022 (prior to likely biosimilar entry)? ■What impact have you seen from the copay accumulator programs that payers have started to implement for specialty care products?■Now that a few months have passed since biosimilar entry in Europe, what are you seeing in terms of pricing discount? How does this inform your expectations for potential pricing erosion for Humira in Europe in 2020? What pace of adoption are you seeing for biosimilar Humira? What do you assume for the impact of direct biosimilar Humira competition in the EU in your mid-to-long term outlook? ■You have mentioned the strong initial formulary coverage you have obtained for Skyrizi. Are patients able to get on Skyrizi as initial therapy or is it after methotrexate or after other biosimilars? What has been the early feedback from doctors and patients on the drug since the launch?■What is the latest on regulatory discussions around upadacitinib? Do you expect an FDA Advisory Committee Meeting to discuss that product? ■What are your base case assumptions around the label for upadacitinib? Do you expect both the