Pfizers oppkjøp av Hospira styrker dets konkurransekraft til kurant pris

På tross av en høy premium (39 %) til Hospiras aksjekurs mener vi at oppkjøpsprisen blir rettferdiggjort basert på Pfizers evne til å hente ut merverdi grunnet dets globale rekkevidde. 

Pfizer's (PFE) announced acquisition of  Hospira (HSP) doesn't materially change our fair value estimate, as the new product gains largely offset the purchase price. However, we plan to raise our Hospira fair value estimate to the acquisition price of $90 per share as we believe the deal is very likely to close (probably in the second half of 2015).

Pfizer is gaining specialty injectable pharmaceuticals (68% of Hospira sales), which should strengthen the company's wide moat. Within the generics market, the limited number of players offering injectable products has led to stronger pricing power and better returns than the typical small molecule generic market. Further, Hospira's biosimilar business should complement Pfizer's efforts to expand into this market. In addition to

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Navn på verdipapirPrisEndring (%)Morningstar Rating
Baxter International Inc90,61 USD0,24
Fresenius Medical Care AG & Co. KGaA ADR43,20 USD1,41
Pfizer Inc36,05 USD1,66
Pfizer Inc335,00 SEK1,21

Om forfatteren

Damien Conover, CFA  Damien Conover, CFA, is an associate director for Morningstar.

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