JPM | US Healthcare: CNC, IQV, KNSA & INCY Mgmt Calls, ALKS, RGEN, JNJ Talc, VTRS Prev, BSX Restructuring, UHS

研报英文原文证据摘录

JPM | US Healthcare: CNC, IQV, KNSA & INCY Mgmt Calls, ALKS, RGEN, JNJ Talc, VTRS Prev, BSX Restructuring, UHS

ing growth trends (which have been running directionally ahead of expectations over the

past few quarters). Additionally, we will be listening for any commentary on recent headlines around potential generic tariffs (see

recent note here), although we see VTRS as relatively insulated with ~5% of sales exposed. Net net, we anticipate no large

surprises on the quarter.

MedTech

Boston Scientific Corporation (BSX): Details Regarding New Restructuring Program. - Marcus Note

After the close on Monday, Boston announced a new global restructuring program, which comes on the heels of the of the

completion of the company’s prior restructuring program (RP23). Key activities under the plan will include: (1) supply chain

optimization, including transferring certain production lines among facilities, which should benefit gross margin, and (2) targeted

functional transformation and organizational evolution, which should benefit SG&A and R&D, to a lesser extent. These efforts

will be initiated this year and substantially completed by the end of 2029. The restructuring plan will result in ~$700-800M in pre-

tax charges, of which ~$600-700M will result in future cash outlays, and reduce annual pre-tax expenses by ~$500M. A

substantial portion of these savings will be reinvested in strategic growth initiatives. We’ll need to wait until the company’s

Wednesday earnings release for more color on the impact to 2026+ EPS, but we’re not surprised to see Boston renew its

restructuring efforts given the slowdown in its two key franchises, Electrophysiology and Watchman, which come at very high

margins.

MedTech - Who Beat, Who Missed, and What’s Changed - Marcus Note