2025-05-29-Jefferies-NADAC五月处方药定价数据_仿制药月环比下降0.2_同比增长5.8_12页_655kb

The report analyzes healthcare drug pricing using NADAC data for April 2025. Generic drug pricing decreased month-over-month by -0.2%, while year-over-year increased by +5.8%. The analysis now includes volume weighting and dynamic drug baskets, improving accuracy by broadening data inclusion. Positive inflation trends suggest potential benefits for distributors due to discussions on Rx tariffs, which could boost earnings and P/E multiples. Valuation for Cardinal Health, Cencora, and McKesson incorporates growth assumptions and risks like pharmacy supply chain issues or supply-side pricing pressures. Overall, generic inflation remains a focus, with distributors like McKesson expected to see positive impacts from tariffs.