2025-06-15-Jefferies-美国_大型制药公司_邀请与Cogstate管理层就阿尔茨海默病在纽约举行小组会议_东部时间6月26日下午2_-_3点_8页_124kb

Equity Research Summary: Large Cap Pharma

• Event Invitation: Jefferies invites clients to a group meeting with Cogstate Ltd. on June 26, 2025, in New York. The discussion focuses on the shifting treatment paradigm in preclinical Alzheimer’s, cognitive assessments, and the rollout of blood-based biomarkers in asymptomatic populations.

• Eli Lilly (LLY) Trial: Eli Lilly's preclinical Alzheimer’s trial uses a blood test (pTau217) for early diagnosis, potentially redefining the treatment paradigm by enabling earlier intervention before cognitive decline, which could expand the market.

• Valuation Overview:

  • Eisai: HOLD rating with ¥4,200 price target. Risks include Lecanemab commercial failure and regulatory price changes.
  • Eli Lilly & Co (LLY): BUY rating with $819.36 price target. Risks involve commercial, regulatory, and clinical factors.
  • Merck & Co Inc (MRK): BUY rating with $81.71 price target. Risks encompass R&D, pricing, competition, legal/regulatory issues, and M&A activities.

• Key Considerations: Analyst certifications, investment ratings (Buy/Hold/Underperform), and historical rating changes are detailed for informed decision-making. Disclosure information confirms potential conflicts of interest and the need for independent judgment.