DB expects EU pharma 'malaise' to continue amid US headwinds
08/07/2025 10:16
** Deutsche Bank stays cautious about the European pharmaceutical sector, expecting "the sector malaise" to persist due to political headwinds in the U.S. ** It says that "things have got a little slipperier" for the sector's outlook, though there may also be opportunities ** It adds that while the pan-European index .STOXX is up YTD, the pharma sub-sector .SXDP has fallen, with large pharma down by mid-single digits ** If excluding Novo Nordisk NOVOb.CO, the pharma sector performance would have been slightly better, it says ** Novo Nordisk's shares have fallen 29% YTD
| COMPANY | RATING | OLD RATING | PT | OLD PT |
|---|---|---|---|---|
| Argenx ARGX.BR | Buy | Hold | EUR 550 | EUR 525 |
| Swedish Orphan Biovitrum SOBIV.ST | Hold | Sell | SEK 285 | - |
| Curevac CVAC.O5CV.DE | Hold | - | $5.46 | $3.50 |
| Roche ROG.S | Sell | - | CHF 235 | CHF 250 |
| Sandoz SDZ.S | Buy | - | CHF 48 | CHF 42 |
| Zealand Pharma ZELA.CO | Hold | - | DKK 400 | DKK 485 |
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