1、We continue to see Major Pharma as well positioned with strong fundamentals driving healthy top’ andbottom-line growth through at least the mid 2020s

2、 While a 2026-2028 patent cycle is increasingly top of mind for investors, consistent pipeline progression over the past two years leaves us with flat top line for the sector over this time frame. Further we see anupward bias to numbers based on a mix of further pipeline de-risking/capital deployment 

3、On stock performance, while 2020 was disappointing, we see an upward bias to 2021+ numbers, and it is hard to envision further multiple compression relative to the S&P500 

4、 Admittedly, pricing will remain controversial, with a “blue wave” scenario now behind us post elections, we see minimal fundamental risk to estimates  Our recommendations are skewed toward names with the longest runways for EPS growth (LLY) or those trading at a steep discount to peers (ABBV, BMY)

5、 Favorite ideas: ABBV, LLY, BMY