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SaaS Applications: [Subscription] Software is Eating the World!

SaaS enterprise applications make up a more than $31B market that is growing at more than 30%, and is projected to sustain 20% growth through 2018. SaaS products are a bundle, displacing not just the application, but also the enterprise

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TMT: 1Q 2015 Earnings Rundown

Two main themes surprised us during 1Q15. First, advertisers are showing caution at a particularly eventful moment in the evolution of mobile commerce, and second, the enterprise transition to the cloud is playing out even faster and more profitably than

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A WBA/RAD or CVS/RAD NEWCO as a Counterweight to Narrowing Retail Pharmacy Networks

This note updates our argument that US retail pharmacy networks are likely to narrow, compressing pharmacy dispensing margins – and in particular focuses on our belief that a WBA/RAD or CVS/RAD NEWCO is better able to withstand such margin pressures

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SSR Health New Product Approval Portfolios & Supporting Data Update

Drug, biotech, and research-based spec pharma stocks tend to outperform their peers in the year or so before and after regulatory actions (‘PDUFA’ dates) on major new products, with a large portion of total risks being concentrated in the days

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AAPL: iPhone 6 Upgrades Setting up a Difficult Compare

Using data disclosed by Apple during its 2FQ 15 earnings release and call, it’s possible to triangulate iPhone mix and penetration of sales to existing users: with an average ASP of $659, we estimate iPhone 6/6 Plus represent 60-65% of

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ABC/CAH/MCK: US Generic Inflation Continues in 1Q15

On a sales-weighted basis, prices (paid by retailers) for US generics rose 4.7% in 1Q15, substantially faster than in 4Q14 (0.5%), and on par with the average pace of inflation (5.1%) seen since early 2013 All else held equal, generic

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ABBV/PCYC: Imbruvica and ABT-199 are Synergistic

ABBV’s acquisition of PCYC raised eyebrows, both because of the valuation placed on PCYC, and because ABBV has a promising lead compound (ABT-199) being developed for the same B-cell malignancies treated by PCYC’s main product (Imbruvica) Much debate centers on

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Mobile Commerce: AAPL and GOOG Have Home Field Advantage

AAPL and GOOG have enormous advantages in the emerging phenomenon of mobile commerce. With platform control over mobile devices, they stand between consumers and the many companies looking to engage with them to influence and complete mobile transactions online and

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SNY: The (multi-faceted) Bull Case

We believe SNY is undervalued, for 3 independent reasons, any one of which is sufficient to show the shares are undervalued With partner REGN, SNY is one of two entrants (the other being AMGN) in the emerging PCSK9 class. Our

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CVS, MCK, RAD, WBA: How WBA or CVS can fight narrowing retail networks – buy RAD

US retail pharmacy dispensing margins have grown to a point at which forcing them lower is a priority for drug benefit designers. Because the US has roughly 34% more pharmacy outlets than it needs, this can be (and is being)

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