Why Be Optimistic if the Payers Are Cautious?

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

<p>A new study (abstract attached) presented at the European Union League Against Rheumatism (EULAR) Conference highlights one of the main hurdles to adoption of Celltrion/Pfizer's Inflectra by physicians in the U.S. The study's conclusion supports our view that Celltrion's forecast of end market revenue of US$1.7 billion in the U.S. in 2017 is unrealistic.  We expect this divergence between expectations and reality to become more apparent over the next six months.</p>

A new study (abstract attached) presented at the European Union League Against Rheumatism (EULAR) Conference highlights one of the main hurdles to adoption of Celltrion/Pfizer's Inflectra by physicians in the U.S. The study's conclusion supports our view that Celltrion's forecast of end market revenue of US$1.7 billion in the U.S. in 2017 is unrealistic.  We expect this divergence between expectations and reality to become more apparent over the next six months.

Study Highlights Hurdles to U.S. Uptake of Inflectra

Celltrion Inc

Study Highlights Hurdles to U.S. Uptake of Inflectra