Patent Cliff
Tagged analyses
INCYA single-drug biotech trading near intrinsic value as Jakafi's patent cliff approaches.
Hold · 2026-05-04
REGNCheap on paper, but biotech R&D outcomes sit outside our circle.
Too Hard · 2026-05-04
MRNAModerna is a binary R&D bet with negative owner earnings; Too Hard.
Too Hard · 2026-05-04
JNJToo Hard: pharma cliff, talc tail, and a ROIC that collapsed to zero.
Too Hard · 2026-05-03
AMGNAmgen looks cheap on owner earnings, but Horizon-debt and patent cliffs cap conviction.
Hold · 2026-05-03
ABBVA good drug company at a price that demands a miracle.
Avoid · 2026-05-03
LLYGreat medicine, fragile math: at $963 we are paying nine times intrinsic value.
Too Hard · 2026-05-03
MRKKeytruda is a brilliant tollbooth that loses its toll in 2028.
Hold · 2026-05-03