Americas Healthcare Pharmaceuticals Illustrative Impact Analysis and Company Commentary on CMS Proposed Rule

Goldman Sachs provides an impact analysis of the CMS proposed rule concerning Medicare drug price negotiations for combination formulations. The report assesses potential revenue and EBIT impacts for Johnson & Johnson, Merck, and Bristol-Myers Squibb.

Key Takeaways

• 1.CMS proposed a rule to consider formulations with two or more active moieties as one for Medicare drug price negotiation eligibility, impacting drugs like Keytruda, Opdivo, and Darzalex.
• 2.GS analysts estimate a theoretical minimal low-single digit EBIT impact for JNJ, MRK, and BMY in 2029/2030 based on the proposed rule.

Table of Contents

• Americas Healthcare: Pharmaceuticals: Illustrative Impact Analysis and Company Commentary on CMS Proposed Rule
• Illustrative Impact Analysis
• JNJ's Darzalex Faspro:
• MRK's Keytruda Qlex:
• BMY's Opdivo Quantig:
• Valuation and Risks
• Disclosure Appendix

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