Seeking Alpha

For Baxter, worries about hemophilia competition overdone: Goldman

  • Finally, a sell-sider comes to Baxter's (BAX -0.1%) defense amid escalating worries about competition in the hemophilia space.
  • "Hemophilia is a highly nuanced condition in terms of patient-specific therapeutic regimens and requires intensive self-management," Goldman's David Roman says, noting that the firm has "undertaken a behavioral analysis to assess the dynamics around switching and the logistics involved."
  • Goldman's conclusion: "Based on a review of physician office visits and a detailed patient demographic build, we think a reasonable rate of switching would approximate 10%-20% (of US Prophy patients) and could potentially reduce Baxter's 2015E EPS by 1-2%."
  • BAX maintained at Conviction Buy with a price target of $80.
  • More on the BAX hemophilia issue here
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