The ongoing cycle of low quality beats, management upheavals, upcoming patent expiries and an anorexic pipeline are all sentiment dampeners for investors. The significant margin improvement during the quarter (800bp improvement in core EBIT margin), while impressive, also marks the conclusion of the restructuring-driven cost savings. Given recent clinical disappointments, management urgently needs to reassess its stance on M&A. Pending this, we see limited triggers for a material share pr
08 Jan 2018
Spate of low quality beats continues; pipeline weakness a concern
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Spate of low quality beats continues; pipeline weakness a concern
The ongoing cycle of low quality beats, management upheavals, upcoming patent expiries and an anorexic pipeline are all sentiment dampeners for investors. The significant margin improvement during the quarter (800bp improvement in core EBIT margin), while impressive, also marks the conclusion of the restructuring-driven cost savings. Given recent clinical disappointments, management urgently needs to reassess its stance on M&A. Pending this, we see limited triggers for a material share pr