July 7, 2005

Deutsche Bank analyst Barbara Ryan initiates coverage on the Pharmaceutical Distribution Sector

Deutsche Bank Securities Inc. today announced that analyst Barbara Ryan has initiated coverage on the three stocks in the pharmaceutical distribution sector: Cardinal Health (NYSE: CAH), Amerisource Bergen (NYSE: ABC), and McKesson (NYSE: MCK).

Ryan discusses the impact the new fee-for-service compensation model has had on the sector, while acknowledging it is almost complete and that it brings certain advantages to investors. "Distributors have suffered margin compression in the conversion to a new fee-for-service compensation model with pharmaceutical manufacturers," she said. "Despite providing fewer opportunities for increased profits due to speculative buying, the new methodology increases earnings visibility and cash flow."

Deutsche Bank was recently ranked the top bulge-bracket firm for equities research by an Investars survey of asset managers, research directors, analysts, individual investors and financial institutions. The rankings measured one-year performance of Deutsche Bank's stock picks vs. the S&P 500.


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